$APVO
Aptevo Therapeutics Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023010757 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $3.114M
YoY Change -100.0% -100.0% -74.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.588M $3.010M $13.87M
YoY Change -7.02% -4.81% -5.61%
% of Gross Profit
Research & Development $4.168M $4.674M $17.88M
YoY Change -14.34% 2.88% -5.85%
% of Gross Profit
Depreciation & Amortization $178.0K $161.0K $901.0K
YoY Change -26.45% -38.08% -18.09%
% of Gross Profit
Operating Expenses $4.168M $7.684M $17.88M
YoY Change -52.23% -0.27% -46.93%
Operating Profit -$7.756M -$28.64M
YoY Change 38.23% 33.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$67.00K $2.521M -$4.027M
YoY Change -97.04% -198.59% -49.71%
Pretax Income $1.827M -$5.163M $7.014M
YoY Change -123.2% -21.74% -123.85%
Income Tax
% Of Pretax Income
Net Earnings $2.773M -$4.642M $8.027M
YoY Change -136.03% -25.99% -128.21%
Net Earnings / Revenue 257.77%
Basic Earnings Per Share $0.39 $1.57
Diluted Earnings Per Share $0.39 -$0.86 $1.57
COMMON SHARES
Basic Shares Outstanding 7.239M 5.092M 5.100M
Diluted Shares Outstanding 7.022M 5.103M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.33M $22.64M $22.64M
YoY Change -27.62% -49.75% -49.75%
Cash & Equivalents $25.33M $22.64M $21.57M
Short-Term Investments
Other Short-Term Assets $1.582M $744.0K $2.315M
YoY Change -55.65% -4.62% -40.06%
Inventory
Prepaid Expenses $1.575M $1.571M
Receivables $0.00 $2.500M $2.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $28.49M $27.45M $27.45M
YoY Change -31.64% -47.78% -47.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.284M $1.462M $6.765M
YoY Change -62.72% -38.55% 70.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $6.484M $6.765M $6.765M
YoY Change 84.62% 67.82% 67.82%
TOTAL ASSETS
Total Short-Term Assets $28.49M $27.45M $27.45M
Total Long-Term Assets $6.484M $6.765M $6.765M
Total Assets $34.97M $34.22M $34.22M
YoY Change -22.61% -39.55% -39.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.134M $3.499M $3.499M
YoY Change 5.73% 1.07% 1.07%
Accrued Expenses $1.227M $2.505M $2.505M
YoY Change -42.66% -19.09% -19.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.000M $2.000M
YoY Change -100.0% -82.86% -82.86%
Total Short-Term Liabilities $5.797M $8.706M $8.706M
YoY Change -75.7% -74.95% -74.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.456M $1.456M
YoY Change -100.0% -60.72% -60.72%
Other Long-Term Liabilities $5.916M $6.079M $6.079M
YoY Change -75.76% -64.07% -64.07%
Total Long-Term Liabilities $5.916M $1.456M $7.535M
YoY Change -78.26% -92.94% -63.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.797M $8.706M $8.706M
Total Long-Term Liabilities $5.916M $1.456M $7.535M
Total Liabilities $11.71M $16.24M $16.24M
YoY Change -77.06% -70.68% -70.68%
SHAREHOLDERS EQUITY
Retained Earnings -$203.3M -$206.0M
YoY Change -3.75%
Common Stock $226.5M $224.0M
YoY Change 4.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.26M $17.97M $17.97M
YoY Change
Total Liabilities & Shareholders Equity $34.97M $34.22M $34.22M
YoY Change -22.61% -39.55% -39.55%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $2.773M -$4.642M $8.027M
YoY Change -136.03% -25.99% -128.21%
Depreciation, Depletion And Amortization $178.0K $161.0K $901.0K
YoY Change -26.45% -38.08% -18.09%
Cash From Operating Activities $4.566M -$5.939M -$21.02M
YoY Change -189.23% 53.07% -3.03%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $29.00K
YoY Change -100.0% -104.07%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$29.00K
YoY Change -100.0% -95.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.934M
YoY Change -32.24%
Debt Paid & Issued, Net $3.467M $12.27M
YoY Change -67.8% 16.27%
Cash From Financing Activities -1.873M 5.998M -2.616M
YoY Change -62.05% -294.99% -110.0%
NET CHANGE
Cash From Operating Activities 4.566M -5.939M -21.02M
Cash From Investing Activities 0.000 0.000 -29.00K
Cash From Financing Activities -1.873M 5.998M -2.616M
Net Change In Cash 2.693M 59.00K -23.67M
YoY Change -152.63% -100.83% -727.94%
FREE CASH FLOW
Cash From Operating Activities $4.566M -$5.939M -$21.02M
Capital Expenditures $0.00 $29.00K
Free Cash Flow -$5.939M -$21.05M
YoY Change 57.87% 0.41%

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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, forecasted royalties, effective interest rates, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates.</span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject Aptevo to concentrations of credit risk consist primarily of cash and cash equivalents, certain investments and royalty and milestone receivable. Aptevo places its cash and cash equivalents with high quality financial institutions and may maintain cash balances in excess of insured limits. Management believes that the financial risks associated with its cash and cash equivalents are minimal.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The royalty and milestone receivable relates to our Amendment to Royalty Purchase Agreement with HCR. We do not believe that Aptevo is exposed to significant credit risk related to royalty and milestone receivable due to the credit quality and history of collections from HCR.</span></p>
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