Affinity Asset Advisors reveals 5.7% Avalo Therapeutics (AVTX) ownership stake

Rhea-AI Filing Summary

Affinity Asset Advisors, LLC and Michael Cho reported beneficial ownership in Avalo Therapeutics, Inc. common stock totaling 1,051,054 shares, or about 5.7% of the company. The shares are held through Affinity Healthcare Fund, LP, with Affinity acting as investment manager and exercising voting and investment power.

The ownership percentage is based on 18,512,757 Avalo shares outstanding as of December 31, 2025, as disclosed in Avalo’s Form S-3 filed on January 8, 2026. The reporting persons state the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Avalo.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Avalo Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

05338F306

(CUSIP Number)

01/22/2026

(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)

SCHEDULE 13G

CUSIP No. 05338F306

1

Names of Reporting Persons

Affinity Asset Advisors, LLC

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 1,051,054.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,051,054.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,051,054.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 05338F306

1

Names of Reporting Persons

Michael Cho

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 1,051,054.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,051,054.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,051,054.00

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)

5.7 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avalo Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 1500 Liberty Ridge Drive, Suite 321, Wayne, Pennsylvania, 19087
Item 2.
(a)	Name of person filing: Affinity Asset Advisors, LLC Michael Cho
(b)	Address or principal business office or, if none, residence: 450 Park Avenue Suite 1403 New York, NY 10022
(c)	Citizenship: Affinity Asset Advisors, LLC is a Delaware limited liability company, and Michael Cho is an individual and is a citizen of the United States.
(d)	Title of class of securities: Common Stock, $0.001 par value 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 securities reported herein are directly held by Affinity Healthcare Fund, LP (the "Fund"). Affinity Asset Advisors, LLC (the "Adviser") is the investment manager of the Fund and exercises voting and investment power over the securities held directly by the Fund reported herein pursuant to an investment management agreement between the Adviser, the Fund, and the general partner of the Fund. The Adviser may be deemed to beneficially own the securities reported herein held by the Fund by virtue of its position as investment manager of the Fund. Michael Cho, the managing member of the Adviser, may be deemed a beneficial owner of the securities reported herein held directly by the Fund. As of the date hereof, the Adviser and Mr. Cho (collectively, the "Reporting Persons") beneficially own 1,051,054 shares of common Stock, $0.001 par value per share ("Common Stock"), of Avalo Therapeutics, Inc. (the "Issuer"). As of December 31, 2025, the Fund and the Adviser beneficially owned 1,051,054 shares of Common Stock.
(b)	Percent of class: As of the date hereof, the Reporting Persons beneficially own approximately 5.7% of the Common Stock outstanding. As of December 31, 2025, the Fund and the Adviser beneficially owned approximately 5.7% of the Common Stock outstanding. The percentages disclosed above are based on 18,512,757 shares of Common Stock of the Issuer outstanding as of December 31, 2025, as set forth in the Issuer's Form S-3 filed with the Securities and Exchange Commission on January 8, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: As of the date hereof, the Reporting Persons have sole power to vote or to direct the vote of 1,051,054 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had sole power to vote or to direct the vote of 0 shares of Common Stock.
	(ii) Shared power to vote or to direct the vote: As of the date hereof, the Reporting Persons have shared power to vote or to direct the vote of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to vote or to direct the vote of 1,051,054 shares of Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have sole power to dispose or to direct the disposition of 1,051,054 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had sole power to dispose or to direct the disposition of 0 shares of Common Stock.
	(iv) Shared power to dispose or to direct the disposition of: As of the date hereof, the Reporting Persons have shared power to dispose or to direct the disposition of 0 shares of Common Stock. As of December 31, 2025, the Fund and the Adviser had shared power to dispose or to direct the disposition of 1,051,054 shares of Common Stock.
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.
	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.

Affinity Asset Advisors, LLC

Signature:	/s/ Andrew Weinstein
Name/Title:	Andrew Weinstein, Chief Financial Officer and Chief Compliance Officer
Date:	01/29/2026

Michael Cho

Signature:	/s/ Michael Cho
Name/Title:	Michael Cho, Self
Date:	01/29/2026

FAQ

How many Avalo Therapeutics (AVTX) shares do Affinity Asset Advisors and Michael Cho beneficially own?

Affinity Asset Advisors and Michael Cho beneficially own 1,051,054 Avalo Therapeutics common shares, held through Affinity Healthcare Fund, LP. Affinity serves as investment manager and exercises voting and investment power over these securities under an investment management agreement with the fund and its general partner.

What percentage of Avalo Therapeutics (AVTX) does Affinity Asset Advisors report owning?

They report beneficial ownership of approximately 5.7% of Avalo Therapeutics’ common stock. This percentage is calculated using 18,512,757 outstanding shares as of December 31, 2025, as disclosed in Avalo’s Form S-3 filed with the SEC on January 8, 2026.

Who actually holds the Avalo Therapeutics (AVTX) shares reported by Affinity Asset Advisors?

The Avalo Therapeutics shares are directly held by Affinity Healthcare Fund, LP. Affinity Asset Advisors, LLC acts as the investment manager to the fund, and Michael Cho, as managing member of Affinity, may be deemed a beneficial owner of the fund’s Avalo common stock holdings.

Does Affinity Asset Advisors intend to influence control of Avalo Therapeutics (AVTX) with this stake?

The filing states the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of Avalo. It also notes they are not held in connection with any transaction aimed at obtaining control, aside from limited nomination-related activities referenced by rule.

How is the voting and dispositive power over Avalo Therapeutics (AVTX) shares structured for Affinity Asset Advisors?

As of the reported date, the reporting persons have sole power to vote and dispose of 1,051,054 Avalo common shares and no shared power. As of December 31, 2025, the fund and adviser instead had shared, and not sole, power over the same number of shares.

What is the key date associated with Affinity Asset Advisors’ Avalo Therapeutics (AVTX) ownership report?

The ownership report is tied to an event date of January 22, 2026. The calculation of their 5.7% beneficial ownership uses Avalo’s outstanding share count as of December 31, 2025, taken from the company’s Form S-3 filed on January 8, 2026 with the SEC.