Avalo Therapeutics (AVTX): BVF group discloses 5.3% beneficial ownership stake

Rhea-AI Filing Summary

Avalo Therapeutics, Inc. has a significant shareholder group led by Biotechnology Value Fund entities and Mark N. Lampert reporting aggregated holdings in Avalo’s common stock. As of June 30, 2026, these reporting persons collectively beneficially owned 2,801,545 shares of common stock, including shares issuable upon conversion of preferred stock, representing approximately 5.3% of the outstanding common stock.

The group holds 726 shares of Series C Non-Voting Convertible Preferred Stock, initially convertible into an aggregate of 726,000 common shares, subject to a 9.99% Beneficial Ownership Limitation, which did not restrict conversion at that time. The ownership percentages are based on 52,565,572 common shares outstanding as of May 8, 2026, plus the relevant convertible shares.

Key Figures

Total beneficial ownership: 2,801,545 shares Ownership percentage: 5.3% Series C preferred shares: 726 shares +3 more

6 metrics

Total beneficial ownership 2,801,545 shares Shares that BVF-related reporting persons may be deemed to beneficially own as of June 30, 2026

Ownership percentage 5.3% Approximate percentage of Avalo common stock beneficially owned by Partners, BVF Inc. and Mark N. Lampert

Series C preferred shares 726 shares Series C Non-Voting Convertible Preferred Stock held by reporting persons and a managed account

Common shares from Series C conversion 726,000 shares Aggregate common shares initially issuable upon conversion of 726 Series C preferred shares

Shares outstanding 52,565,572 shares Avalo common shares outstanding as of May 8, 2026, used for ownership calculations

BVF fund holding 1,466,153 shares Common shares beneficially owned by Biotechnology Value Fund, L.P., including underlying Series C preferred

Key Terms

Series C Non-Voting Convertible Preferred Stock, Beneficial Ownership Limitation, Attribution Parties

3 terms

Series C Non-Voting Convertible Preferred Stock financial

"726 shares of Series C Non-Voting Convertible Preferred Stock (the "Series C Preferred Stock")"

Beneficial Ownership Limitation regulatory

"would beneficially own a number of Shares in excess of 9.99% of the outstanding Shares (the "Beneficial Ownership Limitation")"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Attribution Parties regulatory

"such holder, together with its Attribution Parties (as defined in the transaction documents), would beneficially own"

FAQ

How much of Avalo Therapeutics (AVTX) stock is owned by the BVF group?

As of June 30, 2026, the BVF-related reporting persons may be deemed to beneficially own 2,801,545 shares of Avalo Therapeutics common stock, representing approximately 5.3% of the outstanding shares, including shares underlying Series C preferred stock and a managed account.

What preferred stock does the BVF group hold in Avalo Therapeutics (AVTX)?

The reporting persons and a managed account hold 726 shares of Series C Non-Voting Convertible Preferred Stock, initially convertible into an aggregate of 726,000 Avalo common shares, subject to a 9.99% Beneficial Ownership Limitation on post-conversion ownership.

What is the Beneficial Ownership Limitation disclosed for Avalo Therapeutics (AVTX)?

Each Series C preferred share is subject to a 9.99% Beneficial Ownership Limitation, preventing any holder and its attribution parties from converting if, after conversion, they would own more than 9.99% of Avalo’s outstanding common shares.

How many Avalo Therapeutics (AVTX) shares are outstanding for the ownership calculation?

Ownership percentages are calculated using 52,565,572 Avalo common shares outstanding as of May 8, 2026, plus 726,000 shares issuable upon conversion of the Series C preferred stock held by the reporting persons, as applicable to each holder.

What are the individual BVF entity holdings in Avalo Therapeutics (AVTX)?

As of June 30, 2026, BVF beneficially owned 1,466,153 shares (about 2.8%), BVF2 owned 1,107,854 shares (about 2.1%), and Trading Fund OS owned 185,010 shares (less than 1%), each including common shares underlying Series C preferred stock.

Does Mark N. Lampert personally own Avalo Therapeutics (AVTX) shares?

Mark N. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own 2,801,545 Avalo shares. However, he and related entities expressly disclaim beneficial ownership of securities owned by other reporting persons and accounts.

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Available on EDGAR 08/14/2026 - 04:06 PM Accepted by SEC EDGAR 08/14/2026 - 04:01 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. 5)

Avalo Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.001 par value 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

BIOTECHNOLOGY VALUE FUND L P

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 1,466,153.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,466,153.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,466,153.00

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)

2.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF I GP 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 0.00
6	Shared Voting Power 1,466,153.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,466,153.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,466,153.00

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)

2.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BIOTECHNOLOGY VALUE FUND II 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 1,107,854.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,107,854.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,107,854.00

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)

2.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF II GP 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 0.00
6	Shared Voting Power 1,107,854.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,107,854.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,107,854.00

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)

2.1 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

Biotechnology Value Trading Fund OS 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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 185,010.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 185,010.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

185,010.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF Partners OS Ltd.

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 185,010.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 185,010.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

185,010.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF GP HOLDINGS 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 0.00
6	Shared Voting Power 2,574,007.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,574,007.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,574,007.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF PARTNERS L P/IL

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 2,801,545.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,801,545.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,801,545.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

BVF INC/IL

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 2,801,545.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,801,545.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,801,545.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 05338F306

1

Names of Reporting Persons

LAMPERT MARK N

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 2,801,545.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,801,545.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,801,545.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

IN

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, PA 19087
Item 2.
(a)	Name of person filing: Biotechnology Value Fund, L.P. ("BVF") BVF I GP LLC ("BVF GP") Biotechnology Value Fund II, L.P. ("BVF2") BVF II GP LLC ("BVF2 GP") Biotechnology Value Trading Fund OS LP ("Trading Fund OS") BVF Partners OS Ltd. ("Partners OS") BVF GP Holdings LLC ("BVF GPH") BVF Partners L.P. ("Partners") BVF Inc. Mark N. Lampert ("Mr. Lampert") 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: Biotechnology Value Fund, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF I GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Fund II, L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF II GP LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 Biotechnology Value Trading Fund OS LP PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF Partners OS Ltd. PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands BVF GP Holdings LLC 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Partners L.P. 44 Montgomery St., 40th Floor San Francisco, California 94104 BVF Inc. 44 Montgomery St., 40th Floor San Francisco, California 94104 Mark N. Lampert 44 Montgomery St., 40th Floor San Francisco, California 94104
(c)	Citizenship: Biotechnology Value Fund, L.P. Delaware BVF I GP LLC Delaware Biotechnology Value Fund II, L.P. Delaware BVF II GP LLC Delaware Biotechnology Value Trading Fund OS LP Cayman Islands BVF Partners OS Ltd. Cayman Islands BVF GP Holdings LLC Delaware BVF Partners L.P. Delaware BVF Inc. Delaware Mark N. Lampert 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: As of the close of business on June 30, 2026, the Reporting Persons and a certain Partners managed account (the "Partners Managed Account") held an aggregate of 726 shares of Series C Non-Voting Convertible Preferred Stock (the "Series C Preferred Stock") convertible into an aggregate of 726,000 shares of the Issuer's Common Stock, $0.001 par value per share (the "Shares"). Each share of Series C Preferred Stock is initially convertible into, and will convert automatically into, 1,000 Shares, subject to the Beneficial Ownership Limitation (as defined below). The Issuer shall not effect any conversion of any Series C Preferred Stock and a holder of Series C Preferred Stock shall not have the right to convert any portion of its Series C Preferred Stock to the extent that, after giving effect to such attempted conversion, such holder, together with its Attribution Parties (as defined in the transaction documents), would beneficially own a number of Shares in excess of 9.99% of the outstanding Shares (the "Beneficial Ownership Limitation"). As of June 30, 2026, the Beneficial Ownership Limitation does not limit the conversion of any of the Series C Preferred Stock held by the Reporting Persons and the Partners Managed Account. As of the close of business on June 30, 2026 (i) BVF beneficially owned 1,466,153 Shares, including 371,000 Shares underlying the Series C Preferred Stock held by it; (ii) BVF2 beneficially owned 1,107,854 Shares, including 309,000 Shares underlying the Series C Preferred Stock held by it; and (iii) Trading Fund OS beneficially owned 185,010 Shares, including 33,000 Shares underlying the Series C Preferred Stock held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,466,153 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,107,854 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 185,010 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,574,007 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 2,801,545 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 42,528 Shares held in the Partners Managed Account, which includes 13,000 Shares underlying the shares of Series C Preferred Stock held in the Partners Managed Account. BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 2,801,545 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 2,801,545 Shares beneficially owned by BVF Inc. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Shares owned by another Reporting Person. BVF GP disclaims beneficial ownership of the Shares beneficially owned by BVF. BVF2 GP disclaims beneficial ownership of the Shares beneficially owned by BVF2. Partners OS disclaims beneficial ownership of the Shares beneficially owned by Trading Fund OS. BVF GPH disclaims beneficial ownership of the Shares beneficially owned by BVF and BVF2. Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based upon a denominator that is the sum of (i) 52,565,572 Shares outstanding as of May 8, 2026, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 13, 2026 and (ii) 726,000 Shares issuable upon the conversion of the Series C Preferred Stock owned by the Reporting Persons, as applicable. As of the close of business on June 30, 2026, (i) BVF beneficially owned approximately 2.8% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 2.1% of the outstanding Shares, (iii) Trading Fund OS beneficially owned less than 1% of the outstanding Shares, (iv) BVF GP may be deemed to beneficially own approximately 2.8% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 2.1% of the outstanding Shares, (vi) Partners OS may be deemed to beneficially own less than 1% of the outstanding Shares, (vii) BVF GPH may be deemed to beneficially own approximately 4.8% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 5.3% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
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. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on August 23, 2024.
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 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.

BIOTECHNOLOGY VALUE FUND L P

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF I GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BIOTECHNOLOGY VALUE FUND II LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF II GP LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

Biotechnology Value Trading Fund OS LP

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF Partners OS Ltd.

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF GP HOLDINGS LLC

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF PARTNERS L P/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

BVF INC/IL

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert, Authorized Signatory
Date:	08/14/2026

LAMPERT MARK N

Signature:	/s/ Mark N. Lampert
Name/Title:	Mark N. Lampert
Date:	08/14/2026