Doyle Mittie 4

What Happened

• Doyle Mittie, Chief Medical Officer at Avalo Therapeutics (AVTX), exercised 1,450 stock options on 2026-06-23 at $8.04 per share (total exercise cost $11,658) and immediately sold the 1,450 resulting shares in the open market at $18.00 per share for $26,100. Net proceeds before taxes and fees were about $14,442. This sequence (exercise then sale) is typically a liquidity event rather than an outright purchase.

Key Details

• Transaction date: 2026-06-23; filing date: 2026-06-25 (filed timely under Form 4 rules).
• Exercise (code M): 1,450 shares acquired at $8.04; total cash paid $11,658.
• Sale (code S): 1,450 shares sold at $18.00; total proceeds $26,100.
• Derivative disposition entry (1,450 @ $0) reflects the conversion/exercise of the derivative instrument into common shares.
• Shares owned after the transactions: not disclosed in the provided filing summary.
• Footnotes: Transactions were made pursuant to a Rule 10b5-1 trading plan adopted Nov 13, 2025 (F1). The underlying option vests 25% on Jan 28, 2026 with the remainder vesting monthly over the next three years, subject to continued service (F2).

Context

• Because the options were exercised and the same number of shares were sold immediately, this resembles a cashless exercise + sale to cover costs and realize gains; it does not necessarily indicate a change in the officer's view of the company. The trades were executed under a pre-established 10b5-1 plan, which often governs timing and reduces questions about contemporaneous trading motives.