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Avalo Therapeutics, Inc. common stock is the subject of a Schedule 13G reporting that Trails Edge Biotechnology Master Fund, LP beneficially owned 2,803,761 shares, or 5.2%, as of October 22, 2026. The shares are held directly by the Master Fund; its investment manager, Trails Edge Capital Partners, LP, and Ortav Yehudai, Chief Investment Officer of Trails Edge Capital, may also be deemed to beneficially own those same shares. The 5.2% calculation is based on 53,629,989 shares issued and outstanding as of August 3, 2026.
Key Figures
Beneficially owned shares:2,803,761 sharesOwnership percentage:5.2%Shares issued and outstanding:53,629,989 shares
3 metrics
Beneficially owned shares2,803,761 sharesAs of October 22, 2026; held directly by Trails Edge Biotechnology Master Fund, LP
Ownership percentage5.2%As of October 22, 2026
Shares issued and outstanding53,629,989 sharesAs of August 3, 2026; basis for the ownership percentage
Key Terms
beneficially own, Sole Voting Power, Sole Dispositive Power, investment discretion
4 terms
beneficially ownregulatory
"may be deemed to beneficially own these securities"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Sole Voting Powerregulatory
"Sole Voting Power 2,803,761.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Sole Dispositive Powerregulatory
"Sole Dispositive Power 2,803,761.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
investment discretionregulatory
"exercises voting and investment discretion with respect to these securities"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many AVTX shares did Trails Edge report beneficially owning?
Trails Edge Biotechnology Master Fund, LP directly held 2,803,761 AVTX shares as of October 22, 2026. Trails Edge Capital Partners, LP and Ortav Yehudai may also be deemed to beneficially own those same shares.
What percentage of AVTX did the filers report owning?
The filers reported beneficial ownership of 5.2% of AVTX's outstanding shares as of October 22, 2026. The percentage calculation uses 53,629,989 shares issued and outstanding as of August 3, 2026.
What voting and dispositive power did the AVTX filers report?
Each filer reported sole voting and dispositive power over 2,803,761 shares, with shared voting and dispositive power of 0 shares. The underlying shares are held directly by Trails Edge Biotechnology Master Fund, LP.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Avalo Therapeutics, Inc.
(Name of Issuer)
Common Stock, $0.001 par value
(Title of Class of Securities)
05338F306
(CUSIP Number)
10/22/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
Trails Edge Capital 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
2,803,761.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,803,761.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,803,761.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
Trails Edge Biotechnology Master Fund, 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
2,803,761.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,803,761.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,803,761.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP Number(s):
05338F306
1
Names of Reporting Persons
Ortav Yehudai
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
2,803,761.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,803,761.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,803,761.00
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)
5.2 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4 for additional information.
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:
This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)
Address or principal business office or, if none, residence:
The address for each Filer is 3445 Peachtree Road NE, Suite 900, Atlanta, GA 30326.
(c)
Citizenship:
See Item 4 of the cover page of each Filer.
(d)
Title of class of securities:
Common Stock, $0.001 par value
(e)
CUSIP Number(s):
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 October 22, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 2,803,761 shares of Common Stock, $0.001 par value per share (the "Shares"), of Avalo Therapeutics, Inc. (the "Issuer"). The 2,803,761 Shares reported as beneficially owned on this Schedule 13G by each Filer consist of 2,803,761 Shares held directly by Trails Edge Biotechnology. As a result, Trails Edge Biotechnology beneficially owns 5.2% of the outstanding Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 5.2% of the outstanding Shares of the Issuer as of the Event Date. Ownership percentages are based on 53,629,989 Shares issued and outstanding as of August 3, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2026.
(b)
Percent of class:
5.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
2,803,761.00
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
2,803,761.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
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 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.
Trails Edge Capital Partners, LP
Signature:
/s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:
Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:
10/29/2026
Trails Edge Biotechnology Master Fund, LP
Signature:
/s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
