$APVO
Aptevo Therapeutics Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053058 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $1.460M $9.011M $7.360M
YoY Change -83.8% 54.72% 7.82%
Cost Of Revenue $3.959M $5.985M
YoY Change 62.45% 136.19%
Gross Profit $5.052M $1.375M
YoY Change 49.16% -67.96%
Gross Profit Margin 56.06% 18.68%
Selling, General & Admin $3.220M $6.476M $6.538M
YoY Change -50.28% -6.69% -6.91%
% of Gross Profit 128.19% 475.49%
Research & Development $4.490M $9.125M $7.733M
YoY Change -50.79% 6.43% -20.39%
% of Gross Profit 180.62% 562.4%
Depreciation & Amortization $300.0K $540.0K $580.0K
YoY Change -44.44% -8.47% -3.33%
% of Gross Profit 10.69% 42.18%
Operating Expenses $7.710M $15.60M $10.40M
YoY Change -50.58% 0.56% -37.83%
Operating Profit -$10.55M -$12.90M
YoY Change -13.01% 3.63%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$700.0K -$630.0K -$436.0K
YoY Change 11.11% 43.18% -37.71%
Pretax Income -$6.950M -$11.17M -$10.84M
YoY Change -37.8% -11.05% -17.6%
Income Tax $0.00 -$999.0K
% Of Pretax Income
Net Earnings -$6.791M -$6.920M -$13.33M
YoY Change -1.86% -44.9% 1.42%
Net Earnings / Revenue -465.14% -76.8% -181.11%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.102M -$2.142M -$4.140M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.90M $17.70M $21.00M
YoY Change 40.68% -52.93% -53.02%
Cash & Equivalents $27.50M $25.18M $20.96M
Short-Term Investments
Other Short-Term Assets $4.300M $1.491M $3.170M
YoY Change 188.4% -78.67% -74.44%
Inventory $7.482M $6.967M
Prepaid Expenses $2.215M $5.200M
Receivables $1.500M $7.918M $7.378M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.70M $36.79M $43.67M
YoY Change -16.55% -39.09% -34.03%
LONG-TERM ASSETS
Property, Plant & Equipment $6.000M $4.271M $4.610M
YoY Change 40.48% -23.84% -17.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $3.389M $1.248M
YoY Change -76.39% 13456.0% -89.94%
Total Long-Term Assets $6.700M $23.77M $22.43M
YoY Change -71.81% 28.23% -5.76%
TOTAL ASSETS
Total Short-Term Assets $30.70M $36.79M $43.67M
Total Long-Term Assets $6.700M $23.77M $22.43M
Total Assets $37.40M $60.56M $66.10M
YoY Change -38.24% -23.28% -26.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $12.07M $11.90M
YoY Change -67.7% 23.19% 25.31%
Accrued Expenses $2.600M $4.400M $3.600M
YoY Change -40.91% 12.82% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $19.70M $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $7.400M $37.25M $16.60M
YoY Change -80.14% 141.24% -8.3%
LONG-TERM LIABILITIES
Long-Term Debt $25.20M $0.00 $19.56M
YoY Change -100.0% 27.0%
Other Long-Term Liabilities $2.600M $12.00K $13.00K
YoY Change 21566.67% -96.0% -97.4%
Total Long-Term Liabilities $27.80M $12.00K $19.57M
YoY Change 231566.67% -99.94% 23.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.400M $37.25M $16.60M
Total Long-Term Liabilities $27.80M $12.00K $19.57M
Total Liabilities $35.20M $40.81M $39.93M
YoY Change -13.75% 16.94% 17.44%
SHAREHOLDERS EQUITY
Retained Earnings -$159.7M -$152.8M
YoY Change
Common Stock $179.4M $179.0M
YoY Change 14.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.202M $19.75M $26.20M
YoY Change
Total Liabilities & Shareholders Equity $37.40M $60.56M $66.13M
YoY Change -38.24% -23.25% -26.53%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$6.791M -$6.920M -$13.33M
YoY Change -1.86% -44.9% 1.42%
Depreciation, Depletion And Amortization $300.0K $540.0K $580.0K
YoY Change -44.44% -8.47% -3.33%
Cash From Operating Activities -$7.390M -$7.540M -$15.90M
YoY Change -1.99% -32.38% -0.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.250M $0.00
YoY Change -100.0% -84.99% -100.0%
Cash From Investing Activities $0.00 $4.250M $0.00
YoY Change -100.0% -84.79% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.73M 20.00K -110.0K
YoY Change 123550.0% -103.39% -134.37%
NET CHANGE
Cash From Operating Activities -7.390M -7.540M -15.90M
Cash From Investing Activities 0.000 4.250M 0.000
Cash From Financing Activities 24.73M 20.00K -110.0K
Net Change In Cash 17.34M -3.270M -16.01M
YoY Change -630.28% -120.17% 373.67%
FREE CASH FLOW
Cash From Operating Activities -$7.390M -$7.540M -$15.90M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$7.390M -$7.540M -$15.90M
YoY Change -1.99% -30.12% 0.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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LiabilitiesHeldForSaleCurrent
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CY2020Q3 us-gaap Long Term Loans Payable
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apvo Other Expense From Continuing Operations
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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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 Income Loss From Discontinued Operations Net Of Tax
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2020Q3 us-gaap Cash
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CY2020Q3 us-gaap Cash Equivalents At Carrying Value
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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apvo Increase Decrease In Operating Lease Right Of Use Assets
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apvo Increase Decrease In Operating Lease Right Of Use Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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apvo Increase Decrease In Long Term Operating Lease Liability
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apvo Increase Decrease In Long Term Operating Lease Liability
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apvo Increase Decrease In Assets And Liabilities Held For Sale
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apvo Increase Decrease In Sales Rebates And Discounts
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us-gaap Repayments Of Long Term Debt
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CY2019Q3 us-gaap Stockholders Equity
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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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
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apvo Fractional Shares Reverse Stock Split
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apvo Royalty Rate
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apvo Purchase Of Working Capital
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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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CY2019Q4 us-gaap Money Market Funds At Carrying Value
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apvo Cash Equivalents Maturity Period
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CY2020Q3 apvo Unamortized Loan Initiation Fees
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apvo Deferred Payments Deferment Limit Period
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apvo Operating Lease Property Number Of Lab Equipment
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apvo Operating Lease Property Number Of Copiers
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CY2020Q3 us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Principal Payments
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us-gaap Operating Lease Cost
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CY2019Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Interest Expense
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us-gaap Finance Lease Interest Expense
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CY2020Q3 us-gaap Lease Cost
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us-gaap Lease Cost
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CY2019Q3 us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
LeaseCost
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
a reverse split of 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.
us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q1 apvo Pre Funded Warrants And Rights Outstanding Term
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CY2019Q1 apvo Prefunded Warrant Expiration Date
PrefundedWarrantExpirationDate
2029-03-11
CY2020Q2 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
On June 29, 2020, Aptevo commenced a voluntary employee and directors stock option exchange program (the “Exchange Program”) to permit the Company’s eligible employees, directors and certain consultants to exchange some or all of their eligible outstanding options (“Original Options”) to purchase the Company’s common stock with an exercise price greater than or equal to $21.00 per share
CY2020Q2 apvo Number Of Holders
NumberOfHolders
52
CY2020Q2 apvo Employee Stock Ownership Plan Esop Percentage Of Allocated Shares
EmployeeStockOwnershipPlanESOPPercentageOfAllocatedShares
0.96
CY2020Q2 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
200016
CY2020Q3 us-gaap Employee Stock Ownership Plan Esop Number Of Allocated Shares
EmployeeStockOwnershipPlanESOPNumberOfAllocatedShares
84900
CY2020Q3 apvo Share Based Goods And Nonemployee Services Transaction Remaining Unamortized Compensation Cost
ShareBasedGoodsAndNonemployeeServicesTransactionRemainingUnamortizedCompensationCost
40000

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