$APVO
Aptevo Therapeutics Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022029025 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $3.114M
YoY Change -100.0% -100.0% 28.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.307M $3.697M $3.859M
YoY Change -4.94% -10.05% -2.3%
% of Gross Profit
Research & Development $4.477M $3.865M $4.866M
YoY Change 2.52% -18.15% -9.22%
% of Gross Profit
Depreciation & Amortization $222.0K $276.0K $242.0K
YoY Change -25.0% -7.38% -17.69%
% of Gross Profit
Operating Expenses $4.477M $3.865M $8.725M
YoY Change -42.94% -18.15% -6.28%
Operating Profit -$7.784M -$7.562M -$5.611M
YoY Change 63.87% 32.16%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$25.00K -$1.759M -$2.264M
YoY Change -98.93% -24.89% 190.26%
Pretax Income -$7.809M $27.86M -$7.875M
YoY Change 10.34% -445.5% 2.67%
Income Tax
% Of Pretax Income
Net Earnings -$7.644M $28.01M -$7.697M
YoY Change 9.25% -453.13% 6.08%
Net Earnings / Revenue -247.17%
Basic Earnings Per Share -$1.50 $5.58 -$1.55
Diluted Earnings Per Share -$1.50 $5.58 -$1.559M
COMMON SHARES
Basic Shares Outstanding 5.091M 5.023M 4.937M
Diluted Shares Outstanding 5.091M 5.023M 4.937M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.15M $29.43M $34.99M
YoY Change -57.5% -51.27% -39.15%
Cash & Equivalents $22.15M $29.43M $36.25M
Short-Term Investments
Other Short-Term Assets $658.0K $768.0K $3.567M
YoY Change -82.02% -66.03% 23.0%
Inventory
Prepaid Expenses $1.383M $655.0K
Receivables $0.00 $0.00 $3.114M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.62M $31.40M $41.67M
YoY Change -58.18% -52.25% -33.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.669M $1.887M $3.444M
YoY Change -61.95% -61.98% 26.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $68.00K
YoY Change -100.0% -100.0% -90.88%
Total Long-Term Assets $7.077M $7.399M $3.512M
YoY Change 37.9% 29.6% -40.0%
TOTAL ASSETS
Total Short-Term Assets $24.62M $31.40M $41.67M
Total Long-Term Assets $7.077M $7.399M $3.512M
Total Assets $31.70M $38.80M $45.18M
YoY Change -50.48% -45.72% -34.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.243M $3.269M $3.910M
YoY Change -12.04% -37.09% -27.59%
Accrued Expenses $7.572M $1.704M $2.140M
YoY Change 143.94% 14.13% 94.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M $2.000M
YoY Change -82.09% -81.25% -80.33%
Total Short-Term Liabilities $7.786M $7.003M $23.86M
YoY Change -75.95% -77.31% -18.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.910M $2.359M $2.804M
YoY Change -52.39% -45.43% -39.04%
Other Long-Term Liabilities $6.237M $6.390M $24.41M
YoY Change -69.31% -71.48% 0.44%
Total Long-Term Liabilities $1.910M $8.749M $27.21M
YoY Change -92.15% -67.27% -5.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.786M $7.003M $23.86M
Total Long-Term Liabilities $1.910M $8.749M $27.21M
Total Liabilities $15.93M $15.75M $51.07M
YoY Change -71.91% -72.65% -12.33%
SHAREHOLDERS EQUITY
Retained Earnings -$201.4M -$193.8M
YoY Change -3.51%
Common Stock $217.2M $216.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.76M $23.05M -$5.884M
YoY Change
Total Liabilities & Shareholders Equity $31.70M $38.80M $45.18M
YoY Change -50.48% -45.72% -34.28%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.644M $28.01M -$7.697M
YoY Change 9.25% -453.13% 6.08%
Depreciation, Depletion And Amortization $222.0K $276.0K $242.0K
YoY Change -25.0% -7.38% -17.69%
Cash From Operating Activities -$6.896M -$3.070M -$5.117M
YoY Change 31.55% -39.29% -31.81%
INVESTING ACTIVITIES
Capital Expenditures -$4.000K -$25.00K $0.00
YoY Change -69.23% -93.62% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.000K -$25.00K $0.00
YoY Change -69.23% -93.62% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.77M
YoY Change 115.34%
Cash From Financing Activities -500.0K -3.178M -4.936M
YoY Change -83.45% -138.21% -120.62%
NET CHANGE
Cash From Operating Activities -6.896M -3.070M -5.117M
Cash From Investing Activities -4.000K -25.00K 0.000
Cash From Financing Activities -500.0K -3.178M -4.936M
Net Change In Cash -7.400M -6.273M -5.117M
YoY Change -10.58% -318.65% -131.5%
FREE CASH FLOW
Cash From Operating Activities -$6.896M -$3.070M -$5.117M
Capital Expenditures -$4.000K -$25.00K $0.00
Free Cash Flow -$6.892M -$3.045M -$5.117M
YoY Change 31.8% -34.73% -33.5%

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 unaudited 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. Given the global economic and geopolitical climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates.</p>
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
37182000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12557000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10550000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
601000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
485000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
32258000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19119000
us-gaap Operating Lease Cost
OperatingLeaseCost
679000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
395000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1000
CY2021Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1000
CY2021Q2 us-gaap Lease Cost
LeaseCost
396000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5513000
us-gaap Operating Lease Payments
OperatingLeasePayments
547000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M29D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1203
CY2022Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
27861000
CY2021Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-8064000
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
19986000
CY2022Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
149000
CY2021Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
132000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-7932000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
582000

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