Last10K.com

Aptevo Therapeutics Inc. (APVO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Aptevo Therapeutics Inc.

CIK: 1671584 Ticker: APVO

 

EXHIBIT 99.1

 

For Immediate Release

 

 

APTEVO THERAPEUTICS REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS

 

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

 

 

SEATTLE, WA – May 11, 2021

– Aptevo Therapeutics Inc. (“Aptevo” or “the Company”) (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 quarter ended March 31, 2021.

 

“We are pleased to report progress in the clinical trial of our ADAPTIR platform candidate APVO436, with the dose limiting toxicity (DLT) evaluation in cohorts 1 through 9 now completed and 44 patients enrolled to date in cohorts 1-10. We remain confident in the clinical impact potential of APVO436 and our platform technologies, and look forward to sharing interim data readouts from our ongoing APVO436 study later this year,” said Mr. Marvin White, President and CEO of Aptevo. “The transaction with HCR, which we completed in March 2021, provided significant non-dilutive funding, which adds to our cash runway and helps fund the company through the next twelve months.”

 

First Quarter 2021 Financial Results Summary

 

As announced in March, Aptevo received $35 million (“the Investment Amount”) from its sale of the right to royalty payments made by Pfizer Inc. ("Pfizer") with respect to net sales of RUXIENCE® to an entity managed by HealthCare Royalty Management, LLC ("HCR"). Aptevo is eligible to receive additional payments in aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2021, 2022, and 2023 (collectively, the “Milestone Amounts”). The Royalty Purchase Agreement further provides that, once HCR reaches aggregate royalty payments totaling 190% of the Investment Amount plus the Milestone Amounts to the extent paid by HCR to the Company, Aptevo will be entitled to receive 50% of any additional royalty payments by Pfizer thereafter. In connection with this royalty purchase agreement, Aptevo amended its term loan agreement with MidCap Financial and used $10 million of the proceeds received to pay down outstanding principal. 

 

Cash Position: Aptevo had cash and cash equivalents as of March 31, 2021 totaling $58.8 million, including restricted cash of $1.3 million.  The restricted cash is expected to be released over the next twelve months.

 

Royalty Revenue: Royalty revenue was $2.4 million for the three months ended March 31, 2021, related to the royalty from Pfizer on global net sales of RUXIENCE®, a biosimilar to the drug RITUXAN®, launched by Pfizer in early 2020. RUXIENCE® is a trademark of Pfizer; RITUXAN® is a trademark of Biogen. Due to our continuing involvement under the Definitive Agreement originally between Trubion and Wyeth, we continue to recognize royalty revenue on net sales of RUXIENCE® and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement.

1

 


The following information was filed by Aptevo Therapeutics Inc. (APVO) on Tuesday, May 11, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Aptevo Therapeutics Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Aptevo Therapeutics Inc..

Continue

Assess how Aptevo Therapeutics Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Aptevo Therapeutics Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Revenue
Financial
Other
Filter by Subcategory:
All
Product
Shares
Expense
Debt
Other
Inside Aptevo Therapeutics Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Cash, Cash Equivalents And Restricted Cash - Additional Information (Details)
Cash, Cash Equivalents And Restricted Cash - Schedule Of Cash, Cash Equivalents And Current Restricted Cash (Details)
Cash, Cash Equivalents, And Restricted Cash
Cash, Cash Equivalents, And Restricted Cash (Tables)
Collaboration Agreements
Collaboration Agreements - Additional Information (Details)
Debt
Debt - Additional Information (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Summary Of Reconciliation Of Carrying Amounts Of Assets And Liabilities And Income (Loss) From Discontinued Operation (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)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Summary Of Right Of Use Assets Acquired Under Operating Leases (Details)
Liability Related To Sale Of Future Royalties
Liability Related To Sale Of Future Royalties (Tables)
Liability Related To Sale Of Future Royalties - Additional Information (Details)
Nature Of Business And Significant Accounting Policies
Nature Of Business And Significant Accounting Policies (Policies)
Nature Of Business And Significant Accounting Policies - Additional Information (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Computation Of Basic And Diluted Net Loss Per Share (Details)
Net Income (Loss) Per Share - Summary Of Potentially Dilutive Shares Excluded From Calculation Of Net Loss Per Share (Details)
Schedule Of Changes In The Liability Related To The Sale Of Future Royalties (Details)
Ticker: APVO
CIK: 1671584
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-026319
Submitted to the SEC: Tue May 11 2021 8:51:18 AM EST
Accepted by the SEC: Tue May 11 2021
Period: Wednesday, March 31, 2021
Industry: Pharmaceutical Preparations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/apvo/0001564590-21-026319.htm