Biotechnology Value Fund II Reports 4.0% Stake in Avalo Therapeutics

On May 15, 2026, Biotechnology Value Fund II, L.P. (BVF2) filed a Schedule 13G/A regarding its holdings in Avalo Therapeutics, Inc. (AVTX). As of the event date on March 31, 2026, BVF2 reported beneficial ownership of 919,912 shares of common stock, representing approximately 4.0% of the class. This position includes 309,000 shares underlying Series C Non-Voting Convertible Preferred Stock. The filing is part of a larger group reporting, led by BVF Partners L.P., BVF Inc., and Mark N. Lampert, who collectively may be deemed to beneficially own 2,347,845 shares, or approximately 9.99% of the issuer's outstanding stock. The 9.99% ownership level is a capped figure due to a Beneficial Ownership Limitation governing the conversion of the Series C Preferred Stock. Other entities in the reporting group include Biotechnology Value Fund, L.P., which holds a 5.4% stake, and Biotechnology Value Trading Fund OS LP. The reporting persons indicated that the shares were acquired for investment purposes and not to influence control of the issuer.