Caligan Partners discloses 4.9% Avalo Therapeutics (AVTX) stake in 13G/A

Rhea-AI Filing Summary

Avalo Therapeutics, Inc. received an updated ownership report from Caligan Partners LP and David Johnson. They report beneficial ownership of 881,533 shares of Avalo common stock, representing 4.9% of the outstanding shares, based on 18,133,968 shares outstanding as of November 3, 2025.

The shares are held through Caligan-managed funds and accounts, with shared voting and dispositive power over all reported shares. The reporting persons state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Avalo Therapeutics.

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Accepted by SEC EDGAR 02/17/2026 - 05:00 PM Learn about SEC filing dates

FAQ

What ownership stake in Avalo Therapeutics (AVTX) does Caligan Partners report?

Caligan Partners LP and David Johnson report beneficial ownership of 881,533 shares of Avalo Therapeutics common stock, representing 4.9% of the outstanding shares. This percentage is based on 18,133,968 shares outstanding as of November 3, 2025.

How many Avalo Therapeutics (AVTX) shares are outstanding in this filing?

The filing states that Avalo Therapeutics has 18,133,968 shares of common stock outstanding as of November 3, 2025. Caligan Partners’ reported 881,533 shares represent 4.9% of this total, according to the ownership calculations in the document.

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

The reporting persons are Caligan Partners LP, a Delaware limited partnership, and David Johnson, its Managing Partner. Caligan serves as investment manager to certain funds and accounts that hold Avalo common stock, with Johnson reporting shared voting and dispositive power over these shares.

How much voting power over Avalo Therapeutics (AVTX) stock does Caligan report?

Caligan Partners LP and David Johnson report shared voting power over 881,533 shares of Avalo common stock and no sole voting power. They also report shared dispositive power over the same shares, reflecting control through Caligan-managed funds and accounts.

Is Caligan Partners seeking to influence control of Avalo Therapeutics (AVTX)?

The filing states the Avalo shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company. It also specifies they are not held in connection with any control-related transaction.

What type of entity is Caligan Partners in the Avalo Therapeutics (AVTX) filing?

Caligan Partners LP is described as a Delaware limited partnership that serves as investment manager to certain funds and accounts holding Avalo shares. In the ownership table, Caligan’s type of reporting person is identified as an investment adviser (IA).

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Avalo Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

05338F306

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 881,533.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 881,533.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

881,533.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 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 881,533.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 881,533.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

881,533.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avalo Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 1500 LIBERTY RIDGE DRIVE, 1500 LIBERTY RIDGE DRIVE, WAYNE, PENNSYLVANIA, 19087.
Item 2.
(a)	Name of person filing: This statement is filed by: (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 18,133,968 shares of Common Stock outstanding as of November 3, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 6, 2025.
(b)	Percent of class: 4.9%
(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.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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:	02/17/2026

David Johnson

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Managing Partner
Date:	02/17/2026