0000950170-25-020467 | 10-K | XBRL Viewer

Leases and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Components of lease expense:


	For the Year Ended December 31,
(in thousands)	2024		2023
Operating lease cost	$	1,187	$	1,187
Total lease cost	$	1,187	$	1,187

Summary of Right of Use Assets Acquired Under Operating Leases

Right-of-use assets acquired under operating leases:


	As of December 31,		As of December 31,
(in thousands)	2024		2023
Seattle office lease, including amendment	$	4,389	$	4,881
Total operating leases	$	4,389	$	4,881

Lease payments:


	For the Year Ended December 31,
(in thousands)	2024		2023
For operating leases	$	1,376	$	1,147

Summary of Future Minimum Lease Payments

Future minimum payments as of December 31, 2024 are as follows:


(in thousands)
2025	$	1,376
2026		1,376
2027		1,376
2028 and beyond		3,211
Total Future minimum lease payments		7,339
Less: imputed interest		(1,941	)
Total	$	5,398

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 7,500,000	$ 13,200,000
Level Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Level Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	$ 0	$ 0

XOMA Transaction	12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]
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 2020 LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $9.6 million at closing (the “Closing Payment”) and an additional post-closing payment of $0.05 million (the “Post-Closing Payment”). 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 transaction was considered a complete sale of a nonfinancial assets. Additionally, XOMA has no recourse against the Company for Medexus’ non-payment absent breach by the Company of its representations, warranties, and covenants in the LLC Purchase Agreement and Aptevo has no role in obtaining regulatory approvals or achieving net sales targets. 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.

XOMA Transaction

12 Months Ended

Dec. 31, 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 2020 LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $9.6 million at closing (the “Closing Payment”) and an additional post-closing payment of $0.05 million (the “Post-Closing Payment”). 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 transaction was considered a complete sale of a nonfinancial assets. Additionally, XOMA has no recourse against the Company for Medexus’ non-payment absent breach by the Company of its representations, warranties, and covenants in the LLC Purchase Agreement and Aptevo has no role in obtaining regulatory approvals or achieving net sales targets. 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.

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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		1,458,445
Entity Public Float			$ 1.2
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-37746
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1567056
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
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, relating to the Registrant’s 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report.
Auditor Name	Moss Adams LLP
Auditor Firm ID	659
Auditor Location	Seattle, WA
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Aptevo Therapeutics Inc. (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, cash flows, and changes in stockholders’ equity for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the consolidated results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Segment Information - Summary of Significant Expense Categories (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating expenses
Research and development	$ (14,378,000)	$ (17,107,000)
General and administrative	(10,224,000)	(11,771,000)
Other segment items	472,000	578,000
Gain related to sale of non-financial asset		9,650,000
Income from discontinued operations	0	1,239,000
Net loss	$ (24,130,000)	$ (17,411,000)

- 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.

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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

Equity - Summary of Stock Option Activity (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance	352
Number of Shares, Granted	0
Number of Shares, Forfeited	(24)
Number of Shares, Outstanding, Ending balance	328	352
Number of Shares, Exercisable	267
Number of Shares, Vest and expected to Vest	321
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 20,978.03
Weighted-Average Exercise Price, Forfeited	11,891.52
Weighted-Average Exercise Price, Outstanding, Ending balance	20,772.78	$ 20,978.03
Weighted-Average Exercise Price, Exercisable	24,476.16
Weighted-Average Exercise Price, vest and expected to vest	$ 21,142.28
Weighted-Average Remaining Term, Outstanding	6 years 4 months 20 days	7 years 4 months 13 days
Weighted-Average Remaining Term, Exercisable	6 years 10 days
Weighted-Average Remaining Term, Vested and expected to vest	6 years 4 months 6 days

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Operating expenses:
Research and development	$ (14,378,000)	$ (17,107,000)
General and administrative	(10,224,000)	(11,771,000)
Loss from operations	(24,602,000)	(28,878,000)
Other income:
Other income from continuing operations, net	472,000	578,000
Gain related to sale of non-financial asset		9,650,000
Net loss from continuing operations	(24,130,000)	(18,650,000)
Discontinued operations:
Income from discontinued operations	0	1,239,000
Net loss	$ (24,130,000)	$ (17,411,000)
Basic and diluted net loss per share from continuing operations:
Basic	$ (87.38)	$ (2,481.7)
Diluted	(87.38)	(2,481.7)
Basic net loss per share	(87.38)	(2,316.83)
Diluted net loss per share	$ (87.38)	$ (2,316.83)
Shares used in calculation:
Basic shares used in calculation	276,137	7,515
Diluted shares used in calculation	276,137	7,515

Equity - Assumptions used in Estimating the Incremental Fair Value of the Exchanged Common Warrants under Black-scholes Valuation Model (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	113.70%	104.01%
Risk-free interest rate	4.98%	5.40%
Expected average life of warrants	5 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected average life of warrants		1 year 2 months 12 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected average life of warrants		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

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
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-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
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-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
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-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)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-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
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-Subparagraph (c)(1)(iv)(04)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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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

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.4	$ 0.6

XOMA Transaction - Additional Information (Details) - USD ($)		12 Months Ended
	Mar. 29, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Income from discontinued operations		$ 0	$ 1,239,000
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

+ References

+ Details

Equity - November 2023 Warrant Inducement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 12, 2024	Apr. 15, 2024	Nov. 09, 2023	Aug. 04, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					1,671,417	18,859
Warrant modification - incremental value					$ 472	$ 2,080
Series A and Series B Common Warrants \| Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share				$ 1,009.36	$ 1,009.36
Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 379.32
Percentage of number of common stock issued upon exercise of warrants	200.00%
Gross proceeds from warrant exercises	$ 6,200
Total issuance costs	$ 600
Number of warrants issued					948
Additional amount to be received upon exercise of warrants			$ 400
Warrant Inducement Agreement \| Series A and Series B Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share			$ 379.32
Percentage of number of common stock issued upon exercise of warrants			200.00%
Warrant Inducement Agreement \| Series A-1, Series A-2, Series B-1 and Series B-2 Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share			$ 379.32
Number of warrants issued			17,450
Warrant Inducement Agreement \| Series A-1 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding, term			4 years 8 months
Warrant Inducement Agreement \| Series A-2 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding, term			5 years
Warrant Inducement Agreement \| Series B-1 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding, term			14 months
Warrant Inducement Agreement \| Series B-2 Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding, term			24 months
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total issuance costs						2,300
Warrant modification - incremental value						$ 2,100
Additional amount to be received upon exercise of warrants		$ 200
Warrants \| Series A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					39
Warrants \| Series B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					39
Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross proceeds from warrant exercises			$ 3,300
Total issuance costs			2,300
Banker and legal fees			200
Non-cash warrant modification costs			2,100
Warrant modification - incremental value			$ 2,100
Additional amount to be received upon exercise of warrants				$ 100
Warrants \| Warrant Inducement Agreement \| Series A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			3,805
Warrants \| Warrant Inducement Agreement \| Series B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			4,920

Discontinued Operations - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 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	1,239,000
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		$ 553,000

- Definition

+ References

+ Details

Discontinued Operations - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income from discontinued operations	$ 0	$ 1,239,000
Deferred payment		523,000
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
Hyperimmune Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment		$ 600,000

- Definition

+ References

+ Details

Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Equity

Note 11. Equity

August 2023 Public Raise

On August 4, 2023, we completed a public offering of common stock and warrant, as follows:

•

1,367 shares of common stock at a price of $1,009.36 per share.

•

$1,009.36 per pre-funded warrant, to purchase up to 3,592 shares of common stock at an exercise price of $0.001 per share and will not expire prior to exercise. As of December 31, 2024, all pre-funded warrants have been exercised.

•

4,959 Series A and 4,959 Series B common warrants (together, the "August 2023 Warrants") to purchase up to an aggregate of 9,918 shares of common stock at an exercise price of $1,009.36 per share. The Series A and Series B common warrants will expire on August 4, 2028 and February 4, 2025, respectively.

We received net proceeds of $4.3 million, net of transaction costs, as a result of this offering. As of December 31, 2024, there were 39 Series A and 39 Series B common warrants outstanding with an exercise price of $1,009.36 per share.

If such warrants are exercised, we will receive up to an additional $0.1 million in gross proceeds in connection with the warrants issued as part of the August 2023 public offering.

November 2023 Warrant Inducement

On November 9, 2023, we entered into a warrant inducement agreement (the "November 2023 Inducement Agreement") with certain holders of our August 2023 Warrants. Pursuant to the November 2023 Inducement Agreement, certain holders agreed to exercise for cash 3,805 Series A and 4,920 Series B common warrants at a reduced exercise price of $379.32. The Company also agreed to issue new common stock warrants to purchase a number of shares of common stock equal to 200% of the number of shares of common stock issued upon exercise of the August 2023 Warrants as applicable. We received $3.3 million in gross proceeds from the exercise of these warrants less total issuance costs of $2.3 million. Issuance costs include banker and legal fees $0.2 million and non-cash warrant modification costs of $2.1 million. Because the modification represented a short-term inducement, modification accounting was only performed on the warrants that were actually exercised under the agreement. The Company recognized the $2.1 million modification date incremental value of the modified warrants and additional warrants issued as compared to the original warrants as an issuance cost of the warrant exercise. Additionally, pursuant to the November 2023 Inducement Agreement, we issued an aggregate of 17,450 Series A-1, Series A-2, Series B-1 and Series B-2 common warrants (together, the "November 2023 Warrants") with an exercise price of $379.32 per share. which were exercisable immediately following the date of issuance. The Series A-1 and Series B-1 common warrants were exercisable immediately following the date of issuance and have terms of four years and eight months and fourteen months, respectively. The Series A-2 and Series B-2 common warrants were exercisable following stockholder approval on February 5, 2024, and have terms of five years and 24 months, respectively.

As of December 31, 2024, there were an aggregate of 948 November 2023 Warrants outstanding with an exercise price of $379.32 per share. If such warrants are exercised, we will receive up to an additional $0.4 million in gross proceeds in connection with the warrants issued as part of the November 2023 Warrant Inducement.

April 2024 Public Offering

On April 15, 2024, we completed a public offering of common stock and warrants, in which we received gross proceeds of $4.6 million, less total issuance costs of $0.6 million, which included the following:

•

25,045 shares of common stock and accompanying common warrants to purchase up to 50,090 shares of common stock at a public offering price of $49.95 per share; and

•

Pre-funded warrants to purchase up to 66,846 shares of common stock and accompanying common warrants to purchase up to 133,692 shares of common stock at a combined public offering price of $49.95 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 December 31, 2024, all pre-funded warrants have been exercised.

The common warrants were exercisable immediately following the date of issuance and will expire in April 2029. As of December 31, 2024, we have 3,608 common warrants outstanding with an exercise price of $49.95 per share and 8,008 common warrants with an amended exercise price of $8.60 per share that were issued in connection with the April 2024 public offering (the "April 2024 Warrants").

If such warrants are exercised, we will receive up to an additional $0.2 million in gross proceeds in connection with the warrants issued as part of the April 2024 public offering.

July 2024 Registered Direct Offering

On July 1, 2024, we completed the July Registered Direct Offering with certain holders of our outstanding common warrants issued in connection with our previous offerings. We received $2.7 million in gross proceeds less total issuance costs of $0.8 million. Issuance costs include banker and legal fees of $0.4 million and non-cash warrant modification costs of $0.4 million. The Company recognized the $0.4 modification date incremental value of the modified warrants as compared to the original warrants as a non-cash issuance cost of the July Registered Direct Offering. Pursuant to the July Registered Direct Offering, we issued the following:

•

97,877 shares of common stock and accompanying common warrants to purchase up to 195,754 shares of common stock at an offering price of $19.06 per share; and

•

Pre-funded warrants to purchase up to 46,441 shares of common stock and accompanying common warrants to purchase up to 92,882 shares of common stock at a combined offering price of $19.06 per pre-funded warrant, which is equal to the offering price of per share of common stock less the $0.0001 per share exercise price of each such pre-funded warrant. As of December 31, 2024, all pre-funded warrants have been exercised.

The common warrants became exercisable immediately following stockholder approval on August 6, 2024, and will expire in August 2029. In connection with the July Registered Direct Offering, the Company amended 197,801 existing common warrants that were previously issued to certain investors such that these common warrants will have a reduced exercise price equal to $19.06 per share and include the same exercise price adjustments as the common warrants issued in the July Registered Direct Offering. These amended warrants became exercisable immediately following stockholder approval on August 6, 2024. As of December 31, 2024, we have 11,687 common warrants outstanding at an amended exercise price of $8.60 per share that were issued in connection with the July Registered Direct Offering (the "July 2024 Warrants").

If such warrants are exercised, we will receive up to an additional $0.1 million in proceeds in connection with the warrants issued in connection with the July Registered Direct Offering.

September 2024 Registered Direct Offering

On September 18, 2024, we completed the September Registered Direct Offering with certain holders of our outstanding common warrants issued in connection with our previous offerings. We received $3.0 million in gross proceeds less total issuance costs of $0.5 million. Issuance costs include banker and legal fees of $0.4 million and non-cash warrant modification costs of $0.1 million. The Company recognized the $0.1 million modification date incremental value of the modified warrants as compared to the original warrants as a non-cash issuance cost of the September Registered Direct Offering. Pursuant to the September Registered Direct Offering, we issued the following:

•

108,648 shares of common stock and accompanying common warrants to purchase up to 217,296 shares of common stock at an offering price of $8.60 per share; and

•

Pre-funded warrants to purchase up to 137,051 shares of common stock and accompanying common warrants to purchase up to 274,102 shares of common stock at a combined offering price of $8.60 per pre-funded warrant, which is equal to the offering price of per share of common stock less the $0.0001 per share exercise price of each such pre-funded warrant. As of December 31, 2024, all pre-funded warrants have been exercised.

The common warrants became exercisable immediately following the date of stockholder approval on October 25, 2024, and will expire in October 2029. In connection with the September Registered Direct Offering, the Company amended 319,544 existing common warrants that were previously issued to certain investors such that these common warrants will have a reduced exercise price equal to $8.60 per share and include the same exercise price adjustments as the common warrants issued in the September Registered Direct Offering. These amended warrants became exercisable immediately following stockholder approval on October 25, 2024. As of December 31, 2024, all common warrants in issued connection with the September Registered Direct Offering (the "September 2024 Warrants") have been exercised.

December 2024 Warrant Inducement

On December 12, 2024, we entered into a warrant inducement agreement (the "December 2024 Inducement Agreement") with certain holders of our August 2023 Warrants, November 2023 Warrants, April 2024 Warrants, July 2024 Warrants and September 2024 Warrants (together, the "Existing Warrants"). Pursuant to the December 2024 Inducement Agreement, certain holders agreed to exercise for cash 823,544 Existing Warrants at a reduced exercise price of $7.50 per share. The Company also agreed to issue new common stock warrants to purchase a number of shares of common stock equal to 200% of the number of shares of common stock issued upon exercise of the Existing Warrants, as applicable. Additionally, pursuant to the December 2024 Inducement Agreement, we issued 1,647,088 common warrants (the "December 2024 Warrants") with an exercise price of $9.53 per share which are exercisable immediately following the date of issuance and will expire in December 2029.

We received $6.2 million in gross proceeds from the exercise of these warrants less total issuance costs of $0.6 million, which includes banker and legal fees. The common warrants in connection with the December 2024 Warrant Inducement were equity classified. The fair value of existing common warrants immediately before and after were

$3.5 million and $3.6 million, respectively. The fair value of the newly issued warrants was $7.3 million. Given the common warrants were equity classified, the modified fair value of existing common warrants and the newly issued common warrants to purchase common stock has been accounted for in additional paid-in capital as an equity cost because the modification was done in order to raise equity by inducing the exercise of warrants.

As of December 31, 2024, there were 1,647,088 December 2024 Warrants outstanding with an exercise price of $9.53 per share.

If such warrants are exercised, we will receive up to an additional $15.7 million in gross proceeds in connection with the warrants issued as part of the December 2024 Warrant Inducement.

The following is a summary of common warrant activity for the year ended December 31, 2024:


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2023		18,859		$	754.19		2.99
Issued		2,610,926			13.25		4.80
Exercised		(958,152	)		7.65		4.56
Expired		(216	)		29,629.60		—
Outstanding at December 31, 2024		1,671,417		$	9.86		4.91
Exercisable at December 31, 2024		1,671,417		$	9.86		4.91

The warrants are classified as an equity instrument because they are both indexed to the Company's own stock and classified in stockholders' equity, are recorded at fair value on the date of issuance and have no exercise contingency. For the years ended December 31, 2024, and 2023, the valuation assumptions for warrants issued were estimated on the measurement date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	For the Year Ended December 31,
	2024	2023
Expected dividend yield	0.00%	0.00%
Expected volatility	113.70%	104.01%
Risk-free interest rate	4.98%	5.40%
Expected average life of warrants	5 years	1.2 - 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. We did not issue shares under the Equity Distribution Agreement in the year ended December 31, 2024. In the year ended December 31, 2023, the Company issued 448 shares of common stock at an average price of $3,678.74 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"). The 2022 Purchase Agreement and Registration Rights Agreement replaced the purchase agreement and registration rights agreement with Lincoln Park that we entered into on December 20, 2018. Under the 2022 Purchase Agreement, Lincoln Park committed to purchase up to $35.0 million of our Common Stock over a 36-month period commencing after the satisfaction of certain conditions, which are within our control, as set forth in the 2022 Purchase Agreement. The purchase price per share will be based on prevailing market prices; provided, however, that the prevailing market price is not below $1.00. We agreed to and issued 61 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.

We did not issue shares pursuant to Lincoln Park under the 2022 Purchase Agreement in 2024. For the year ended December 31, 2023, we issued 185 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.

Rights Plan

On November 8, 2020, our Board of Directors (the "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 below) (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 4, 2024, we entered into Amendment No. 4 to the Rights Agreement and extended the expiration of such agreement to October 31, 2025, and changed the exercise price to $70 per one one-thousandth of a Series A Junior Participating Preferred Share, 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 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 2,844 shares of Aptevo common stock authorized for issuance. The 2018 Plan 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 Plan (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 2,844 shares.

On June 7, 2022, at the 2022 Annual Meeting of Stockholders, our stockholders approved the Amended and Restated 2018 SIP to increase the number of shares authorized for issuance under the 2018 SIP by 308 shares of common stock (adjusted for 1-for-44 and 1-for-37 reverse stock splits effective as of March 5 and December 3, 2024, respectively).

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 4,460 shares of common stock (adjusted for 1-for-37 reverse stock split effective as of December 3, 2024). As of December 31, 2024, there are 2,844 shares available to be granted under the Second Amended 2018 SIP.

Stock options and RSUs under the Amended and Restated 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 of directors, 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

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


	For the Year Ended December 31,
(in thousands)	2024		2023
Research and development	$	302	$	684
General and administrative		767		1,509
Total stock-based compensation expense	$	1,069	$	2,193

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.

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:


		Year Ended December 31, 2023

Expected dividend yield		0.00%
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 year ended December 31, 2024. For the year ended December 31, 2023, management has applied an estimated forfeiture rate of 29%.

The following is a summary of option activity for the year ended December 31, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term
Balance at December 31, 2023		352		$	20,978.03		7.37
Granted		—			—		—
Exercised		—			—		—
Forfeited		(24	)		11,891.52		—
Outstanding at December 31, 2024		328		$	20,772.78		6.39
Exercisable December 31, 2024		267		$	24,476.16		6.03
Vested and expected to vest at December 31, 2024		321		$	21,142.28		6.35

As of December 31, 2024, we had $0.1 million of unrecognized compensation expense related to options expected to vest over a weighted-average period of 0.7 years. The Company did not issue options during the year ended December 31, 2024. The weighted-average grant date fair value per share of options granted during the year ended December 31, 2023 was $2,731.66. The aggregate intrinsic value of options exercised for the years ended December 31, 2024 and 2023 was $0. The total fair value of stock options vested for the years ended December 31, 2024 and 2023 was $1.0 million and $1.2 million, respectively.

The aggregate intrinsic value represents the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of December 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 restricted stock activity for the year ended December 31, 2024:


	Number of Units			Weighted Average Fair Value per Unit
Balance at December 31, 2023		175		$	5,866.69
Granted		1,823			29.56
Vested		(117	)		6,587.71
Forfeited		(6	)		267.14
Outstanding and expected to vest at December 31, 2024		1,875		$	164.37

As of December 31, 2024, we had $0.2 million of unrecognized stock-based compensation expense related to RSUs expected to vest over a weighted-average period of 1.2 years. As of December 31, 2023, we had $0.8 million of unrecognized stock-based compensation expense related to RSUs expected to vest over a weighted-average period of 1.2 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.

Debt - Additional Information (Details) - Payment Interest Purchase Agreement $ in Millions	Mar. 29, 2023 USD ($)
Line Of Credit Facility [Line Items]
Repayment of debt	$ 2.8
Exit fees	$ 0.3

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 7. Property and equipment, net

Property and equipment consist of the following:


	For the Year Ended December 31,
(in thousands)	2024			2023
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,260			12,260
Property and equipment, gross		14,488			14,488
Less: Accumulated depreciation		(13,945	)		(13,593	)
Total property and equipment, net	$	543		$	895

Depreciation expense for the years ended December 31, 2024 and 2023 was $0.4 million and $0.6 million, respectively.

Cash and Cash Equivalents

12 Months Ended

Dec. 31, 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 investments in money market funds.

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


	December 31,		December 31,
(in thousands)	2024		2023
Cash	$	1,181	$	3,733
Cash equivalents		7,533		13,171
Total cash and cash equivalents	$	8,714	$	16,904

Leases and Contingencies - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,389	$ 4,881
For operating leases	1,376	1,147
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,389	$ 4,881

Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance for the novel oncology therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials. As such, the CODM uses cash forecast models in deciding how to invest into the novel oncology therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.
Net cash used in operating activities \| $	$ 23,785	$ 11,730

Income Taxes - Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
US	$ (24,130)	$ (18,650)
Loss from continuing operations before benefit from income taxes	$ (24,130)	$ (18,650)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield		0.00%
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
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

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and development expense	$ 2.2	$ 2.7
Percentage of cost related to research and development	50.00%	50.00%

401(K) Savings Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

401(K) Savings Plan

Note 12. 401(k) Savings Plan

Aptevo has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code, as amended. The 401(k) Plan covers all employees. Under the 401(k) Plan, employees may make elective salary deferrals. Aptevo currently provides for matching of qualified deferrals up to 50% of 401(k) employee deferral contributions, based on a maximum employee deferral rate of 6% of compensation. During the years ended December 31, 2024 and 2023, Aptevo’s related share of matching contributions was approximately $0.2 million.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Equity - August 2023 Public Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Nov. 09, 2023	Aug. 04, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 10,036	$ 6,428
Warrants outstanding					1,671,417	18,859
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		133,692
Warrants expiration date		Apr. 30, 2029
Additional amount to be received upon exercise of warrants		$ 200
Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 379.32
Additional amount to be received upon exercise of warrants			$ 400
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
Series A \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					39
Warrants expiration date				Aug. 04, 2028
Series A \| Warrant Inducement Agreement \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			3,805
Series B \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					39
Warrants expiration date				Feb. 04, 2025
Series B \| Warrant Inducement Agreement \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			4,920
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 49.95
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			$ 379.32
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares		25,045		1,367
Common stock price per share		$ 49.95		$ 1,009.36
Proceeds from issuance of common stock		$ 4,600		$ 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		50,090
Public Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share				$ 1,009.36
Number of common stock to be issued up conversion of warrants		66,846		3,592
Warrants exercise price, per share		$ 0.0001		$ 0.001
Public Offering \| Series A Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants				4,959
Public Offering \| 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				4,959
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				9,918
Warrants exercise price, per share				$ 1,009.36	$ 1,009.36
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares	97,877
Common stock price per share	$ 19.06
Number of common stock to be issued up conversion of warrants	92,882
Warrants exercise price, per share	$ 19.06				$ 49.95
Warrants outstanding					3,608
Registered Direct Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 19.06
Number of common stock to be issued up conversion of warrants	46,441
Warrants exercise price, per share	$ 0.0001

Nature of Business and Significant Accounting Policies - Additional Information (Details) $ in Thousands		12 Months Ended
	Mar. 29, 2023 USD ($)	Dec. 31, 2024 USD ($) Platform	Dec. 31, 2023 USD ($)
Nature Of Business [Line Items]
Number of technology platforms \| Platform		2
Net loss		$ (24,130)	$ (17,411)
Accumulated deficit		(247,577)	(223,447)
Net cash used in operating activities		$ (23,785)	$ (11,730)
Cash equivalents, maturity period		90 days
Expected dividend yield			0.00%
Employee Stock Option [Member]
Nature Of Business [Line Items]
Expected dividend yield		0.00%
Estimated forfeiture rate			29.00%
Payment Interest Purchase Agreement
Nature Of Business [Line Items]
Repayment of debt	$ 2,800
Exit fees	$ 300
Maximum
Nature Of Business [Line Items]
Cash equivalents, maturity period		90 days
Nasdaq Capital Market
Nature Of Business [Line Items]
Net loss		$ (24,100)
Accumulated deficit		(247,600)
Net cash used in operating activities		$ 23,800

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (24,130)	$ (17,411)

- Definition

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

+ References

+ Details

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 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 immunotherapy 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, mipletamig 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 consolidated 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. For the year ended December 31, 2024, we had net loss of $24.1 million. We had an accumulated deficit of $247.6 million as of December 31, 2024. For the year ended December 31, 2024, net cash used in our operating activities was $23.8 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 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 expected milestones are received from Medexus with respect to IXINITY; (e) macroeconomic conditions such as rising 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 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 consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position.

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 consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC. All intercompany balances and transactions have been eliminated. All intercompany balances and transactions have been eliminated.

Significant Accounting Policies

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 consolidated 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, fair value used for common warrant valuation 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.

Cash Equivalents

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 with commercial banks and financial institutions.

Concentrations of Credit Risk

Financial instruments that potentially subject Aptevo to concentrations of credit risk consist primarily of cash and cash equivalents and certain investments. Aptevo places its cash and cash equivalents with high quality financial institutions and may maintain cash balances in excess of insured limits. Management believes that the financial risks associated with its cash and cash equivalents are minimal.

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.

Leases

We determine if an arrangement is a lease at inception date. Leases are to be classified as finance or operating leases at the lease commencement date, which affects the classification of expense recognition in the consolidated statement of operations. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments, as agreed to in the lease. Operating lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. An operating right-of-use asset is measured as the amount of the initial measurement of the lease liability, adjusted for prepaid or accrued lease payments, the remaining balance of any lease incentive received, unamortized initial direct costs, and any impairment of the right-of-use asset. The initial measurement of the lease liabilities and right-to-use assets of finance leases is the same as for operating leases. We include options to extend the lease and certain termination options in our lease liability and right-of-use asset when it is reasonably certain that we will exercise those options.

As our existing leases do not contain an implicit interest rate, we estimate our IBR based on information available at commencement date in determining the present value of future payments. Due to the significant judgment involved and the complex analysis needed to determine this discount rate, we engaged a third-party valuation specialist to advise us in our determination of our IBR for the initial adoption of the standard and subsequent amendment of our office lease.

Lease expense for operating leases is recognized on a straight-line basis over the lease term as part of our selling, general and administrative expenses and our research and development expenses on our consolidated statements of operations. Lease expense for financing leases consists of amortization of the right-of-use asset and interest on the lease liability as part of our research and development expenses on our consolidated statements of operations.

Fair Value of Financial Instruments

We measure and record cash equivalents at fair value in the accompanying financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, an exit price, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The carrying amounts of our short-term financial instruments, which include cash and cash equivalents, royalty and milestone receivable and accounts payable, approximate their fair value due to their short maturities.

Debt Extinguishment

On March 29, 2023, we used a portion of the proceeds from our Purchase Agreement with XOMA to fully repay the $2.8 million outstanding principal balance of our MidCap debt, and $0.3 million in exit fees. The pre-payment was not considered an amendment to our Credit Agreement (as defined below) since we were required to fully repay the remaining principal balance if we sold our IXINITY deferred payment stream and milestones.

Research and Development Expenses

Research and development expenses are expensed as incurred. Research and development costs primarily consist of internal labor costs, fees paid to outside service providers and the costs of materials used in clinical trials and research and development. Other research and development expenses include facility, maintenance, and related support expenses.

A substantial portion of Aptevo’s preclinical studies and all of its clinical studies have been performed by third-party CROs. The Company reviews the activities performed by the CROs each period. For preclinical studies, the significant factors used in estimating accruals include the percentage of work completed to date and contract milestones achieved. For clinical study expenses, the significant factors used in estimating accruals include the number of patients enrolled and services provided but not yet invoiced. The Company’s estimates are highly dependent upon the timeliness and accuracy of the data provided by its CROs regarding the status of each program and total program spending and adjustments are made when deemed necessary.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs and professional fees in support of our executive, business development, finance, accounting, information technology, legal and human resource functions. Other costs include facility costs not otherwise included in research and development expense.

Stock-Based Compensation

We measure and recognize compensation expense for restricted stock units (RSUs), and stock options granted to our employees and directors based on the fair value of the awards as of the date of grant. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model that requires management to apply judgment and make estimates, including:

•

the expected term of the stock option award, which we calculate using the simplified method, as we have insufficient historical information regarding our stock options to provide a basis for an estimate;

•

the expected volatility of our underlying common stock, which we estimate based on the historical volatility of the historical and implied future volatility of our common stock;

•

the risk-free interest rate, which we based on the yield curve of U.S. Treasury securities with periods commensurate with the expected term of the options being valued;

•

the expected dividend yield, which we estimate to be zero based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends; and

•

the fair value of our common stock on the date of grant.

Stock-based compensation expense for RSUs is recognized on a straight-line basis over the vesting period of the respective award. Stock-based compensation expense for our stock options, both converted and Aptevo granted, is recognized on a straight-line basis over the vesting period of the respective award.

We routinely evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover, and expectations of future option exercise behavior.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.

Aptevo’s ability to realize deferred tax assets depends upon future taxable income, as well as the limitations discussed below. For financial reporting purposes, a deferred tax asset must be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized prior to expiration. Aptevo considers historical and future taxable income, future reversals of existing taxable temporary differences, taxable income in prior carryback years, and ongoing tax planning strategies in assessing the need for valuation allowances. In general, if Aptevo determines that it is more likely than not to realize more than the recorded amounts of net deferred tax assets in the future, Aptevo will reverse all or a portion of the valuation allowance established against its deferred tax assets, resulting in a decrease to the provision for income taxes in the period in which the determination is made. Likewise, if Aptevo determines that it is not more likely than not to realize all or part of the net deferred tax asset in the future, Aptevo will establish a valuation allowance against deferred tax assets, with an offsetting increase to the provision for income taxes, in the period in which the determination is made.

Because tax laws are complex and subject to different interpretations, significant judgment is required. As a result, Aptevo makes certain estimates and assumptions, in (1) calculating Aptevo’s income tax expense, deferred tax assets and deferred tax liabilities, (2) determining any valuation allowance recorded against deferred tax assets and (3) evaluating the amount of unrecognized tax benefits, as well as the interest and penalties related to such uncertain tax positions. Aptevo’s estimates and assumptions may differ significantly from tax benefits ultimately realized.

Segment Reporting

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective and has been adopted for our fiscal year ended December 31, 2024.

Reverse Stock Split - Additional Information (Details)							12 Months Ended
Reverse Stock Split - Additional Information (Details)	Dec. 03, 2024	Dec. 02, 2024	Oct. 25, 2024	Mar. 05, 2024	Mar. 04, 2024	Feb. 27, 2024	Dec. 31, 2024
Reverse Stock Split [Abstract]
Reverse stock split	0.03	0.03	0.03	0.02	0.02	0.02
Reverse Stock Split, outstanding common stock							On March 4 and December 2, 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 and 1-for-37, respectively, reverse stock split of the Company's outstanding common stock (together, the "Reverse Stock Splits").

Leases and Contingencies

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases and Contingencies

Note 8. Leases and Contingencies

Office Space Lease – Operating

We have an operating lease related to our office and laboratory space in Seattle, Washington. This lease was amended in March 2019 to extend the term through April 2030 and provide two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023, with nine months’ notice. We had previously determined at lease inception and as of the May 26, 2022, amendment date that we should not include any periods after the termination option when evaluating this amendment as we were not reasonably certain to not exercise the option, therefore we recorded our liability through April 30, 2023.

As of December 31, 2024, we are not reasonably certain to exercise the two options to extend the lease term. Therefore, pursuant to our May 26, 2022 amendment, we recorded our lease liability through April 30, 2030.

For the years ended December 31, 2024 and 2023, we recorded $0.9 million and $0.8 million, respectively, related to variable expense due to true ups of operating costs or real estate taxes.

Equipment Leases - Operating and Financing

As of December 31, 2024, we did not have any operating or financing leases for equipment.

Components of lease expense:


	For the Year Ended December 31,
(in thousands)	2024		2023
Operating lease cost	$	1,187	$	1,187
Total lease cost	$	1,187	$	1,187

Right-of-use assets acquired under operating leases:


	As of December 31,		As of December 31,
(in thousands)	2024		2023
Seattle office lease, including amendment	$	4,389	$	4,881
Total operating leases	$	4,389	$	4,881

Lease payments:


	For the Year Ended December 31,
(in thousands)	2024		2023
For operating leases	$	1,376	$	1,147

Future minimum payments as of December 31, 2024 are as follows:


(in thousands)
2025	$	1,376
2026		1,376
2027		1,376
2028 and beyond		3,211
Total Future minimum lease payments		7,339
Less: imputed interest		(1,941	)
Total	$	5,398

As of December 31, 2024, the long-term and current portion of the lease liabilities were $4.6 million and $0.8 million, respectively. As of December 31, 2023, the long-term and current portion of the lease liabilities were $5.4 million and $0.7 million, respectively.

As of December 31, 2024, the weighted-average remaining lease term and weighted discount rate for operating leases was 5.3 years and 12.03%, respectively. As of December 31, 2023, the weighted-average remaining lease term and weighted discount rate for operating leases was 6.3 years and 12.03%, respectively.

Leases and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019 RenewalOption	Dec. 31, 2024 USD ($) Equipment	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating lease number of piece for lab equipment \| Equipment		0
Operating lease right-of-use asset		$ 4,389	$ 4,881
Operating lease liability		$ 5,398
Financing lease number of equipment \| Equipment		0
Long term portion of operating lease liabilities		$ 4,629	5,397
Current portion of operating lease liabilities		$ 800	$ 700
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Current	Other Liabilities, Current
Weighted average remaining lease term for operating leases		5 years 3 months 18 days	6 years 3 months 18 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	the term through April 2030 and provide two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023
Operating lease renewal option term	5 years
Number of operating lease renewal option \| RenewalOption	2
Operating lease option to extend	true
Variable expense		$ 900	$ 800

Equity - Summary of Restricted Stock Activity (Details) - Unvested RSUs	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding \| shares	175
Number of Units, Granted \| shares	1,823
Number of Units, Vested \| shares	(117)
Number of Units, Forfeited \| shares	(6)
Number of Units, Outstanding and expected to vest \| shares	1,875
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 5,866.69
Weighted Average Fair Value per Unit, Granted \| $ / shares	29.56
Weighted Average Fair Value per Unit, Vested \| $ / shares	6,587.71
Weighted Average Fair Value per Unit, Forfeited \| $ / shares	267.14
Weighted Average Fair Value per Unit, Outstanding and expected to vest \| $ / shares	$ 164.37

401(K) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Maximum employee deferral rate	6.00%
Matching contributions made by employer	$ 0.2	$ 0.2
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, qualified deferral percentage	50.00%

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal tax at statutory rates	21.00%	21.00%
State taxes, net of federal benefit	(0.10%)	(0.20%)
Change in valuation allowance	16.80%	(23.80%)
Tax credits	3.00%	5.00%
Permanent differences	(0.10%)	(0.10%)
Stock-based compensation	(0.80%)	(2.60%)
Change in tax attributes	(40.00%)	0.00%
Other	0.20%	0.70%
Total income tax benefit	0.00%	0.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net loss	$ (24,130)	$ (17,411)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,069	2,193
Depreciation and amortization	352	567
Non-cash interest expense and other	0	10
Changes in operating assets and liabilities:
Royalty receivable	0	2,500
Prepaid expenses and other current assets	217	153
Operating lease right-of-use asset	492	422
Accounts payable, accrued compensation and other liabilities	(1,017)	518
Long-term operating lease liability	(768)	(682)
Net cash used in operating activities	(23,785)	(11,730)
Investing Activities
Net cash from investing activities	0	0
Financing Activities
Payments of long-term debt, including fees	0	(3,467)
Value of equity awards withheld for tax liability	(1)	(10)
Proceeds from exercise of common warrants, net of issuance costs	5,563	3,047
Proceeds from issuance of common stock, net of issuance costs	10,036	6,428
Payments in lieu of fractional shares	(3)
Net cash provided by financing activities	15,595	5,998
Decrease in cash and cash equivalents	(8,190)	(5,732)
Cash and cash equivalents at beginning of period	16,904	22,636
Cash and cash equivalents at end of period	8,714	16,904
Supplemental Cash Flow Information
Warrant modification - incremental value	472	$ 2,080
Fair value of December 2024 inducement transaction common warrants	$ 7,331

Net Loss per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (24,130)	$ (18,650)
Income from discontinued operations		1,239
Net loss	$ (24,130)	$ (17,411)
Basic and diluted net (loss) income per share:
Basic net loss per share from continuing operations	$ (87.38)	$ (2,481.7)
Diluted net loss per share from continuing operations	(87.38)	(2,481.7)
Basic net income per share from discontinued operations		164.87
Diluted net income per share from discontinued operations		164.87
Basic net loss per share	(87.38)	(2,316.83)
Diluted net loss per share	$ (87.38)	$ (2,316.83)
Shares used in calculation:
Basic shares used in calculation	276,137	7,515
Diluted shares used in calculation	276,137	7,515

Equity - Additional Information (Details) - USD ($)			12 Months Ended
Equity - Additional Information (Details) - USD ($)	Feb. 16, 2022	Nov. 08, 2020	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net			$ 9,564,000	$ 6,428,000
Proceeds from issuance of common stock			$ 10,036,000	$ 6,428,000
Preferred stock, par value			$ 0.001	$ 0.001
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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share		$ 70
Preferred stock, par value		$ 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
Percentage of beneficial ownership		10.00%
Warrant Inducement Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share			$ 379.32
Purchase Agreement \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock				$ 500,000
Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock				$ 1,600,000
Common stock price per share				$ 3,678.74
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net			$ 22,000	$ 9,000
Proceeds from issuance of common stock			$ 11,500,000
Issuance of common stock shares			622,893	5,587
Common Stock \| Purchase Agreement \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock issued for cash consideration	0			185
Issuance of common stock shares	61
Common Stock \| Purchase Agreement \| Minimum \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum prevailing market price to direct purchase	$ 1
Common Stock \| Purchase Agreement \| Maximum \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net	$ 35,000,000
Common Stock \| Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock shares				448

Income Taxes - Schedule of Tax Effects of Temporary Differences Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal losses carryforward	$ 36,523	$ 35,322
Capitalized research expenditures	7,025	5,859
Intangible assets	109	151
Stock-based compensation	839	963
State losses carryforward	3,758	3,753
Other deferred tax assets	304	380
Other tax credits		6,121
Lease liabilities	1,133	1,280
Property and equipment	411	415
Deferred tax assets, gross	50,102	54,244
Valuation allowance	(49,180)	(53,217)
Deferred tax assets, net of valuation	922	1,027
ROU assets	(922)	(1,027)
Deferred tax liability	$ (922)	$ (1,027)

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Cash Equivalents

Concentrations of Credit Risk

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

Leases

Fair Value of Financial Instruments

Debt Extinguishment

Research and Development expense

Research and Development Expenses

General and Administrative Expenses

Stock-Based Compensation

•

the expected volatility of our underlying common stock, which we estimate based on the historical volatility of the historical and implied future volatility of our common stock;

•

the risk-free interest rate, which we based on the yield curve of U.S. Treasury securities with periods commensurate with the expected term of the options being valued;

•

the expected dividend yield, which we estimate to be zero based on the fact that we have never paid cash dividends and have no present intention to pay cash dividends; and

•

the fair value of our common stock on the date of grant.

We routinely evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover, and expectations of future option exercise behavior.

Income Taxes

Segment Reporting

Recently Adopted Accounting Pronouncements

Equity - September 2024 Direct Offering - Additional Information (Details) - USD ($)			12 Months Ended
	Sep. 18, 2024	Jul. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Apr. 15, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			1,671,417	18,859
Proceeds			$ 5,563,000	$ 967,000
Warrant modification - incremental value			$ 472,000	2,080,000
September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross proceeds	$ 3,000,000
Total issuance costs	500,000
Banker and legal fees	400,000
Non-cash warrant modification costs	$ 100,000
Offering price	$ 8.6
Modified Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant modification - incremental value	$ 100,000
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Offering price					$ 49.95
Pre-funded Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.0001
Offering price	$ 8.6
Maximum \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock	217,296
Maximum \| Pre-funded Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock	137,051
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Gross proceeds				3,300,000
Total issuance costs				2,300,000
Warrant modification - incremental value				$ 2,100,000
Warrants to purchase common stock					133,692
Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 8.6
Issuance of common stock shares	108,648
Warrants \| Pre-funded Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock	319,544
Warrants \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant modification - incremental value		$ 100,000
Warrants \| Maximum \| Pre-funded Warrants \| September 2024 Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock	274,102

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following:


	For the Year Ended December 31,
(in thousands)	2024			2023
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,260			12,260
Property and equipment, gross		14,488			14,488
Less: Accumulated depreciation		(13,945	)		(13,593	)
Total property and equipment, net	$	543		$	895

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 14. Segment Information

Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company's CODM, the Chief Executive Officer, views the Company's operations as one operating segment, which is discovery and development of novel oncology therapeutics. The discovery and development of novel oncology therapeutics segment develops novel immunotherapy candidates for the treatment of different forms of cancer. Our clinical and preclinical candidates were developed using two versatile and enabling platform technologies, ADAPTIR and ADAPTIR-FLEX. The Company does not have revenue in the current comparative period, incurs expenses primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the novel oncology therapeutics segment are the same as those described in the summary of significant accounting policies.

The CODM assesses performance for the novel oncology therapeutics segment and decides how to allocate resources based on net loss that also is reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as cash and cash equivalents.

The Company has not generated any product revenue in the current period and expects to continue to incur significant expenses and operating losses for the foreseeable future as we advance our product candidates through all stages of development and clinical trials.

As such, the CODM uses cash forecast models in deciding how to invest into the novel oncology therapeutics segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results, net cash used in operating activities for the period and cash on hand are used in assessing performance of the segment.

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023.


	Year ended December 31,
	2024			2023
Operating expenses
Research and development	$	(14,378	)	$	(17,107	)
General and administrative		(10,224	)		(11,771	)
Other segment items (a)		472			578
Gain related to sale of non-financial asset		—			9,650
Income from discontinued operations		—			1,239
Net loss (b)	$	(24,130	)	$	(17,411	)

(a) Other segment items included in segment loss includes interest revenue, interest expense, rental income and FOREX gain/loss.

(b) The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.

For the year ended December 31, 2024, and 2023, the net cash used in operating activities was $23.8 million and $11.7 million, respectively. The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023.


	Year ended December 31,
	2024		2023
Assets
Cash and cash equivalents	$	8,714	$	16,904

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands			12 Months Ended
	Dec. 03, 2024	Mar. 05, 2024	Dec. 31, 2024 USD ($)
Warrant modification - incremental fair value			$ 472
Reverse stock split	0.03	0.02
Gross proceeds			10,036
Common Stock
Warrant modification - incremental fair value			500
Gross proceeds			11,500
Issuance costs			$ 1,900
Fractional Shares
Reverse stock split	0.03	0.02

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cash and Cash Equivalents - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days

Equity - April 2024 Public Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Aug. 04, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock				$ 10,036	$ 6,428
Warrants outstanding				1,671,417	18,859
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		133,692
Warrants expiration date		Apr. 30, 2029
Additional amount to be received upon exercise of warrants		$ 200
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 49.95
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock		$ 4,600	$ 4,300
Issuance costs		$ 600
Issuance of common stock shares		25,045	1,367
Common stock price per share		$ 49.95	$ 1,009.36
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		50,090
Public Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share			$ 1,009.36
Number of common stock to be issued up conversion of warrants		66,846	3,592
Warrants exercise price, per share		$ 0.0001	$ 0.001
Registered Direct Offering \| Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance costs	$ 800
Issuance of common stock shares	97,877
Common stock price per share	$ 19.06
Number of common stock to be issued up conversion of warrants	92,882
Warrants exercise price, per share	$ 19.06			$ 49.95
Warrants outstanding				3,608
Registered Direct Offering \| Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 19.06
Number of common stock to be issued up conversion of warrants	46,441
Warrants exercise price, per share	$ 0.0001
Registered Direct Offering \| Exercise Price of $8.60
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants				11,687
Warrants exercise price, per share				$ 8.6
Warrants outstanding				8,008

Net Loss per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	1,671,417	18,859
Stock Option
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	328	352
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	1,875	175

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 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 consolidated statements of operations (in thousands):


	Year Ended December 31, 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		553
Income from discontinued operations	$	1,239

- 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.

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+ Details

Leases and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,187	$ 1,187
Total lease cost	$ 1,187	$ 1,187

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

We did not have an income tax benefit or income tax expense from continuing operations in the years ended December 31, 2024 and 2023.

The components of loss before income taxes were as follows (in thousands):


	Year ended December 31,
(in thousands)	2024			2023
US	$	(24,130	)	$	(18,650	)
Loss from continuing operations before benefit from income taxes	$	(24,130	)	$	(18,650	)

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:


	For the Year Ended December 31,
(in thousands)	2024			2023
Federal losses carryforward	$	36,523		$	35,322
Capitalized research expenditures		7,025			5,859
Intangible assets		109			151
Stock-based compensation		839			963
State losses carryforward		3,758			3,753
Other deferred tax assets		304			380
Other tax credits	-				6,121
Lease liabilities		1,133			1,280
Property and equipment		411			415
Deferred tax assets, gross		50,102			54,244
Valuation allowance		(49,180	)		(53,217	)
Deferred tax assets, net of valuation		922			1,027
ROU assets		(922	)		(1,027	)
Deferred tax liability		(922	)		(1,027	)
Net deferred tax assets	$	—		$	—

The Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position as of December 31, 2024, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company provided a full valuation allowance for its net deferred tax assets as of December 31, 2024 and 2023. The valuation allowance decreased by $4.0 million during the year ended December 31, 2024. The decrease in the valuation allowance during the year ended December 31, 2024 was due primarily to a decrease in deferred tax assets resulting from the limitation on tax attributes under IRC Section 382/383 as a result of an ownership change in December 2024.

As of December 31, 2024 and 2023, we have recorded gross federal net operating losses (NOL) carryforwards of approximately $173.9 and $168.2 million, respectively, gross state NOL carryforwards of approximately $70.8 and $70.5 million, respectively, and tax credit carryforwards of $0 and $6.1 million, respectively. Approximately $1.4 million of federal losses and credits would begin to expire in 2037, while $172.5 million of federal losses may be carried forward indefinitely. The state net operating losses will begin to expire in varying periods.

The Company is in the process of completing an IRC Section 382/383 study through December 31, 2024, on its federal and state tax attributes. Based on the study, potential historical ownership changes have been identified, including a potential ownership change in December 2024. As a result of the potential December 2024 ownership change, there may be a permanent limitation on our ability to use approximately $14 million of federal and state net operating loss carryforwards and approximately $7 million tax credits solely due to the IRC Section 382/383 limitations, assuming sufficient future taxable income. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership, some of which may be outside of our control. If an ownership change occurs in the future, our ability to use our net operating loss carryforwards and credits could be limited.

The Company files income tax returns in the U.S. and several state jurisdictions and are open to review by taxing authorities for the 2020 tax filings and thereafter.

We are subject to the accounting guidance for uncertain income tax positions. We believe that our income tax positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material adverse effect on our financial condition, results of operations, or cash flow. Our policy for recording interest and penalties associated with audits and uncertain tax positions is to record such items as a component of income tax expense, and amounts recognized to date are insignificant. No uncertain income tax positions are recorded, and we do not expect our uncertain tax position to change during the next twelve months.

The reconciliation of the federal statutory income tax rate to the Company’s effective income tax from continuing operations is as follows:


	Year ended December 31,
	2024			2023
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		-0.1	%		-0.2	%
Change in valuation allowance		16.8	%		-23.8	%
Tax credits		3.0	%		5.0	%
Permanent differences		-0.1	%		-0.1	%
Stock-based compensation		-0.8	%		-2.6	%
Change in tax attributes		-40.0	%		0.0	%
Other		0.2	%		0.7	%
Total income tax benefit		0.0	%		0.0	%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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+ Details

Reverse Stock Split

12 Months Ended

Dec. 31, 2024

Reverse Stock Split [Abstract]

Reverse Stock Split

Note 9. Reverse Stock Split

On February 5 and October 25, 2024, we held Special Meetings of the Stockholders (together, the "Special Meetings") 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, 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 Meetings. The specific 1-for-44 and 1-for-37 reverse split ratios were approved by the Board on February 27 and October 25, 2024, respectively. On March 4 and December 2, 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 and 1-for-37, respectively, reverse stock split of the Company's outstanding common stock (together, the "Reverse Stock Splits"). The Reverse Stock Splits became effective on March 5 and December 3, 2024, respectively, 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 and December 4, 2024, respectively.

No fractional shares were issued as a result of the Reverse Stock Splits. 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-K for all periods presented to reflect the Reverse Stock Splits.

Collaboration Agreements

12 Months Ended

Dec. 31, 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 Research and Development LLC (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.

We assessed the arrangement in accordance with ASC 606 – Revenue Recognition (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 years ended December 31, 2024 and 2023, we recorded approximately $2.2 million and $2.7 million, which represent our 50% cost share, in our research and development expense related to the Collaboration Agreement, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss from Continuing Operations Before Income Taxes

The components of loss before income taxes were as follows (in thousands):


	Year ended December 31,
(in thousands)	2024			2023
US	$	(24,130	)	$	(18,650	)
Loss from continuing operations before benefit from income taxes	$	(24,130	)	$	(18,650	)

Schedule of Tax Effects of Temporary Differences Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:


	For the Year Ended December 31,
(in thousands)	2024			2023
Federal losses carryforward	$	36,523		$	35,322
Capitalized research expenditures		7,025			5,859
Intangible assets		109			151
Stock-based compensation		839			963
State losses carryforward		3,758			3,753
Other deferred tax assets		304			380
Other tax credits	-				6,121
Lease liabilities		1,133			1,280
Property and equipment		411			415
Deferred tax assets, gross		50,102			54,244
Valuation allowance		(49,180	)		(53,217	)
Deferred tax assets, net of valuation		922			1,027
ROU assets		(922	)		(1,027	)
Deferred tax liability		(922	)		(1,027	)
Net deferred tax assets	$	—		$	—

Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations


	Year ended December 31,
	2024			2023
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		-0.1	%		-0.2	%
Change in valuation allowance		16.8	%		-23.8	%
Tax credits		3.0	%		5.0	%
Permanent differences		-0.1	%		-0.1	%
Stock-based compensation		-0.8	%		-2.6	%
Change in tax attributes		-40.0	%		0.0	%
Other		0.2	%		0.7	%
Total income tax benefit		0.0	%		0.0	%

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives:


Furniture and equipment	7-10 years
Software and hardware	3-5 years or product life
Leasehold improvements	Lesser of the asset life or the remaining lease term

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 14,488	$ 14,488
Less: Accumulated depreciation	(13,945)	(13,593)
Total property and equipment, net	543	895
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,228	2,228
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 12,260	$ 12,260

Segment Information - Summary of Significant Asset Categories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 8,714	$ 16,904

Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 2. Discontinued Operations

The accompanying 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 consolidated statements of operations (in thousands):


	Year Ended December 31, 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		553
Income from discontinued operations	$	1,239

For the year ended December 31, 2024, we did not record income from discontinued operations. For the year ended December 31, 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 $0.6 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.

Fair Value Measurements

12 Months Ended

Dec. 31, 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, 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.

As of December 31, 2024 and 2023, we had $7.5 million and $13.2. million in money market funds, respectively, which are classified as Level 1 investments. The carrying amounts of our money market funds approximate their fair value. As of December 31, 2024 and 2023, we did not have any Level 2 or Level 3 assets or liabilities.

- 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
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+ Details

Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

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


	December 31,		December 31,
(in thousands)	2024		2023
Cash	$	1,181	$	3,733
Cash equivalents		7,533		13,171
Total cash and cash equivalents	$	8,714	$	16,904

Equity - Summary of Warrant Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance	18,859
Number of Shares, Issued	2,610,926
Number of Shares, Exercised	(958,152)
Number of Shares, Expired	(216)
Number of Shares, Outstanding, Ending Balance	1,671,417	18,859
Number of Shares, Exercisable	1,671,417
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 754.19
Weighted-Average Exercise Price, Issued	13.25
Weighted-Average Exercise Price, Exercised	7.65
Weighted-Average Exercise Price, Expired	29,629.6
Weighted-Average Exercise Price, Outstanding, Ending Balance	9.86	$ 754.19
Weighted-Average Exercise Price, Exercisable	$ 9.86
Weighted-Average Remaining Term, Outstanding	4 years 10 months 28 days	2 years 11 months 26 days
Weighted-Average Remaining Term, Issued	4 years 9 months 18 days
Weighted-Average Remaining Term, Exercised	4 years 6 months 21 days
Weighted-Average Remaining Term, Exercisable	4 years 10 months 28 days

Nature of Business and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Furniture and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	7 years
Furniture and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	10 years
Software and Hardware
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Software and Hardware \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Software and Hardware \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,069	$ 2,193
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	302	684
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 767	$ 1,509

- 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

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash	$ 1,181	$ 3,733
Cash equivalents	7,533	13,171
Total cash and cash equivalents	$ 8,714	$ 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,714	$ 16,904
Prepaid expenses	1,689	1,473
Other current assets	256	689
Total current assets	10,659	19,066
Property and equipment, net	543	895
Operating lease right-of-use asset	4,389	4,881
Total assets	15,591	24,842
Current liabilities:
Accounts payable and other accrued liabilities	3,053	3,984
Accrued compensation	1,856	2,098
Other current liabilities	1,298	1,142
Total current liabilities	6,207	7,224
Other long-term liabilities	0
Operating lease liability	4,629	5,397
Total liabilities	10,836	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; 1,458,443 and 11,958 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	84	61
Additional paid-in capital	252,248	235,607
Accumulated deficit	(247,577)	(223,447)
Total stockholders' equity	4,755	12,221
Total liabilities and stockholders' equity	$ 15,591	$ 24,842

Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

Note 10. Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. The weighted-average number of common shares outstanding includes the shares held in abeyance resulting from the exercise of warrants because there is no consideration required for delivery of shares. Diluted net loss per share is computed by dividing the net 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 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 loss from continuing operations or income 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 Year Ended December 31,
	2024			2023
Net loss from continuing operations	$	(24,130	)	$	(18,650	)
Income from discontinued operations		—			1,239
Net loss	$	(24,130	)	$	(17,411	)

Basic and diluted net loss per share from continuing operations:
Basic	$	(87.38	)	$	(2,481.70	)
Diluted	$	(87.38	)	$	(2,481.70	)
Basic and diluted net income per share from discontinued operations:
Basic	$	—		$	164.87
Diluted	$	—		$	164.87
Basic and diluted net loss per share:
Basic	$	(87.38	)	$	(2,316.83	)
Diluted	$	(87.38	)	$	(2,316.83	)
Shares used in calculation:
Basic		276,137			7,515
Diluted		276,137			7,515

The following table represents all potentially dilutive shares:


	As of December 31,
	2024		2023
Warrants		1,671,417		18,859
Outstanding options to purchase common stock		328		352
Unvested RSUs		1,875		175

We use the treasury stock method when determining dilutive shares. For the year ended December 31, 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.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	1,458,443	11,958
Common stock, shares outstanding	1,458,443	11,958

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Decrease in valuation allowance	4,000,000
Net operating loss carryforwards	172,500,000
Uncertain income tax positions	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	173,900,000	168,200,000
Amount of operating loss due to expire	1,400,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	70,800,000	70,500,000
Tax credit carryforwards	0	$ 6,100,000
Federal and State
Income Taxes [Line Items]
Net operating loss carryforwards	14,000,000
Tax credit carryforwards	$ 7,000,000
Earliest Tax Year \| Federal
Income Taxes [Line Items]
Operating losses, begin to expiration year	2037
Tax credits, begin to expiration year	2037

Leases and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 1,376
2026	1,376
2027	1,376
2028 and beyond	3,211
Total Future minimum lease payments	7,339
Less: imputed interest	(1,941)
Total	$ 5,398

Equity - July 2024 Direct Offering - Additional Information (Details) - USD ($)		12 Months Ended
	Jul. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Apr. 15, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		1,671,417	18,859
Warrant modification - incremental fair value		$ 472,000	$ 2,080,000
Warrant inducement, net of issuance cost		$ 5,563,000	967,000
Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Banker and legal fees	$ 400,000
Non-cash warrant modification costs	400,000
Warrant modification - incremental fair value	$ 400,000
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Offering price				$ 49.95
Pre-funded Warrants \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.0001
Number of common stock to be issued up conversion of warrants	46,441
Offering price	$ 19.06
Exercise Price of $8.60 \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		8,008
Warrants exercise price, per share		$ 8.6
Number of common stock to be issued up conversion of warrants		11,687
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant modification - incremental fair value			$ 2,100,000
Number of common stock to be issued up conversion of warrants				133,692
Warrants \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant modification - incremental fair value	$ 100,000
Warrants \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		3,608
Warrants exercise price, per share	$ 19.06	$ 49.95
Gross proceeds from warrant exercises	$ 2,700,000
Issuance costs	$ 800,000
Issuance of common stock shares	97,877
Number of common stock to be issued up conversion of warrants	92,882
Offering price	$ 19.06
Warrants \| Registered Direct Offering \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	195,754
Warrants \| Exercise Price of $19.06 \| Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	197,801

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Expense Categories

The table below summarizes the significant expense categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023.


	Year ended December 31,
	2024			2023
Operating expenses
Research and development	$	(14,378	)	$	(17,107	)
General and administrative		(10,224	)		(11,771	)
Other segment items (a)		472			578
Gain related to sale of non-financial asset		—			9,650
Income from discontinued operations		—			1,239
Net loss (b)	$	(24,130	)	$	(17,411	)

(a) Other segment items included in segment loss includes interest revenue, interest expense, rental income and FOREX gain/loss.

(b) The Company is a single operating segment and therefore the measure of segment net loss is the same as consolidated net loss and does not require reconciliation.

Summary of Significant Asset Categories

The table below summarizes the significant asset categories regularly reviewed by the CODM for the years ended December 31, 2024, and 2023.


	Year ended December 31,
	2024		2023
Assets
Cash and cash equivalents	$	8,714	$	16,904

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 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 Year Ended December 31,
	2024			2023
Net loss from continuing operations	$	(24,130	)	$	(18,650	)
Income from discontinued operations		—			1,239
Net loss	$	(24,130	)	$	(17,411	)

Basic and diluted net loss per share from continuing operations:
Basic	$	(87.38	)	$	(2,481.70	)
Diluted	$	(87.38	)	$	(2,481.70	)
Basic and diluted net income per share from discontinued operations:
Basic	$	—		$	164.87
Diluted	$	—		$	164.87
Basic and diluted net loss per share:
Basic	$	(87.38	)	$	(2,316.83	)
Diluted	$	(87.38	)	$	(2,316.83	)
Shares used in calculation:
Basic		276,137			7,515
Diluted		276,137			7,515

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

The following table represents all potentially dilutive shares:


	As of December 31,
	2024		2023
Warrants		1,671,417		18,859
Outstanding options to purchase common stock		328		352
Unvested RSUs		1,875		175

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 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		3,971
Common stock issued upon vesting of restricted stock units and exercised stock options	(10)		(10)
Common stock issued upon vesting of restricted stock units and exercised stock options (in shares)		59
Issuance of common stock	6,428	$ 9	6,419
Issuance of common stock (in shares)		5,587
Warrant inducement, net of issuance cost	967	$ 4	963
Warrant inducement, net of issuance cost ( in shares)		2,341
Warrant modification - incremental fair value	2,080		2,080
Stock-based compensation	2,193		2,193
Net loss	(17,411)			(17,411)
Balance at Dec. 31, 2023	12,221	$ 61	235,607	(223,447)
Balance (in shares) at Dec. 31, 2023		11,958
Common stock issued upon vesting of restricted stock units and exercised stock options	(1)		(1)
Common stock issued upon vesting of restricted stock units and exercised stock options (in shares)		94
Payment in lieu of fractional shares	(3)		(3)
Payment in lieu of fractional shares (in shares)		(46)
Issuance of common stock	9,564	$ 22	9,542
Issuance of common stock (in shares)		622,893
Warrant inducement, net of issuance cost	5,563	$ 1	5,562
Warrant inducement, net of issuance cost ( in shares)		823,544
Warrant modification - incremental fair value	472	$ 500	472
Stock-based compensation	1,069		1,069
Net loss	(24,130)			(24,130)
Balance at Dec. 31, 2024	$ 4,755	$ 84	$ 252,248	$ (247,577)
Balance (in shares) at Dec. 31, 2024		1,458,443

Equity - Additional Information (Details1) $ / shares in Units, $ in Millions								12 Months Ended
	Dec. 03, 2024	Dec. 02, 2024	Oct. 25, 2024	Mar. 05, 2024	Mar. 04, 2024	Feb. 27, 2024	Jun. 01, 2018 shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares	Jun. 07, 2024 shares	Jun. 07, 2022 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse stock split	0.03	0.03	0.03	0.02	0.02	0.02
Weighted-average grant date fair value per share of options granted \| $ / shares									$ 2,731.66
Aggregate intrinsic value of options exercised \| $								$ 0.0	$ 0.0
Total fair value of stock option vested \| $								1.0	1.2
Unvested RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense \| $								$ 0.2	$ 0.8
Options expected to vest, weighted average period								1 year 2 months 12 days	1 year 2 months 12 days
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated forfeiture rate									29.00%
Unrecognized compensation expense \| $								$ 0.1
Options expected to vest, weighted average remaining vesting term								8 months 12 days
Number of Shares, Granted \| shares								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 \| shares							2,844			4,460	308
Maximum number of returning shares from old plan to be add to shares reserve \| shares							2,844
Number of shares available for grant \| shares								2,844
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
2018 Stock Incentive Plan \| Unvested RSUs \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan vesting period							1 year
2018 Stock Incentive Plan \| Unvested RSUs \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock plan vesting period							3 years

Equity - December 2024 Warrant Inducement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Dec. 12, 2024	Nov. 09, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding			1,671,417	18,859
Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share			$ 379.32
Percentage of number of common stock issued upon exercise of warrants	200.00%
Gross proceeds from warrant exercises	$ 6.2
Total issuance costs	$ 0.6
Number of warrants issued			948
Additional amount to be received upon exercise of warrants		$ 0.4
Existing Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 7.5
Warrants outstanding	823,544
December 2024 Warrants \| Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 9.53
Warrants outstanding			1,647,088
Fair value of existing common warrants immediately before	$ 3.5
Fair value of existing common warrants immediately after	3.6
Fair value of newly issued warrants	$ 7.3
Warrants expiration date	Dec. 31, 2029
Number of warrants issued	1,647,088
Additional amount to be received upon exercise of warrants	$ 15.7

Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Warrant Activity


	Number of Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Term
Outstanding at December 31, 2023		18,859		$	754.19		2.99
Issued		2,610,926			13.25		4.80
Exercised		(958,152	)		7.65		4.56
Expired		(216	)		29,629.60		—
Outstanding at December 31, 2024		1,671,417		$	9.86		4.91
Exercisable at December 31, 2024		1,671,417		$	9.86		4.91

Assumptions used in Estimating the Incremental Fair Value of the Exchanged Common Warrants under Black-scholes Valuation Model


	For the Year Ended December 31,
	2024	2023
Expected dividend yield	0.00%	0.00%
Expected volatility	113.70%	104.01%
Risk-free interest rate	4.98%	5.40%
Expected average life of warrants	5 years	1.2 - 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 consolidated statements of operations as follows:


	For the Year Ended December 31,
(in thousands)	2024		2023
Research and development	$	302	$	684
General and administrative		767		1,509
Total stock-based compensation expense	$	1,069	$	2,193

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:


		Year Ended December 31, 2023

Expected dividend yield		0.00%
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 year ended December 31, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term
Balance at December 31, 2023		352		$	20,978.03		7.37
Granted		—			—		—
Exercised		—			—		—
Forfeited		(24	)		11,891.52		—
Outstanding at December 31, 2024		328		$	20,772.78		6.39
Exercisable December 31, 2024		267		$	24,476.16		6.03
Vested and expected to vest at December 31, 2024		321		$	21,142.28		6.35

Summary of RSU Activity

The following is a summary of restricted stock activity for the year ended December 31, 2024:


	Number of Units			Weighted Average Fair Value per Unit
Balance at December 31, 2023		175		$	5,866.69
Granted		1,823			29.56
Vested		(117	)		6,587.71
Forfeited		(6	)		267.14
Outstanding and expected to vest at December 31, 2024		1,875		$	164.37