10-Q · May 13, 2026
Aptevo Therapeutics reported Q1 2026 results showing no revenue, with a diluted EPS loss of $(6.23), an improvement from an estimated loss of $(8.09). The company's cash position stood at $14.5 million, following a…
Earnings analysis · 10-Q
APVO earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The extracted 10-Q provides no revenue, EPS, margin, segment, or cash-flow statement data, preventing a conventional quarterly earnings comparison. Liquidity is constrained: cash was $9.8 million, six-month net loss…
Read full summary
The extracted 10-Q provides no revenue, EPS, margin, segment, or cash-flow statement data, preventing a conventional quarterly earnings comparison. Liquidity is constrained: cash was $9.8 million, six-month net loss increased to $13.1 million from $12.6 million, and management concluded that substantial doubt exists about the company’s ability to continue as a going concern. Although $66.8 million remained available under the SEPAs and the company added a Niowave collaboration, financing restrictions, no ATM availability, and Nasdaq delisting exposure create significant near-term risks.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Liquidity includes $9.8M of cash
Cash and cash equivalents were $9.8 million at June 30, 2026. The company also reported $6.0 million of stockholders’ equity and aggregate remaining SEPA capacity of $66.8 million.
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New Niowave radiopharmaceutical collaboration
The company entered into a Niowave collaboration, supply, stock purchase, and investor-rights agreement on May 25, 2026, to develop radiopharmaceutical candidates combining Aptevo molecules with Niowave radioisotopes.
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Disclosure controls remained effective
Aptevo reported effective disclosure controls as of June 30, 2026, and stated that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
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Two clinical-stage candidates remain active
Aptevo has two clinical-stage candidates, mipletamig and ALG.APV-527, and its mipletamig Phase 1b/2 study was initiated in August 2024 while the ALG.APV-527 Phase 1 study was initiated in the first quarter of 2023.
What to watch
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Going-concern uncertainty intensified
Management and the board concluded that substantial doubt exists regarding the company’s ability to continue as a going concern for the one-year period from the financial statement issuance date. The six-month net loss was $13.1 million, compared with $12.6 million in the prior-year period, and accumulated deficit was $288.3 million.
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Additional capital remains necessary
Cash was $9.8 million at June 30, 2026, and the company states that additional funding is required to support mipletamig, ALG.APV-527, and other operations. The ATM had no remaining availability, while the SEPAs had $66.8 million of capacity subject to restrictions and conditions.
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Financing restrictions constrain liquidity
Beginning August 12, 2026, contractual restrictions prohibit variable-price equity financings until one year after the Stockholder Approval Date, while the ATM’s additional capacity is not expected until after October 2026. These restrictions could limit access to capital during a period of liquidity pressure.
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Nasdaq delisting risk increased
Nasdaq’s proposed Market Value Requirement requires at least $5 million of market value of listed securities; falling below that level for 30 consecutive business days could lead to immediate suspension and delisting proceedings without a standard cure period. The company’s stock price was $3.50 on August 12, 2026.
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Radiopharmaceutical execution risk
The company entered a new radiopharmaceutical program with Niowave on May 25, 2026, adding risks related to isotope availability, short half-lives, transportation, manufacturing, radiation safety, and regulatory requirements.
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Tax attributes face utilization limits
The company reported an ownership change in June 2025 that may permanently limit use of approximately $0.8 million of tax credits under Sections 382/383. As of December 31, 2025, it had approximately $207.9 million of federal and $70.8 million of state net operating loss carryforwards subject to potential future limitations.
Management's outlook
No quantitative revenue, EPS, margin, or operating guidance was provided in the extracted 10-Q. Management states that annual net operating losses are expected to continue for the foreseeable future and that additional funding will be required.
Earlier filings 4
10-K · March 26, 2026
Aptevo is a clinical-stage immuno-oncology company that wholly owns its ADAPTIR and ADAPTIR-FLEX platforms and is advancing two clinical candidates (mipletamig for AML and ALG.APV-527 for solid tumors) plus six…
10-Q · November 6, 2025
Aptevo reported no revenue for Q3 2025 and a net loss of $7.5 million (net loss attributable to common stockholders $9.0 million), producing basic and diluted net loss per share of $(2.23). Cash and cash equivalents…
10-Q · August 11, 2025
Aptevo reported no revenue and a quarterly net loss of $6,204 (three months ended June 30, 2025) vs $5,883 in the year‑ago quarter; basic and diluted net loss per share improved to $(8.40) from $(1,236.96) driven by a…
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