Doyle Mittie 4

What Happened

• Doyle Mittie, Chief Medical Officer of Avalo Therapeutics (AVTX), exercised stock options to acquire a total of 108,234 shares (78,905 shares at $12.65 and 29,329 shares at $8.04) and then sold the same 108,234 shares in open-market transactions. Gross proceeds from the sales were about $2,230,366; the exercise cost paid was about $1,233,953 (net cash before taxes/fees ≈ $996,413). The transactions were effected pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction dates: May 5–6, 2026; Form 4 filed May 7, 2026 (appears timely).
• Exercise (M) totals: 108,234 shares acquired — 78,905 at $12.65 (≈ $998k) and 29,329 at $8.04 (≈ $235k).
• Open-market sales (S) totals: 108,234 shares sold for aggregate proceeds ≈ $2,230,366 (sales executed at various prices; see ranges below).
• Reported sale price ranges (per footnotes):
  • Some sales ranged $18.00–$18.97 (F2)
  • Some $19.08–$19.99 (F3)
  • Some $20.75–$21.69 (F4)
  • Some $21.83–$22.80 (F5)
• Filing shows parallel $0.00 “disposition” entries for the exercised derivatives — typical reporting when options are converted into shares.
• Shares owned after transaction: not specified in the excerpt of the filing.
• Plan note: Transactions were made under a 10b5-1 trading plan adopted Nov 13, 2025 (F1).
• Vesting notes: Relevant options have standard vesting schedules (25% initial vesting then monthly over three years) per footnotes F6 and F7.

Context

• This pattern — exercising vested options and immediately selling the resulting shares — is commonly a sell-to-cover or cashless-exercise pattern to cover exercise costs, tax withholding, or to realize gains; the filing shows the exercised share count equals the shares sold.
• The 10b5-1 plan means the trades were pre‑planned and executed under specified instructions; that does not imply motive.