Aptevo Therapeutics(APVO) - 2024 Q3 - Quarterly Results

Aptevo Therapeutics 3Q 2024 Financial Results and Business Update Business Highlights Aptevo Therapeutics achieved significant clinical milestones in Q3 2024, advancing key trials and successfully raising $5.75 million - Initiated the mipletamig Phase 1b/2 dose optimization trial, "RAINIER," for frontline Acute Myeloid Leukemia (AML) patients, combining it with standard of care venetox and azacitidine[1][2] - Presented positive interim data from the ALG.APV-527 Phase 1 trial at the ESMO Congress, with 9 out of 15 (60%) efficacy evaluable patients achieving a best overall response of stable disease (SD)[2] - The ALG.APV-527 trial demonstrated a well-tolerated safety profile and confirmed biological activity through biomarker analyses[3] - Raised a total of $5.75 million through two financing deals during the third quarter[1][3] 3Q 2024 Summary Financial Results Aptevo reported a Q3 2024 net loss of $5.1 million, reduced from the prior year, with $7.8 million cash and lower operating expenses Q3 2024 Financial Highlights (vs. Q3 2023) | Financial Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | $7.8 million | N/A | - | | Research & Development Expenses | $3.1 million | $3.9 million | -$0.8 million | | General & Administrative Expenses | $2.1 million | $2.7 million | -$0.6 million | | Net Loss | $5.1 million | $6.3 million | -$1.2 million | | Net Loss Per Share | $0.48 | $22.16 | - | - The decrease in R&D expenses was primarily due to lower spending on preclinical projects and employee costs[4] - The decrease in G&A expenses was mainly attributed to lower employee and consulting costs[5] Financial Statements Condensed Consolidated Balance Sheets As of September 30, 2024, Aptevo's total assets were $15.1 million, with liabilities at $10.7 million and equity at $4.4 million Balance Sheet Summary (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $7,753 | $16,904 | | Total current assets | $10,012 | $19,066 | | Total assets | $15,146 | $24,842 | | Liabilities & Equity | | | | Total current liabilities | $5,882 | $7,224 | | Total liabilities | $10,726 | $12,621 | | Total stockholders' equity | $4,420 | $12,221 | Condensed Consolidated Statements of Operations Aptevo reported a Q3 2024 net loss of $5.1 million ($0.48 per share) and a nine-month net loss of $17.8 million Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Research and development | $(3,103) | $(3,887) | $(10,498) | $(13,516) | | General and administrative | $(2,110) | $(2,674) | $(7,722) | $(8,978) | | Loss from operations | $(5,213) | $(6,561) | $(18,220) | $(22,494) | | Net loss from continuing operations | $(5,101) | $(6,334) | $(17,818) | $(12,454) | | Net loss | $(5,101) | $(6,334) | $(17,818) | $(11,508) | | Basic and diluted net loss per share | $(0.48) | $(22.16) | $(5.01) | $(56.22) | Company Information and Forward-Looking Statements About Aptevo Therapeutics Inc. Aptevo Therapeutics Inc. is a clinical-stage biotechnology company developing novel immuno-oncology therapies for cancer treatment - Aptevo is a clinical-stage biotechnology company focused on developing novel immuno-oncology therapies to treat cancer[13] Safe Harbor Statement This section outlines forward-looking statements, cautioning that actual results may differ due to clinical, regulatory, and macroeconomic risks - The press release includes forward-looking statements concerning the efficacy, safety, and potential of its therapeutic candidates, progress of clinical programs, and financial position[14] - Warns that actual results may differ materially due to risks such as adverse clinical trial outcomes, regulatory hurdles, competitive products, and macroeconomic factors like inflation and geopolitical risks[15][17] - Investors are directed to the company's SEC filings, including the Annual Report on Form 10-K, for a more comprehensive discussion of risks and uncertainties[17]