Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2018	Nov. 09, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Trading Symbol	APVO
Entity Registrant Name	APTEVO THERAPEUTICS INC.
Entity Central Index Key	0001671584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Extended Transition Period	true
Entity Common Stock, Shares Outstanding		22,687,854

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 28,447	$ 7,095
Short-term investments	9,192	73,688
Accounts receivable	6,202	2,141
Inventories	3,969	1,028
Prepaid expenses	5,195	4,022
Other current assets	6,990	6,710
Restricted cash	400	400
Total current assets	60,395	95,084
Restricted cash, net of current portion	7,448	10,000
Property and equipment, net	5,608	5,843
Intangible assets, net	5,458	6,080
Other assets	25
Total assets	78,934	117,007
Current liabilities:
Accounts payable and other accrued liabilities	9,808	7,350
Accrued compensation	3,875	4,626
Sales rebates and discounts payable	936	623
Current portion of long-term debt		3,333
Other short-term liabilities	823	2,578
Total current liabilities	15,442	18,510
Long-term debt, net	19,143	15,728
Other liabilities	349	734
Total liabilities	34,934	34,972
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; 22,677,270 and 21,605,716 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	23	22
Additional paid-in capital	157,258	155,837
Accumulated other comprehensive loss	(2)	(105)
Accumulated deficit	(113,279)	(73,719)
Total stockholders' equity	44,000	82,035
Total liabilities and stockholders' equity	$ 78,934	$ 117,007

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
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	22,677,270	21,605,716
Common stock, shares outstanding	22,677,270	21,605,716

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Total revenues	$ 5,824	$ 6,172	$ 16,721	$ 11,840
Costs and expenses:
Research and development	8,574	7,175	26,486	19,835
Selling, general and administrative	6,940	7,473	21,556	26,019
Loss from operations	(12,127)	(10,348)	(38,073)	(37,128)
Other expense from continuing operations	(474)	(436)	(1,592)	(1,356)
Loss before income taxes	(12,601)	(10,784)	(39,665)	(38,484)
Benefit from income taxes		13,768		15,587
Net (loss) income from continuing operations	(12,601)	2,984	(39,665)	(22,897)
Discontinued operations (Note 2):
Income from discontinued operations, before income taxes	39	56,140	104	62,706
Income tax expense		(21,257)		(23,076)
Income from discontinued operations	39	34,883	104	39,630
Net (loss) income	$ (12,562)	$ 37,867	$ (39,561)	$ 16,733
Basic net (loss) income per share:
Net (loss) income from continuing operations	$ (0.56)	$ 0.14	$ (1.77)	$ (1.08)
Net income from discontinued operations		1.63		1.87
Net (loss) income per basic share	$ (0.56)	$ 1.77	$ (1.77)	$ 0.79
Weighted-average shares used to compute per share calculations	22,672,721	21,385,381	22,431,146	21,138,332
Diluted net (loss) income per share:
Net (loss) income from continuing operations	$ (0.56)	$ 0.14	$ (1.77)	$ (1.08)
Net income from discontinued operations		1.61		1.87
Net (loss) income per diluted share	$ (0.56)	$ 1.75	$ (1.77)	$ 0.79
Weighted-average shares used to compute per share calculations	22,672,721	21,672,269	22,431,146	21,138,332
Product sales
Revenues:
Total revenues	$ 5,824	$ 2,506	$ 16,721	$ 8,131
Costs and expenses:
Cost of product sales	$ 2,437	1,872	$ 6,752	3,114
Collaborations
Revenues:
Total revenues		$ 3,666		$ 3,709

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (12,562)	$ 37,867	$ (39,561)	$ 16,733
Other comprehensive (loss) income:
Unrealized gain (loss) on available-for-sale investments, net	34	(24)	103	(10)
Total comprehensive (loss) income	$ (12,528)	$ 37,843	$ (39,458)	$ 16,723

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net (loss) income	$ (39,561)	$ 16,733
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation	1,647	3,829
Depreciation and amortization	1,784	2,991
Non-cash interest expense and other	691
Gain on sale of Hyperimmune Business		(52,538)
Income taxes		7,489
Changes in operating assets and liabilities:
Accounts receivable	(4,061)	(221)
Inventories	(2,941)	(776)
Prepaid expenses and other current assets	(1,570)	(815)
Accounts payable, accrued compensation and other liabilities	(432)	(1,941)
Sales rebates and discounts	313	100
Assets and liabilities held for sale and amount due to Saol		2,704
Deferred revenue		(3,707)
Net cash used in operating activities	(44,130)	(26,152)
Investing Activities
Proceeds from the maturity of investments	81,152	53,218
Cash received from sale of Hyperimmune Business	65	60,477
Purchases of property and equipment	(927)	(1,105)
Purchases of investments	(16,534)	(29,291)
Net cash provided by investing activities	63,756	83,299
Financing Activities
Common stock issued upon exercise of stock options	572
Payment of tax liability for vested equity awards	(797)	(843)
Debt issuance costs	(601)	(150)
Settlement of contribution receivable from former parent		20,000
Net cash (used in) provided by financing activities	(826)	19,007
Increase in cash, cash equivalents, and restricted cash	18,800	76,154
Cash, cash equivalents, and restricted cash at beginning of period	17,495	10,076
Cash, cash equivalents, and restricted cash at end of period	$ 36,295	$ 86,230

Nature of Business and Significant Accounting Policies	9 Months Ended
Nature of Business and Significant Accounting Policies	Sep. 30, 2018
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Note 1. Nature of Business and Significant Accounting Policies Organization and Basis of Presentation Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a biotechnology company focused on novel oncology (cancer) and hematology (blood disease) therapeutics to meaningfully improve patients’ lives. Our core technology is the ADAPTIR (modular protein technology) platform. We currently have one revenue-generating product in the area of hematology, IXINITY, as well as various investigational stage product candidates in the areas of immuno-oncology and autoimmune and inflammatory diseases. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. We are currently trading on the Nasdaq Global Market under the symbol “APVO.” On September 28, 2017, Aptevo completed the sale of its hyperimmune business which consisted of the following products: WinRho^® SDF for autoimmune platelet disorder and hemolytic disease of the newborn; HepaGam B^® for the prevention of Hepatitis B following liver transplantation and for treatment following hepatitis B exposure; and VARIZIG^® for treatment following exposure to varicella zoster virus for individuals with compromised immune systems (Hyperimmune Business). The Hyperimmune Business met all the conditions to be classified as a discontinued operation since the sale of Hyperimmune Business represented a strategic shift that will have a major effect on the Company’s operations and financial results. Aptevo will not have further significant involvement in the operations of the discontinued Hyperimmune Business. The operating results of the Hyperimmune Business are reported as income from discontinued operations, both pre-tax and net of tax, in the consolidated statements of operations for the nine months ended September 30, 2017 reporting period. See Note 2 - Sale of Hyperimmune Business for additional information. Use of Estimates 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. Accounts Receivable Aptevo records accounts receivable net of an allowance for doubtful accounts based upon its assessment of collectability, and of applicable discounts. Aptevo performs ongoing credit evaluations of its customers and generally does not require collateral. Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASC 606) on a modified retrospective basis, which required the cumulative effect of the adoption to be recognized as an adjustment to opening retained earnings in the first period of 2018. For Aptevo, there was no financial impact for the cumulative effect of this change, and therefore there was no adjustment to opening retained earnings. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaborative arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customers. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and identify, as a performance obligation, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue, Net Aptevo has one marketed commercial product, IXINITY, a coagulation factor IX (recombinant) therapeutic indicated in adults and children 12 years of age and older with hemophilia B for control and prevention of bleeding episodes, and management of bleeding during operations. We sell IXINITY to a limited number of specialty distributors in the United States, collectively, our customers. These customers subsequently resell IXINITY to health care providers and patients. Revenue from product sales are recognized when the customer obtains control of the IXINITY product. Our customers provide us with a new order for every purchase of goods. This incorporates the terms and conditions of the contract, including pricing. Acceptance of the order is the point at which we are obligated to provide the product, and we have determined that each order represents a unique performance obligation. Product revenue is recorded at the amount we expect to receive, which is net of any rebates or chargebacks. Reserves for Variable Consideration We have identified the following fees, discounts and rebates that result in consideration being variable: chargebacks, distributor and Group Purchasing Organizations (GPO) fees, government rebates, return rights, and patient assistance. As part of determining variable consideration we noted that although the distributors are our customers, there are additional indirect customers in the distribution chain to whom we make payments. These indirect customers are not customers; however, unless a distinct good or service is provided to us, payments to these indirect customers need to be accounted for as a reduction in the transaction price, and therefore constitute an element of variable consideration, under ASC 606. Further, if material, we would also account for returns as variable consideration. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. We have established reserves for the following types of variable consideration: Chargebacks: We make payments to customers (in the form of credit memos) which are based on the difference between the price paid by the distributor and contracted prices paid by the authorized customers of the distributor. Specialty pharmacies and other smaller specialty distributors buy the product from the distributors at prices agreed to in contracts with us, or if they are eligible, at government established prices (PHS/Medicaid/Medicare/VA prices). When the distributor sells the product at contracted prices lower than their acquisition price, the distributor is allowed to charge the difference between their price and the contract price paid by their customer to Aptevo. We refer to this as a “Chargeback”. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by Customers, and we generally issue credits for such amounts within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consist of credits we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to qualified healthcare providers, and chargebacks that Customers have claimed but for which we have not yet issued a credit. Distribution, Dispensing, and Data Fees – We pay fees (in the form of direct payments) to the distributors and some indirect customers for distribution and dispensing of the products and for transmission of data. Fees owed to our distributors is based on their purchases and is calculated as a direct percent of quarterly purchases. Although fees can vary from distributor to distributor, the fees associated with a specific sale is known at the time of the sale. Fees owed to GPOs are determined based on volume of indirect sales to GPS members. Government Rebates: Certain sales by the specialty pharmacies are to qualified PHS/Medicaid/Medicare/VA and other publicly insured patients. We have contracts with these agencies, some of which require rebates for sales made under these programs. We estimate our Medicaid and Medicare rebates based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability that is included in accrued expenses on the consolidated balance sheet. For Medicare, we also estimate the number of patients in the prescription drug coverage gap for whom we will owe an additional liability under the Medicare Part D program. Our liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at period end. Commercial Rebates: We currently offer the option to receive a rebate based on volume thresholds. This rebate is estimated at the time of the sale and is based on the terms of the Customer agreements. There are minimum volume requirements in order to receive this rebate, which varies per Customer. Cash Discounts: Most customers have the option to receive a cash discount for early payment. Typically, cash discounts are two-percent of the invoice amount if the payment is made within thirty days. Patient Assistance: Certain patients maybe eligible for the IXINITY Savings Program, which provides for up to $12,000 annual benefit to assist with co-payments. Historically, this has been insignificant to our revenue as the total benefit provided since sales of IXINITY commenced in 2015 has been less than $0.1 million. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that we expect to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at period end. Returns: If product is damaged in shipment (either observable or hidden), or the incorrect number of units was shipped (for example, if the customer ordered 1 unit and 10 were shipped) these are allowable returns under our Return Policy (a component of the distributor agreements). However, as product is generally received by the distributors within 1 business day, and product damage is usually noted upon inspection, we would not recognize revenue on those shipments as part of our normal revenue recognition process. To date there has not been any such damaged product and we expect any such issues to be rare; however, if returns were to become significant a reserve estimate would be developed and accounted for as a reduction of revenue. See Note 11 – Revenue Reserves for additional information. Reclassifications Our financial statements reflect all adjustments that we consider to be necessary for the fair presentation of our results, due to changes in accounting policies, sale of our Hyperimmune Business, and the reclassification of restricted cash. 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 Orphan Drug 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 future taxable income 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. New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short term leases) at the commencement date. Lessor accounting under ASU 2016-02 is largely unchanged. ASU 2016-02 is effective for annual and interim periods beginning on or after December 15, 2018 and early adoption is permitted. Under ASU 2016-02, lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. The ASU will be effective for Aptevo starting on January 1, 2019 and we will apply the practical expedients thereby continuing to account for leases that commenced before the effective date in accordance with previous GAAP. We are continuing to evaluate the impact of the application of this ASU on our condensed consolidated financial statements and disclosures. We expect to recognize right of use assets and lease liabilities, primarily for our office building lease. In December 2017, the SEC issued Staff Accounting Bulletin (SAB) 118 to address the application of U.S. GAAP in situations in which a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the Tax Reform Act) which was signed into law on December 22, 2017. In March 2018, the FASB issued ASU 2018-05, which amended ASC 740 to incorporate the requirements of SAB 118. We recognized the provisional tax impacts of the Tax Reform Act in the fourth quarter of 2017. During the third quarter of 2018, we filed our U.S. federal tax return for 2017. While we do not anticipate any remaining adjustments related to the Tax Reform Act, the measurement period under SAB 118 remains open as there is still anticipated guidance clarifying certain aspects of the Tax Reform Act. Any subsequent adjustments will be recorded in the fourth quarter of 2018 when the full analysis is complete. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (ASC 718) – Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective on January 1, 2019, and early adoption is permitted, including in interim periods, and should be applied to all new awards granted after the date of adoption. We are currently assessing the potential impact this ASU will have on our consolidated results of operations, financial position, and cash flows. In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. Among the amendments is the requirement to present any changes in shareholders’ equity in the interim financial statements, either in a separate statement or footnote in the quarterly reports on Form 10-Q. The amendments became effective on November 5, 2018; however, the SEC has stated it will not object if filers first include the additional disclosure for the first quarter that begins after the effective date of the amendments. As a result, Aptevo will first provide the additional disclosure in its quarterly report on Form 10-Q for the first quarter of 2019. We will be adding an additional disclosure to our filing, but currently do not anticipate there to be any financial impact. Recently Adopted Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), and has subsequently issued a number of amendments to ASU 2014-09. We adopted this standard effective January 1, 2018 on a modified retrospective basis. The new standard as amended, provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, included industry-specific guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted cash. This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents when reconciling the beginning-of and ending-of period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard effective January 1, 2018. Upon adoption of this standard, we applied the retrospective transition method for each period presented. As a result of this adoption we adjusted our consolidated statement of cash flows to include $10.4 million of restricted cash at December 31, 2017 and $7.8 million in restricted cash at September 30, 2018. See Note 5 – Cash, cash equivalents, and restricted cash for additional information. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (ASC 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification and presentation of eight specific cash flow issues in the statement of cash flows. We adopted this standard effective January 1, 2018. Adoption of this standard had no impact on our condensed consolidated statements of cash flows or related disclosures.

Sale of Hyperimmune Business

9 Months Ended

Sep. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Sale of Hyperimmune Business

Note 2. Sale of Hyperimmune Business

On August 31, 2017, Aptevo entered into a sale agreement with Saol International Limited (Saol) whereby Aptevo agreed to sell its Hyperimmune Business. The sale was completed on September 28, 2017.

At the closing of the sale, Saol paid an amount equal to $65.0 million, including $3.3 million which was deposited in an escrow account for the purposes of satisfying any indemnification claims brought by Saol pursuant to the LLC purchase agreement. In addition, Aptevo may receive (1) an additional potential milestone payment totaling up to $7.5 million related to the achievement of certain gross profit milestones and (2) up to $2.0 million related to collection of certain accounts receivable after the closing.

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

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018		2017
Revenues:
Product sales	$	—	$	6,380		$	—	$	18,886
Total revenues		—		6,380			—		18,886
Costs and expenses:
Cost of product sales		—		2,586			—		7,730
Research and development		—		3			—		44
Selling, general and administrative		—		189			—		944
Income from operations		—		3,602			—		10,168
Gain on sale of Hyperimmune Business				52,538					52,538
Other income		39		—			104		—
Income from discontinued operations, before income taxes		39		56,140			104		62,706
Income tax expense		—		(21,257	)		—		(23,076	)
Income from discontinued operations	$	39	$	34,883		$	104	$	39,630

The net gain on sale of the Hyperimmune Business totaling, $52.7 million, was calculated as the difference between the fair value of the consideration received for the Hyperimmune Business, the carrying value of the net assets transferred to Saol, less the transaction costs incurred and a working capital adjustment. The net gain on sale of the business may be adjusted in future periods by the contingent consideration based upon the achievement of certain gross profit milestones and collection of certain outstanding accounts receivable.

In the three and nine months ended September 30, 2018, we recorded $0.0 million and $0.1 million, respectively, due to the collection of certain accounts receivable transferred to Saol during the sale. Amortization for the Hyperimmune Business was $0.3 million for the three months ended September 30, 2017, and $0.9 million for the nine months ended September 30, 2017. There was no depreciation, capital expenditures or other significant operating or investing non-cash items for the three and nine months ended September 30, 2018.

Collaboration Agreements	9 Months Ended
Collaboration Agreements	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreements	Note 3. Collaboration Agreements Alligator On July 20, 2017, our wholly owned subsidiary Aptevo Research and Development LLC (Aptevo R&D), entered into a collaboration and option agreement (Collaboration Agreement) with Alligator Bioscience AB (Alligator), pursuant to which Aptevo and Alligator will collaboratively develop ALG.APV-527, a lead bispecific antibody candidate simultaneously targeting 4-1BB (CD137), a member of the TNFR superfamily of a costimulatory receptor found on activated T-cells, and 5T4, a tumor antigen widely overexpressed in a number of different types of cancer. This product candidate is built on our novel ADAPTIR platform, which is designed to expand on the utility and effectiveness of therapeutic antibodies. Under this Collaboration Agreement, Alligator also granted to Aptevo a time-limited option to enter into a second agreement with Alligator for the joint development of a separate bispecific antibody. In accordance with the terms of the Collaboration Agreement, the parties intend to develop the lead bispecific antibody candidate targeting 4-1BB (CD137) and 5T4 through the completion of Phase II clinical trials in accordance with an agreed upon development plan and budget. Subject to certain exceptions for Aptevo’s manufacturing and platform technologies, the parties will jointly own intellectual property generated in the performance of the development activities under the Collaboration Agreement. Following the completion of the anticipated development activities under the Collaboration Agreement, the parties intend to seek a third-party commercialization partner for this product candidate, or, in certain circumstances, may elect to enter into a second agreement granting rights to either Aptevo R&D or Alligator to allow such party to continue the development and commercialization of this product candidate. Under the terms of this Collaboration Agreement, the parties intend to share revenue received from a third-party commercialization partner equally, or, if the development costs are not equally shared under this Collaboration Agreement, in proportion to the development costs borne by each party. The Collaboration Agreement also contains several points in development at which either party may elect to “opt-out” (i.e., terminate without cause) and, following a termination notice period, cease paying development costs for this product candidate, which would be borne fully by the continuing party. Following an opt-out by a party, the continuing party will be granted exclusive rights to continue the development and commercialization of the product candidate, subject to a requirement to pay a percentage of revenue received from any future commercialization partner for this product, or, if the continuing party elects to self-commercialize, tiered royalties on the net sales of the product by the continuing party ranging from the low to mid-single digits, based on the point in development at which the opt-out occurs. The parties have also agreed on certain technical criteria or “stage gates” related to the development of this product candidate that, if not met, will cause an automatic termination and wind-down of this Collaboration Agreement and the activities thereunder, provided that the parties do not agree to continue. The Collaboration Agreement contains industry standard termination rights, including for material breach following a specified cure period, and in the case of a party’s insolvency. We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808. For the nine months ended September 30, 2018, we incurred a higher share of the research and development costs than those of Alligator which netted to $0.4 million and is reflected as a reduction in our research and development expenses. MorphoSys In August 2014, Aptevo entered into a collaboration agreement with MorphoSys AG (MorphoSys Agreement) for the joint development of MOR209/ES414, a targeted immunotherapeutics protein, which activates host T-cell immunity specifically against cancer cells expressing prostate specific membrane antigen, an antigen commonly overexpressed on prostate cancer cells. Effective August 31, 2017, MorphoSys terminated the MorphoSys Agreement. As a result of the termination, Aptevo has no ongoing obligation related to this agreement. As a result of the termination, we recognized the total remaining deferred revenue balance of $3.7 million in the third quarter of 2017.

Fair Value Measurements

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. 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.

The Company’s financial assets measured at fair value consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	29,668	$	—	$	—	$	29,668
Corporate bonds		—		2,196		—		2,196
US government and agency debt securities		—		6,996		—		6,996
Foreign government and agency debt securities		—		—		—		—
Total assets	$	29,668	$	9,192	$	—	$	38,860

	December 31, 2017
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	10,997	$	—	$	—	$	10,997
Corporate bonds		—		16,443		—		16,443
US government and agency debt securities		—		33,300		—		33,300
Foreign government and agency debt securities		—		23,945		—		23,945
Total assets	$	10,997	$	73,688	$	—	$	84,685

If quoted market prices in active markets for identical assets are not available to determine fair value, then the Company uses quoted prices of similar instruments and other significant inputs derived from observable market data obtained from third-party data providers. These investments are included in Level 2 and consist of debt securities of U.S government agencies and corporate bonds. There were no transfers between Levels 1 and 2 during the three-month and nine-month periods ended September 30, 2018.

- 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 + Details

Cash, Cash Equivalents, and Restricted Cash

9 Months Ended

Sep. 30, 2018

Cash And Cash Equivalents [Abstract]

Cash, Cash Equivalents, and Restricted Cash

Note 5. Cash, Cash Equivalents, and Restricted Cash

The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds with commercial banks and financial institutions. Restricted cash, current portion, includes $0.4 million maintained in depository as collateral for corporate credit cards. In addition, we have long-term restricted cash of $5.0 million related to the minimum cash covenant included in the Company’s Credit and Security Agreement (the Credit Agreement) with MidCap Financial Trust, and $2.4 million securing letters of credit.

The following table shows our cash, cash equivalents and restricted cash, both current and long-term portion as of September 30, 2018 and December 31, 2017:

	September 30,		December 31,
(in thousands)	2018		2017
Cash	$	24,334	$	6,098
Cash equivalents		4,113		997
Restricted cash, current portion		400		400
Restricted cash, included in other long-term assets		7,448		10,000
Total cash, cash equivalents, and restricted cash	$	36,295	$	17,495

Investments

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Investments

Note 6. Investments

As of September 30, 2018, and December 31, 2017, all investments were classified as available-for-sale securities and are carried at fair value with unrealized temporary holding gains and losses included in other comprehensive income or loss and as a net amount in accumulated other comprehensive income or loss until such gains and losses are realized. We did not recognize any realized gains or losses in net income during the three and nine months ended September 30, 2018.

Available-for-sale securities are written down to fair value through income whenever it is necessary to reflect other than temporary impairments. We have determined that the unrealized losses on our marketable securities as of September 30, 2018 were temporary in nature, and currently do not intend to sell these securities before recovery of their amortized cost basis.

All short-term investments are limited to a final maturity of less than one year from the reporting date. Our money market funds as of September 30, 2018 are inclusive of $5.0 million in restricted cash and as of December 31, 2017, are inclusive of $10.0 million in restricted cash.

	September 30, 2018
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)			Fair Value
Cash equivalents:
Money market fund	$	29,668	$	—	$	—		$	29,668
Total cash equivalents	$	29,668	$	—	$	—		$	29,668

Short-term investments:
Corporate bonds	$	2,197	$	—	$	(1	)	$	2,196
US government and agency debt securities		6,997		—		(1	)		6,996
Foreign government and agency debt securities		—		—		—			—
Total short-term investments	$	9,194	$	—	$	(2	)	$	9,192

	December 31, 2017
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)			Fair Value
Cash equivalents:
Money market fund	$	10,997	$	—	$	—		$	10,997
Total cash equivalents	$	10,997	$	—	$	—		$	10,997

Short-term investments:
Corporate bonds	$	16,455	$	—	$	(12	)	$	16,443
US government and agency debt securities	$	33,331		—		(31	)	$	33,300
Foreign government and agency debt securities		24,007		—		(62	)		23,945
Total short-term investments	$	73,793	$	—	$	(105	)	$	73,688

Inventories

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Note 7. Inventories

Inventories consist of the following:

	September 30,		December 31,
(in thousands)	2018		2017
Raw materials and supplies	$	43	$	56
Work-in-process		2,462		482
Finished goods		1,464		490
Total inventories	$	3,969	$	1,028

Debt	9 Months Ended
Debt	Sep. 30, 2018
Debt Disclosure [Abstract]
Debt	Note 8. Debt On August 4, 2016, we entered into a Credit and Security Agreement (Credit Agreement), with MidCap Financial Trust. The original Credit Agreement provided us with up to $35.0 million of available borrowing capacity composed of two tranches of $20.0 million and $15.0 million. The first tranche of $20.0 million was made available to us, and drawn, on the closing date of the Credit Agreement. On September 28, 2017, we and MidCap Financial Trust entered into a second amendment to the Credit Agreement in order to accommodate the sale of the Hyperimmune Business under the LLC purchase agreement, and to reflect changes in the remaining business as a result of such sale. Pursuant to the second Amendment, the agent and the lenders consented to the LLC purchase agreement and the consummation of the sale transaction, released the agent’s liens on the assets transferred to one of our subsidiaries prior to the sale, and agreed that no prepayment of the term loans under the credit agreement would be required as a result the sale. As part of the second amendment, the agent and the lenders agreed that: (i) the commitments of the lenders to make the remaining $15.0 million tranche of loans under the credit agreement were terminated, (ii) the covenant levels set forth in the minimum net commercial product revenue covenant were revised, (iii) a new covenant requiring us to maintain a minimum $10.0 million unrestricted cash balance, and (iv) the date on which the term loans begin to amortize would be extended to February 1, 2019 if we achieved net commercial product revenues of $16.0 million for the twelve month period ending June 30, 2018 and maintain such level of net commercial product revenues for each quarter prior to February 1, 2019 thereafter. As we achieved net commercial product revenues of $16.2 million for the twelve month period ending June 30, 2018, our principal repayments have been deferred to February 1, 2019. On February 23, 2018, we entered into a third Amendment with the agent and lenders to amend certain provisions of the Credit Agreement in order to permit us to maintain a cash collateral account as security for our reimbursement obligations, in respect of certain letters of credit to be issued for our account. On August 6, 2018, we entered into an Amended and Restated Credit and Security Agreement (Amended Credit Agreement) amending the terms of our original $20 million term loan agreement with MidCap. Under the Amended Credit Agreement, the timeline for us to begin making principal repayments has been extended to February 1, 2020, with an opportunity for further deferral through August 1, 2020. The amount of restricted cash that we are required to maintain on our balance sheet has been reduced from $10 million to $5 million. The obligations under the Amended Credit Agreement will mature on February 1, 2023. Amounts drawn under the Amended Credit Agreement continue to accrue interest at a rate of LIBOR plus 7.60% per annum.

Net (Loss) Income per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Net Loss Per Share

Note 9. Net (Loss) Income per Share

Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per share is computed by dividing the net (loss) income 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, stock options and restricted stock units are only included in the calculation of diluted net income per share when their effect is dilutive.

Common stock equivalents include stock options and unvested RSUs.

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

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018			2017		2018			2017
Net loss	$	(12,562	)	$	37,867	$	(39,561	)	$	16,733

Basic net (loss) income per share:
Net (loss) income from continuing operations	$	(0.56	)	$	0.14	$	(1.77	)	$	(1.08	)
Net income from discontinued operations		—			1.63		—			1.87
Net (loss) income per basic share	$	(0.56	)	$	1.77	$	(1.77	)	$	0.79
Weighted-average shares used to compute per share calculations		22,672,721			21,385,381		22,431,146			21,138,332

Diluted net (loss) income per share:
Net (loss) income from continuing operations	$	(0.56	)	$	0.14	$	(1.77	)	$	(1.08	)
Net income from discontinued operations		—			1.61		—			1.87
Net (loss) income per diluted share	$	(0.56	)	$	1.75	$	(1.77	)	$	0.79
Weighted-average shares used to compute per share calculations		22,672,721			21,672,269		22,431,146			21,138,332

The following table represents all potentially dilutive shares, which were all anti-dilutive and therefore excluded from the calculation of diluted net (loss) income per share:

	For the Nine Months Ended September 30,
(in thousands)	2018		2017
Outstanding options to purchase common stock		3,358		2,989
Unvested RSUs		139		1,256

Equity

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

Equity

Note 10. Equity

Common Stock

For the nine months ended September 30, 2018, we received proceeds of $0.6 million upon the exercise of stock options which resulted in the issuance of 257,550 shares of common stock. For the nine months ended September 30, 2017 there was no proceeds from the exercise of stock options and no issuance of shares of common stock. We also issued 814,004 and 1,154,994 shares of common stock in the nine months ended September 30, 2018 and September 30, 2017, respectively, upon the vesting of RSUs.

Converted Equity Awards Incentive Plan

In connection with the spin-off from Emergent BioSolutions, Inc. (Emergent) in August 2016, we adopted the Converted Equity Awards Incentive Plan (Converted Plan) and outstanding equity awards of Emergent held by Aptevo employees were converted into or replaced with equity awards of Aptevo (Conversion Awards) under the Converted Plan and were adjusted to maintain the economic value before and after the distribution date using the relative fair market value of the Emergent and Aptevo common stock based on the closing prices as of August 1, 2016. A total of 1.3 million shares of Aptevo common stock have been authorized for issuance under the Converted Plan. Options issued as Conversion Awards were priced according to the Converted Plan. RSUs issued as part of the Converted Plan provide for the issuance of a share of Aptevo’s stock at no cost to the holder.

2016 Stock Incentive Plan

On August 1, 2016, the Company adopted the 2016 Stock Incentive Plan (2016 SIP). A total of 3.1 million shares of Aptevo common stock have been authorized for issuance under the 2016 SIP in the form of equity stock options.

Stock options under the 2016 SIP generally vest pro rata over a three-year period and terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers and certain other employees may be awarded options with different vesting criteria, and options granted to non-employee directors also vest over a three-year period. Option exercise prices for new options granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Global Market on the date of grant.

RSUs issued under the 2016 SIP provide for the issuance of a share of the Company’s common stock at no cost to the holder. RSUs granted to employees under the 2016 SIP generally provide for time-based vesting over an eighteen-month to three-year period, although certain employees may be awarded RSUs with different time-based vesting criteria. Prior to vesting, RSUs granted under the 2016 SIP do not have dividend equivalent rights, do not have voting rights and the shares underlying the RSUs are not considered issued or outstanding.

The equity compensation awards granted by the Company generally vest only if the employee is employed by the Company (or in the case of directors, the director continues to serve on the Board) on the vesting date.

On May 31, 2017, at the 2017 Annual Meeting of Stockholders (Annual Meeting), the Company’s stockholders approved the amendment and restatement of the Company’s 2016 SIP (Restated 2016 Plan) to, among other things, increase the number of authorized shares issuable by 1.3 million shares of Aptevo common stock. The Restated 2016 Plan was previously approved, subject to stockholder approval, by the Board of Directors of the Company.

2018 Stock Incentive Plan

On June 1, 2018, at the 2018 Annual Meeting, the Company’s stockholders approved a new 2018 Stock Incentive Plan (2018 SIP), which replaces the Restated 2016 Plan on a go-forward basis. All stock options, RSUs or other equity awards granted subsequent to June 1, 2018 will be issued out of the 2018 SIP, which has 2.9 million shares of Aptevo common stock authorized for issuance. The 2018 Plan became effective immediately upon stockholder approval at the Annual Meeting. 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 3,711,620 shares. The 2018 SIP was previously approved, subject to stockholder approval, by the Board of Directors of the Company. As of September 30, 2018, there are 2.8 million shares available to be granted under the 2018 SIP.

Stock options under the 2018 SIP generally vest pro rata over a three-year period and terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers and certain other employees may be awarded options with different vesting criteria, and options granted to non-employee directors also vest over a three-year period. Option exercise prices for new options granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Global 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 Condensed Consolidated Statements of Operations as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2018		2017		2018		2017
Research and development	$	190	$	555	$	695	$	1,791
Selling, general and administrative		291		485		952		2,028
Total stock-based compensation expense	$	481	$	1,040	$	1,647	$	3,819

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.

Stock Options

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

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2018	2017	2018	2017
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	75.00%	75.00%	75.00%	75.00%
Risk-free interest rate	2.78%	1.91%	2.73%	1.91%
Expected average life of options	6 years	6 years	6 years	6 years

Management has applied an estimated forfeiture rate of 10% for the periods presented.

The following is a summary of option activity for the nine months ended September 30, 2018:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Balance at December 31, 2017		2,819,344		$	2.41		—	$	5,134,379
Granted		907,388			3.55		—		—
Exercised		(237,508	)		2.17		—		536,165
Forfeited		(131,691	)		2.43		—		246,388
Outstanding at September 30, 2018		3,357,533		$	2.73		7.21	$	7,936,601
Exercisable at September 30, 2018		1,592,789		$	2.50		5.39	$	4,107,444

As of September 30, 2018, we had $2.4 million of unrecognized compensation expense related to options expected to vest over a weighted average period of 2.1 years. The weighted average remaining contractual life of outstanding and exercisable options is 7.1 years.

The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of September 2018 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the quarter.

Restricted Stock Units

The following is a summary of RSU activity for the nine months ended September 30, 2018:

	Number of Units			Weighted Average Fair Value per Unit		Aggregate Fair Value
Balance at December 31, 2017		1,211,487		$	2.91	$	5,136,705
Vested		(1,057,448	)		2.90		3,507,341
Forfeited		(15,313	)		2.96		47,560
Outstanding at September 30, 2018		138,726		$	2.98	$	704,728
Expected to Vest		132,078		$	2.98	$	670,956

As of September 30, 2018, we had $0.1 million of unrecognized compensation expense related to RSUs expected to vest over a period of 0.5 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 Global Market.

Revenue Reserves

9 Months Ended

Sep. 30, 2018

Revenue From Contract With Customer [Abstract]

Revenue Reserves

Note 11. Revenue Reserves

The following table summarizes activity in each of our product revenue allowance and reserve categories for the nine month period ending September 30, 2018:

(in thousands)	Chargebacks and Rebates			Distribution Fees, Cash Discounts and Patient Assistance
Balance at December 31, 2017	$	(428	)	$	(240	)
Provision related to current period sales		(1,383	)		(1,783	)
Credit or payments made during the period		1,058			917
Balance at September 30, 2018	$	(753	)	$	(1,106	)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Reform Act, following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0%, limitation of the deduction for net operating losses to 80.0% of current year taxable income and elimination of net operating loss carrybacks, one-time taxation of offshore earning at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions. In December 2017, the SEC issued Staff Accounting Bulletin (SAB) 118 to address the application of U.S. GAAP in situations in which a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the Tax Reform Act) which was signed into law on December 22, 2017. In March 2018, the FASB issued ASU 2018-05, which amended ASC 740 to incorporate the requirements of SAB 118. We recognized the provisional tax impacts of the Tax Reform Act in the fourth quarter of 2017. During the third quarter of 2018, we filed our US federal tax return. While we do not anticipate any remaining adjustments related to the Act, the measurement period under SAB 118 remains open as there is still anticipated guidance clarifying certain aspects of the Act. Any subsequent adjustments will be recorded in the fourth quarter of 2018 when the full analysis is complete.

Nature of Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates 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.
Accounts Receivable	Accounts Receivable Aptevo records accounts receivable net of an allowance for doubtful accounts based upon its assessment of collectability, and of applicable discounts. Aptevo performs ongoing credit evaluations of its customers and generally does not require collateral.
Revenue Recognition	Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (ASC 606) on a modified retrospective basis, which required the cumulative effect of the adoption to be recognized as an adjustment to opening retained earnings in the first period of 2018. For Aptevo, there was no financial impact for the cumulative effect of this change, and therefore there was no adjustment to opening retained earnings. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaborative arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customers. At contract inception, once the contract is determined to be within the scope of ASC 606, we assess the goods or services promised within each contract and identify, as a performance obligation, and assess whether each promised good or service is distinct. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Product Revenue, Net Aptevo has one marketed commercial product, IXINITY, a coagulation factor IX (recombinant) therapeutic indicated in adults and children 12 years of age and older with hemophilia B for control and prevention of bleeding episodes, and management of bleeding during operations. We sell IXINITY to a limited number of specialty distributors in the United States, collectively, our customers. These customers subsequently resell IXINITY to health care providers and patients. Revenue from product sales are recognized when the customer obtains control of the IXINITY product. Our customers provide us with a new order for every purchase of goods. This incorporates the terms and conditions of the contract, including pricing. Acceptance of the order is the point at which we are obligated to provide the product, and we have determined that each order represents a unique performance obligation. Product revenue is recorded at the amount we expect to receive, which is net of any rebates or chargebacks. Reserves for Variable Consideration We have identified the following fees, discounts and rebates that result in consideration being variable: chargebacks, distributor and Group Purchasing Organizations (GPO) fees, government rebates, return rights, and patient assistance. As part of determining variable consideration we noted that although the distributors are our customers, there are additional indirect customers in the distribution chain to whom we make payments. These indirect customers are not customers; however, unless a distinct good or service is provided to us, payments to these indirect customers need to be accounted for as a reduction in the transaction price, and therefore constitute an element of variable consideration, under ASC 606. Further, if material, we would also account for returns as variable consideration. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the Customer) or a current liability (if the amount is payable to a party other than a Customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as our historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect our best estimates of the amount of consideration to which we are entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known. We have established reserves for the following types of variable consideration: Chargebacks: We make payments to customers (in the form of credit memos) which are based on the difference between the price paid by the distributor and contracted prices paid by the authorized customers of the distributor. Specialty pharmacies and other smaller specialty distributors buy the product from the distributors at prices agreed to in contracts with us, or if they are eligible, at government established prices (PHS/Medicaid/Medicare/VA prices). When the distributor sells the product at contracted prices lower than their acquisition price, the distributor is allowed to charge the difference between their price and the contract price paid by their customer to Aptevo. We refer to this as a “Chargeback”. These reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and accounts receivable. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by Customers, and we generally issue credits for such amounts within a few weeks of the Customer’s notification to us of the resale. Reserves for chargebacks consist of credits we expect to issue for units that remain in the distribution channel inventories at each reporting period end that we expect will be sold to qualified healthcare providers, and chargebacks that Customers have claimed but for which we have not yet issued a credit. Distribution, Dispensing, and Data Fees – We pay fees (in the form of direct payments) to the distributors and some indirect customers for distribution and dispensing of the products and for transmission of data. Fees owed to our distributors is based on their purchases and is calculated as a direct percent of quarterly purchases. Although fees can vary from distributor to distributor, the fees associated with a specific sale is known at the time of the sale. Fees owed to GPOs are determined based on volume of indirect sales to GPS members. Government Rebates: Certain sales by the specialty pharmacies are to qualified PHS/Medicaid/Medicare/VA and other publicly insured patients. We have contracts with these agencies, some of which require rebates for sales made under these programs. We estimate our Medicaid and Medicare rebates based upon a range of possible outcomes that are probability-weighted for the estimated payor mix. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability that is included in accrued expenses on the consolidated balance sheet. For Medicare, we also estimate the number of patients in the prescription drug coverage gap for whom we will owe an additional liability under the Medicare Part D program. Our liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimated future claims that will be made for product that has been recognized as revenue, but remains in the distribution channel inventories at period end. Commercial Rebates: We currently offer the option to receive a rebate based on volume thresholds. This rebate is estimated at the time of the sale and is based on the terms of the Customer agreements. There are minimum volume requirements in order to receive this rebate, which varies per Customer. Cash Discounts: Most customers have the option to receive a cash discount for early payment. Typically, cash discounts are two-percent of the invoice amount if the payment is made within thirty days. Patient Assistance: Certain patients maybe eligible for the IXINITY Savings Program, which provides for up to $12,000 annual benefit to assist with co-payments. Historically, this has been insignificant to our revenue as the total benefit provided since sales of IXINITY commenced in 2015 has been less than $0.1 million. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that we expect to receive associated with product that has been recognized as revenue, but remains in the distribution channel inventories at period end. Returns: If product is damaged in shipment (either observable or hidden), or the incorrect number of units was shipped (for example, if the customer ordered 1 unit and 10 were shipped) these are allowable returns under our Return Policy (a component of the distributor agreements). However, as product is generally received by the distributors within 1 business day, and product damage is usually noted upon inspection, we would not recognize revenue on those shipments as part of our normal revenue recognition process. To date there has not been any such damaged product and we expect any such issues to be rare; however, if returns were to become significant a reserve estimate would be developed and accounted for as a reduction of revenue. See Note 11 – Revenue Reserves for additional information.
Reclassification	Reclassifications Our financial statements reflect all adjustments that we consider to be necessary for the fair presentation of our results, due to changes in accounting policies, sale of our Hyperimmune Business, and the reclassification of restricted cash.
Income Taxes	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 Orphan Drug 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 future taxable income 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.
New Accounting Pronouncements	New Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842). Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short term leases) at the commencement date. Lessor accounting under ASU 2016-02 is largely unchanged. ASU 2016-02 is effective for annual and interim periods beginning on or after December 15, 2018 and early adoption is permitted. Under ASU 2016-02, lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Lessees and lessors may not apply a full retrospective transition approach. The ASU will be effective for Aptevo starting on January 1, 2019 and we will apply the practical expedients thereby continuing to account for leases that commenced before the effective date in accordance with previous GAAP. We are continuing to evaluate the impact of the application of this ASU on our condensed consolidated financial statements and disclosures. We expect to recognize right of use assets and lease liabilities, primarily for our office building lease. In December 2017, the SEC issued Staff Accounting Bulletin (SAB) 118 to address the application of U.S. GAAP in situations in which a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Cuts and Jobs Act (the Tax Reform Act) which was signed into law on December 22, 2017. In March 2018, the FASB issued ASU 2018-05, which amended ASC 740 to incorporate the requirements of SAB 118. We recognized the provisional tax impacts of the Tax Reform Act in the fourth quarter of 2017. During the third quarter of 2018, we filed our U.S. federal tax return for 2017. While we do not anticipate any remaining adjustments related to the Tax Reform Act, the measurement period under SAB 118 remains open as there is still anticipated guidance clarifying certain aspects of the Tax Reform Act. Any subsequent adjustments will be recorded in the fourth quarter of 2018 when the full analysis is complete. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (ASC 718) – Improvements to Nonemployee Share-Based Payment Accounting, which aligns the accounting for share-based payment awards issued to employees and nonemployees. Under ASU 2018-07, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. In addition, the contractual term will be able to be used in lieu of an expected term in the option-pricing model for nonemployee awards. The new standard is effective on January 1, 2019, and early adoption is permitted, including in interim periods, and should be applied to all new awards granted after the date of adoption. We are currently assessing the potential impact this ASU will have on our consolidated results of operations, financial position, and cash flows. In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. Among the amendments is the requirement to present any changes in shareholders’ equity in the interim financial statements, either in a separate statement or footnote in the quarterly reports on Form 10-Q. The amendments became effective on November 5, 2018; however, the SEC has stated it will not object if filers first include the additional disclosure for the first quarter that begins after the effective date of the amendments. As a result, Aptevo will first provide the additional disclosure in its quarterly report on Form 10-Q for the first quarter of 2019. We will be adding an additional disclosure to our filing, but currently do not anticipate there to be any financial impact.
Recently Adopted Standards	Recently Adopted Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606), and has subsequently issued a number of amendments to ASU 2014-09. We adopted this standard effective January 1, 2018 on a modified retrospective basis. The new standard as amended, provides a single comprehensive model to be used in the accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, included industry-specific guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted cash. This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents when reconciling the beginning-of and ending-of period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard effective January 1, 2018. Upon adoption of this standard, we applied the retrospective transition method for each period presented. As a result of this adoption we adjusted our consolidated statement of cash flows to include $10.4 million of restricted cash at December 31, 2017 and $7.8 million in restricted cash at September 30, 2018. See Note 5 – Cash, cash equivalents, and restricted cash for additional information. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (ASC 230): Classification of Certain Cash Receipts and Cash Payments, which clarifies the classification and presentation of eight specific cash flow issues in the statement of cash flows. We adopted this standard effective January 1, 2018. Adoption of this standard had no impact on our condensed consolidated statements of cash flows or related disclosures.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References + Details

Sale of Hyperimmune Business (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Summary of Components Attributable to Hyperimmune Business Presented as Income from Discontinued Operations in Unaudited Condensed Consolidated Statements of Operations

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018		2017			2018		2017
Revenues:
Product sales	$	—	$	6,380		$	—	$	18,886
Total revenues		—		6,380			—		18,886
Costs and expenses:
Cost of product sales		—		2,586			—		7,730
Research and development		—		3			—		44
Selling, general and administrative		—		189			—		944
Income from operations		—		3,602			—		10,168
Gain on sale of Hyperimmune Business				52,538					52,538
Other income		39		—			104		—
Income from discontinued operations, before income taxes		39		56,140			104		62,706
Income tax expense		—		(21,257	)		—		(23,076	)
Income from discontinued operations	$	39	$	34,883		$	104	$	39,630

- Definition

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

+ References

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value

The Company’s financial assets measured at fair value consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	29,668	$	—	$	—	$	29,668
Corporate bonds		—		2,196		—		2,196
US government and agency debt securities		—		6,996		—		6,996
Foreign government and agency debt securities		—		—		—		—
Total assets	$	29,668	$	9,192	$	—	$	38,860

	December 31, 2017
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	10,997	$	—	$	—	$	10,997
Corporate bonds		—		16,443		—		16,443
US government and agency debt securities		—		33,300		—		33,300
Foreign government and agency debt securities		—		23,945		—		23,945
Total assets	$	10,997	$	73,688	$	—	$	84,685

Cash, Cash Equivalents, and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2018

Cash And Cash Equivalents [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash, Both Current and Long-term Portion

The following table shows our cash, cash equivalents and restricted cash, both current and long-term portion as of September 30, 2018 and December 31, 2017:

	September 30,		December 31,
(in thousands)	2018		2017
Cash	$	24,334	$	6,098
Cash equivalents		4,113		997
Restricted cash, current portion		400		400
Restricted cash, included in other long-term assets		7,448		10,000
Total cash, cash equivalents, and restricted cash	$	36,295	$	17,495

Investments (Tables)

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Schedule of short-term investments

	September 30, 2018
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)			Fair Value
Cash equivalents:
Money market fund	$	29,668	$	—	$	—		$	29,668
Total cash equivalents	$	29,668	$	—	$	—		$	29,668

Short-term investments:
Corporate bonds	$	2,197	$	—	$	(1	)	$	2,196
US government and agency debt securities		6,997		—		(1	)		6,996
Foreign government and agency debt securities		—		—		—			—
Total short-term investments	$	9,194	$	—	$	(2	)	$	9,192

	December 31, 2017
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)			Fair Value
Cash equivalents:
Money market fund	$	10,997	$	—	$	—		$	10,997
Total cash equivalents	$	10,997	$	—	$	—		$	10,997

Short-term investments:
Corporate bonds	$	16,455	$	—	$	(12	)	$	16,443
US government and agency debt securities	$	33,331		—		(31	)	$	33,300
Foreign government and agency debt securities		24,007		—		(62	)		23,945
Total short-term investments	$	73,793	$	—	$	(105	)	$	73,688

Inventories (Tables)

9 Months Ended

Sep. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:

	September 30,		December 31,
(in thousands)	2018		2017
Raw materials and supplies	$	43	$	56
Work-in-process		2,462		482
Finished goods		1,464		490
Total inventories	$	3,969	$	1,028

Net (Loss) Income per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) per Share

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

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2018			2017		2018			2017
Net loss	$	(12,562	)	$	37,867	$	(39,561	)	$	16,733

Basic net (loss) income per share:
Net (loss) income from continuing operations	$	(0.56	)	$	0.14	$	(1.77	)	$	(1.08	)
Net income from discontinued operations		—			1.63		—			1.87
Net (loss) income per basic share	$	(0.56	)	$	1.77	$	(1.77	)	$	0.79
Weighted-average shares used to compute per share calculations		22,672,721			21,385,381		22,431,146			21,138,332

Diluted net (loss) income per share:
Net (loss) income from continuing operations	$	(0.56	)	$	0.14	$	(1.77	)	$	(1.08	)
Net income from discontinued operations		—			1.61		—			1.87
Net (loss) income per diluted share	$	(0.56	)	$	1.75	$	(1.77	)	$	0.79
Weighted-average shares used to compute per share calculations		22,672,721			21,672,269		22,431,146			21,138,332

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

The following table represents all potentially dilutive shares, which were all anti-dilutive and therefore excluded from the calculation of diluted net (loss) income per share:

	For the Nine Months Ended September 30,
(in thousands)	2018		2017
Outstanding options to purchase common stock		3,358		2,989
Unvested RSUs		139		1,256

Equity (Tables)

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(in thousands)	2018		2017		2018		2017
Research and development	$	190	$	555	$	695	$	1,791
Selling, general and administrative		291		485		952		2,028
Total stock-based compensation expense	$	481	$	1,040	$	1,647	$	3,819

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

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

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2018	2017	2018	2017
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	75.00%	75.00%	75.00%	75.00%
Risk-free interest rate	2.78%	1.91%	2.73%	1.91%
Expected average life of options	6 years	6 years	6 years	6 years

Summary of Stock Option Activity

The following is a summary of option activity for the nine months ended September 30, 2018:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Balance at December 31, 2017		2,819,344		$	2.41		—	$	5,134,379
Granted		907,388			3.55		—		—
Exercised		(237,508	)		2.17		—		536,165
Forfeited		(131,691	)		2.43		—		246,388
Outstanding at September 30, 2018		3,357,533		$	2.73		7.21	$	7,936,601
Exercisable at September 30, 2018		1,592,789		$	2.50		5.39	$	4,107,444

Summary of RSU Activity

The following is a summary of RSU activity for the nine months ended September 30, 2018:

	Number of Units			Weighted Average Fair Value per Unit		Aggregate Fair Value
Balance at December 31, 2017		1,211,487		$	2.91	$	5,136,705
Vested		(1,057,448	)		2.90		3,507,341
Forfeited		(15,313	)		2.96		47,560
Outstanding at September 30, 2018		138,726		$	2.98	$	704,728
Expected to Vest		132,078		$	2.98	$	670,956

Revenue Reserves (Tables)

9 Months Ended

Sep. 30, 2018

Revenue From Contract With Customer [Abstract]

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes activity in each of our product revenue allowance and reserve categories for the nine month period ending September 30, 2018:

(in thousands)	Chargebacks and Rebates			Distribution Fees, Cash Discounts and Patient Assistance
Balance at December 31, 2017	$	(428	)	$	(240	)
Provision related to current period sales		(1,383	)		(1,783	)
Credit or payments made during the period		1,058			917
Balance at September 30, 2018	$	(753	)	$	(1,106	)

Nature of Business and Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018 USD ($) Product	Dec. 31, 2017 USD ($)
Nature Of Business [Line Items]
Number of revenue-generating product \| Product	1
ASU 2016-18
Nature Of Business [Line Items]
Restricted cash	$ 7,800,000	$ 10,400,000
Maximum
Nature Of Business [Line Items]
Maximum eligible annual benefit under the program	12,000
Maximum amount of benefit provided to customers	$ 100,000

Sale of Hyperimmune Business - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended
	Sep. 28, 2017	Aug. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net gain on sale of business						$ 52,538,000
Hyperimmune Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Business sale agreement date		Aug. 31, 2017
Business sale completion date	Sep. 28, 2017
Cash payment received	$ 65,000,000
Escrow receivable	3,300,000
Net gain on sale of business	52,700,000			$ 52,538,000		52,538,000
Collection of certain accounts receivable transferred to Saol			$ 0		$ 100,000
Amortization				$ 300,000		$ 900,000
Depreciation			0		0
Capital expenditures			0		0
Other non-cash operating activities			0		0
Other non-cash investing activities			$ 0		$ 0
Hyperimmune Business \| Maximum
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Additional potential milestone payment related to gross profit	7,500,000
Additional potential milestone payment related to accounts receivable	$ 2,000,000

Sale of Hyperimmune Business - Summary of Components Attributable to Hyperimmune Business Presented as Income from Discontinued Operations in Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 28, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Costs and expenses:
Gain on sale of Hyperimmune Business					$ 52,538
Income from discontinued operations, before income taxes		$ 39	$ 56,140	$ 104	62,706
Income tax expense			(21,257)		(23,076)
Income from discontinued operations		39	34,883	104	39,630
Hyperimmune Business
Revenues:
Product sales			6,380		18,886
Total revenues			6,380		18,886
Costs and expenses:
Cost of product sales			2,586		7,730
Research and development			3		44
Selling, general and administrative			189		944
Income from operations			3,602		10,168
Gain on sale of Hyperimmune Business	$ 52,700		52,538		52,538
Other income		39		104
Income from discontinued operations, before income taxes		39	56,140	104	62,706
Income tax expense			(21,257)		(23,076)
Income from discontinued operations		$ 39	$ 34,883	$ 104	$ 39,630

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Reduction in research and development expense	$ 0.4
MorphoSys Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue		$ 3.7

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financial Assets:
Assets fair value	$ 38,860	$ 84,685
Money Market Funds
Financial Assets:
Assets fair value	29,668	10,997
Corporate Bonds
Financial Assets:
Assets fair value	2,196	16,443
US Government and Agency Debt Securities
Financial Assets:
Assets fair value	6,996	33,300
Foreign Government and Agency Debt Securities
Financial Assets:
Assets fair value		23,945
Level 1
Financial Assets:
Assets fair value	29,668	10,997
Level 1 \| Money Market Funds
Financial Assets:
Assets fair value	29,668	10,997
Level 2
Financial Assets:
Assets fair value	9,192	73,688
Level 2 \| Corporate Bonds
Financial Assets:
Assets fair value	2,196	16,443
Level 2 \| US Government and Agency Debt Securities
Financial Assets:
Assets fair value	$ 6,996	33,300
Level 2 \| Foreign Government and Agency Debt Securities
Financial Assets:
Assets fair value		$ 23,945

Fair Value Measurements - Additional Information (Details)	Sep. 30, 2018 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers	$ 0
Fair value assets, level 2 to level 1 transfers	$ 0

Cash, Cash Equivalents, and Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash, current portion	$ 400	$ 400
Long-term restricted cash	$ 7,448	$ 10,000
Maximum
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days
Letter of Credit
Restricted Cash And Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 2,400
Collateral for Corporate Credit Cards
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash, current portion	400
Covenant of MidCap Loan Agreement
Restricted Cash And Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 5,000

Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash, Cash Equivalents and Restricted Cash, Both Current and Long-term Portion (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash	$ 24,334	$ 6,098
Cash equivalents	4,113	997
Restricted cash, current portion	400	400
Restricted cash, included in other long-term assets	7,448	10,000
Total cash, cash equivalents, and restricted cash	$ 36,295	$ 17,495

Investments - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Long-term restricted cash	$ 7,448	$ 10,000
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Long-term restricted cash	$ 5,000	$ 10,000

Investments - Schedule of Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 9,194	$ 73,793
Gross Unrealized Holding Gains	0
Gross Unrealized Holding (Losses)	(2)	(105)
Fair Value	9,192	73,688
Short-term Investments \| Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,197	16,455
Gross Unrealized Holding Gains	0
Gross Unrealized Holding (Losses)	(1)	(12)
Fair Value	2,196	16,443
Short-term Investments \| US Government and Agency Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,997	33,331
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding (Losses)	(1)	(31)
Fair Value	6,996	33,300
Short-term Investments \| Foreign Government and Agency Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		24,007
Gross Unrealized Holding (Losses)		(62)
Fair Value		23,945
Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	29,668	10,997
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding (Losses)	0	0
Fair Value	29,668	10,997
Cash Equivalents \| Money Market Fund
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	29,668	10,997
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding (Losses)	0	0
Fair Value	$ 29,668	$ 10,997

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Inventory Adjustments [Abstract]
Raw materials and supplies	$ 43	$ 56
Work-in-process	2,462	482
Finished goods	1,464	490
Total inventories	$ 3,969	$ 1,028

Debt - Additional Information (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
Debt - Additional Information (Details) - USD ($)	Aug. 06, 2018	Sep. 28, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Aug. 04, 2016
Line Of Credit Facility [Line Items]
Maximum borrowing capacity									$ 35,000,000
Cash funding committed by Emergent in connection with spin-off									20,000,000
Unrestricted cash balance			$ 24,334,000		$ 24,334,000			$ 6,098,000
Net commercial product revenue, date to be achieved		Jun. 30, 2018
Net commercial product revenue requirements to be maintained					The date on which the term loans begin to amortize would be extended to February 1, 2019 if we achieved net commercial product revenues of $16.0 million for the twelve month period ending June 30, 2018 and maintain such level of net commercial product revenues for each quarter prior to February 1, 2019 thereafter.
Revenue			5,824,000	$ 6,172,000	$ 16,721,000	$ 11,840,000
Long-term restricted cash			$ 7,448,000		$ 7,448,000			$ 10,000,000
Amended Credit Agreement
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000,000
Line of credit, repayment begin date	Feb. 01, 2020
Line of credit, repayment deferral begin date	Aug. 01, 2020
Long-term restricted cash	$ 5,000,000
Credit agreeemnt, matuirity date	Feb. 01, 2023
Credit agreement reference rate for the variable rate	LIBOR
Credit agreement basis spread on variable rate	7.60%
Credit Facility First Tranche
Line Of Credit Facility [Line Items]
Maximum borrowing capacity									20,000,000
Credit Facility Second Tranche
Line Of Credit Facility [Line Items]
Maximum borrowing capacity									$ 15,000,000
Prepayment of term loans		$ 0
Terminated maximum borrowing capacity		$ 15,000,000
Term loans extended amortization date based on net commercial product revenues recognized		Feb. 01, 2019
Net commercial product revenue required to be achieved on trailing twelve month basis		$ 16,000,000
Principal repayments date deferred upon achievement of net commercial product revenues					Feb. 01, 2019
Credit Facility Second Tranche \| Net Commercial Product
Line Of Credit Facility [Line Items]
Revenue							$ 16,200,000
Credit Facility Second Tranche \| Minimum
Line Of Credit Facility [Line Items]
Unrestricted cash balance		$ 10,000,000

Net (Loss) Income per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Net loss	$ (12,562)	$ 37,867	$ (39,561)	$ 16,733
Basic net (loss) income per share:
Net (loss) income from continuing operations	$ (0.56)	$ 0.14	$ (1.77)	$ (1.08)
Net income from discontinued operations		1.63		1.87
Net (loss) income per basic share	$ (0.56)	$ 1.77	$ (1.77)	$ 0.79
Weighted-average shares used to compute per share calculations	22,672,721	21,385,381	22,431,146	21,138,332
Diluted net (loss) income per share:
Net (loss) income from continuing operations	$ (0.56)	$ 0.14	$ (1.77)	$ (1.08)
Net income from discontinued operations		1.61		1.87
Net (loss) income per diluted share	$ (0.56)	$ 1.75	$ (1.77)	$ 0.79
Weighted-average shares used to compute per share calculations	22,672,721	21,672,269	22,431,146	21,138,332

Net (Loss) Income per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net (Loss) Income Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Outstanding Options to Purchase Common Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net (loss) income per share	3,358	2,989
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net (loss) income per share	139	1,256

Equity - Additional Information (Details) - USD ($)			6 Months Ended	9 Months Ended
Equity - Additional Information (Details) - USD ($)	Jun. 01, 2018	Aug. 01, 2016	Jun. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	May 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds upon exercise of stock options				$ 572,000
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense				$ 100,000
Expected vesting period				6 months
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued upon exercise of stock options				237,508
Estimated forfeiture rate				10.00%
Unrecognized compensation expense				$ 2,400,000
Options expected to vest, weighted average period				2 years 1 month 6 days
Options outstanding and exercisable weighted average remaining contractual life				7 years 1 month 6 days
2016 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan		3,100,000
Stock plan vesting period			3 years
Stock plan termination period		10 years
2016 Stock Incentive Plan \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase of authorized shares issuable						1,300,000
2016 Stock Incentive Plan \| RSUs \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period		18 months
2016 Stock Incentive Plan \| RSUs \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period		3 years
2016 Stock Incentive Plan \| Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period		3 years
2018 Stock Incentive Plan \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan	2,900,000
Stock plan vesting period	3 years
Stock plan termination period	10 years
Maximum number of returning shares from old plan to be add to shares reserve	3,711,620
Number of shares available for grant				2,800,000
2018 Stock Incentive Plan \| Non-employee Directors \| RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period	3 years
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds upon exercise of stock options				$ 600,000	$ 0
Common stock issued upon exercise of stock options				257,550	0
Common stock issued upon vesting of restricted stock units				814,004	1,154,994
Common Stock \| Converted Equity Awards Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan		1,300,000

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 481	$ 1,040	$ 1,647	$ 3,819
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	190	555	695	1,791
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 291	$ 485	$ 952	$ 2,028

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Stock Option	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	75.00%	75.00%	75.00%	75.00%
Risk-free interest rate	2.78%	1.91%	2.73%	1.91%
Expected average life of options	6 years	6 years	6 years	6 years

Equity - Summary of Stock Option Activity (Details) - Stock Option	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance \| shares	2,819,344
Number of Shares, Granted \| shares	907,388
Number of Shares, Exercised \| shares	(237,508)
Number of Shares, Forfeited \| shares	(131,691)
Number of Shares, Outstanding, Ending balance \| shares	3,357,533
Number of Shares, Exercisable \| shares	1,592,789
Weighted-Average Exercise Price, Outstanding, Beginning balance \| $ / shares	$ 2.41
Weighted-Average Exercise Price, Granted \| $ / shares	3.55
Weighted-Average Exercise Price, Exercised \| $ / shares	2.17
Weighted-Average Exercise Price, Forfeited \| $ / shares	2.43
Weighted-Average Exercise Price, Outstanding, Ending balance \| $ / shares	2.73
Weighted-Average Exercise Price, Exercisable \| $ / shares	$ 2.50
Weighted-Average Remaining Term, Outstanding	7 years 2 months 15 days
Weighted-Average Remaining Term, Exercisable	5 years 4 months 20 days
Aggregate Intrinsic Value, Outstanding, Beginning balance \| $	$ 5,134,379
Aggregate Intrinsic Value, Exercised \| $	536,165
Aggregate Intrinsic Value, Forfeited \| $	246,388
Aggregate Intrinsic Value, Outstanding, Ending balance \| $	7,936,601
Aggregate Intrinsic Value, Exercisable \| $	$ 4,107,444

Equity - Summary of Restricted Stock Activity (Details) - RSUs $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding, Beginning balance \| shares	1,211,487
Number of Units, Vested \| shares	(1,057,448)
Number of Units, Forfeited \| shares	(15,313)
Number of Units, Outstanding, Ending balance \| shares	138,726
Number of Units, Expected to Vest \| shares	132,078
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 2.91
Weighted Average Fair Value per Unit, Vested \| $ / shares	2.90
Weighted Average Fair Value per Unit, Forfeited \| $ / shares	2.96
Weighted Average Fair Value per Unit, Outstanding Ending Balance \| $ / shares	2.98
Weighted Average Fair Value per Unit, Expected to Vest \| $ / shares	$ 2.98
Aggregate Fair Value, Outstanding, Beginning balance \| $	$ 5,136,705
Aggregate Fair Value, Vested \| $	3,507,341
Aggregate Fair Value, Forfeited \| $	47,560
Aggregate Fair Value, Outstanding, Ending balance \| $	704,728
Aggregate Fair Value, Expected to Vest \| $	$ 670,956

Revenue Reserves - Summary of Product Revenue Allowance and Reserve Categories (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($)
Chargebacks and Rebates
Valuation And Qualifying Accounts Disclosure [Line Items]
Begining balance	$ (428)
Provision related to current period sales	(1,383)
Credit or payments made during the period	1,058
Ending balance	(753)
Distribution Fees, Cash Discounts and Patient Assistance
Valuation And Qualifying Accounts Disclosure [Line Items]
Begining balance	(240)
Provision related to current period sales	(1,783)
Credit or payments made during the period	917
Ending balance	$ (1,106)

Income Taxes - Additional Information (Details)	9 Months Ended	12 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate, percent	21.00%	35.00%
Limitation of taxable income for NOL carryforward percentage	80.00%
Tax cuts and jobs act description	On December 22, 2017, the President of the United States signed into law Public Law No. 115-97, commonly referred to as the Tax Reform Act, following its passage by the United States Congress. The Tax Act made significant changes to U.S. federal income tax laws, including reduction of the corporate tax rate from 35.0% to 21.0%, limitation of the deduction for net operating losses to 80.0% of current year taxable income and elimination of net operating loss carrybacks, one-time taxation of offshore earning at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions.