Caligan Partners (NASDAQ: AVTX) reports 5.9% Avalo Therapeutics ownership on amended 13G

Rhea-AI Filing Summary

Caligan Partners LP and David Johnson report beneficial ownership of Avalo Therapeutics, Inc. common stock on an amended Schedule 13G. They report beneficial ownership of 3,163,866 shares of common stock, representing 5.9% of the class, based on 53,629,989 shares outstanding as of August 3, 2026.

The reporting persons have shared voting and dispositive power over all 3,163,866 shares and no sole voting or dispositive power. The shares are held by certain funds and accounts for which Caligan serves indirectly as investment manager, with David Johnson as Managing Partner of Caligan and Managing Member of its general partner.

Key Figures

Shares beneficially owned: 3,163,866 shares Percent of class: 5.9% Shares outstanding: 53,629,989 shares +2 more

5 metrics

Shares beneficially owned 3,163,866 shares Common stock of Avalo Therapeutics beneficially owned by the reporting persons

Percent of class 5.9% Portion of Avalo Therapeutics common stock class beneficially owned by the reporting persons

Shares outstanding 53,629,989 shares Avalo Therapeutics common stock outstanding as of August 3, 2026

Shared voting power 3,163,866 shares Shares over which the reporting persons have shared power to vote or direct the vote

Shared dispositive power 3,163,866 shares Shares over which the reporting persons have shared power to dispose or direct disposition

Key Terms

beneficially owned, shared voting power, shared dispositive power, percent of class, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"6 | Shared Voting Power 3,163,866.00 7 | Sole Dispositive Power 0.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"8 | Shared Dispositive Power 3,163,866.00 9 3,163,866.00"

percent of class financial

"(b) | Percent of class: 5.9% (c) | Number of shares as to which the person has"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

Schedule 13G regulatory

"percentages set forth in this are calculated based upon an aggregate"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

FAQ

What percentage of Avalo Therapeutics (AVTX) does Caligan Partners beneficially own?

Caligan Partners and David Johnson report beneficial ownership of 5.9% of Avalo Therapeutics’ common stock. This represents 3,163,866 shares, calculated using 53,629,989 shares outstanding as of August 3, 2026, as disclosed in the company’s Form 10-Q.

How many Avalo Therapeutics (AVTX) shares does Caligan Partners control voting and disposition for?

The reporting persons have shared voting and dispositive power over 3,163,866 shares of Avalo Therapeutics common stock. They report no sole voting or sole dispositive power over any shares, indicating joint control for these positions.

Who are the reporting persons on this Avalo Therapeutics (AVTX) Schedule 13G/A?

The reporting persons are Caligan Partners LP and David Johnson. Caligan is the investment manager for certain funds and accounts holding Avalo shares, and Johnson is Caligan’s Managing Partner and Managing Member of its general partner.

What share count did Caligan use to calculate its 5.9% stake in Avalo Therapeutics (AVTX)?

The 5.9% ownership is calculated using 53,629,989 shares of common stock outstanding as of August 3, 2026. This outstanding share figure comes from Avalo’s Form 10-Q for the quarter ended June 30, 2026.

Does Caligan Partners hold Avalo Therapeutics (AVTX) shares directly or through funds?

The Avalo shares are held by certain funds and accounts for which Caligan acts as investment manager. Caligan and David Johnson report beneficial ownership with shared voting and dispositive power over the 3,163,866 shares held by these funds and accounts.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:42 PM Accepted by SEC EDGAR 08/14/2026 - 04:40 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Avalo Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

05338F306

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

Caligan Partners LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,163,866.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,163,866.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,163,866.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

David Johnson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,163,866.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,163,866.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,163,866.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avalo Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 1500 LIBERTY RIDGE DRIVE, WAYNE, PENNSYLVANIA, 19087.
Item 2.
(a)	Name of person filing: (i) Caligan Partners LP, a Delaware limited partnership ("Caligan"), which serves indirectly as the investment manager to certain funds and accounts (the "Caligan Funds and Accounts"), with respect to the shares of common stock, par value $0.001 per share ("Common Stock") of Avalo Therapeutics, Inc., a Delaware corporation (the "Company"), held by the Caligan Funds and Accounts; and (ii) David Johnson, the Managing Partner of Caligan and Managing Member of Caligan Partners GP LLC, the general partner of Caligan ("Mr. Johnson"), with respect to the shares of Common Stock held by the Caligan Funds and Accounts. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 780 Third Avenue, 30th Floor, New York, NY 10017.
(c)	Citizenship: Caligan is a Delaware limited partnership. Mr. Johnson is a United States citizen.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 05338F306
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 53,629,989 shares of Common Stock outstanding as of August 3, 2026, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the Securities and Exchange Commission on August 6, 2026.
(b)	Percent of class: 5.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Caligan Partners LP

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Managing Partner
Date:	08/14/2026

David Johnson

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Individually
Date:	08/14/2026