Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - 89bio, Inc. (ETNB) increased by 83% to $14.84 [3] - Aptevo Therapeutics Inc. (APVO) rose by 75% to $2.47 [3] - Psyence Biomedical Ltd. (PBM) saw a 29% increase to $4.82 [3] - Beam Global (BEEM) gained 27% reaching $3.23 [3] - MicroAlgo Inc. (MLGO) was up 14% at $13.06 [3] - Akero Therapeutics, Inc. (AKRO) increased by 12% to $47.50 [3] - Hyperion DeFi, Inc. (HYPD) rose by 11% to $13.69 [3] - Sonnet BioTherapeutics Holdings, Inc. (SONN) increased by 11% to $7.85 [3] - FuelCell Energy, Inc. (FCEL) was up 9% at $8.34 [3] - Robo.ai Inc. (AIIO) gained 6% to $2.05 [3] Premarket Losers - Presidio Property Trust, Inc. (SQFT) decreased by 14% to $7.58 [4] - Aeluma, Inc. (ALMU) fell by 10% to $15.18 [4] - FGI Industries Ltd. (FGI) dropped 10% to $7.65 [4] - Lazydays Holdings, Inc. (GORV) was down 9% at $2.26 [4] - StableX Technologies, Inc. (SBLX) decreased by 8% to $5.40 [4] - Artelo Biosciences, Inc. (ARTL) fell by 8% to $4.48 [4] - SciSparc Ltd. (SPRC) decreased by 8% to $4.10 [4] - Cracker Barrel Old Country Store, Inc. (CBRL) was down 7% at $45.75 [4] - Columbus Circle Capital Corp I (BRR) fell by 7% to $9.42 [4] - Visionary Holdings Inc. (GV) decreased by 7% to $2.58 [4]

Core Insights - Aptevo Therapeutics Inc. (APVO) experienced a significant stock increase of 46.10% to $2.06 after reporting breakthrough clinical results for its drug aimed at treating acute myeloid leukemia (AML) [1] Clinical Trial Results - The Phase 1b/2 RAINIER trial showed a perfect remission rate, with all patients in Cohort 3 achieving complete remission using mipletamig in combination with venetoclax and azacitidine [2] - No dose-limiting toxicities or cytokine release syndrome were reported across all cohorts of the trial, indicating a favorable safety profile [2] Market Opportunity and Future Steps - The frontline AML market represents a multi-billion-dollar opportunity, with current standard treatments yielding lower remission rates compared to those observed in the RAINIER trial [3] - 40% of patients in the trial achieved minimal residual disease-negative status, which is a positive indicator for prognosis [3] - Enrollment for Cohort 4 is ongoing at higher dose levels, with a conference presentation anticipated in the fourth quarter [3] Stock Performance Overview - APVO's stock has seen a decline of approximately 31.9% from its one-month peak of $2.07 to a close of $1.41 [4] - Over the past year, the stock has decreased by 98.84%, and it is down 98.36% year-to-date in 2025 [4] - The clinical-stage stock has an annual trading range between $1.32 and $381.10, with a market capitalization of $4.64 million and an average trading volume of 3.98 million shares [4]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - Automation and software tools, including generative AI, are used, but all content is edited and authored by humans [5]

Market Overview - The S&P 500 and Nasdaq Composite experienced slight declines of less than 0.1%, while the Dow Jones Industrial Average fell by nearly 0.3%, indicating cautious market sentiment ahead of the Federal Reserve's interest rate decision [1][8][21] - Fund managers are the most bullish on stocks since February, according to Bank of America's latest survey, but investors are exercising caution ahead of the Fed's rate call [8][21] Federal Reserve Meeting - The Federal Reserve's two-day policy meeting commenced under unusual political tension, with an appeals court blocking President Trump's attempt to remove Fed governor Lisa Cook, allowing her to participate in the discussions [2][10][12] - Market participants are anticipating a 25 basis point rate cut with a 96% probability, while only a 4% chance is assigned to a larger half-point move [3][11][20] Retail Sales and Economic Indicators - The Commerce Department reported that August retail sales rose by 0.6%, significantly above the expected 0.2% increase, driven by strong clothing and e-commerce spending [9][21] - July retail sales were also revised higher, highlighting the resilience of US consumers despite slower hiring and persistent inflation [9][21] Individual Company Performances - Oracle shares surged nearly 3% following news of its involvement in a US-China TikTok deal, allowing the app to continue operating in the US under new oversight [6][18] - Tesla's stock gained about 1% after CEO Elon Musk purchased shares, erasing earlier year-to-date losses [6][18] - Novo Nordisk shares rose over 2% due to positive developments in its obesity drug research, despite being down approximately 30% year-to-date [7][18] Commodity Market - Gold prices reached a record high above $3,700 per ounce, up 44% year-to-date, driven by a weaker US dollar and expectations of Fed rate cuts [7][18]

Core Insights - Aptevo Therapeutics announced a 100% remission rate in Cohort 3 of its Phase 1b/2 RAINIER trial for mipletamig, a bispecific antibody targeting CD123 and CD3, in combination with venetoclax and azacitidine for newly diagnosed acute myeloid leukemia (AML) patients unfit for intensive chemotherapy [1] - The trial has shown no dose-limiting toxicities or cytokine release syndrome to date, indicating favorable safety and tolerability for mipletamig [1] - The RAINIER trial is progressing efficiently, with Cohort 4 now open for enrollment [1]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited condensed consolidated financial statements for Q2 2025 reveal a **$12.6 million net loss** and **$260.2 million accumulated deficit**, raising going concern doubts [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets reached **$15.6 million**, with **cash at $9.4 million**, total liabilities decreasing to **$9.1 million**, and stockholders' equity improving to **$6.5 million** Balance Sheet Highlights (in thousands) | Balance Sheet Highlights (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $9,410 | $8,714 | | Total current assets | $11,081 | $10,659 | | Total assets | $15,624 | $15,591 | | **Liabilities & Equity** | | | | Total current liabilities | $4,891 | $6,207 | | Total liabilities | $9,100 | $10,836 | | Total stockholders' equity | $6,524 | $4,755 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, the company reported a **net loss of $12.6 million** with no revenue, as R&D expenses slightly decreased and G&A expenses slightly increased Statement of Operations (in thousands) | Statement of Operations (in thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Research and development | $(6,961) | $(7,395) | | General and administrative | $(5,745) | $(5,612) | | Loss from operations | $(12,706) | $(13,007) | | Net loss | $(12,612) | $(12,717) | | Basic and diluted net loss per share | $(30.84) | $(4,458.98) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was **$13.7 million**, offset by **$14.4 million from financing activities**, resulting in a **$0.7 million cash increase** and a **$9.4 million ending balance** Cash Flow Summary (in thousands) | Cash Flow Summary (in thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(13,668) | $(12,804) | | Net cash provided by financing activities | $14,364 | $3,966 | | Increase (decrease) in cash | $696 | $(8,838) | | Cash and cash equivalents at end of period | $9,410 | $8,066 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's clinical-stage biotech focus, disclose substantial doubt about its going concern status, and cover equity offerings, reverse stock splits, and single-segment operations - The company is a clinical-stage biotechnology firm focused on developing novel immunotherapy candidates for cancer, with two clinical candidates (mipletamig and ALG.APV-527) and three preclinical candidates in development[24](index=24&type=chunk) - Management has concluded there is substantial doubt about the company's ability to continue as a going concern for the next year due to recurring net losses (**$12.6 million** for the six months ended June 30, 2025) and negative operating cash flows (**$13.7 million** for the same period)[25](index=25&type=chunk) - The company effected a **1-for-20 reverse stock split** on May 23, 2025, with all share and per-share amounts retroactively adjusted[43](index=43&type=chunk)[45](index=45&type=chunk) - During the first six months of 2025, the company raised capital through multiple equity offerings, including a registered direct offering in April and an at-the-market offering in June[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The company operates as a single operating segment focused on the discovery and development of novel oncology therapeutics[74](index=74&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses cancer immunotherapy development, an **85% mipletamig remission rate**, **$15.9 million financing**, operational expense shifts, and liquidity challenges, including **$9.4 million cash** and ongoing financing efforts [Results of Operations](index=25&type=section&id=Results%20of%20Operations) R&D expenses decreased by **$0.4 million to $7.0 million** due to preclinical shifts, while G&A expenses increased by **$0.1 million to $5.7 million** due to consulting costs Expense Comparison (in thousands) | Expense Comparison (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Research and Development | $6,961 | $7,395 | | General and Administrative | $5,745 | $5,612 | - The decrease in R&D spending was driven by the ramp-down of the ALG.APV-527 escalation phase, partially offset by increased costs for the mipletamig trial due to patient enrollment[101](index=101&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$9.4 million in cash** with a **$260.2 million accumulated deficit**, having raised **$15.9 million** through equity offerings and utilizing SEPA and ATM agreements for future capital - The company had cash and cash equivalents of **$9.4 million** as of June 30, 2025[113](index=113&type=chunk) - For the six months ended June 30, 2025, the company raised **$15.9 million** in proceeds through various equity offerings[115](index=115&type=chunk) - The company has a Standby Equity Purchase Agreement (SEPA) with Yorkville to sell up to **$25.0 million** of common stock over 36 months[109](index=109&type=chunk) - An At The Market (ATM) Offering Agreement with Roth Capital allows the company to sell shares, under which it raised **$3.8 million** in the first six months of 2025[110](index=110&type=chunk)[117](index=117&type=chunk) - On August 6, 2025, the Compensation Committee approved a one-time supplemental cash payment of **$1.2 million** to its executive officers, along with increases to base salaries and bonus targets[120](index=120&type=chunk)[121](index=121&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures were reported as of June 30, 2025, compared to the prior Annual Report on Form 10-K - There were no material changes to the company's market risk disclosures since the last Annual Report on Form 10-K filed on February 14, 2025[130](index=130&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[131](index=131&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[132](index=132&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal claims or actions expected to materially impact its financial condition or operations - Management believes there are currently no pending legal claims or actions that could materially and adversely affect the company[135](index=135&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section outlines material risks including significant operating losses, going concern doubts, capital needs, potential Nasdaq delisting, clinical trial delays, third-party dependencies, competition, and IP protection - The company has a history of significant operating losses, with a net loss of **$12.6 million** for the six months ended June 30, 2025, and an accumulated deficit of **$260.2 million**[138](index=138&type=chunk) - There is substantial doubt about the company's ability to continue as a going concern, and it will require additional capital to fund operations[139](index=139&type=chunk)[140](index=140&type=chunk) - The company's common stock is at risk of delisting from the Nasdaq Capital Market if it fails to maintain compliance with continued listing requirements, such as minimum stockholders' equity[180](index=180&type=chunk)[181](index=181&type=chunk) - The company's long-term success depends on its ability to develop, receive regulatory approval for, and commercialize its product candidates, a process which is lengthy, expensive, and uncertain[257](index=257&type=chunk) - The business is dependent on third parties for conducting clinical trials and manufacturing product candidates, and any failure by these parties could substantially harm the business[211](index=211&type=chunk)[218](index=218&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Discloses unregistered equity transactions, including common warrant sales in a private placement and a Standby Equity Purchase Agreement (SEPA) with Yorkville - On April 4, 2025, the company sold common warrants to purchase up to **176,470 shares** of common stock in a private placement, relying on exemptions under Section 4(a)(2) and/or Regulation D of the Securities Act[322](index=322&type=chunk) - On June 16, 2025, the company entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville, allowing it to sell up to **$25.0 million** of its common stock over 36 months[323](index=323&type=chunk) [Defaults Upon Senior Securities](index=90&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable [Mine Safety Disclosures](index=90&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable [Other Information](index=90&type=section&id=Item%205.%20Other%20Information) Details significant executive compensation adjustments approved August 6, 2025, including a **$1.2 million supplemental cash payment** and increases to base salaries and bonus targets Supplemental Cash Payments to Executive Officers | Executive Officer | Supplemental Cash Payment | | :--- | :--- | | Marvin L. White (CEO) | $400,000 | | Jeffrey G. Lamothe (COO) | $300,000 | | SoYoung Kwon (GC) | $250,000 | | Daphne Taylor (CFO) | $250,000 | | **Total** | **$1,200,000** | Executive Officer Base Salary Adjustments | Executive Officer | Prior Base Salary | New Base Salary (as of Aug 6, 2025) | | :--- | :--- | :--- | | Marvin L. White (CEO) | $595,000 | $690,000 | | Jeffrey G. Lamothe (COO) | $504,400 | $590,000 | | SoYoung Kwon (GC) | $472,500 | $545,000 | | Daphne Taylor (CFO) | $457,000 | $520,000 | [Exhibits](index=93&type=section&id=Item%206.%20Exhibits) Provides an index of exhibits filed with the Form 10-Q, including documents for the reverse stock split, financing agreements, and officer certifications - The report includes exhibits related to the May 2025 reverse stock split, warrant and securities purchase agreements from April and June 2025 financings, and the Standby Equity Purchase Agreement from June 2025[336](index=336&type=chunk) Signatures The report was signed by the President and CEO, and the Senior Vice President and CFO on August 11, 2025 - The report was signed on August 11, 2025, by Marvin L. White, President and Chief Executive Officer, and Daphne Taylor, Senior Vice President and Chief Financial Officer[339](index=339&type=chunk)[341](index=341&type=chunk)

[Executive Summary & Q2 2025 Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Business%20Update) Aptevo Therapeutics achieved significant clinical and financial milestones in Q2 2025, including a new bispecific drug launch, high AML response rates, and increased liquidity [Second Quarter Highlights](index=1&type=section&id=Second%20Quarter%20Highlights) Aptevo Therapeutics made significant progress in Q2 2025, launching APVO455, achieving an 85% AML response rate with mipletamig, and securing $15.9 million in financing - Company pipeline expanded, introducing APVO455, a Nectin-4 x CD3 bispecific for solid tumors[5](index=5&type=chunk) - Mipletamig achieved an **85% response rate** in frontline AML patients (11 out of 13) across two combination trials[5](index=5&type=chunk) - Raised **$15.9 million** through financing, extending cash runway to Q4 2025, and secured an additional **$25 million** equity credit line[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Marvin White highlighted decisive Q2 progress, emphasizing the expanded CD3 bispecific portfolio, mipletamig's strong AML performance, and improved financial health - CEO emphasized the company expanded its differentiated CD3 bispecific portfolio by introducing APVO455 (a Nectin-4 x CD3 bispecific) to address a broad range of solid tumor types[4](index=4&type=chunk) - Mipletamig showed outstanding performance in frontline Acute Myeloid Leukemia (AML) patients, with **85% of evaluable patients** achieving remission in two independent trials, validating its differentiated mechanism of action[4](index=4&type=chunk)[6](index=6&type=chunk) - Company strengthened its financial position by raising **$15.9 million**, extending the cash runway to the end of Q4 2025 to support future clinical and business milestones[6](index=6&type=chunk) [Pipeline and Clinical Development](index=2&type=section&id=Pipeline%20and%20Clinical%20Development) Aptevo's pipeline features novel bispecific immunotherapies, including the new APVO455 for solid tumors and mipletamig, showing strong efficacy in AML [APVO455: A Novel T-Cell Engager for Solid Tumors](index=2&type=section&id=APVO455%3A%20A%20Novel%20T-Cell%20Engager%20for%20Solid%20Tumors) APVO455 is a preclinical Nectin-4 x CD3 bispecific T-cell engager designed for Nectin-4 high-expressing solid tumors, aiming for a wide therapeutic window and favorable safety - APVO455 is a preclinical Nectin-4 x CD3 bispecific T-cell engager, targeting Nectin-4 high-expressing solid tumors such as bladder, breast, NSCLC, and head and neck cancers[7](index=7&type=chunk) - The drug is designed to avoid peripheral binding or T-cell activation, activating only in the presence of Nectin-4 positive tumor cells, aiming for a wider therapeutic window, more consistent immune activation, and favorable safety[7](index=7&type=chunk) [CRIS-7-Derived CD3 Portfolio](index=2&type=section&id=CRIS-7-Derived%20CD3%20Portfolio) Aptevo's CRIS-7 derived CD3 portfolio includes mipletamig, APVO442, and APVO455, all sharing a common CD3 binding domain for enhanced safety and tumor-specific activation - The CD3 portfolio includes mipletamig (CD123 x CD3, for frontline AML, in Phase 1b/2 clinical trials), APVO442 (PSMA x CD3, targeting prostate cancer, in preclinical development), and APVO455 (Nectin-4 x CD3, for various solid tumor types)[8](index=8&type=chunk)[12](index=12&type=chunk) - All three molecules share the same CRIS-7-derived CD3 binding domain, designed to drive tumor-specific immune activation while limiting harmful side effects for patients, particularly reducing cytokine release syndrome[8](index=8&type=chunk) [Additional Pipeline Candidates](index=2&type=section&id=Additional%20Pipeline%20Candidates) Beyond the CD3 portfolio, Aptevo is developing ALG.APV-527 and preclinical candidates APVO711 and APVO603 for various solid tumor types - Aptevo continues to develop the clinical candidate ALG.APV-527 (4-1BB x 5T4)[9](index=9&type=chunk) - Preclinical candidates include APVO711 (checkpoint inhibitor with additional features) and APVO603 (4-1BB x OX40), both targeting various solid tumor types[9](index=9&type=chunk) [Mipletamig Data Highlights](index=2&type=section&id=Mipletamig%20Data%20Highlights) Mipletamig continues to demonstrate impressive clinical performance and a compelling safety profile, positioning it to potentially redefine frontline AML treatment - Mipletamig's clinical data remains impressive, positioning it as a strong candidate to reshape frontline AML treatment and potentially elevate the standard of care[10](index=10&type=chunk) [Efficacy Data Continues to Outperform Benchmarks](index=2&type=section&id=Efficacy%20Data%20Continues%20to%20Outperform%20Benchmarks) Mipletamig's efficacy data consistently surpasses benchmarks, with 85% of frontline patients achieving remission, including those with poor prognoses - To date, **85% of frontline patients** in two trials have achieved remission[11](index=11&type=chunk) - Among these responding patients, several with poor prognoses at screening achieved complete remission (CR), including one successfully undergoing stem cell transplant, a rare favorable outcome in the unfit AML patient population[13](index=13&type=chunk) [Stand Out Safety and Tolerability Outcomes Continue](index=3&type=section&id=Stand%20Out%20Safety%20and%20Tolerability%20Outcomes%20Continue) Mipletamig continues to show excellent safety and tolerability, with no cytokine release syndrome reported in frontline treated patients - To date, no cytokine release syndrome (CRS) has been reported in frontline treated patients[14](index=14&type=chunk) [Financial Results](index=3&type=section&id=Financial%20Results) Aptevo's Q2 2025 financial results show $9.4 million in cash, $15.9 million raised, and a net loss of $6.2 million, with shifts in R&D and G&A expenses [Q2 2025 Financial Highlights](index=3&type=section&id=Q2%202025%20Financial%20Highlights) As of June 30, 2025, Aptevo reported $9.4 million in cash, raised $15.9 million, and recorded a net loss of $6.2 million, with R&D decreasing and G&A increasing year-over-year Q2 2025 Financial Highlights (Units: Million USD) | Metric | Q2 2025 (Million USD) | Q2 2024 (Million USD) | Change (YoY) | | :------------------------- | :----------------------- | :----------------------- | :---------- | | Cash and Cash Equivalents (as of June 30) | 9.4 | N/A | N/A | | Gross Proceeds from Equity Offering (Q2) | 15.9 | N/A | N/A | | Research and Development Expenses | 3.3 | 3.6 | Decrease of 0.3 | | General and Administrative Expenses | 2.9 | 2.4 | Increase of 0.5 | | Net Loss | 6.2 | 5.9 | Increase of 0.3 | | Net Loss Per Share | 8.40 | 1,236.96 | Decrease of 1,228.56 | - The decrease in R&D expenses was primarily due to reduced preclinical and ALG.APV-527 expenditures, partially offset by increased mipletamig trial costs[16](index=16&type=chunk) - The increase in G&A expenses was primarily due to higher consulting costs[17](index=17&type=chunk) [CONSOLIDATED BALANCE SHEETS](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Aptevo's total assets were $15.624 million, with cash at $9.41 million, total liabilities at $9.1 million, and total stockholders' equity increasing to $6.524 million Key Consolidated Balance Sheet Data (Units: Thousand USD) | Item | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and Cash Equivalents | $9,410 | $8,714 | | Total Current Assets | $11,081 | $10,659 | | Total Assets | $15,624 | $15,591 | | Total Current Liabilities | $4,891 | $6,207 | | Total Liabilities | $9,100 | $10,836 | | Total Stockholders' Equity | $6,524 | $4,755 | - Total stockholders' equity increased from **$4.755 million** as of December 31, 2024, to **$6.524 million** as of June 30, 2025[20](index=20&type=chunk) [CONSOLIDATED STATEMENTS OF OPERATIONS](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the three months ended June 30, 2025, Aptevo reported a net loss of $6.204 million and a net loss per share of $8.40, with R&D at $3.328 million and G&A at $2.898 million Key Consolidated Statements of Operations Data (Units: Thousand USD) | Operating Expenses | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------- | :------------- | :------------- | :----------- | :----------- | | Research and Development Expenses | $(3,328) | $(3,643) | $(6,961) | $(7,395) | | General and Administrative Expenses | $(2,898) | $(2,381) | $(5,745) | $(5,612) | | Operating Loss | $(6,226) | $(6,024) | $(12,706) | $(13,007) | | Other Income, Net | $22 | $141 | $94 | $290 | | Net Loss | $(6,204) | $(5,883) | $(12,612) | $(12,717) | | Net Loss Per Share, Basic and Diluted | $(8.40) | $(1,236.96) | $(30.84) | $(4,458.98) | | Shares Used in Per Share Calculation | 738,149 | 4,756 | 408,985 | 2,852 | - Net loss per share significantly decreased from **($1,236.96)** in Q2 2024 to **($8.40)** in Q2 2025, primarily due to a substantial increase in outstanding shares[22](index=22&type=chunk) [Corporate Information](index=6&type=section&id=Corporate%20Information) This section provides an overview of Aptevo Therapeutics, its proprietary platform technologies, mission, forward-looking statement disclaimers, and contact details [About Aptevo Therapeutics](index=6&type=section&id=About%20Aptevo%20Therapeutics) Aptevo Therapeutics Inc. is a clinical-stage biotech company leveraging its ADAPTIR® and ADAPTIR-FLEX® platforms to develop novel bispecific immunotherapies for cancer patients - Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel bispecific immunotherapies for cancer treatment[23](index=23&type=chunk) - The company has two clinical candidates (Mipletamig and ALG.APV-527) and four preclinical candidates, all based on its proprietary ADAPTIR® and ADAPTIR-FLEX® platform technologies[23](index=23&type=chunk) - Aptevo's mission is to improve treatment outcomes and transform the lives of cancer patients[23](index=23&type=chunk) [Safe Harbor Statement](index=6&type=section&id=Safe%20Harbor%20Statement) The Safe Harbor Statement clarifies that the press release contains forward-looking statements based on current expectations, but actual results may differ due to inherent risks and uncertainties - This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, regarding the activity, efficacy, safety, tolerability, and potential uses of therapeutic candidates, as well as clinical program progress and financial condition[24](index=24&type=chunk) - Investors should recognize that actual results may differ materially from Aptevo's expectations if underlying assumptions prove inaccurate or unknown risks or uncertainties emerge, and thus should not place undue reliance on any forward-looking statements[25](index=25&type=chunk) - Important factors that could cause actual results to differ materially from forward-looking statements include further evaluation of preliminary or interim data, adverse events in clinical development, changes in regulatory, social, macroeconomic, and political conditions, the impact of competing products, and the company's ability to raise capital[26](index=26&type=chunk) [CONTACT](index=7&type=section&id=CONTACT) This section provides contact information for Aptevo Therapeutics' Investor Relations and Corporate Communications, including the name, email, and phone number of the lead - The head of Investor Relations and Corporate Communications is Miriam Weber Miller[27](index=27&type=chunk) - Contact email: IR@apvo.com or Millerm@apvo.com, phone: 206-859-6628[27](index=27&type=chunk)

Group 1 - U.S. stock futures are lower, with Dow futures down approximately 0.2% [1] - Smith & Wesson Brands reported fourth-quarter revenue of $140.8 million, missing analyst estimates of $152.41 million [2] - The company reported adjusted earnings of 20 cents per share, falling short of estimates of 23 cents per share [2] Group 2 - Smith & Wesson Brands shares fell 12.6% to $9.51 in pre-market trading [2] - Regencell Bioscience Holdings Ltd shares dropped 16.2% to $52.96 in pre-market trading [4] - QuantaSing Group Ltd- ADR shares fell 12.1% to $11.86 in pre-market trading [4] - Aptevo Therapeutics Inc shares decreased by 11.9% to $4.52 in pre-market trading [4] - Capricor Therapeutics Inc shares fell 7.4% to $11.04 in pre-market trading [4] - Mesoblast Ltd shares declined 6.5% to $10.94 in pre-market trading [4] - Diginex Limited shares dropped 6.5% to $43.51 in pre-market trading [4] - Himalaya Shipping Ltd. shares decreased 6.3% to $6.22 in pre-market trading [4] - AIRO Group Holdings, Inc. shares fell 5.3% to $24.88 in pre-market trading [4]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Core Viewpoint - Aptevo Therapeutics Inc's stock is experiencing a significant surge due to promising clinical data from its RAINIER trial for mipletamig, a bispecific antibody for treating acute myeloid leukemia (AML) [1][2][6]. Group 1: Clinical Trial Results - The RAINIER trial showed that the mipletamig triplet therapy achieved remissions in 85% of evaluable frontline AML patients, outperforming competitor studies [3]. - Updated results indicate a strong efficacy advantage and a favorable safety profile, with no cases of cytokine release syndrome (CRS) reported in the trial cohorts [4][5]. - The trial is nearing full enrollment for Cohort 3 at the highest dose level evaluated to date [5]. Group 2: Market Impact and Financials - Following the positive trial results, Aptevo's stock price increased by 137.2%, reaching $6.69 [7]. - The company announced a registered direct offering of $8 million, involving 2.465 million shares and pre-funded warrants at an exercise price of $3.25 per share [6].