X0202 SCHEDULE 13G/A 0000918923 XXXXXXXX LIVE 4 Common Stock, $0.001 par value per share 03/31/2026 0001534120 Avalo Therapeutics, Inc. 05338F306 1500 LIBERTY RIDGE DRIVE SUITE 321 WAYNE PA 19087 Rule 13d-1(c) BIOTECHNOLOGY VALUE FUND L P a DE 0.00 1258371.00 0.00 1258371.00 1258371.00 N 5.4 PN BVF I GP LLC a DE 0.00 1258371.00 0.00 1258371.00 1258371.00 N 5.4 OO BIOTECHNOLOGY VALUE FUND II LP a DE 0.00 919912.00 0.00 919912.00 919912.00 N 4.0 PN BVF II GP LLC a DE 0.00 919912.00 0.00 919912.00 919912.00 N 4.0 OO Biotechnology Value Trading Fund OS LP a E9 0.00 141562.00 0.00 141562.00 141562.00 N 0.6 PN BVF Partners OS Ltd. a E9 0.00 141562.00 0.00 141562.00 141562.00 N 0.6 CO BVF GP HOLDINGS LLC a DE 0.00 2178283.00 0.00 2178283.00 2178283.00 N 9.3 OO BVF PARTNERS L P/IL a DE 0.00 2347845.00 0.00 2347845.00 2347845.00 N 9.99 IA PN BVF INC/IL a DE 0.00 2347845.00 0.00 2347845.00 2347845.00 N 9.99 CO LAMPERT MARK N a X1 0.00 2347845.00 0.00 2347845.00 2347845.00 N 9.99 IN Avalo Therapeutics, Inc. 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." 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 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 Y As of the close of business on March 31, 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 March 31, 2026, the Beneficial Ownership Limitation limits the conversion of the Series C Preferred Stock held by the Reporting Persons and the Partners Managed Account to 715,000 out of 726,000 Shares underlying the Series C Preferred Stock held by them. As of the close of business on March 31, 2026 (i) BVF beneficially owned 1,258,371 Shares, including 371,000 Shares underlying the Series C Preferred Stock held by it; (ii) BVF2 beneficially owned 919,912 Shares, including 309,000 Shares underlying the Series C Preferred Stock held by it; and (iii) Trading Fund OS beneficially owned 141,562 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 1,258,371 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 919,912 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 141,562 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 2,178,283 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 2,347,845 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account, including 28,000 Shares held in the Partners Managed Account, which includes 2,000 Shares underlying the shares of Series C Preferred Stock held in the Partners Managed Account and excludes 11,000 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 2,347,845 Shares beneficially owned by Partners. Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 2,347,845 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. The following percentages are based upon a denominator that is the sum of (i) 22,788,452 Shares outstanding as of March 18, 2026, as disclosed in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 23, 2026 and (ii) 715,000 Shares issuable upon the conversion of certain Series C Preferred Stock owned by the Reporting Persons, as applicable. As of the close of business on March 31, 2026, (i) BVF beneficially owned approximately 5.4% of the outstanding Shares, (ii) BVF2 beneficially owned approximately 4.0% 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 5.4% of the outstanding Shares, (v) BVF2 GP may be deemed to beneficially own approximately 4.0% 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 9.3% of the outstanding Shares, and (viii) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 9.99% of the outstanding Shares (less than 1% of the outstanding Shares are held in the Partners Managed Account). See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y N BVF GP, BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF. BVF GPH, Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by BVF2. Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the Shares beneficially owned by Trading Fund OS and held in the Partners Managed Account. Y N See Exhibit 99.1 to the Schedule 13G filed with the Securities and Exchange Commission on August 23, 2024. Y N 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. BIOTECHNOLOGY VALUE FUND L P /s/ Mark N. Lampert 05/15/2026 BVF I GP LLC /s/ Mark N. Lampert 05/15/2026 BIOTECHNOLOGY VALUE FUND II LP /s/ Mark N. Lampert 05/15/2026 BVF II GP LLC /s/ Mark N. Lampert 05/15/2026 Biotechnology Value Trading Fund OS LP /s/ Mark N. Lampert 05/15/2026 BVF Partners OS Ltd. /s/ Mark N. Lampert 05/15/2026 BVF GP HOLDINGS LLC /s/ Mark N. Lampert 05/15/2026 BVF PARTNERS L P/IL /s/ Mark N. Lampert 05/15/2026 BVF INC/IL /s/ Mark N. Lampert 05/15/2026 LAMPERT MARK N /s/ Mark N. Lampert 05/15/2026