Group 1: Telomir Pharmaceuticals Inc - Telomir Pharmaceuticals Inc's shares rose 31% to $1.86 in pre-market trading following the release of promising preclinical study results for its lead compound, Telomir-1 [1] - The preclinical study indicated that Telomir-1 was able to reverse abnormal DNA methylation in aggressive prostate cancer models [1] Group 2: Other Stocks in Pre-Market Trading - Spruce Biosciences Inc gained 90.9% to $248.89, while C3is Inc surged 73.3% to $3.83 in pre-market trading [5] - Aptevo Therapeutics Inc increased by 40.2% to $1.98, and Galecto Inc rose 37.5% to $5.10 [5] - Datavault AI Inc surged 27.8% to $2.66, reaffirming its 2H 2025 revenue guidance of $12 million to $15 million [5] - Processa Pharmaceuticals Inc gained 27.5% to $0.36, and BTQ Technologies Corp rose 25.7% to $11.44 [5] - DBV Technologies SA gained 12.8% to $14.99 after announcing the sale of approximately $30 million of ADSs [5] - Amkor Technology Inc jumped 11.2% to $33.99, announcing an expanded investment in semiconductor packaging and testing in Arizona [5] Group 3: Declining Stocks - Society Pass Inc shares dipped 24.6% to $4.00 after a significant jump of 276% on Monday [5] - Dermata Therapeutics Inc fell 19.1% to $4.35, and Aether Holdings Inc declined 16.8% to $4.51 [5] - SANUWAVE Health Inc dipped 14.4% to $34.99, cutting its FY25 revenue guidance from $48 million-$50 million to $44 million-$46 million [5] - Lazydays Holdings Inc fell 12.3% to $2.57, while NOVONIX Ltd tumbled 12.3% to $1.57 [5] - OneMedNet Corp dipped 12.1% to $2.25 after a significant jump of 149% on Monday [5]

As filed with the Securities and Exchange Commission on October 1, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 APTEVO THERAPEUTICS INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 2834 81-1567056 (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 2401 4th Avenue, ...

Market Overview - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 150 points, closing up 0.37% at 46,190.85, NASDAQ rising 1.07% to 22,500.28, and S&P 500 gaining 0.62% to 6,641.29 [1] - In the commodities market, oil prices rose by 0.7% to $64.50, while gold decreased by 1.2% to $3,674.30 [5] Company Performance - Darden Restaurants, Inc. reported first-quarter earnings of $1.97 per share, missing the analyst consensus estimate of $2.00 per share, and quarterly sales of $3.004 billion, which also fell short of the $3.040 billion estimate [2] - 89bio, Inc. shares surged 86% to $15.02 following an acquisition agreement with Roche [8] - Intel Corporation's shares increased by 27% to $31.59 after announcing a partnership with NVIDIA for AI infrastructure development, with NVIDIA investing $5 billion in Intel's stock at $23.28 per share [8] - Aptevo Therapeutics Inc. saw its shares rise by 62% to $2.2863 due to breakthrough clinical results for its drug in AML treatment [8] - Replimune Group, Inc. shares fell by 39% to $3.4900 as the company assesses FDA feedback on its product [8] - BioCardia, Inc. shares dropped 29% to $1.0850 after announcing a public offering and trial results [8] - Lifeway Foods, Inc. shares decreased by 21% to $26.72 following Danone's withdrawal of its acquisition proposal [8] Economic Indicators - U.S. initial jobless claims decreased by 33,000 to 231,000, better than the market estimate of 240,000 [10] - The Philadelphia Fed Manufacturing Index rose to +23.2 in September, the highest since January, compared to -0.3 in August [10] European and Asian Markets - European shares showed positive movement, with the eurozone's STOXX 600 rising by 0.79% and major indices in Spain, London, Germany, and France also gaining [6] - Asian markets closed mixed, with Japan's Nikkei gaining 1.15% while Hong Kong's Hang Seng fell by 1.35% [7]

Market Overview - U.S. stocks traded mostly higher, with the Nasdaq Composite gaining over 100 points on Thursday [1] - The Dow decreased by 0.04% to 46,000.59, while the NASDAQ rose by 0.49% to 22,370.12 and the S&P 500 increased by 0.29% to 6,619.34 [1] Sector Performance - Information technology shares increased by 0.8% on Thursday [1] - Materials stocks fell by 0.7% [2] Economic Indicators - U.S. initial jobless claims declined by 33,000 to 231,000 in the second week of September, better than market estimates of 240,000 [3][9] - The Philadelphia Fed Manufacturing Index rose to +23.2 in September, the highest level since January, compared to -0.3 in August [11] Commodity Prices - Oil prices increased by 0.5% to $64.37, while gold decreased by 0.4% to $3,701.70 [6] - Silver fell by 0.1% to $42.110 and copper dropped by 0.5% to $4.6135 [6] International Markets - European shares were higher, with the eurozone's STOXX 600 rising by 0.8% [7] - Asian markets closed mixed, with Japan's Nikkei gaining 1.15% and Hong Kong's Hang Seng falling by 1.35% [8] Company News - 89bio, Inc. shares surged 85% to $14.97 after announcing an acquisition agreement with Roche [10] - Aeries Technology, Inc. shares also rose 85% to $1.0500 following a partnership announcement with an annual contract value of up to $8 million [10] - Aptevo Therapeutics Inc. shares increased by 57% to $2.2201 after breakthrough clinical results [10] - Replimune Group, Inc. shares dropped by 40% to $3.4288 as the company evaluates FDA feedback [10] - BioCardia, Inc. shares fell by 34% to $1.02 after announcing a public offering and trial results [10] - Office Properties Income Trust shares decreased by 28% to $0.4066 [10]

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)