$APVO
Aptevo Therapeutics Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020025066 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $7.022M
YoY Change -100.0% 72.49%
Cost Of Revenue $3.847M
YoY Change 116.0%
Gross Profit $3.175M
YoY Change 38.65%
Gross Profit Margin 45.22%
Selling, General & Admin $3.620M $7.330M
YoY Change -50.61% -3.45%
% of Gross Profit 230.87%
Research & Development $4.010M $7.285M
YoY Change -44.96% -11.15%
% of Gross Profit 229.45%
Depreciation & Amortization $460.0K $583.0K
YoY Change -21.1% -0.68%
% of Gross Profit 18.36%
Operating Expenses $7.622M $11.16M
YoY Change -31.71% -29.31%
Operating Profit -$11.44M
YoY Change -15.27%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$275.0K -$578.0K
YoY Change -52.42% 63.74%
Pretax Income -$10.00M -$11.74M
YoY Change -14.82% -15.23%
Income Tax
% Of Pretax Income
Net Earnings $2.897M -$12.02M
YoY Change -124.11% -13.25%
Net Earnings / Revenue -171.15%
Basic Earnings Per Share
Diluted Earnings Per Share $886.9K -$7.656M
COMMON SHARES
Basic Shares Outstanding 45.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.30M $37.00M
YoY Change -66.76% -40.03%
Cash & Equivalents $14.79M $37.01M
Short-Term Investments
Other Short-Term Assets $1.224M $10.50M
YoY Change -88.34% 58.37%
Inventory $4.300M
Prepaid Expenses $1.343M
Receivables $5.800M
Other Receivables $0.00
Total Short-Term Assets $14.83M $57.60M
YoY Change -74.26% -25.39%
LONG-TERM ASSETS
Property, Plant & Equipment $7.100M $4.978M
YoY Change 42.63% -15.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.300M $1.249M
YoY Change 164.21% -88.85%
Total Long-Term Assets $10.38M $23.20M
YoY Change -55.28% 0.87%
TOTAL ASSETS
Total Short-Term Assets $14.83M $57.60M
Total Long-Term Assets $10.38M $23.20M
Total Assets $25.20M $80.80M
YoY Change -68.81% -19.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $11.04M
YoY Change -54.72% 51.27%
Accrued Expenses $1.700M $6.100M
YoY Change -72.13% 190.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $6.993M $18.30M
YoY Change -61.79% 5.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $19.40M
YoY Change -100.0% 38.57%
Other Long-Term Liabilities $3.100M $4.000M
YoY Change -22.5% 566.67%
Total Long-Term Liabilities $3.100M $23.40M
YoY Change -86.75% 60.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.993M $18.30M
Total Long-Term Liabilities $3.100M $23.40M
Total Liabilities $10.10M $41.70M
YoY Change -75.78% 31.13%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.15M $39.13M
YoY Change
Total Liabilities & Shareholders Equity $25.20M $80.80M
YoY Change -68.81% -19.36%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $2.897M -$12.02M
YoY Change -124.11% -13.25%
Depreciation, Depletion And Amortization $460.0K $583.0K
YoY Change -21.1% -0.68%
Cash From Operating Activities -$11.18M -$13.84M
YoY Change -19.28% -18.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $153.0K
YoY Change -100.0% -67.65%
Acquisitions
YoY Change
Other Investing Activities $28.12M $0.00
YoY Change -100.0%
Cash From Investing Activities $28.12M -$153.0K
YoY Change -18479.08% -100.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $22.10M
YoY Change
Cash From Financing Activities -22.10M 20.37M
YoY Change -208.5% -3764.21%
NET CHANGE
Cash From Operating Activities -11.18M -13.84M
Cash From Investing Activities 28.12M -153.0K
Cash From Financing Activities -22.10M 20.37M
Net Change In Cash -5.159M 6.376M
YoY Change -180.91% 6.66%
FREE CASH FLOW
Cash From Operating Activities -$11.18M -$13.84M
Capital Expenditures $0.00 $153.0K
Free Cash Flow -$11.18M -$14.00M
YoY Change -20.16% -19.79%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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PrepaidExpenseCurrent
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CY2020Q1 us-gaap Assets Current
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CY2019Q4 apvo Assets Held For Sale Non Current
AssetsHeldForSaleNonCurrent
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CY2019Q4 us-gaap Employee Related Liabilities Current
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CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2020Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2020Q1 us-gaap Profit Loss
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CY2020Q1 us-gaap General And Administrative Expense
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CY2019Q1 us-gaap General And Administrative Expense
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CY2020Q1 us-gaap Operating Expenses
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CY2019Q1 us-gaap Operating Expenses
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CY2020Q1 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2019Q1 us-gaap Depreciation Depletion And Amortization
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CY2020Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
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CY2020Q1 apvo Non Cash Interest Expense And Other
NonCashInterestExpenseAndOther
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CY2019Q1 apvo Non Cash Interest Expense And Other
NonCashInterestExpenseAndOther
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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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CY2019Q1 us-gaap Increase Decrease In Inventories
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CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2020Q1 apvo Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
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CY2019Q1 apvo Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
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CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2020Q1 apvo Increase Decrease In Long Term Operating Lease Liability
IncreaseDecreaseInLongTermOperatingLeaseLiability
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CY2019Q1 apvo Increase Decrease In Long Term Operating Lease Liability
IncreaseDecreaseInLongTermOperatingLeaseLiability
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CY2020Q1 apvo Increase Decrease In Assets And Liabilities Held For Sale
IncreaseDecreaseInAssetsAndLiabilitiesHeldForSale
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CY2019Q1 apvo Increase Decrease In Sales And Rebates Discounts
IncreaseDecreaseInSalesAndRebatesDiscounts
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CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2020Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
28120000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
22104000
CY2019Q1 apvo Proceeds From Issuance Of Common Stock Warrants And Pre Funded Warrants Net
ProceedsFromIssuanceOfCommonStockWarrantsAndPreFundedWarrantsNet
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CY2019Q1 apvo Proceeds From Exercise Of Pre Funded Warrants
ProceedsFromExerciseOfPreFundedWarrants
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CY2019Q1 apvo Value Of Equity Awards Withheld For Tax Liability
ValueOfEquityAwardsWithheldForTaxLiability
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 apvo Stock Issued During Period Value Common Stock Pre Funded Warrants And Warrants Net
StockIssuedDuringPeriodValueCommonStockPreFundedWarrantsAndWarrantsNet
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;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 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, useful lives of equipment, commitments and contingencies, stock-based compensation forfeiture rates, and collectability of receivables. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates.</p>
CY2020Q1 apvo Net Carrying Value Of Assets Transferred
NetCarryingValueOfAssetsTransferred
13376000
CY2020Q1 apvo Transaction Cost
TransactionCost
1880000
CY2020Q1 apvo Minimum Transition Services Agreement Tsa Fund
MinimumTransitionServicesAgreementTSAFund
406000
CY2020Q1 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
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CY2020Q1 apvo Number Of Revenue Generating Product
NumberOfRevenueGeneratingProduct
1
CY2020Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
we effected a 1-for-14 reverse stock split (the “Reverse Split”) of our common stock pursuant to which every 14 shares of our common stock issued and outstanding as of March 26, 2020 were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued as a result of the reverse stock split.
CY2020Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.071
CY2020Q1 apvo Fractional Shares Reverse Stock Split
FractionalSharesReverseStockSplit
0
CY2020Q1 apvo Cash Payment Received
CashPaymentReceived
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CY2020Q1 us-gaap Escrow Deposit
EscrowDeposit
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CY2020Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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CY2020Q1 apvo Purchase Of Working Capital
PurchaseOfWorkingCapital
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 apvo Unamortized Loan Initiation Fees
UnamortizedLoanInitiationFees
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CY2020Q1 apvo Loss On Debt Extinguishment
LossOnDebtExtinguishment
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CY2020Q1 apvo Operating Lease Property Number Of Lab Equipment
OperatingLeasePropertyNumberOfLabEquipment
1
CY2020Q1 apvo Operating Lease Property Number Of Copiers
OperatingLeasePropertyNumberOfCopiers
4
CY2020Q1 apvo Finance Lease Number Of Equipment
FinanceLeaseNumberOfEquipment
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CY2020Q1 apvo Lessee Finance Lease Remaining Term Of Contract
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CY2020Q1 us-gaap Finance Lease Principal Payments
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CY2020Q1 us-gaap Operating Lease Cost
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CY2019Q1 us-gaap Operating Lease Cost
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CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2019Q1 us-gaap Finance Lease Interest Expense
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CY2020Q1 us-gaap Lease Cost
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CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Inventory Current
DisposalGroupIncludingDiscontinuedOperationInventoryCurrent
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CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets Current
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CY2019Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Noncurrent
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CY2019Q4 apvo Disposal Group Including Discontinued Operation Vat Receivable And Deposit
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CY2019Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
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CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable And Accrued Liabilities Current
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CY2019Q4 apvo Disposal Group Including Discontinued Operation Royalties Payable
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CY2019Q4 apvo Disposal Group Including Discontinued Operation Accrued Payroll Payable
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CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Other Current Liabilities
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CY2019Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
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CY2020Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2019Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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277000
CY2020Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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14338000
CY2020Q1 apvo Disposal Group Including Discontinued Operations Deferred Revenue
DisposalGroupIncludingDiscontinuedOperationsDeferredRevenue
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CY2020Q1 apvo Amortization Discontinued Operations
AmortizationDiscontinuedOperations
100000
CY2019Q1 apvo Amortization Discontinued Operations
AmortizationDiscontinuedOperations
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CY2020Q1 apvo Depreciation Discontinued Operations
DepreciationDiscontinuedOperations
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CY2019Q1 apvo Depreciation Discontinued Operations
DepreciationDiscontinuedOperations
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CY2020Q1 us-gaap Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
0
CY2019Q1 us-gaap Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
0
CY2020Q1 apvo Other Operating Or Investing Non Cash Items Discontinued Operations
OtherOperatingOrInvestingNonCashItemsDiscontinuedOperations
0
CY2019Q1 apvo Other Operating Or Investing Non Cash Items Discontinued Operations
OtherOperatingOrInvestingNonCashItemsDiscontinuedOperations
0
CY2020Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
9500000
CY2019Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
12500000
CY2020Q1 us-gaap Cash
Cash
2717000
CY2019Q4 us-gaap Cash
Cash
4954000
CY2020Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
9541000
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
7494000
CY2019Q1 us-gaap Lease Cost
LeaseCost
337000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3695000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3747000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1455
CY2020Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
a reverse split of the Aptevo’s common stock at a ratio ranging from 1-for-2 to 1-for-20, inclusive, with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board in its sole discretion following the Special Meeting. The specific 1-for-14 reverse split ratio was subsequently approved by the Board on March 23, 2020. On March 26, 2020, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-14 reverse stock split of the Company’s outstanding common stock.
CY2019Q1 apvo Pre Funded Warrants And Rights Outstanding Term
PreFundedWarrantsAndRightsOutstandingTerm
P10Y
CY2019Q1 apvo Prefunded Warrant Expiration Date
PrefundedWarrantExpirationDate
2029-03-31

Files In Submission

Name View Source Status
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0001564590-20-025066-index.html Edgar Link pending
0001564590-20-025066.txt Edgar Link pending
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