Loading...
Docoh

Aptevo Therapeutics (APVO)

Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer. The Company's lead clinical candidate, APVO436, and preclinical candidates, ALG.APV-527 and APVO603, were developed based on the Company's versatile and robust ADAPTIR™ modular protein technology platform. The ADAPTIR™ platform is capable of generating highly differentiated bispecific antibodies with unique mechanisms of action for the treatment of different types of cancer.

APVO stock data

Calendar

11 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 29.98M 29.98M 29.98M 29.98M 29.98M 29.98M
Cash burn (monthly) 2.09M 2.64M 2.52M 1.83M 1.02M 1.44M
Cash used (since last report) 6.18M 7.8M 7.45M 5.41M 3.02M 4.26M
Cash remaining 23.8M 22.18M 22.53M 24.57M 26.95M 25.72M
Runway (months of cash) 11.4 8.4 8.9 13.4 26.3 17.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 22 Niederhuber John RSU Common Stock Grant Acquire A No No 0 3,571 0 3,571
9 Aug 22 Abdun-Nabi Daniel RSU Common Stock Grant Acquire A No No 0 3,571 0 3,571
9 Aug 22 Harsanyi Zsolt RSU Common Stock Grant Acquire A No No 0 3,571 0 3,571
9 Aug 22 Kunz Barbara Lopez RSU Common Stock Grant Acquire A No No 0 3,571 0 3,571
9 Aug 22 Lamothe Jeffrey G. RSU Common Stock Grant Acquire A No No 0 23,958 0 23,958
9 Aug 22 Lamothe Jeffrey G. Stock Option Common Stock Grant Acquire A No No 4.32 5,500 23.76K 5,500
9 Aug 22 Lamothe Jeffrey G. RSU Common Stock Grant Acquire A No No 0 5,500 0 5,500
18.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 29 24 +20.8%
Opened positions 8 11 -27.3%
Closed positions 3 2 +50.0%
Increased positions 5 2 +150.0%
Reduced positions 7 3 +133.3%
13F shares Current Prev Q Change
Total value 7.93M 9.83M -19.4%
Total shares 917.85K 932.53K -1.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Vanguard 238.84K $855K -0.8%
Schonfeld Strategic Advisors 146.3K $524K -1.1%
Hirschman Orin 122.17K $5.08M 0.0%
BCS Barclays 79K $283K +18.3%
Renaissance Technologies 69.89K $250K +18.7%
Geode Capital Management 52.96K $189K +0.4%
BLK Blackrock 48.05K $172K -11.6%
TROW T. Rowe Price 46.2K $165K 0.0%
MS Morgan Stanley 22.27K $80K -56.4%
BK Bank Of New York Mellon 20.7K $74K -20.2%
Largest transactions Shares Bought/sold Change
MS Morgan Stanley 22.27K -28.82K -56.4%
Susquehanna International 0 -19.66K EXIT
Veritable 15.72K +15.72K NEW
VIRT Virtu Financial 12.77K +12.77K NEW
BCS Barclays 79K +12.2K +18.3%
Renaissance Technologies 69.89K +11K +18.7%
BLK Blackrock 48.05K -6.32K -11.6%
BK Bank Of New York Mellon 20.7K -5.26K -20.2%
BEN Franklin Resources 10.79K -5.11K -32.2%
Vanguard 238.84K -1.98K -0.8%

Financial report summary

?
Competition
PfizerAMGENCelgeneImmunogenSeagenSanofiMacrogenicsGSKJazz PharmaceuticalsCSL
Risks
  • We have a history of losses and may not be profitable in the future.
  • We will require additional capital and may be unable to raise capital when needed or on acceptable terms.
  • Actions of activist stockholders against us have been and could be disruptive and costly and may cause uncertainty about the strategic direction of our business.
  • Our future cash flow will depend, in part, on the ability of Pfizer to successfully sell RUXIENCE and our receipt of milestone payments from HCR in connection therewith. If Pfizer is unable, or does not devote sufficient resources, to maintain or continue increasing sales of RUXIENCE, or if HCR does not comply with the Royalty Purchase Agreement, our results of operations will be adversely affected.
  • Our investments are subject to market and credit risks that could diminish their value and these risks could be greater during periods of extreme volatility or disruption in the financial and credit markets, which could adversely impact our business, financial condition, results of operations, liquidity and cash flows.
  • We may not be able to file investigational new drug applications, or INDs, or IND amendments to commence additional clinical trials on the timelines we expect, and even if we are able to, the FDA may not permit us to proceed.
  • If we experience delays or difficulties in the commencement, enrollment of patients or completion of our clinical trials, the time to reach critical trial data and receipt of any necessary regulatory approvals could be delayed.
  • Serious adverse events, undesirable side effects or other unexpected properties of our product candidates may be identified that could delay, prevent, or cause the withdrawal of regulatory approval, limit the commercial potential, or result in significant negative consequences following marketing approval.
  • We depend on third parties to conduct our clinical and non-clinical trials. If these third parties do not effectively carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • Changes in product candidate manufacturing or formulation may result in additional costs or delay.
  • Failure of our third-party manufacturers to successfully manufacture material that conforms to our specifications and the FDA’s or foreign regulatory authorities’ strict regulatory requirements, may prevent regulatory approval of those manufacturing facilities.
  • Certain of our product candidates have received orphan drug designation from the FDA. However, there is no guarantee that we will be able to maintain this designation, receive this designation for any of our other product candidates, or receive or maintain any corresponding benefits, including periods of exclusivity.
  • We have in the past and may in the future conduct clinical trials for our product candidates outside the United States, and the FDA or non-U.S. regulatory authorities may not accept data from such trials in the development or approval of our product candidates in those jurisdictions.
  • Our ability to grow revenues and execute on our long-term strategy depends heavily on our ability to discover, develop, and obtain marketing approval for our product candidates.
  • We may not be successful in our efforts to use and further develop our ADAPTIR or ADAPTIR-FLEX platforms.
  • We face and will continue to face substantial competition and our failure to effectively compete may prevent us from achieving significant market penetration for our product candidates, if approved.
  • Legislative or healthcare reform measures may have a material adverse effect on our business and results of operations.
  • Our long-term success depends, in part, upon our ability to develop, receive regulatory approval for and commercialize our product candidates.
  • Our product candidates are and will continue to be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. We may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products.
  • Our employees, independent contractors, consultants, commercial partners, principal investigators, or CROs may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could have a material adverse effect on our business.
  • Our operations, including our use of hazardous materials, chemicals, bacteria, and viruses, require us to comply with regulatory requirements and expose us to significant potential liabilities.
  • If approved, our products regulated as biologics may face competition from biosimilars approved through an abbreviated regulatory pathway.
  • Third parties may choose to file patent infringement claims against us.
  • In connection with our separation from Emergent, we and Emergent agreed to indemnify the other party for certain liabilities. The Emergent indemnity may not be sufficient to hold us harmless from the full amount of liabilities for which Emergent will be allocated responsibility, and Emergent may not be able to satisfy its indemnification obligations in the future.
  • Our stock price may be volatile.
  • In the event that coverage under our directors’ and officers’ liability insurance is reduced or terminated as a result of an ownership change or otherwise, our indemnification obligations and limitations of our directors’ and officers’ liability insurance may have a material adverse effect on our financial condition, results of operations and cash flows.
  • If we do not maintain effective internal controls, we may not be able to accurately report our financial results and our business could be harmed.
  • The public announcement of data from clinical trials or news of any developments related to our product pipeline may cause significant volatility in our stock price.
  • Our common stock may be at risk for delisting from the Nasdaq Capital Market in the future if we do not maintain compliance with NASDAQ’s continued listing requirements. Delisting could adversely affect the liquidity of our common stock and the market price of our common stock could decrease.
  • Your percentage of ownership in Aptevo may be diluted in the future.
  • Provisions under Delaware law and in our restated certificate of incorporation, amended and restated by-laws and rights agreement may discourage acquisition proposals, delay a change in control or prevent transactions that stockholders may consider favorable.
  • We may be subject to periodic litigation, which could result in losses or unexpected expenditure of time and resources.
  • Our failure to comply with data protection laws and regulations could lead to government enforcement actions and significant penalties against us, and adversely impact our operating results.
  • If we experience a significant disruption in our information technology systems or breaches of data security, including due to a cyber-security incident, our business could be adversely affected.
  • A significant portion of our shares may be sold into the market at any time which could depress our stock price.
Management Discussion
  • Except as otherwise stated below, the following discussions of our results of operations reflect the results of our continuing operations, excluding the results related to Aptevo BioTherapeutics LLC (Aptevo BioTherapeutics), which was sold in February 2020 to Medexus and has been separated from continuing operations and reflected as a discontinued operation.  See Note 2 – Discontinued Operations to the accompanying financial statements for additional information.
  • For the six months ended June 30, 2022 and June 30, 2021, royalty revenue was $3.1 million and $5.5 million, respectively. The royalty revenue from Pfizer relates to a Collaboration and License Agreement (Definitive Agreement) acquired by Aptevo as part of our spin-off from Emergent in 2016. The agreement was originally executed by Trubion Pharmaceuticals, which was subsequently acquired by Emergent, and Wyeth, a wholly owned subsidiary of Pfizer.
  • On March 30, 2021, we entered into and closed a Royalty Purchase Agreement with an entity managed by HCR pursuant to which we sold to HCR the right to receive royalty payments made by Pfizer in respect of net sales of RUXIENCE. Under the terms of the Royalty Purchase Agreement, the Company received $35 million at closing and we are eligible to receive additional payments in the aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2021, 2022 and 2023. We received the 2021 milestone payments in the collective amount of $10 million on March 8, 2022. The proceeds from these milestone payments, net of transaction costs, were recorded as an additional liability related to the sale of royalties on the consolidated balance sheet as of March 31, 2022.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: AACR, American, benchmark, burn, clarify, correlate, deduct, deductibility, Derecognition, exceeding, facilitate, fifteen, half, Harpoon, impede, inconsistent, Inhibrx, Interbank, invasion, iv, lifted, London, matter, myelodysplastic, Nonfinancial, ProMab, prostate, ratable, session, SOFR, stable, syndrome, TCJA, tracing, track, tracking
Removed: accredited, acknowledgment, adjust, beat, calculating, Conversion, currency, distancing, document, exceed, excluded, exist, geographic, immaterial, LLS, Lymphoma, marrow, nonemployee, periodically, realized, recommend, record, reopen, repaid, revaluation, selected, setting, shortfall, single, social, Society, stay, suitability, threshold, travel, vaccination