$APVO
Aptevo Therapeutics Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023020870 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $3.114M
YoY Change -100.0% 28.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.716M $3.588M $3.859M
YoY Change -26.54% -7.02% -2.3%
% of Gross Profit
Research & Development $5.462M $4.168M $4.866M
YoY Change 41.32% -14.34% -9.22%
% of Gross Profit
Depreciation & Amortization $150.0K $178.0K $242.0K
YoY Change -45.65% -26.45% -17.69%
% of Gross Profit
Operating Expenses $5.462M $4.168M $8.725M
YoY Change 41.32% -52.23% -6.28%
Operating Profit -$8.178M -$7.756M -$5.611M
YoY Change 8.15% 38.23%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $230.0K -$67.00K -$2.264M
YoY Change -113.08% -97.04% 190.26%
Pretax Income -$7.948M $1.827M -$7.875M
YoY Change -128.53% -123.2% 2.67%
Income Tax
% Of Pretax Income
Net Earnings -$7.948M $2.773M -$7.697M
YoY Change -128.38% -136.03% 6.08%
Net Earnings / Revenue -247.17%
Basic Earnings Per Share -$1.23 $0.39 -$1.55
Diluted Earnings Per Share -$1.23 $0.39 -$1.559M
COMMON SHARES
Basic Shares Outstanding 7.290M 7.239M 4.937M
Diluted Shares Outstanding 6.482M 7.022M 4.937M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.01M $25.33M $34.99M
YoY Change -28.63% -27.62% -39.15%
Cash & Equivalents $21.01M $25.33M $36.25M
Short-Term Investments
Other Short-Term Assets $764.0K $1.582M $3.567M
YoY Change -0.52% -55.65% 23.0%
Inventory
Prepaid Expenses $910.0K $1.575M
Receivables $0.00 $0.00 $3.114M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.68M $28.49M $41.67M
YoY Change -27.77% -31.64% -33.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.134M $1.284M $3.444M
YoY Change -39.9% -62.72% 26.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.00K
YoY Change -90.88%
Total Long-Term Assets $6.232M $6.484M $3.512M
YoY Change -15.77% 84.62% -40.0%
TOTAL ASSETS
Total Short-Term Assets $22.68M $28.49M $41.67M
Total Long-Term Assets $6.232M $6.484M $3.512M
Total Assets $28.91M $34.97M $45.18M
YoY Change -25.48% -22.61% -34.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.873M $4.134M $3.910M
YoY Change 49.07% 5.73% -27.59%
Accrued Expenses $1.892M $1.227M $2.140M
YoY Change 11.03% -42.66% 94.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $2.000M
YoY Change -100.0% -100.0% -80.33%
Total Short-Term Liabilities $6.911M $5.797M $23.86M
YoY Change -1.31% -75.7% -18.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.804M
YoY Change -100.0% -100.0% -39.04%
Other Long-Term Liabilities $5.748M $5.916M $24.41M
YoY Change -10.05% -75.76% 0.44%
Total Long-Term Liabilities $5.748M $5.916M $27.21M
YoY Change -34.3% -78.26% -5.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.911M $5.797M $23.86M
Total Long-Term Liabilities $5.748M $5.916M $27.21M
Total Liabilities $12.66M $11.71M $51.07M
YoY Change -19.64% -77.06% -12.33%
SHAREHOLDERS EQUITY
Retained Earnings -$211.2M -$203.3M
YoY Change 9.01%
Common Stock $227.5M $226.5M
YoY Change 4.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.25M $23.26M -$5.884M
YoY Change
Total Liabilities & Shareholders Equity $28.91M $34.97M $45.18M
YoY Change -25.48% -22.61% -34.28%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.948M $2.773M -$7.697M
YoY Change -128.38% -136.03% 6.08%
Depreciation, Depletion And Amortization $150.0K $178.0K $242.0K
YoY Change -45.65% -26.45% -17.69%
Cash From Operating Activities -$4.803M $4.566M -$5.117M
YoY Change 56.45% -189.23% -31.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.467M $10.77M
YoY Change -67.8% 115.34%
Cash From Financing Activities 481.0K -1.873M -4.936M
YoY Change -115.14% -62.05% -120.62%
NET CHANGE
Cash From Operating Activities -4.803M 4.566M -5.117M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 481.0K -1.873M -4.936M
Net Change In Cash -4.322M 2.693M -5.117M
YoY Change -31.1% -152.63% -131.5%
FREE CASH FLOW
Cash From Operating Activities -$4.803M $4.566M -$5.117M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$4.803M -$5.117M
YoY Change 57.73% -33.5%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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;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 unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, 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 and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates.</span></p>
apvo Proceeds From Sale Of Investments
ProceedsFromSaleOfInvestments
47500000
CY2021Q1 apvo Proceeds From Sale Of Investments
ProceedsFromSaleOfInvestments
35000000
CY2023Q1 apvo Proceeds From Sale Of Investments
ProceedsFromSaleOfInvestments
12500000
CY2023Q1 apvo Additional Milestone Payment
AdditionalMilestonePayment
10000000
CY2022Q1 apvo Milestone Payment
MilestonePayment
10000000
CY2022Q2 apvo Gain On Extinguishment Of Liability Related To Sale Of Royalties
GainOnExtinguishmentOfLiabilityRelatedToSaleOfRoyalties
37200000
CY2023Q1 apvo Milestone Payment
MilestonePayment
2500000
CY2023Q1 apvo Additional Milestone Payment
AdditionalMilestonePayment
10000000
CY2023Q1 apvo Disposal Group Including Discontinued Operations Deferred Revenue
DisposalGroupIncludingDiscontinuedOperationsDeferredRevenue
523000
CY2022Q1 apvo Disposal Group Including Discontinued Operations Deferred Revenue
DisposalGroupIncludingDiscontinuedOperationsDeferredRevenue
178000
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
946000
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
178000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
21569000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25328000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22635000
CY2023Q1 apvo Reduction In Research And Development Expense
ReductionInResearchAndDevelopmentExpense
800000
CY2022Q1 apvo Reduction In Research And Development Expense
ReductionInResearchAndDevelopmentExpense
200000
CY2023Q1 apvo Research And Development Cost Percentage
ResearchAndDevelopmentCostPercentage
0.50
CY2022Q1 apvo Research And Development Cost Percentage
ResearchAndDevelopmentCostPercentage
0.50
CY2023Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
22800000
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
21600000
CY2023Q1 apvo Cash Equivalents Maturity Period
CashEquivalentsMaturityPeriod
P90D
CY2023Q1 us-gaap Cash
Cash
2478000
CY2022Q4 us-gaap Cash
Cash
1066000
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
22850000
CY2020Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
25000000.0
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
0
apvo Proceeds From Sale Of Investments
ProceedsFromSaleOfInvestments
47500000
apvo Closing Payments Received
ClosingPaymentsReceived
35000000
apvo Milestone Payment
MilestonePayment
12500000
apvo Additional Milestone Payment
AdditionalMilestonePayment
10000000
CY2022Q2 apvo Gain On Extinguishment Of Liability Related To Sale Of Royalties
GainOnExtinguishmentOfLiabilityRelatedToSaleOfRoyalties
37200000
CY2023Q1 apvo Milestone Payment
MilestonePayment
2500000
CY2023Q1 apvo Additional Milestone Payment
AdditionalMilestonePayment
10000000
CY2021Q4 apvo Liability Related To Sale Of Royalties
LiabilityRelatedToSaleOfRoyalties
31045000
CY2022Q1 apvo Milestone Payment Received Net Of Transaction Costs
MilestonePaymentReceivedNetOfTransactionCosts
9500000
CY2022Q1 apvo Non Cash Interest Expense
NonCashInterestExpense
1780000
CY2022Q1 us-gaap Payments For Royalties
PaymentsForRoyalties
3665000
CY2022Q1 apvo Liability Related To Sale Of Royalties
LiabilityRelatedToSaleOfRoyalties
38660000
CY2022Q1 apvo Liability Related To Sale Of Royalties Current
LiabilityRelatedToSaleOfRoyaltiesCurrent
-15318000
CY2022Q1 apvo Liability Related To Sale Of Royalties Non Current
LiabilityRelatedToSaleOfRoyaltiesNonCurrent
23342000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4400000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4400000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4937456
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4937456
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
297000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
360000
CY2023Q1 us-gaap Lease Cost
LeaseCost
297000
CY2022Q1 us-gaap Lease Cost
LeaseCost
360000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5200000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5303000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
115000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
323000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5900000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
600000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1100000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1100000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y1M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1203
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y29D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1445
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
1827000
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-7875000
CY2023Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
946000
CY2022Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
178000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
2773000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-7697000
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.26
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.26
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.59
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.59
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.13
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.13
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.04
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.55
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.55
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7022292
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7022292
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
915000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
601000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.68
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.43
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
900000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
900000
CY2019Q1 apvo Pre Funded Warrants And Rights Outstanding Term
PreFundedWarrantsAndRightsOutstandingTerm
P10Y
CY2019Q1 apvo Prefunded Warrant Expiration Date
PrefundedWarrantExpirationDate
2029-03-11

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