Aptevo Therap | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -87.27.

EBIT: As of FY2025, the actual value is USD -26.31 M.

Net Loss

Aptevo Therapeutics Inc. reported a net loss of - $26.0 million in 2025, an increase from - $24.1 million in 2024.

Cash and Cash Equivalents

Cash and cash equivalents increased to $21.6 million as of December 31, 2025, compared to $8.7 million as of December 31, 2024.

Research and Development Expenses

Total research and development expenses were - $14.5 million in 2025, a slight increase from - $14.4 million in 2024.- Clinical Programs: Expenses for Mipletamig increased to - $6.579 million in 2025 from - $3.835 million in 2024, while expenses for ALG.APV-527 decreased to - $0.477 million in 2025 from - $2.612 million in 2024.- Preclinical Program, General Research and Discovery: Expenses decreased to - $7.484 million in 2025 from - $7.931 million in 2024.

General and Administrative Expenses

General and administrative expenses increased to - $11.8 million in 2025 from - $10.2 million in 2024.

Other Income, Net

Other income, net, was $0.3 million in 2025, down from $0.5 million in 2024.

Cash Flow from Operating Activities

Cash flow from operating activities was - $25.6 million in 2025, compared to - $23.8 million in 2024.

Cash Flow from Financing Activities

Cash flow from financing activities significantly increased to $38.5 million in 2025, primarily driven by $37.9 million net proceeds from common stock issuance and $0.6 million from common warrant exercise. In 2024, cash flow from financing activities was $15.6 million, mainly from $8.9 million net proceeds from common stock issuance and $6.7 million from common warrant exercise.

Liquidity and Capital Resources Outlook

Aptevo Therapeutics Inc. will require additional funding to support ongoing clinical development and commercial marketing due to expected significant operating losses. The company secured a $60.0 million Standby Equity Purchase Agreement in January 2026, bringing total SEPA capacity to $67.5 million, which, with current resources, is projected to support operations into 2029. However, substantial doubt exists about its ability to continue as a going concern without further financing or positive cash flow, though up to $5.8 million in milestone payments from Medexus may be received.