Avalo Therapeutics: Schedule 13G/A reporting beneficial ownership. Caligan Partners LP and David Johnson filed an amended Schedule 13G/A reporting beneficial ownership of 1,635,023 shares of Avalo Therapeutics common stock, representing 7.2% of the class based on 22,788,452 shares outstanding as of March 18, 2026.
The filing attributes the position to Caligan and to Mr. Johnson as managing partner; the shares are reported with shared voting and shared dispositive power. The filing is signed by Mr. Johnson on behalf of both reporting persons.
Positive
None.
Negative
None.
Insights
Passive investor reports a >5% stake with shared control.
The amendment shows Caligan Partners LP and David Johnson beneficially own 1,635,023 shares (7.2%) based on March 18, 2026 outstanding data. The filing lists shared voting and shared dispositive powers rather than sole control.
This positions the filer as a notable holder under disclosure rules; subsequent filings would show changes if the position grows or voting arrangements change.
Material holder disclosure, likely passive intent under Schedule 13G rules.
The Schedule 13G/A amendment identifies beneficial ownership and cites the company 10-K outstanding share count of 22,788,452 for percentage calculation. The filing is administrative and updates ownership details rather than announcing a transaction.
Market impact depends on future trading or additional filings; the current disclosure documents position size and voting/dispositive structure.
Key Figures
Beneficial ownership:1,635,023 sharesPercent of class:7.2%Outstanding shares used:22,788,452 shares
3 metrics
Beneficial ownership1,635,023 sharesreported by Caligan Partners/David Johnson
Percent of class7.2%based on 22,788,452 shares outstanding as of March 18, 2026
Outstanding shares used22,788,452 sharescompany's Form 10-K for fiscal year ended December 31, 2025
Key Terms
Schedule 13G/A, Beneficial ownership, Shared dispositive power
3 terms
Schedule 13G/Aregulatory
"Amendment No. 2; the statement is filed as an amended Schedule 13G"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficial ownershipfinancial
"Amount beneficially owned: The information required by Item 4(a) is set forth"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared dispositive powerfinancial
"Shared Dispositive Power 1,635,023.00 appears on the cover page"
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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, par value $0.001 per share
(Title of Class of Securities)
05338F306
(CUSIP Number)
03/31/2026
(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
1,635,023.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,635,023.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,635,023.00
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)
7.2 %
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
1,635,023.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,635,023.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,635,023.00
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)
7.2 %
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, 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 22,788,452 shares of Common Stock outstanding as of March 18, 2026, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on March 23, 2026.
(b)
Percent of class:
7.2%
(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 reports beneficial ownership of 1,635,023 shares of AVTX, equal to 7.2% of the class. The percentage is calculated using 22,788,452 shares outstanding as of March 18, 2026, per the company's Form 10-K.
Who else is listed with Caligan Partners on the filing?
The filing names David Johnson, Managing Partner of Caligan, as a reporting person. He is disclosed with shared voting and shared dispositive power over the same 1,635,023 shares reported for Caligan Partners LP in the amendment.
How was the 7.2% ownership percentage calculated?
The percentage uses an outstanding share base of 22,788,452 shares reported in Avalo's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The filing states the March 18, 2026 outstanding share count was used for the calculation.
Does the filing show sole control over the shares?
No. The Schedule 13G/A reports 0 shares of sole voting power and sole dispositive power and lists 1,635,023 shares with shared voting and shared dispositive power, indicating collective control rather than sole authority.
When was the Schedule 13G/A amendment signed?
The amendment is signed by David Johnson in both his capacities (Managing Partner and individually) with execution dates of 05/15/2026, as shown on the signature block of the filing.
