$APVO
Aptevo Therapeutics Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018020781 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $6.826M $10.76M
YoY Change -36.58% 5.6%
Cost Of Revenue $2.534M $5.897M
YoY Change -57.03% -2458.8%
Gross Profit $4.292M $4.867M
YoY Change -11.81% -241.9%
Gross Profit Margin 62.88% 45.22%
Selling, General & Admin $7.023M $8.755M
YoY Change -19.78% 18.47%
% of Gross Profit 163.63% 179.88%
Research & Development $9.713M $6.788M
YoY Change 43.09% -10.45%
% of Gross Profit 226.3% 139.47%
Depreciation & Amortization $600.0K $880.0K
YoY Change -31.82% 1.15%
% of Gross Profit 13.98% 18.08%
Operating Expenses $16.74M $15.54M
YoY Change 7.68% 3.83%
Operating Profit -$12.44M -$10.68M
YoY Change 16.56% -16.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$700.0K -$513.0K
YoY Change 36.45% 12725.0%
Pretax Income -$13.16M -$15.16M
YoY Change -13.24% 18.01%
Income Tax -$996.0K
% Of Pretax Income
Net Earnings -$13.14M -$11.19M
YoY Change 17.47% -12.84%
Net Earnings / Revenue -192.56% -103.95%
Basic Earnings Per Share -$0.58 -$0.53
Diluted Earnings Per Share -$7.874M -$7.362M
COMMON SHARES
Basic Shares Outstanding 22.59M 21.27M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.70M $48.20M
YoY Change -7.26% 776.36%
Cash & Equivalents $20.08M $22.27M
Short-Term Investments $37.50M $26.00M
Other Short-Term Assets $12.40M $6.300M
YoY Change 96.83% 46.51%
Inventory $3.000M $8.000M
Prepaid Expenses
Receivables $6.100M $4.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $66.20M $67.20M
YoY Change -1.49% 68.84%
LONG-TERM ASSETS
Property, Plant & Equipment $5.600M $6.200M
YoY Change -9.68% -1.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.40M
YoY Change
Total Long-Term Assets $23.80M $19.69M
YoY Change 20.87% -78.98%
TOTAL ASSETS
Total Short-Term Assets $66.20M $67.20M
Total Long-Term Assets $23.80M $19.69M
Total Assets $90.00M $86.89M
YoY Change 3.58% -34.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.500M $5.300M
YoY Change 79.25% -52.68%
Accrued Expenses $2.700M $2.900M
YoY Change -6.9% 7.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.167M
YoY Change
Total Short-Term Liabilities $18.10M $11.88M
YoY Change 52.32% -30.1%
LONG-TERM LIABILITIES
Long-Term Debt $15.40M $18.75M
YoY Change -17.84%
Other Long-Term Liabilities $500.0K $2.047M
YoY Change -75.57% -39.79%
Total Long-Term Liabilities $15.90M $20.79M
YoY Change -23.53% 511.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.10M $11.88M
Total Long-Term Liabilities $15.90M $20.79M
Total Liabilities $34.00M $35.47M
YoY Change -4.15% -2.21%
SHAREHOLDERS EQUITY
Retained Earnings -$101.8M
YoY Change
Common Stock $153.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.03M $51.42M
YoY Change
Total Liabilities & Shareholders Equity $90.00M $86.89M
YoY Change 3.58% -26.49%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$13.14M -$11.19M
YoY Change 17.47% -12.84%
Depreciation, Depletion And Amortization $600.0K $880.0K
YoY Change -31.82% 1.15%
Cash From Operating Activities -$16.00M -$12.51M
YoY Change 27.9% -21.57%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$180.0K
YoY Change -44.44% -80.22%
Acquisitions
YoY Change
Other Investing Activities $12.38M $20.95M
YoY Change -40.91%
Cash From Investing Activities $12.30M $20.77M
YoY Change -40.78% -2382.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 320.0K -10.00K
YoY Change -3300.0% -100.05%
NET CHANGE
Cash From Operating Activities -16.00M -12.51M
Cash From Investing Activities 12.30M 20.77M
Cash From Financing Activities 320.0K -10.00K
Net Change In Cash -3.380M 8.250M
YoY Change -140.97% 240.91%
FREE CASH FLOW
Cash From Operating Activities -$16.00M -$12.51M
Capital Expenditures -$100.0K -$180.0K
Free Cash Flow -$15.90M -$12.33M
YoY Change 28.95% -18.02%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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apvo Cost Credit Of Product Sales
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us-gaap Income Tax Expense Benefit
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Net Income Loss
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Depreciation Depletion And Amortization
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apvo Non Cash Interest Expense
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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apvo Increase Decrease In Assets And Liabilities Held For Sale
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
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apvo Settlement Of Contribution Receivable From Former Parent
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us-gaap Proceeds From Stock Options Exercised
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apvo Payment Of Tax Liability For Vsted Equity Awards
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Reclassifications</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-weight:bold;;font-size:6pt;">&nbsp;</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Our financial statements reflect all adjustments that we consider to be necessary for the fair presentation of our results, due to changes in accounting policies, sale of our Hyperimmune Business, and the reclassification of restricted cash.</p></div>
CY2017Q3 apvo Revenue Recognition Of Net Commercial Product Date To Be Achieved
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2018-06-30
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Cash
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Cash
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us-gaap Revenue Recognition Milestone Method Description
RevenueRecognitionMilestoneMethodDescription
The date on which the term loans begin to amortize would be extended to February 1, 2019 if we achieved net commercial product revenues of $16.0 million for the twelve month period ending June 30, 2018 and maintain such level of net commercial product revenues for each quarter prior to February 1, 2019 thereafter.
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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apvo Percentage Limitation Of Taxable Income For Net Operating Losses Carryforward
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apvo Tax Cuts And Jobs Act Description
TaxCutsAndJobsActDescription
On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Reform Act, following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0%, limitation of the deduction for net operating losses to 80.0% of current year taxable income and elimination of net operating loss carrybacks, one-time taxation of offshore earning at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions.

Files In Submission

Name View Source Status
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