Aptevo Therapeutics Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Aptevo Therapeutics Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

Aptevo Therapeutics Inc. (APVO) filed a Annual Report (10-K) with the SEC on March 5, 2024. Aptevo Therapeutics Inc. filed its 2023 Form 10-K on March 5, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Seattle, WA. Aptevo Therapeutics Inc. is in the Pharmaceutical Preparations industry (SIC 2834). The filing includes details on various agreements and stock-related activities throughout 2023 and subsequent events.

Why It Matters

For investors and stakeholders tracking Aptevo Therapeutics Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Aptevo's financial health, operational activities, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information within the filing, including risk factors and executive compensation, allows stakeholders to understand the company's challenges, management's incentives, and potential areas for growth or concern.

Risk Assessment

Risk Level: medium — Aptevo Therapeutics Inc. shows moderate risk based on this filing. The company operates in the highly competitive and regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market adoption, as indicated by the numerous agreements and stock-related activities mentioned in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Aptevo's financial position and the potential challenges in its drug development pipeline.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-05 — Filing Date (As of date)
• 97 — Public Document Count (Number of documents in the filing)
• 206-838-0500 — Business Phone (Contact number)

Key Players & Entities

• Aptevo Therapeutics Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 5, 2024 (date) — Filing date
• Seattle, WA (location) — Business address
• 2834 (industry) — Standard Industrial Classification
• LincolnPark (company) — Mentioned in relation to a purchase agreement
• HCR (company) — Mentioned in relation to liability and other items
• IXINITY (product) — Mentioned in relation to a specific period

FAQ

Risk Factors

• Financial Condition and Liquidity [high — financial]: The company's ability to continue as a going concern is dependent on its ability to secure additional funding and achieve profitability.
• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive government regulation, which can impact product development, manufacturing, marketing, and pricing.
• Market Acceptance and Competition [medium — market]: The success of Aptevo's products depends on market acceptance and its ability to compete with established companies and new entrants.
• Reliance on Key Personnel [medium — operational]: The company's success may depend on the continued service of its key scientific and management personnel.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value per share APVO The Nasdaq

Filing Documents

• apvo-20231231.htm (10-K) — 2989KB
• apvo-ex21_1.htm (EX-21.1) — 7KB
• apvo-ex23_1.htm (EX-23.1) — 7KB
• apvo-ex31_1.htm (EX-31.1) — 15KB
• apvo-ex31_2.htm (EX-31.2) — 15KB
• apvo-ex32_1.htm (EX-32.1) — 9KB
• apvo-ex32_2.htm (EX-32.2) — 10KB
• apvo-ex97.htm (EX-97) — 35KB
• img134589123_0.jpg (GRAPHIC) — 75KB
• img134589123_1.jpg (GRAPHIC) — 516KB
• img134589123_2.jpg (GRAPHIC) — 106KB
• img134589123_3.jpg (GRAPHIC) — 74KB
• img134589123_4.jpg (GRAPHIC) — 6KB
• img134589123_5.jpg (GRAPHIC) — 6KB
• img134589123_6.jpg (GRAPHIC) — 7KB
• img134589123_7.jpg (GRAPHIC) — 7KB
• img134589123_8.jpg (GRAPHIC) — 11KB
• img134589123_9.jpg (GRAPHIC) — 7KB
• img134589123_10.jpg (GRAPHIC) — 7KB
• img134589123_11.jpg (GRAPHIC) — 7KB
• 0000950170-24-025428.txt (&nbsp;) — 11567KB
• apvo-20231231.xsd (EX-101.SCH) — 1443KB
• apvo-20231231_htm.xml (XML) — 1200KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 60 Item 1C. Cybersecurity 60 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 61 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62 Item 6. Not applicable 62 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13. Certain Relationships and Related Transactions, and Director Independence 118 Item 14. Principal Accountant Fees and Services 119 PART IV Item 15. Exhibits, Financial Statement Schedules 120 Item 16. Form 10-K Summary 126 In this Annual Report on Form 10-K, "we," "our," "us," "Aptevo," and the "Company" refer to Aptevo Therapeutics Inc. and, where appropriate, its consolidated subsidiaries. ii PAR T I Cautionary Note Regarding Forward-Looking Information This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Statements in this Annual Report on Form 10-K, other than statements of historical facts, including statements regarding our strategy, future operations, including the timing of future clinical trials, future financial position, future revenues, projected costs, prospects, plans, intentions, expectations, and objectives could be forward-looking statements. The words "anticipates," "believes," "could," "designed," "estimates," "expects," "goal," "intends," "may," "plans," "projects," "pursuing," "will," "would" and similar expressions (including the negatives thereof) are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based upon management's assumptions, expectations, projections, intentions, objectives and/or beliefs about future events or occurrences and are subject to a number of risks and uncertainties. The timing of certain events and circumstances and known and unknown risks and uncertainties could cause actual results to differ materially from the plans, intentions, expectations and objectives underlying or disclosed in the f

B usiness

Item 1. B usiness. OVERVIEW We are a clinical-stage, research and development biotechnology company focused on developing novel immunotherapy candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs and have two clinical candidates and three preclinical candidates currently in development. Clinical candidate APVO436 is a CD3xCD123 T-cell engager currently being clinically evaluated for the treatment of acute myelogenous leukemia (AML). Clinical candidate ALG.APV-527 targets 4-1BB (co-stimulatory receptor) and 5T4 (tumor antigen). The compound is designed to reactivate antigen-primed T-cells to specifically kill tumor cells and is currently being evaluated for the treatment of multiple solid tumor types. Preclinical candidates, APVO603 and APVO711, were also developed using our ADAPTIR modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX modular protein technology platform. Our ADAPTIR and ADAPTIR-FLEX platforms are designed to generate monospecific, bispecific, and multi-specific antibody candidates capable of enhancing the human immune system against cancer cells. ADAPTIR and ADAPTIR-FLEX are both modular platforms, which gives us the flexibility to potentially generate immunotherapeutic candidates with a variety of mechanisms of action. This flexibility in design allows us to generate novel therapeutic candidates that may provide effective strategies against difficult to treat, as well as advanced forms of cancer. We have successfully designed and constructed numerous investigational-stage product candidates based on our ADAPTIR platform. The ADAPTIR platform technology is designed to generate monospecific and bispecific immunotherapeutic proteins that specifically bind to one or more targets, for example, bispecific therapeutic molecules, which may have structural and functiona

View Full Filing

View this 10-K filing on SEC EDGAR