$APVO
Aptevo Therapeutics Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026319 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $2.421M $2.370M $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.950M $4.280M $3.620M
YoY Change 9.12% 21.25% -50.61%
% of Gross Profit
Research & Development $5.360M $4.910M $4.010M
YoY Change 33.67% 11.34% -44.96%
% of Gross Profit
Depreciation & Amortization $294.0K $350.0K $460.0K
YoY Change -36.09% -35.19% -21.1%
% of Gross Profit
Operating Expenses $9.310M $9.190M $7.622M
YoY Change 22.15% 15.74% -31.71%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$780.0K -$350.0K -$275.0K
YoY Change 183.64% -23.91% -52.42%
Pretax Income -$7.670M -$7.170M -$10.00M
YoY Change -23.3% -14.64% -14.82%
Income Tax
% Of Pretax Income
Net Earnings -$7.256M -$7.050M $2.897M
YoY Change -350.47% -13.71% -124.11%
Net Earnings / Revenue -299.71% -297.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.643M -$1.826M $886.9K
COMMON SHARES
Basic Shares Outstanding 4.449M 45.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.50M $40.00M $12.30M
YoY Change 367.48% 222.58% -66.76%
Cash & Equivalents $58.78M $39.98M $14.79M
Short-Term Investments
Other Short-Term Assets $2.900M $133.0K $1.224M
YoY Change 136.93% -16.88% -88.34%
Inventory
Prepaid Expenses $2.228M $1.343M
Receivables $2.400M $2.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.90M $47.26M $14.83M
YoY Change 324.28% 57.57% -74.26%
LONG-TERM ASSETS
Property, Plant & Equipment $2.712M $2.815M $7.100M
YoY Change -61.8% -28.66% 42.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $746.0K $746.0K $3.300M
YoY Change -77.39% -1.45% 164.21%
Total Long-Term Assets $5.853M $6.283M $10.38M
YoY Change -43.59% -73.16% -55.28%
TOTAL ASSETS
Total Short-Term Assets $62.90M $47.26M $14.83M
Total Long-Term Assets $5.853M $6.283M $10.38M
Total Assets $68.75M $53.55M $25.20M
YoY Change 172.83% 0.26% -68.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.400M $5.600M $5.000M
YoY Change 8.0% -56.92% -54.72%
Accrued Expenses $1.100M $3.700M $1.700M
YoY Change -35.29% -17.78% -72.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.17M $5.000M $0.00
YoY Change -74.83%
Total Short-Term Liabilities $29.30M $14.54M $6.993M
YoY Change 318.99% -61.98% -61.79%
LONG-TERM LIABILITIES
Long-Term Debt $4.600M $20.10M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $24.30M $2.400M $3.100M
YoY Change 683.87% -27.27% -22.5%
Total Long-Term Liabilities $28.90M $22.50M $3.100M
YoY Change 832.26% 581.82% -86.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.30M $14.54M $6.993M
Total Long-Term Liabilities $28.90M $22.50M $3.100M
Total Liabilities $58.25M $36.95M $10.10M
YoY Change 476.72% -11.1% -75.78%
SHAREHOLDERS EQUITY
Retained Earnings -$192.9M -$185.6M
YoY Change 10.57%
Common Stock $203.4M $202.2M
YoY Change 12.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.50M $16.59M $15.15M
YoY Change
Total Liabilities & Shareholders Equity $68.75M $53.55M $25.20M
YoY Change 172.83% 0.26% -68.81%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$7.256M -$7.050M $2.897M
YoY Change -350.47% -13.71% -124.11%
Depreciation, Depletion And Amortization $294.0K $350.0K $460.0K
YoY Change -36.09% -35.19% -21.1%
Cash From Operating Activities -$7.504M -$6.120M -$11.18M
YoY Change -32.85% 20.0% -19.28%
INVESTING ACTIVITIES
Capital Expenditures $191.0K -$90.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $28.12M
YoY Change -100.0%
Cash From Investing Activities -$191.0K -$90.00K $28.12M
YoY Change -100.68% -18479.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.000M $22.10M
YoY Change -77.38%
Cash From Financing Activities 23.94M 21.24M -22.10M
YoY Change -208.32% -16438.46% -208.5%
NET CHANGE
Cash From Operating Activities -7.504M -6.120M -11.18M
Cash From Investing Activities -191.0K -90.00K 28.12M
Cash From Financing Activities 23.94M 21.24M -22.10M
Net Change In Cash 16.25M 15.03M -5.159M
YoY Change -414.93% -387.38% -180.91%
FREE CASH FLOW
Cash From Operating Activities -$7.504M -$6.120M -$11.18M
Capital Expenditures $191.0K -$90.00K $0.00
Free Cash Flow -$7.695M -$6.030M -$11.18M
YoY Change -31.14% 18.24% -20.16%

Facts In Submission

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<p style="margin-top:12pt;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 condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, forecasted royalties, effective interest rates, clinical accruals, useful lives of equipment, commitments and contingencies, and stock-based compensation forfeiture rates. 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>
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0
CY2021Q1 apvo Proceeds From Sale Of Investments
ProceedsFromSaleOfInvestments
35000000
CY2021Q1 apvo Payment Of Royalty Purchase Agreement Percentage
PaymentOfRoyaltyPurchaseAgreementPercentage
1.90
CY2021Q1 apvo Payment Of Royalty Interest Percentage
PaymentOfRoyaltyInterestPercentage
0.50
CY2020Q1 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1580000
CY2020Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
14338000
CY2020Q1 apvo Disposal Group Including Discontinued Operations Deferred Revenue
DisposalGroupIncludingDiscontinuedOperationsDeferredRevenue
140000
CY2021Q1 apvo Milestone Payment
MilestonePayment
227000
CY2021Q1 apvo Disposal Group Including Discontinued Operations Deferred Revenue
DisposalGroupIncludingDiscontinuedOperationsDeferredRevenue
187000
CY2021Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
0
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
100000
CY2021Q1 apvo Depreciation Or Capital Expenditures
DepreciationOrCapitalExpenditures
0
CY2020Q1 apvo Depreciation Or Capital Expenditures
DepreciationOrCapitalExpenditures
0
CY2021Q1 apvo Investing Non Cash Items
InvestingNonCashItems
0
CY2020Q1 apvo Investing Non Cash Items
InvestingNonCashItems
0
CY2021Q1 apvo Other Noncash Operating Activities Discontinued Operations
OtherNoncashOperatingActivitiesDiscontinuedOperations
100000
CY2021Q1 apvo Reduction In Research And Development Expense
ReductionInResearchAndDevelopmentExpense
100000
CY2020Q1 apvo Reduction In Research And Development Expense
ReductionInResearchAndDevelopmentExpense
100000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
395000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1450
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1455
CY2021Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
414000
CY2020Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
12898000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
574000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
413000
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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