0000950170-24-093366 | 10-Q | XBRL Viewer

Print Document

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Net Income (Loss) per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Note 9. Net Income (Loss) per Share

Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common share equivalents outstanding for the period using the as-if converted method. For the purpose of this calculation, warrants, stock options and restricted stock units ("RSUs") are only included in the calculation of diluted net income (loss) per share when their effect is dilutive.

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income (loss) from continuing operations or income (loss) from discontinued operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.

Common stock equivalents include warrants, stock options and unvested RSUs.

The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net loss from continuing operations	$	(5,883	)	$	(7,948	)	$	(12,717	)	$	(6,121	)
Income from discontinued operations		—			—			—			946
Net loss	$	(5,883	)	$	(7,948	)	$	(12,717	)	$	(5,175	)

Basic and diluted net loss per share from continuing operations:
Basic	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(37.45	)
Diluted	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(37.45	)
Basic and diluted net income per share from discontinued operations:
Basic	$	—		$	—		$	—		$	5.79
Diluted	$	—		$	—		$	—		$	5.79
Basic and diluted net loss per share:
Basic	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(31.67	)
Diluted	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(31.67	)
Shares used in calculation:
Basic		3,519,875			147,321			2,111,131			163,425
Diluted		3,519,875			147,321			2,111,131			163,425

The following table represents all potentially dilutive shares:


	As of June 30,
	2024		2023
Warrants		7,489,253		7,967
Outstanding options to purchase common stock		9,670		10,618
Unvested RSUs		5,263		7,727

We use the treasury stock method when determining dilutive shares. For the three and six months ended June 30, 2024 and 2023, the Company was in a net loss position, therefore the share number used to calculate diluted earnings per share is the same as the basic earnings per share.

Equity - Additional Information (Details)								3 Months Ended				6 Months Ended
Equity - Additional Information (Details)	Mar. 05, 2024	Feb. 27, 2024	Feb. 05, 2024	Nov. 09, 2023 USD ($) $ / shares shares	Feb. 16, 2022 USD ($) shares	Nov. 08, 2020 $ / shares shares	Jun. 01, 2018 shares	Jun. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 07, 2024 shares	Apr. 15, 2024 shares	Dec. 31, 2023 $ / shares shares	Jun. 07, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock \| $												$ 3,970,000	$ 2,083,000
Preferred stock, par value \| $ / shares								$ 0.001				$ 0.001				$ 0.001
Weighted-average grant date fair value per share of options granted \| $ / shares													$ 73.92
Total fair value of stock option vested \| $												$ 1,000,000	$ 1,100,000
Warrants outstanding								7,489,253				7,489,253				697,220
Issuance of common stock, net \| $								$ 3,970,000		$ 482,000	$ 1,602,000
Reverse stock split	0.02	0.02							0.02
Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense \| $								400,000				$ 400,000
Options expected to vest, weighted average period												1 year 1 month 17 days
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated forfeiture rate													30.00%
Unrecognized compensation expense \| $								$ 200,000				$ 200,000
Options expected to vest, weighted average remaining vesting term												10 months 24 days
Stock options granted								0		0		0	0
2018 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan							200,000							165,000			11,363
Maximum number of returning shares from old plan to be add to shares reserve							200,000
Number of shares available for grant								200,000				200,000
Stock plan termination period							10 years
2018 Stock Incentive Plan \| Unvested RSUs \| Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period							1 year
Broadridge Corporate Issuer Solutions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred share purchase right						1
Broadridge Corporate Issuer Solutions \| Series A Junior Participating Preferred Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, par value \| $ / shares						$ 0.001
Share portion entitled to purchase by rights						When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock
Warrants exercise price, per share \| $ / shares						$ 2.02
Percentage of beneficial ownership						10.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reverse stock split			0.02
Minimum \| 2018 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period							1 year
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reverse stock split			0.06
Maximum \| 2018 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period							3 years
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock shares								3,404,978	231,130	6,818	16,611
Issuance of common stock, net \| $								$ 3,000	$ 5,000		$ 1,000
Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants															4,946,668
Warrants \| Series A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding								42,555				42,555
Warrants \| Series B
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding								1,316				1,316
Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock price per share \| $ / shares										$ 99.43			$ 99.43
Proceeds from issuance of common stock \| $													$ 1,600,000
Equity Distribution Agreement \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock shares													16,611
Warrant Inducement Agreement \| Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants \| $												$ 100,000
Gross proceeds from warrant exercises \| $				$ 3,300,000
Warrant Inducement Agreement \| Warrants \| Series A
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding				140,726
Warrant Inducement Agreement \| Warrants \| Series B
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding				181,965
Purchase Agreement \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock \| $													$ 500,000
Purchase Agreement \| Common Stock \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock shares					2,256
Cash consideration as an initial fee for commitment to purchase shares of common stock \| $					$ 0
Shares of common stock issued for cash consideration												0	6,818
Purchase Agreement \| Common Stock \| Maximum \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net \| $					$ 35,000,000
Series A and Series B Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share \| $ / shares				$ 10.25				$ 10.25				$ 10.25
Number of warrants issued				645,382
Series A Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share \| $ / shares				$ 10.25
Number of warrants issued				281,452
Series A Common Warrants \| Warrant Inducement Agreement \| Common Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants				281,452
Series B Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share \| $ / shares				$ 10.25
Number of warrants issued				363,930
Series B Common Warrants \| Warrant Inducement Agreement \| Common Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants				363,930
Series A-1 Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercisable date												Feb. 05, 2024
Number of common stock to be issued up conversion of warrants				140,726
Warrants outstanding, term				4 years 8 months
Series A-2 Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercisable date												Feb. 05, 2024
Number of common stock to be issued up conversion of warrants				140,726
Warrants outstanding, term				5 years
Series B-1 Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercisable date												Feb. 05, 2024
Number of common stock to be issued up conversion of warrants				181,965
Warrants outstanding, term				14 months
Series B-2 Common Warrants \| Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercisable date												Feb. 05, 2024
Number of common stock to be issued up conversion of warrants				181,695
Warrants outstanding, term				24 months

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,066	$ 16,904
Prepaid expenses	798	1,473
Other current assets	715	689
Total current assets	9,579	19,066
Property and equipment, net	697	895
Operating lease right-of-use asset	4,645	4,881
Total assets	14,921	24,842
Current liabilities:
Accounts payable and other accrued liabilities	3,736	3,984
Accrued compensation	892	2,098
Other current liabilities	791	1,142
Total current liabilities	5,419	7,224
Other long-term liabilities	14
Operating lease liability	5,025	5,397
Total liabilities	10,458	12,621
Stockholders' equity:
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,080,665 and 442,458 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	69	61
Additional paid-in capital	240,558	235,607
Accumulated deficit	(236,164)	(223,447)
Total stockholders' equity	4,463	12,221
Total liabilities and stockholders' equity	$ 14,921	$ 24,842

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

On July 1, 2024, we completed the Registered Direct Offering of (i) 3,621,460 shares of our common stock and accompanying common warrants ("Common Warrants") to purchase up to 7,242,920 shares of common stock at an offering price of $0.515 per share and accompanying Common Warrants and (ii) pre-funded warrants ("Pre-Funded Warrants") to purchase 1,718,346 shares of common stock and accompanying Common Warrants to purchase up to 3,436,692 shares of common stock at a combined offering price of $0.5149 per Pre-funded Warrant and accompanying Common Warrants, which is equal to the offering price per share of Common Stock and accompanying Common Warrant less the $0.0001 per share exercise price of each such Pre-funded Warrant. The exercise price of the Common Warrants is subject to adjustment for stock splits and similar capital transactions and is subject to repricing in the event of a share split, share dividend, share combination or other such event as described in the Common Warrants. We received $2.7 million in gross proceeds from the offering. Our net proceeds from the offering amounted to approximately $2.3 million after deducting offering expenses payable by us, including placement agent and other fees. The Common Warrants have an exercise price of $0.515 per share and are exercisable upon stockholder approval and will expire in August 2029. If the Common Warrants are exercised, we will receive up to an additional $5.5 million in proceeds.

In connection with the Registered Direct Offering, the Company amended certain existing warrants that were previously issued to certain investors on (i) August 4, 2023 to purchase up to 41,239 shares of our common stock and have exercise price of $27.28 per

share, (ii) November 9, 2023 to purchase up to 610,334 shares of our common stock and have exercise price of $10.252 per share, and (iii) April 15, 2024 to purchase up to 6,666,668 shares of our common stock and have exercise price of $1.35 per share (collectively, the “Existing Warrants”), such that the Existing Warrants have a reduced exercise price equal to $0.515 per share and include the same exercise price adjustments as the Common Warrants issued in the Registered Direct Offering. The amended warrants become exercisable upon the same stockholder approval as for the Common Warrants. As of June 30, 2024, all pre-funded warrants have been exercised.

Nature of Business and Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Note 1. Nature of Business and Significant Accounting Policies

Organization and Liquidity

Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage, research and development biotechnology company focused on developing novel immuno-oncology candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs. Our clinical candidates, APVO436 and ALG.APV-527, and preclinical candidates, APVO603 and APVO711, were developed using our ADAPTIR™ modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX™ modular protein technology platform.

We are currently trading on the Nasdaq Capital Market under the symbol "APVO."

The accompanying financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the uncertainty of our ability to continue as a going concern, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. For the six months ended June 30, 2024, we had a net loss of $12.7 million. We had an accumulated deficit of $236.2 million as of June 30, 2024. For the six months ended June 30, 2024, net cash used in our operating activities was $12.8 million. We have suffered recurring losses from operations and negative cash flows from operating activities. When considered in aggregate, these factors raise substantial doubt about our ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. We will need to raise additional funds to support our operating and capital needs in addition to our existing cash resources, cash to be generated from future milestones related to IXINITY sales and regulatory approvals achieved by Medexus Pharmaceuticals ("Medexus"), and exercise of common warrants. We may choose to raise additional funds to support our operating and capital needs in the future.

We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) whether and to what extent potential milestones are received from Medexus with respect to IXINITY; (e) macroeconomic conditions such as rising interest rates, inflation and costs; and (f) other items affecting our forecasted level of expenditures and use of cash resources. We may attempt to obtain other public or private financing, collaborative or licensing arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occurs, our ability to achieve our development goals may be adversely affected. Given the continuing global economic and geopolitical climate, including rising interest rates and stock market volatility, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known.

The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates.

Significant Accounting Policies

Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC

On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $0.05 million.

We accounted for the $9.6 million Closing Payment and the $0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received.

Other Significant Accounting Policies

Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation

The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands):


	For the Six Months Ended June 30,
	2024		2023
Deferred payment from Medexus		—		523
Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics		—		163
Gain on contingent consideration from Kamada		—		260
Income from discontinued operations	$	—	$	946

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)(Parenthetical)			3 Months Ended
	Mar. 05, 2024	Feb. 27, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Reverse stock split	0.02	0.02	0.02

XOMA Transaction

6 Months Ended

Jun. 30, 2024

XOMA Transaction

Note 3. XOMA Transaction

On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title and interest in and to all of the deferred payments and a portion of the milestone payments from Medexus under our LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $9.6 million at closing and an additional post-closing payment of $0.05 million. In exchange for the Closing Payment, we sold to XOMA our right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100% of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25% of the Company’s entitlement to receive the Canadian approval milestone payment; and (iii) 50% of the Company’s entitlement to receive the European approval milestone payments and net sales milestone payment.

We accounted for the $9.6 million Closing Payment and the $0.05 million post-closing payment from XOMA as other income in accordance with ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Equity - Summary of Stock Option Activity (Details) - Employee Stock Option - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance			9,946
Number of Shares, Granted	0	0	0	0
Number of Shares, Forfeited			(276)
Number of Shares, Outstanding, Ending balance	9,670		9,670		9,946
Number of Shares, Exercisable	7,204		7,204
Number of Shares, Vested and expected to Vest	9,107		9,107
Weighted-Average Exercise Price, Outstanding, Beginning balance			$ 563.19
Weighted-Average Exercise Price, Forfeited			658.89
Weighted-Average Exercise Price, Outstanding, Ending balance	$ 559.24		559.24		$ 563.19
Weighted-Average Exercise Price, Exercisable	695.34		695.34
Weighted-Average Exercise Price, Vested and expected to vest	$ 586.09		$ 586.09
Weighted-Average Remaining Term, Outstanding			7 years 14 days		7 years 4 months 17 days
Weighted-Average Remaining Term, Exercisable			6 years 6 months 29 days
Weighted-Average Remaining Term, Vested and expected to vest			6 years 11 months 12 days

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, it gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows:

Level 1— Quoted prices in active markets for identical assets and liabilities;

Level 2— Inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

At June 30, 2024 and December 31, 2023, we had $7.1 million and $13.2 million in Level 1 money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At June 30, 2024 and December 31, 2023, we did not have any Level 2 or Level 3 assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	APVO
Entity Registrant Name	APTEVO THERAPEUTICS INC.
Entity Central Index Key	0001671584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Transition Report	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		9,420,489
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Address, Address Line One	2401 4th Avenue
Entity Address, Address Line Two	Suite 1050
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98121
City Area Code	206
Local Phone Number	838-0500
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Tax Identification Number	81-1567056
Entity File Number	001-37746

Equity - Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model (Details)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Expected dividend yield	0.00%
Expected volatility	110.01%
Risk-free interest rate	5.16%
Expected average life of warrants	5 years

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net loss	$ (12,717)	$ (5,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	992	1,380
Depreciation and amortization	197	328
Non-cash interest expense and other		10
Changes in operating assets and liabilities:
Royalty receivable		2,500
Prepaid expenses and other current assets	650	641
Operating lease right-of-use asset	236	205
Accounts payable, accrued compensation and other liabilities	(1,805)	205
Long-term operating lease liability	(357)	(331)
Net cash used in operating activities	(12,804)	(237)
Financing Activities
Payments of long-term debt, including fees		(3,467)
Value of equity awards withheld for tax liability	(1)	(8)
Proceeds from issuance of common stock	3,970	2,083
Payments in lieu of fractional shares	(3)
Net cash provided by (used in) financing activities	3,966	(1,392)
Decrease in cash and cash equivalents	(8,838)	(1,629)
Cash and cash equivalents at beginning of period	16,904	22,635
Cash and cash equivalents at end of period	$ 8,066	$ 21,006

Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Summary of Warrant Activity


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2023		697,220		$	20.36		2.99
Issued		6,800,000			1.35		4.75
Exercised		—			—		—
Expired		(7,967	)		800.80		—
Outstanding at June 30, 2024		7,489,253		$	2.27		4.54
Exercisable at June 30, 2024		7,489,253		$	2.27		4.54

Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model

Aptevo uses Black-Scholes valuation model for estimating the fair value of the common warrants included in the April 2024 public offering. Set forth below are the assumptions used in valuing the common warrants issued:


		For the Six Months Ended June 30,
		2024
Expected dividend yield		0.00%
Expected volatility		110.01%
Risk-free interest rate		5.16%
Expected average life of warrants		5 years

Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted

Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	49	$	112	$	291	$	422
General and administrative		224		353		701		958
Total stock-based compensation expense	$	273	$	465	$	992	$	1,380

Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model

Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:


	For the Six Months Ended June 30,
	2024		2023
Expected dividend yield		—		—
Expected volatility		—	103.63%
Risk-free interest rate		—	4.18%
Expected average life of options		—	5 years

Summary of Stock Option Activity

The following is a summary of option activity for the six months ended June 30, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term
Balance at December 31, 2023		9,946		$	563.19		7.38
Granted		—			—		—
Exercised		—			—		—
Forfeited		(276	)		658.89		—
Outstanding at June 30, 2024		9,670		$	559.24		7.04
Exercisable June 30, 2024		7,204		$	695.34		6.58
Vested and expected to vest at June 30, 2024		9,107		$	586.09		6.95

Summary of RSU Activity

The following is a summary of RSU activity for the six months ended June 30, 2024:


	Number of Units			Weighted Average Fair Value per Unit
Balance at December 31, 2023		6,342		$	205.08
Granted		1,672			7.19
Vested		(2,578	)		279.59
Forfeited		(173	)		84.99
Outstanding and expected to vest at June 30, 2024		5,263		$	109.66

Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Equity

Note 10. Equity

August 2023 Public Raise

On August 4, 2023, we completed a public offering of common stock and warrants, which included the following:

•

50,488 shares of common stock at a price of $27.28 per share.

•

Pre-funded warrants to purchase up to 132,793 shares of common stock at a price of $27.28 per with an exercise price of $0.001 per share. As of June 30, 2024, all pre-funded warrants have been exercised.

•

Series A and Series B common warrants to purchase up to an aggregate of 366,562 shares of common stock at an exercise price of $27.28 per share.

We received net proceeds of $4.3 million, net of transaction costs, as a result of this offering. In the fourth quarter of 2023, an aggregate of 322,691 Series A and Series B common warrants were exercised as part of our November 2023 warrant inducement agreement with certain holders of our common warrants. The Series A and Series B common warrants are exercisable immediately following the date of issuance and will expire on August 4, 2028 and February 4, 2025, respectively. In connection with a registered direct offering of the Company that closed on July 1, 2024 (the “Registered Direct Offering”), the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our August 2023 public offering, such that these common warrants will have a reduced exercise price equal to $0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024, we have 42,555 Series A and 1,316 Series B common warrants outstanding from our August 2023 public offering with an exercise price of $27.28 per share. Of these outstanding common warrants, 41,239 Series A common warrants have an amended exercise price of $0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events."

If such warrants are exercised, we will receive up to an additional $0.1 million in gross proceeds.

November 2023 Warrant Inducement

On November 9, 2023, we entered into a warrant inducement agreement (the "Inducement Agreement") with certain holders of our Series A and Series B common warrants issued in connection with our August 2023 public offering to exercise for cash 140,726 Series A and 181,965 Series B common warrants at a reduced exercise price of $10.25. We received $3.3 million in gross proceeds from the exercise of these warrants and issued an aggregate of 645,382 new Series A and new Series B warrants as follows:

•

281,452 Series A common warrants to purchase an aggregate of up to 281,452 shares of common stock at $10.25 per share, of which 140,726 Series A-1 common warrants were immediately exercisable and 140,726 Series A-2 common warrants were exercisable at any time on or after February 5, 2024. The Series A-1 and Series A-2 common warrants have terms of four years and eight months, and five years, respectively.

•

363,930 Series B common warrants to purchase an aggregate of up to 363,930 shares of common stock at $10.25 per share, of which 181,965 Series B-1 common warrants were immediately exercisable and 181,695 Series B-2 common warrants were exercisable at any time on or after February 5, 2024. The Series B-1 and Series B-2 common warrants have terms of fourteen months and twenty-four months, respectively.

On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our November 2023 warrant inducement, such that these common warrants will have a reduced exercise price equal to $0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024, we have 140,726 Series A-1, 140,726 Series A-2, 181,965 Series B-1 and 181,965 Series B-2 common warrants outstanding from our November 2023 warrant inducement with an exercise price of $10.25 per share. Of these outstanding common warrants, 131,964 Series A-1, 131,964 Series A-2, 173,203 Series B-1 and 173,203 Series B-2 common warrants have an amended exercise price of $0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events."

If such warrants are exercised, we will receive up to an additional $0.7 million in gross proceeds.

April 2024 Public Raise

On April 15, 2024, we completed a public offering of common stock and warrants, in which we received net proceeds of $4.0 million, net of transaction costs, which included the following:

•

926,666 shares of common stock and accompanying common warrants to purchase up to 1,853,332 shares of common stock at a public offering price of $1.35 per share; and

•

Pre-funded warrants to purchase up to 2,473,334 shares of common stock and accompanying common warrants to purchase up to 4,946,668 shares of common stock at a combined public offering price of $1.3499 per pre-funded warrant, which is equal to the public offering price per share of common stock less the $0.0001 per share exercise price of each such pre-funded warrant. As of June 30, 2024, all pre-funded warrants have been exercised.

The common warrants are exercisable immediately following the date of issuance and will expire in April 2029. On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our April 2024 public offering, such that these common warrants will have a reduced exercise price equal to $0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024, we have 6,800,000 common warrants outstanding from our April 2024 public offering with an exercise price of $1.35 per share, of which 6,666,668 common warrants have an amended exercise price of $0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events."

If such warrants are exercised, we will receive up to an additional $3.6 million in proceeds.


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2023		697,220		$	20.36		2.99
Issued		6,800,000			1.35		4.75
Exercised		—			—		—
Expired		(7,967	)		800.80		—
Outstanding at June 30, 2024		7,489,253		$	2.27		4.54
Exercisable at June 30, 2024		7,489,253		$	2.27		4.54


		For the Six Months Ended June 30,
		2024
Expected dividend yield		0.00%
Expected volatility		110.01%
Risk-free interest rate		5.16%
Expected average life of warrants		5 years

Equity Distribution Agreement

The Company previously entered into an Equity Distribution Agreement with Piper Sandler (the "Equity Distribution Agreement") under which we could issue and sell through Piper Sandler shares of our common stock pursuant to a Registration Statement on Form S-3 (the "Shelf Registration Statement") which we filed on December 14, 2020, and expired in December 2023. In the six months ended June 30, 2023, the Company issued 16,611 shares of common stock at an average price of $99.43 under the Equity Distribution Agreement. We received $1.6 million in proceeds from the issuance of these shares.

Lincoln Park Purchase Agreement

On February 16, 2022, we entered into a Purchase Agreement ("2022 Purchase Agreement") and a Registration Rights Agreement with Lincoln Park (the "Registration Rights Agreement") to purchase up to $35.0 million of our common stock over a 36-month period, for which we issued 2,256 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the 2022 Purchase Agreement. For the six months ended June 30, 2024, we did not issue shares of our common stock and for the six months ended June 30, 2023, we issued 6,818 shares of our common stock to Lincoln Park under the 2022 Purchase Agreement and we received $0.5 million in proceeds from issuance of these shares. Our Shelf Registration Statement on Form S-3 expired on December 18, 2023, without which we cannot issue shares pursuant to the 2022 Purchase Agreement.

Rights Plan

On November 8, 2020, our Board approved and adopted a Rights Agreement (the "Rights Agreement"), dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a "Right") for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. One Right also will be issued together with each common share issued by the Company after November 23, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date. When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock, Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten

percent (10%) or more of the Company’s common stock without the approval of the Board. On November 2, 2023, we entered into amendment No. 3 to the Rights Agreement and extended the expiration of such agreement to November 4, 2024 and changed the exercise price to $2.02 per one one-thousandth of a Series A Junior Participating Preferred Share (as defined in the Rights Agreement), subject to adjustment.

2018 Stock Incentive Plan

On June 1, 2018, at the 2018 annual meeting of the stockholders, the Company’s stockholders approved a new 2018 Stock Incentive Plan (the "2018 SIP"), which replaced the Restated 2016 Plan (the "2016 SIP") on a go-forward basis. All stock options, RSUs or other equity awards granted subsequent to June 1, 2018 have been and will be issued out of the 2018 SIP, which has 0.2 million shares of Aptevo common stock authorized for issuance. The 2018 SIP became effective immediately upon stockholder approval at the 2018 annual meeting of the stockholders. Any shares subject to outstanding stock awards granted under the 2016 SIP that (a) expire or terminate for any reason prior to exercise or settlement; (b) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (c) otherwise would have returned to the 2016 SIP for future grant pursuant to the terms of the 2016 SIP (such shares, the "Returning Shares") will immediately be added to the share reserve under the 2018 SIP as and when such shares become Returning Shares, up to a maximum of 0.2 million shares.

On June 7, 2022, at the 2022 annual meeting of the stockholders, our stockholders approved the Amended and Restated 2018 SIP (the "Amended 2018 SIP") to increase the number of shares authorized for issuance under the 2018 SIP by 11,363 shares of common stock (adjusted for 1-for-44 reverse stock split effective as of March 5, 2024).

On June 7, 2024, at the 2024 annual meeting of the stockholders, our stockholders approved the Second Amended and Restated 2018 SIP (the "Second Amended 2018 SIP") to increase the number of shares authorized for issuance under the Amended 2018 SIP by 165,000 shares of common stock. As of June 30, 2024, there are 0.2 million shares available to be granted under the Second Amended 2018 SIP.

Stock options and RSUs under the Second Amended 2018 SIP generally vest pro rata over a one-year or three-year period. Stock options terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers, members of our Board, and certain other employees and consultants may be awarded options and/or RSUs with different vesting criteria, and awards granted to non-employee directors will vest over a one-year period. Option exercise and RSU grant prices for new awards granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant.

Stock-Based Compensation Expense


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	49	$	112	$	291	$	422
General and administrative		224		353		701		958
Total stock-based compensation expense	$	273	$	465	$	992	$	1,380

The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the vesting period. All assumptions used to calculate the grant date fair value of non-employee equity awards are generally consistent with the assumptions used for equity awards granted to employees. In the event the Company terminates any of its consulting agreements, the unvested equity underlying the agreements would also be forfeited. The stock compensation is lower in the current period mainly due to a decrease in our stock price.

Stock Options

Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted:


	For the Six Months Ended June 30,
	2024		2023
Expected dividend yield		—		—
Expected volatility		—	103.63%
Risk-free interest rate		—	4.18%
Expected average life of options		—	5 years

The Company did not grant stock options for the three and six months ended June 30, 2024 or for the three months ended June 30, 2023. For the six months ended June 30, 2023, management has applied an estimated forfeiture rate of 30%.

The following is a summary of option activity for the six months ended June 30, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term
Balance at December 31, 2023		9,946		$	563.19		7.38
Granted		—			—		—
Exercised		—			—		—
Forfeited		(276	)		658.89		—
Outstanding at June 30, 2024		9,670		$	559.24		7.04
Exercisable June 30, 2024		7,204		$	695.34		6.58
Vested and expected to vest at June 30, 2024		9,107		$	586.09		6.95

As of June 30, 2024, we had $0.2 million of unrecognized compensation expense related to options expected to vest over a weighted-average remaining vesting period of 0.9 years. The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2023, was $73.92. The total fair value of stock options vested for the six months ended June 30, 2024 and 2023 was $1.0 million and $1.1 million, respectively.

The aggregate intrinsic value is the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of June 30, 2024 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the quarter.

Restricted Stock Units

The following is a summary of RSU activity for the six months ended June 30, 2024:


	Number of Units			Weighted Average Fair Value per Unit
Balance at December 31, 2023		6,342		$	205.08
Granted		1,672			7.19
Vested		(2,578	)		279.59
Forfeited		(173	)		84.99
Outstanding and expected to vest at June 30, 2024		5,263		$	109.66

As of June 30, 2024, there was $0.4 million unrecognized stock-based compensation expense related to unvested RSUs expected to vest over the weighted-average period of 1.13 years.

The fair value of each RSU has been determined to be the closing trading price of the Company’s common stock on the date of grant as quoted on the Nasdaq Capital Market.

XOMA Transaction - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 29, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Income from discontinued operations		$ 0	$ 0	$ 0	$ 946,000
Payment Interest Purchase Agreement
Related Party Transaction [Line Items]
Income from discontinued operations	$ 9,600,000
Additional post-closing payment	$ 50,000.00
Percentage of entitlement to receive deferred payments	100.00%
Percentage of entitlement to receive Canadian approval milestone payment	25.00%
Percentage of entitlement to receive European approval milestone payment	50.00%
Payment Interest Purchase Agreement \| ASC 610-20
Related Party Transaction [Line Items]
Income from discontinued operations				9,600,000
Additional post-closing payment				$ 50,000.00

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477349/740-270-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3B

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3

+ Details

Nature of Business and Significant Accounting Policies - Additional Information (Details)		3 Months Ended				6 Months Ended
	Mar. 29, 2023 USD ($)	Jun. 30, 2024 USD ($) Platform	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) Platform	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Nature Of Business [Line Items]
Number of technology platforms \| Platform		2				2
Net Income (Loss)		$ (5,883,000)	$ (6,834,000)	$ (7,948,000)	$ 2,773,000	$ (12,717,000)	$ (5,175,000)
Accumulated deficit		(236,164,000)				(236,164,000)		$ (223,447,000)
Net cash used in operating activities						(12,804,000)	(237,000)
Income from discontinued operations		0		$ 0		0	$ 946,000
Payment Interest Purchase Agreement
Nature Of Business [Line Items]
Income from discontinued operations	$ 9,600,000
Additional post-closing payment	$ 50,000.00
Payment Interest Purchase Agreement \| ASC 610-20
Nature Of Business [Line Items]
Income from discontinued operations						9,600,000
Additional post-closing payment						50,000.00
Nasdaq Capital Market
Nature Of Business [Line Items]
Net Income (Loss)						(12,700,000)
Accumulated deficit		$ (236,200,000)				(236,200,000)
Net cash used in operating activities						$ 12,800,000

Leases - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,881
For operating leases	688	$ 459
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,881

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (5,883)		$ (7,948)		$ (12,717)	$ (6,121)
Income from discontinued operations						946
Net loss	$ (5,883)	$ (6,834)	$ (7,948)	$ 2,773	$ (12,717)	$ (5,175)
Basic and diluted net (loss) income per share:
Basic net loss per share from continuing operations	$ (1.67)		$ (53.95)		$ (6.02)	$ (37.45)
Diluted net loss per share from continuing operations	(1.67)		(53.95)		(6.02)	(37.45)
Basic net income per share from discontinued operations						5.79
Diluted net income per share from discontinued operations						5.79
Basic net loss per share	(1.67)		(53.95)		(6.02)	(31.67)
Diluted net loss per share	$ (1.67)		$ (53.95)		$ (6.02)	$ (31.67)
Shares used in calculation:
Basic shares used in calculation	3,519,875		147,321		2,111,131	163,425
Diluted shares used in calculation	3,519,875		147,321		2,111,131	163,425

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 7,100,000	$ 13,200,000
Level Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Level Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

Note 7. Leases

Office Space Lease - Operating

We have an operating lease related to our office and laboratory space in Seattle, Washington with a term through April 2030 and two options to extend the lease term, each by five years. As of June 30, 2024, we are not reasonably certain to exercise the two options to extend the lease term and our lease liability is recorded through April 30, 2030.

For the three and six months ended June 30, 2024 and 2023, we recorded $0.2 million and $0.4 million, respectively, related to variable lease expense.

Components of lease expense:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	297	$	297	$	594	$	594
Total lease cost	$	297	$	297	$	594	$	594

Right of use assets acquired under operating leases:


	As of June 30,		As of December 31,
(in thousands)	2024		2023
Seattle office lease, including amendment	$	4,645	$	4,881
Total operating leases	$	4,645	$	4,881

Lease payments:


	For the Six Months Ended June 30,
(in thousands)	2024		2023
For operating leases	$	688	$	459

As of June 30, 2024, the long-term and current portion of the lease liabilities was $5.0 million and $0.7 million, respectively. As of June 30, 2023, the long-term and current portion of the lease liabilities was $5.7 million and $0.6 million, respectively.

As of June 30, 2024, the weighted-average remaining lease term and weighted-average discount rate for operating leases was 5.84 years and 12.03%.

Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023:


	June 30,		December 31,
(in thousands)	2024		2023
Cash	$	962	$	3,733
Cash equivalents		7,104		13,171
Total cash and cash equivalents	$	8,066	$	16,904

Equity - April 2024 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Aug. 04, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock				$ 3,970	$ 2,083
Warrants outstanding				7,489,253		697,220
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		4,946,668
Warrants \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.515
Number of common stock to be issued up conversion of warrants	3,436,692
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 1.3499
Pre-funded Warrants \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.5149
Number of common stock to be issued up conversion of warrants	1,718,346
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock		$ 4,000	$ 4,300
Issuances of common stock (in shares)		926,666	50,488
Common stock price per share		$ 1.35	$ 27.28
Public Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		1,853,332
Public Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share			$ 27.28
Number of common stock to be issued up conversion of warrants		2,473,334	132,793
Warrants exercise price, per share		$ 0.0001	$ 0.001
Registered Direct Offering \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock	$ 2,300
Issuances of common stock (in shares)	3,621,460
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share				$ 1.35
Warrants outstanding				6,800,000
Registered Direct Offering \| Warrants \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515
Warrants outstanding	6,666,668

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Components of Lease Expense

Components of lease expense:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost	$	297	$	297	$	594	$	594
Total lease cost	$	297	$	297	$	594	$	594

Summary of Right of Use Assets Acquired Under Operating Leases

Right of use assets acquired under operating leases:


	As of June 30,		As of December 31,
(in thousands)	2024		2023
Seattle office lease, including amendment	$	4,645	$	4,881
Total operating leases	$	4,645	$	4,881

Lease payments:


	For the Six Months Ended June 30,
(in thousands)	2024		2023
For operating leases	$	688	$	459

Reverse Stock Split - Additional Information (Details)				3 Months Ended	6 Months Ended
Reverse Stock Split - Additional Information (Details)	Mar. 05, 2024	Feb. 27, 2024	Feb. 05, 2024	Mar. 31, 2024	Jun. 30, 2024
Reverse Stock Split [Line Item]
Reverse stock split	0.02	0.02		0.02
Reverse Stock Split, outstanding common stock					On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split").
Minimum
Reverse Stock Split [Line Item]
Reverse stock split			0.02
Maximum
Reverse Stock Split [Line Item]
Reverse stock split			0.06

Collaboration Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

Note 4. Collaboration Agreements

Alligator Bioscience AB

On July 20, 2017, our wholly owned subsidiary, Aptevo R&D, entered into a collaboration and option agreement (the "Collaboration Agreement") with Alligator Bioscience AB ("Alligator"), pursuant to which Aptevo and Alligator have been collaboratively developing ALG.APV-527, a first-in-class bispecific antibody candidate simultaneously targeting 4-1BB (CD137), a member of the TNFR superfamily of a costimulatory receptor found on activated T cells, and 5T4, a tumor antigen widely overexpressed in a number of different types of cancer.

We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808 – Collaborative Arrangements ("ASC 808"). In accordance with ASC 808, we concluded that because the Collaboration Agreement is a cost sharing agreement, there is no revenue.

For the six months ended June 30, 2024 and 2023, we recorded approximately $1.3 million and $1.5 million, which represent our 50% cost share, in our research and development expense related to the Collaboration Agreement, respectively.

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 297	$ 297	$ 594	$ 594
Total lease cost	$ 297	$ 297	$ 594	$ 594

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) RenewalOption	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,645		$ 4,881
Long term portion of operating lease liabilities	5,025	$ 5,700	5,025	$ 5,700	$ 5,397
Current portion of operating lease liabilities	$ 700	$ 600	$ 700	$ 600
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current	Other Liabilities, Current	Other Liabilities, Current
Weighted average remaining lease term for operating leases	5 years 10 months 2 days		5 years 10 months 2 days
Weighted discount rate for operating leases	12.03%		12.03%
Office Space Lease
Lessee Lease Description [Line Items]
Initial operating lease term date			2030-04
Operating lease renewal option description			term through April 2030 and two options to extend the lease term, each by five years
Operating lease renewal option term	5 years		5 years
Number of operating lease renewal option \| RenewalOption			2
Operating lease option to extend			true
Variable expense	$ 200	$ 200	$ 400	$ 400

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 273	$ 465	$ 992	$ 1,380
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	49	112	291	422
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 224	$ 353	$ 701	$ 958

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	4,080,665	442,458
Common stock, shares outstanding	4,080,665	442,458

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2022	$ 17,974	$ 48	$ 223,962	$ (206,036)
Balance (in shares) at Dec. 31, 2022		146,961
Common stock issued upon vesting of restricted stock units	(8)		(8)
Common stock issued upon vesting of restricted stock units (in shares)		961
Issuances of common stock	1,602	$ 1	1,601
Issuances of common stock (in shares)		16,611
Stock-based compensation	915		915
Net income (loss) for the period	2,773			2,773
Balance at Mar. 31, 2023	23,256	$ 49	226,470	(203,263)
Balance (in shares) at Mar. 31, 2023		164,533
Balance at Dec. 31, 2022	17,974	$ 48	223,962	(206,036)
Balance (in shares) at Dec. 31, 2022		146,961
Net income (loss) for the period	(5,175)
Balance at Jun. 30, 2023	16,253	$ 49	227,415	(211,211)
Balance (in shares) at Jun. 30, 2023		171,441
Balance at Mar. 31, 2023	23,256	$ 49	226,470	(203,263)
Balance (in shares) at Mar. 31, 2023		164,533
Common stock issued upon vesting of restricted stock units	(2)		(2)
Common stock issued upon vesting of restricted stock units (in shares)		90
Issuances of common stock	482		482
Issuances of common stock (in shares)		6,818
Stock-based compensation	465		465
Net income (loss) for the period	(7,948)			(7,948)
Balance at Jun. 30, 2023	16,253	$ 49	227,415	(211,211)
Balance (in shares) at Jun. 30, 2023		171,441
Balance at Dec. 31, 2023	12,221	$ 61	235,607	(223,447)
Balance (in shares) at Dec. 31, 2023		442,458
Common stock issued upon vesting of restricted stock units (in shares)		213
Issuances of common stock		$ 5	(5)
Issuances of common stock (in shares)		231,130
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024	(3)		(3)
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024 (in shares)		(371)
Stock-based compensation	719		719
Net income (loss) for the period	(6,834)			(6,834)
Balance at Mar. 31, 2024	6,103	$ 66	236,318	(230,281)
Balance (in shares) at Mar. 31, 2024		673,430
Balance at Dec. 31, 2023	12,221	$ 61	235,607	(223,447)
Balance (in shares) at Dec. 31, 2023		442,458
Net income (loss) for the period	(12,717)
Balance at Jun. 30, 2024	4,463	$ 69	240,558	(236,164)
Balance (in shares) at Jun. 30, 2024		4,080,665
Balance at Mar. 31, 2024	6,103	$ 66	236,318	(230,281)
Balance (in shares) at Mar. 31, 2024		673,430
Common stock issued upon vesting of restricted stock units (in shares)		2,257
Issuances of common stock	3,970	$ 3	3,967
Issuances of common stock (in shares)		3,404,978
Stock-based compensation	273		273
Net income (loss) for the period	(5,883)			(5,883)
Balance at Jun. 30, 2024	$ 4,463	$ 69	$ 240,558	$ (236,164)
Balance (in shares) at Jun. 30, 2024		4,080,665

Discontinued Operations

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 2. Discontinued Operations

The accompanying unaudited condensed consolidated financial statements include discontinued operations from the sale of business products and segments.

The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands):


	For the Six Months Ended June 30,
	2024		2023
Deferred payment from Medexus		—		523
Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics		—		163
Gain on contingent consideration from Kamada		—		260
Income from discontinued operations	$	—	$	946

For the three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024, we did not record income from discontinued operations. For the six months ended June 30, 2023, we collected $0.5 million in deferred payments from Medexus related to IXINITY sales and $0.2 million related to funds released from escrow from the sale of Aptevo BioTherapeutics in 2020. Additionally, we received $0.3 million related to the sale of hyperimmune business to Saol (later acquired by Kamada, Ltd.) as a result of the collection of certain accounts receivable.

Net Income (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2024			2023			2024			2023
Net loss from continuing operations	$	(5,883	)	$	(7,948	)	$	(12,717	)	$	(6,121	)
Income from discontinued operations		—			—			—			946
Net loss	$	(5,883	)	$	(7,948	)	$	(12,717	)	$	(5,175	)

Basic and diluted net loss per share from continuing operations:
Basic	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(37.45	)
Diluted	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(37.45	)
Basic and diluted net income per share from discontinued operations:
Basic	$	—		$	—		$	—		$	5.79
Diluted	$	—		$	—		$	—		$	5.79
Basic and diluted net loss per share:
Basic	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(31.67	)
Diluted	$	(1.67	)	$	(53.95	)	$	(6.02	)	$	(31.67	)
Shares used in calculation:
Basic		3,519,875			147,321			2,111,131			163,425
Diluted		3,519,875			147,321			2,111,131			163,425

Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share

The following table represents all potentially dilutive shares:


	As of June 30,
	2024		2023
Warrants		7,489,253		7,967
Outstanding options to purchase common stock		9,670		10,618
Unvested RSUs		5,263		7,727

Cash and Cash Equivalents - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days

Equity - August 2023 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Aug. 04, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Nov. 09, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 3,970	$ 2,083
Warrants outstanding				697,220	7,489,253
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		4,946,668
Warrants \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.515
Number of common stock to be issued up conversion of warrants	3,436,692
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Warrant Inducement Agreement \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants					$ 100
Warrant Inducement Agreement \| Warrants \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants	$ 5,500
Series A \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					42,555
Warrants expiration date			Aug. 04, 2028
Series A \| Warrant Inducement Agreement \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options				322,691
Warrants outstanding							140,726
Series B \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					1,316
Warrants expiration date			Feb. 04, 2025
Series B \| Warrant Inducement Agreement \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options				322,691
Warrants outstanding							181,965
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 1.3499
Pre-funded Warrants \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.5149
Number of common stock to be issued up conversion of warrants	1,718,346
Series A and Series B Common Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 10.25		$ 10.25
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares		926,666	50,488
Common stock price per share		$ 1.35	$ 27.28
Proceeds from issuance of common stock		$ 4,000	$ 4,300
Public Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		1,853,332
Public Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share			$ 27.28
Number of common stock to be issued up conversion of warrants		2,473,334	132,793
Warrants exercise price, per share		$ 0.0001	$ 0.001
Public Offering \| Series A and Series B Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants			366,562
Warrants exercise price, per share			$ 27.28		27.28
Registered Direct Offering \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares	3,621,460
Proceeds from issuance of common stock	$ 2,300
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 1.35
Warrants outstanding					6,800,000
Registered Direct Offering \| Warrants \| Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515
Warrants outstanding	6,666,668
Registered Direct Offering \| Series A \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 0.515
Warrants outstanding					41,239

Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

Note 6. Cash and Cash Equivalents

The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds.

The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023:


	June 30,		December 31,
(in thousands)	2024		2023
Cash	$	962	$	3,733
Cash equivalents		7,104		13,171
Total cash and cash equivalents	$	8,066	$	16,904

Nature of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates.
Gain Related to Sale of Nonfinancial Asset	Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $0.05 million. We accounted for the $9.6 million Closing Payment and the $0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received.
Other Significant Accounting Policies	Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported.

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Apr. 15, 2024	Nov. 09, 2023	Aug. 04, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 3,970	$ 2,083
Pre-funded Warrants
Subsequent Event [Line Items]
Common stock price per share				$ 1.3499
August 2023 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants						41,239
Warrants exercise price, per share						$ 27.28
November 2023 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants					610,334
Warrants exercise price, per share					$ 10.252
April 2024 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants				6,666,668
Warrants exercise price, per share				$ 1.35
Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants				4,946,668
Warrants \| Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants		$ 100
Warrants \| Registered Direct Offering
Subsequent Event [Line Items]
Warrants exercise price, per share		$ 1.35
Subsequent Event \| Registered Direct Offering
Subsequent Event [Line Items]
Gross proceeds from the offering	$ 2,700
Proceeds from issuance of common stock	$ 2,300
Issuance of common stock shares	3,621,460
Subsequent Event \| Pre-funded Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	1,718,346
Common stock price per share	$ 0.5149
Subsequent Event \| Existing Warrants
Subsequent Event [Line Items]
Warrants exercise price, per share	$ 0.515
Subsequent Event \| Existing Warrants \| Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants	$ 700
Subsequent Event \| Existing Warrants \| Registered Direct Offering \| Warrant Inducement Agreement
Subsequent Event [Line Items]
Warrants exercise price, per share	$ 0.515
Subsequent Event \| Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	3,436,692
Common stock price per share	$ 0.515
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Subsequent Event \| Warrants \| Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants	$ 5,500
Subsequent Event \| Warrants \| Registered Direct Offering
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and development expense	$ 1.3	$ 1.5
Percentage of cost related to research and development	50.00%	50.00%

Equity - November 2023 Warrant Inducement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2024	Jun. 30, 2024	Dec. 31, 2023	Nov. 09, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		7,489,253	697,220
Existing Warrants \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.515
Existing Warrants \| Warrant Inducement Agreement \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants	$ 0.7
Existing Warrants \| Warrant Inducement Agreement \| Subsequent Event \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.515
Series A-1 Common Warrants \| Warrant Inducement Agreement \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		140,726
Series A-1 Common Warrants \| Warrant Inducement Agreement \| Subsequent Event \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	131,964
Series A-2 Common Warrants \| Warrant Inducement Agreement \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		140,726
Series A-2 Common Warrants \| Warrant Inducement Agreement \| Subsequent Event \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	131,964
Series B-1 Common Warrants \| Warrant Inducement Agreement \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		181,965
Series B-1 Common Warrants \| Warrant Inducement Agreement \| Subsequent Event \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	173,203
Series B-2 Common Warrants \| Warrant Inducement Agreement \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		181,965
Series B-2 Common Warrants \| Warrant Inducement Agreement \| Subsequent Event \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	173,203
Series A and Series B Common Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share		$ 10.25		$ 10.25

Discontinued Operations - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				$ 523,000
Income from discontinued operations	$ 0	$ 0	$ 0	946,000
Hyperimmune Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				300,000
IXINITY
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				500,000
Aptevo BioTherapeutics
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				$ 200,000

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,883)	$ (6,834)	$ (7,948)	$ 2,773	$ (12,717)	$ (5,175)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash	$ 962	$ 3,733
Cash equivalents	7,104	13,171
Total cash and cash equivalents	$ 8,066	$ 16,904

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Reverse Stock Split

6 Months Ended

Jun. 30, 2024

Reverse Stock Split [Abstract]

Reverse Stock Split

Note 8. Reverse Stock Split

On February 5, 2024, we held a Special Meeting of the Stockholders (the "Special Meeting") at which our stockholders approved a series of alternate amendments to the Amended and Restated Certificate of Incorporation to effect, at the option of our Board of Directors (the "Board"), a reverse split of Aptevo's common stock at a ratio ranging from 1-for-15 to 1-for-44, inclusive, with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board in its sole discretion following the Special Meeting. The specific 1-for-44 reverse split ratio was subsequently approved by the Board on February 27, 2024. On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective on March 5, 2024 at 5:01

p.m. Eastern Time, and our common stock began trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on March 6, 2024.

No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share received a cash payment in lieu thereof.

We have adjusted all common stock and stock equivalent figures retroactively in this Form 10-Q for all periods presented to reflect the Reverse Stock Split.

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	103.63%
Risk-free interest rate	4.18%
Expected average life of options	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Income (Loss) Per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Common Warrants 2019
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	7,489,253	7,967
Outstanding Options to Purchase Common Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	9,670	10,618
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	5,263	7,727

Discontinued Operations - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred payment from Medexus				$ 523,000
Income from discontinued operations	$ 0	$ 0	$ 0	946,000
Aptevo BioTherapeutics [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred payment from Medexus				200,000
Gain on contingent consideration				163,000
Kamada [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on contingent consideration				$ 260,000

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ (3,643,000)	$ (5,462,000)	$ (7,395,000)	$ (9,630,000)
General and administrative	(2,381,000)	(2,716,000)	(5,612,000)	(6,304,000)
Loss from operations	(6,024,000)	(8,178,000)	(13,007,000)	(15,934,000)
Other income:
Other income from continuing operations, net	141,000	230,000	290,000	163,000
Gain related to sale of non-financial asset				9,650,000
Net loss from continuing operations	(5,883,000)	(7,948,000)	(12,717,000)	(6,121,000)
Discontinued operations:
Income from discontinued operations	0	0	0	946,000
Net loss	$ (5,883,000)	$ (7,948,000)	$ (12,717,000)	$ (5,175,000)
Basic and diluted net loss per share from continuing operations:
Basic	$ (1.67)	$ (53.95)	$ (6.02)	$ (37.45)
Diluted	(1.67)	(53.95)	(6.02)	(37.45)
Basic net loss per share	(1.67)	(53.95)	(6.02)	(31.67)
Diluted net loss per share	$ (1.67)	$ (53.95)	$ (6.02)	$ (31.67)
Shares used in calculation:
Basic shares used in calculation	3,519,875	147,321	2,111,131	163,425
Diluted shares used in calculation	3,519,875	147,321	2,111,131	163,425

Equity - Summary of Warrant Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance	697,220
Number of Shares, Issued	6,800,000
Number of Shares, Expired	(7,967)
Number of Shares, Outstanding, Ending Balance	7,489,253	697,220
Number of Shares, Exercisable	7,489,253
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 20.36
Weighted-Average Exercise Price, Issued	1.35
Weighted-Average Exercise Price, Expired	800.8
Weighted-Average Exercise Price, Outstanding, Ending Balance	2.27	$ 20.36
Weighted-Average Exercise Price, Exercisable	$ 2.27
Weighted-Average Remaining Term, Outstanding	4 years 6 months 14 days	2 years 11 months 26 days
Weighted-Average Remaining Term, Issued	4 years 9 months
Weighted-Average Remaining Term, Exercisable	4 years 6 months 14 days

Equity - Summary of RSU Activity (Details) - Unvested RSUs - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding		6,342
Number of Units, Granted	1,672
Number of Units, Vested	(2,578)
Number of Units, Forfeited	(173)
Number of Units, Outstanding and expected to vest	5,263
Weighted Average Fair Value per Unit, Outstanding		$ 205.08
Weighted Average Fair Value per Unit, Granted	$ 7.19
Weighted Average Fair Value per Unit, Vested	279.59
Weighted Average Fair Value per Unit, Forfeited	84.99
Weighted Average Fair Value per Unit, Outstanding and expected to vest	$ 109.66