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Aptevo Therapeutics Inc. (APVO) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Aptevo Therapeutics Inc.

CIK: 1671584 Ticker: APVO

 

EXHIBIT 99.1

 

For Immediate Release

 

APTEVO THERAPEUTICS REPORTS 2020 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

 

Advances Phase 1/1b Study of APVO436 for Treatment of Acute Myeloid Leukemia and High-Grade Myelodysplastic Syndrome; Enrollment in Cohort 10 Ongoing

 

Completes Sale of RUXIENCE Royalty Payments for  Up Front Plus Milestone Payments of up to $67.5 million; Amends Non-Dilutive Term Loan Agreement  

 

SEATTLE, WA – March 31, 2021

– Aptevo Therapeutics Inc. (Nasdaq: APVO), a clinical-stage biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ and ADAPTIR-FLEX™ platform technologies, today reported its financial results for the year ended December 31, 2020, provided a clinical update, announced the sale of RUXIENCE royalty payments and responded to an indication of interest from Tang Capital Partners, LP (“TCP”).

 

We are very pleased with our performance in 2020 and believe we are well positioned for 2021 and beyond. Despite headwinds from the COVID-19 pandemic, we made significant progress executing our strategy to build shareholder value by applying our proprietary ADAPTIR and ADAPTIR-FLEX platforms to develop novel antibody-based immunotherapies for the treatment of cancer and other diseases. Notably, we announced that two patients in cohort 6 of our APVO436 Phase 1a clinical trial achieved complete remission. While the first patient in cohort 6 is no longer in a complete remission status, that patient is continuing therapy, and the second patient progressed and discontinued therapy,” said Marvin L. White, President and Chief Executive Officer. “These responses indicate that we are now in a critical phase of the study, within the therapeutic range, and we look forward to advancing to the endpoint for Phase 1a. With these promising results, we are just beginning to demonstrate the power and potential of our proprietary platform technologies to help extend and save patients’ lives.”

 

“We also made significant progress strengthening our financial position by selling the RUXIENCE royalty payment stream and amending our non-dilutive term loan from MidCap Financial, providing additional capital cushion to fund our promising clinical programs and operations. 2021 will be another important year for Aptevo as we continue to advance APVO436 in the clinic. With a stronger balance sheet, we are optimistic about the prospects for Aptevo and our ADAPTIR and ADAPTIR-FLEX candidates,” concluded Mr. White.  

 

Clinical Update

Aptevo has multiple candidates moving towards clinical development, and its ADAPTIR and ADAPTIR-FLEX technology platforms are uniquely positioned to develop and advance its studies.  

1

 


The following information was filed by Aptevo Therapeutics Inc. (APVO) on Wednesday, March 31, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Aptevo Therapeutics Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
401(K) Savings Plan
401(K) Savings Plan - Additional Information (Details)
Cash, Cash Equivalents, And Restricted Cash
Cash, Cash Equivalents, And Restricted Cash (Tables)
Cash, Cash Equivalents, And Restricted Cash - Additional Information (Details)
Cash, Cash Equivalents, And Restricted Cash - Schedule Of Cash, Cash Equivalents And Restricted Cash, Both Current And Long-Term Portion (Details)
Collaboration Agreements
Collaboration Agreements - Additional Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Future Principal And Interest Payments In Connection With The Credit Agreement (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Equity
Equity (Tables)
Equity - Additional Information (Details)
Equity - Assumptions Used In Valuing The Stock Options Granted Under Black-Scholes Valuation Model (Details)
Equity - Summary Of Restricted Stock Activity (Details)
Equity - Summary Of Stock Option Activity (Details)
Equity - Summary Of Stock-Based Compensation Expense Includes Amortization Of Stock Options And Restricted Stock Units Granted (Details)
Fair Value Measurements
Fair Value Measurements - Additional Information (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Loss From Continuing Operations Before Income Taxes (Details)
Income Taxes - Schedule Of Reconciliation Of Federal Statutory Income Tax Rate To Effective Income Tax From Continuing Operations (Details)
Income Taxes - Schedule Of Tax Effects Of Temporary Differences Give Rise To Significant Portions Of Deferred Tax Assets And Deferred Tax Liabilities (Details)
Leases And Contingencies
Leases And Contingencies (Tables)
Leases And Contingencies - Additional Information (Details)
Leases And Contingencies - Components Of Lease Expense (Details)
Leases And Contingencies - Summary Of Future Minimum Lease Payments (Details)
Leases And Contingencies - Summary Of Right Of Use Assets Acquired Under Operating Leases (Details)
Nature Of Business And Significant Accounting Policies
Nature Of Business And Significant Accounting Policies (Policies)
Nature Of Business And Significant Accounting Policies (Tables)
Nature Of Business And Significant Accounting Policies - Additional Information (Details)
Nature Of Business And Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Property And Equipment (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Computation Of Basic And Diluted Net Loss Per Share (Details)
Net Loss Per Share - Summary Of Potentially Dilutive Shares Excluded From Calculation Of Net Loss Per Share (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Summary Of Property And Equipment (Details)
Reverse Stock Split
Reverse Stock Split - Additional Information (Details)
Sale Of Aptevo Biotherapeutics - Gain Of Sale Of Business (Details)
Sale Of Aptevo Biotherapeutics - Summary Of Reconciliation Of Carrying Amounts Of Assets And Liabilities And Income (Loss) From Discontinued Operation (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Ticker: APVO
CIK: 1671584
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-016875
Submitted to the SEC: Wed Mar 31 2021 8:00:53 AM EST
Accepted by the SEC: Wed Mar 31 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations

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