$APVO
Aptevo Therapeutics Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041524 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $9.011M $6.350M $5.824M
YoY Change 54.72% 125.18% -5.61%
Cost Of Revenue $3.959M $4.460M $2.437M
YoY Change 62.45% 134.74% 30.32%
Gross Profit $5.052M $1.880M $3.387M
YoY Change 49.16% 104.35% -21.23%
Gross Profit Margin 56.06% 29.61% 58.16%
Selling, General & Admin $6.476M $6.580M $6.940M
YoY Change -6.69% -23.13% -7.1%
% of Gross Profit 128.19% 350.0% 204.9%
Research & Development $9.125M $8.900M $8.574M
YoY Change 6.43% -3.16% 19.42%
% of Gross Profit 180.62% 473.4% 253.14%
Depreciation & Amortization $540.0K $610.0K $590.0K
YoY Change -8.47% 335.71% -53.54%
% of Gross Profit 10.69% 32.45% 17.42%
Operating Expenses $15.60M $15.48M $15.51M
YoY Change 0.56% -12.74% 5.9%
Operating Profit -$10.55M -$13.60M -$12.13M
YoY Change -13.01% -19.14% 17.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$630.0K -$430.0K -$440.0K
YoY Change 43.18% -27.12% 0.0%
Pretax Income -$11.17M -$14.02M -$12.56M
YoY Change -11.05% -19.47% 16.53%
Income Tax -$999.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.920M -$14.13M -$12.56M
YoY Change -44.9% 44.77% -133.17%
Net Earnings / Revenue -76.8% -222.52% -215.66%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.142M -$8.722M -$0.56
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 22.67M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.70M $30.60M $37.60M
YoY Change -52.93% -62.12% -61.16%
Cash & Equivalents $25.18M $30.64M $36.30M
Short-Term Investments $0.00 $9.200M
Other Short-Term Assets $1.491M $4.142M $6.990M
YoY Change -78.67% -38.27% -58.39%
Inventory $7.482M $1.785M $4.000M
Prepaid Expenses $2.215M $6.907M $5.195M
Receivables $7.918M $5.220M $6.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.79M $48.69M $60.40M
YoY Change -39.09% -48.79% -47.61%
LONG-TERM ASSETS
Property, Plant & Equipment $4.271M $5.202M $5.608M
YoY Change -23.84% -10.97% -9.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.389M $905.0K $25.00K
YoY Change 13456.0% -90.95% -99.23%
Total Long-Term Assets $23.77M $18.81M $18.53M
YoY Change 28.23% -14.22% 18.05%
TOTAL ASSETS
Total Short-Term Assets $36.79M $48.69M $60.40M
Total Long-Term Assets $23.77M $18.81M $18.53M
Total Assets $60.56M $67.49M $78.93M
YoY Change -23.28% -42.32% -39.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.07M $11.67M $9.800M
YoY Change 23.19% 57.72% 988.89%
Accrued Expenses $4.400M $3.900M $3.900M
YoY Change 12.82% -15.22% 2.63%
Deferred Revenue
YoY Change
Short-Term Debt $19.70M $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $37.25M $17.61M $15.44M
YoY Change 141.24% -4.86% 3.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $19.28M $19.10M
YoY Change -100.0% 22.57% 9.14%
Other Long-Term Liabilities $12.00K $200.0K $300.0K
YoY Change -96.0% -72.75% -96.43%
Total Long-Term Liabilities $12.00K $19.48M $19.40M
YoY Change -99.94% 18.32% -25.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.25M $17.61M $15.44M
Total Long-Term Liabilities $12.00K $19.48M $19.40M
Total Liabilities $40.81M $37.09M $34.90M
YoY Change 16.94% 6.05% -14.25%
SHAREHOLDERS EQUITY
Retained Earnings -$159.7M -$127.4M
YoY Change 72.83%
Common Stock $179.4M $157.8M $157.3M
YoY Change 14.1% 1.25% 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.75M $30.41M $44.00M
YoY Change
Total Liabilities & Shareholders Equity $60.56M $67.49M $78.90M
YoY Change -23.25% -42.32% -39.78%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$6.920M -$14.13M -$12.56M
YoY Change -44.9% 44.77% -133.17%
Depreciation, Depletion And Amortization $540.0K $610.0K $590.0K
YoY Change -8.47% 335.71% -53.54%
Cash From Operating Activities -$7.540M -$7.290M -$11.15M
YoY Change -32.38% -52.72% 592.55%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K -$360.0K
YoY Change -100.0% -82.76% 157.14%
Acquisitions
YoY Change
Other Investing Activities $4.250M $9.090M $28.31M
YoY Change -84.99% -116.98% -56.77%
Cash From Investing Activities $4.250M $9.040M $27.95M
YoY Change -84.79% -116.79% -57.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 40.00K -590.0K
YoY Change -103.39% -99.62% -94.2%
NET CHANGE
Cash From Operating Activities -7.540M -7.290M -11.15M
Cash From Investing Activities 4.250M 9.040M 27.95M
Cash From Financing Activities 20.00K 40.00K -590.0K
Net Change In Cash -3.270M 1.790M 16.21M
YoY Change -120.17% -103.05% -69.74%
FREE CASH FLOW
Cash From Operating Activities -$7.540M -$7.290M -$11.15M
Capital Expenditures $0.00 -$50.00K -$360.0K
Free Cash Flow -$7.540M -$7.240M -$10.79M
YoY Change -30.12% -52.15% 634.01%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-162000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-432000
apvo Increase Decrease In Long Term Operating Lease Liability
IncreaseDecreaseInLongTermOperatingLeaseLiability
819000
apvo Increase Decrease In Sales Rebates And Discounts
IncreaseDecreaseInSalesRebatesAndDiscounts
377000
apvo Increase Decrease In Sales Rebates And Discounts
IncreaseDecreaseInSalesRebatesAndDiscounts
-313000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-37283000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-44130000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
81152000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
4250000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
65000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
153000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
927000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
16534000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4097000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
63756000
apvo Proceeds From Issuance Of Common Stock Warrants And Pre Funded Warrants Net
ProceedsFromIssuanceOfCommonStockWarrantsAndPreFundedWarrantsNet
20321000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
572000
apvo Proceeds From Exercise Of Pre Funded Warrants
ProceedsFromExerciseOfPreFundedWarrants
21000
apvo Payment Of Tax Liability For Vested Equity Awards
PaymentOfTaxLiabilityForVestedEquityAwards
58000
apvo Payment Of Tax Liability For Vested Equity Awards
PaymentOfTaxLiabilityForVestedEquityAwards
797000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
601000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
20284000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-826000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1647000
CY2019Q3 us-gaap Lease Cost
LeaseCost
398000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
apvo Number Of Revenue Generating Product
NumberOfRevenueGeneratingProduct
1
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25181000
CY2019Q3 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
640000
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
194000
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5469000
CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
916000
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1373000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
675000
CY2019Q1 apvo Operating Lease Property Number Of Lab Equipment
OperatingLeasePropertyNumberOfLabEquipment
1
CY2019Q1 apvo Operating Lease Property Number Of Copiers
OperatingLeasePropertyNumberOfCopiers
4
CY2019Q1 apvo Finance Lease Number Of Equipment
FinanceLeaseNumberOfEquipment
1
apvo Lessee Finance Lease Remaining Term Of Contract
LesseeFinanceLeaseRemainingTermOfContract
P11M
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
398000
us-gaap Operating Lease Cost
OperatingLeaseCost
1131000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0
us-gaap Lease Cost
LeaseCost
1135000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4692000
us-gaap Operating Lease Payments
OperatingLeasePayments
1296000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
418000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1480000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1387000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1294000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1399000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5978000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1467000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4511000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1456
CY2016Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
35000000
CY2017Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
10000000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
200000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
334000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
481000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
CY2019Q1 apvo Pre Funded Warrants And Rights Outstanding Term
PreFundedWarrantsAndRightsOutstandingTerm
P10Y
CY2019Q1 apvo Prefunded Warrant Expiration Date
PrefundedWarrantExpirationDate
2029-03-11
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
3300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1329000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1647000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0

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