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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Mar. 25, 2020	Jun. 30, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Trading Symbol	APVO
Entity Registrant Name	APTEVO THERAPEUTICS INC.
Entity Central Index Key	0001671584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Extended Transition Period	true
Entity Common Stock, Shares Outstanding		45,279,244
Entity Public Float			$ 36.6
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity File Number	001-37746
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1567056
Entity Address, Address Line One	2401 4th Avenue
Entity Address, Address Line Two	Suite 1050
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98121
City Area Code	206
Local Phone Number	838-0500
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, relating to the Registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 12,448	$ 30,635
Accounts receivable	7,022	5,220
Inventories	6,139	1,785
Prepaid expenses	4,226	6,907
Other current assets	160	4,142
Total current assets	29,995	48,689
Restricted cash, net of current portion	7,498	7,448
Property and equipment, net	3,946	5,202
Intangible assets, net	4,420	5,250
Operating lease right-of-use asset	3,747
Other assets	3,802	905
Total assets	53,408	67,494
Current liabilities:
Accounts payable and other accrued liabilities	13,043	11,671
Accrued compensation	3,524	3,898
Sales rebates and discounts payable	726	1,245
Current portion of long-term debt	19,863
Other current liabilities	1,083	796
Total current liabilities	38,239	17,610
Long-term debt, net		19,278
Other liabilities		200
Operating lease liability	3,327
Total liabilities	41,566	37,088
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; 45,279,244 and 22,808,416 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	45	23
Additional paid-in capital	179,653	157,791
Accumulated deficit	(167,856)	(127,408)
Total stockholders' equity	11,842	30,406
Total liabilities and stockholders' equity	$ 53,408	$ 67,494

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Common Stock Shares Authorized	15,000,000	15,000,000
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	45,279,244	22,808,416
Common stock, shares outstanding	45,279,244	22,808,416

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Product sales	$ 32,424	$ 23,067
Type of Revenue [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Costs and expenses:
Cost of product sales	$ 19,927	$ 11,214
Type of Cost, Good or Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember
Research and development	$ 29,757	$ 35,385
Selling, general and administrative	25,336	28,133
Loss from operations	(42,596)	(51,665)
Other expense:
Other expense, net	(2,102)	(2,024)
Net loss from continuing operations	(44,698)	(53,689)
Discontinued operations (Note 2):
Income from discontinued operations	4,250
Net loss	$ (40,448)	$ (53,689)
Basic and diluted net income (loss) per share:
Net loss from continuing operations	$ (1.09)	$ (2.39)
Net income from discontinued operations	0.10
Net loss	$ (0.99)	$ (2.39)
Weighted-average shares used to compute per share calculation	40,838,491	22,500,053

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (40,448)	$ (53,689)
Other comprehensive loss:
Unrealized gain on available-for-sale investments, net		105
Total comprehensive loss	$ (40,448)	$ (53,584)

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net loss	$ (40,448)	$ (53,689)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	1,598	2,140
Depreciation and amortization	2,235	2,390
Non-cash interest expense and other	699	988
Gain on milestone payment related to sale of Hyperimmune Business	(4,250)
Changes in operating assets and liabilities:
Accounts receivable	(1,802)	(3,079)
Inventories	(4,354)	(757)
Prepaid expenses and other current assets	3,614	(1,315)
Operating lease right of use asset	945
Accounts payable, accrued compensation and other liabilities	938	1,279
Long-term operating lease liability	(1,039)	621
Sales rebates and discounts	(519)
Net cash used in operating activities	(42,383)	(51,422)
Investing Activities
Proceeds from the maturity of investments		90,243
Milestone payment from sale of Hyperimmune Business	4,250	65
Purchases of property and equipment	(153)	(976)
Purchases of investments		(16,535)
Net cash provided by investing activities	4,097	72,797
Financing Activities
Payments of long-term debt, issuance costs and modification fees	(137)
Proceeds from issuance or exercise of common stock, warrants, and pre-funded warrants	20,344	623
Payment of tax liability for vested equity awards	(58)	(808)
Fees paid to lender to amend debt agreement		(602)
Net cash provided by (used in) financing activities	20,149	(787)
(Decrease) increase in cash, cash equivalents, and restricted cash	(18,137)	20,588
Cash, cash equivalents, and restricted cash at beginning of period	38,083	17,495
Cash, cash equivalents, and restricted cash at end of period	$ 19,946	$ 38,083

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2017	$ 82,035	$ 22	$ 155,837	$ (73,719)	$ (105)
Balance (in shares) at Dec. 31, 2017		21,605,716
Unrealized losses on available-for-sale investments	105				$ 105
Common stock issued upon exercise of stock options	623	$ 1	622
Common stock issued upon exercise of stock options (in shares)		386,866
Common stock issued upon vesting of restricted stock units	(808)		(808)
Common stock issued upon vesting of restricted stock units (in shares)		815,834
Stock-based compensation	2,140		2,140
Net loss for the period	(53,689)			(53,689)
Balance at Dec. 31, 2018	30,406	$ 23	157,791	(127,408)
Balance (in shares) at Dec. 31, 2018		22,808,416
Issuance of common stock, pre-funded warrants and warrants, net	20,344	$ 22	20,322
Issuance of common stock, pre-funded warrants and warrants, net (in shares)		22,180,421
Issuance of commitment shares of common stock, non-cash transaction (in shares)		195,867
Common stock issued upon vesting of restricted stock units	(58)		(58)
Common stock issued upon vesting of restricted stock units (in shares)		94,540
Stock-based compensation	1,598		1,598
Net loss for the period	(40,448)			(40,448)
Balance at Dec. 31, 2019	$ 11,842	$ 45	$ 179,653	$ (167,856)
Balance (in shares) at Dec. 31, 2019		45,279,244

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Note 1. Nature of Business and Significant Accounting Policies

Organization and Liquidity

Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer. Our lead clinical candidate, APVO436, and preclinical candidates, ALG.APV-527 and APVO603 were developed based on the Company’s versatile and robust ADAPTIR™ modular protein technology platform. The ADAPTIR platform is capable of generating highly differentiated bispecific antibodies with unique mechanisms of action for the treatment of different types of cancer. At December 31, 2019, we had one revenue-generating product in the area of hematology, IXINITY^®.

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

The accompanying financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. For the year ended December 31, 2019 and 2018, we generated product revenue of $32.4 million and $23.1 million, respectively, and had a net loss of $40.4 million and $53.7 million, respectively. We had an accumulated deficit of $167.9 million as of December 31, 2019. For the year ended December 31, 2019, net cash used in our operating activities was $42.4 million. As of December 31, 2019, our sole marketed product was IXINITY^®, and therefore IXINITY was our only source of product revenue. We have suffered recurring losses from operations and negative cash flows from operating activities. When considered in aggregate, these factors raise substantial doubt about our ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. We will need to raise additional funds to support our operating and capital needs in 2020.

We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) potential decreases in our expected milestone and deferred payments from Medexus with respect to IXINITY; and (e) other items affecting our forecasted level of expenditures and use of cash resources. We may attempt to obtain additional funding through our existing equity sales agreement with Lincoln Park Financial LLC or our Equity Distribution Agreement with Piper Jaffray, or other public or private financing, collaborative arrangements with strategic partners, or through additional credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occurs, our ability to achieve our development and commercialization goals may be adversely affected.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position.

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

The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries: Aptevo Research and Development LLC and Aptevo BioTherapeutics LLC. All intercompany balances and transactions have been eliminated.

Significant Accounting Policies

Use of Estimates

Principles of Consolidation

Cash Equivalents

Cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds with commercial banks and financial institutions.

Restricted Cash

As of December 31, 2019, we had restricted cash, long-term, which included $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 $2.5 million securing letters of credit. Under the terms of our credit facility agreement with MidCap Financial Trust, we were required to maintain a restricted cash account of $5 million. Repayment of the debt in February 2020 relieved us of the obligation to keep $5 million of cash restricted.

Concentrations of Credit Risk

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

Major Customers

We sold IXINITY through a limited number of customers and specialty pharmacies. Each of these wholesalers, together with entities under their common control, accounted for greater than 10% of total revenues for the years ended December 31, 2019 and 2018 and greater than 10% of accounts receivable as of December 31, 2019 and 2018 as noted below.

	2019						2018
	Percentage of Total Revenue			Percentage of Accounts Receivable			Percentage of Total Revenue			Percentage of Accounts Receivable
Customer A		36	%		72	%		72	%		70	%
Customer B		27	%		18	%		17	%		19	%
Customer C		20	%		0	%		—			—

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.

Inventories

Inventories are stated at the lower of cost or market with cost being determined using a moving average cost method, which approximates weighted-average cost. Average cost consists primarily of material, labor and manufacturing overhead expenses (including allocation of fixed production-overhead costs) from our third-party suppliers.

Property and Equipment

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

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

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

Leases

On January 1, 2019 we adopted ASU No. 2016-02, Leases (ASC 842), which amended the existing standards for lease accounting, requiring lessees to recognize most leases on their balance sheets and disclose key information about leasing arrangements. We adopted the new standard using a modified retrospective transition approach at the beginning of the current fiscal year, January 1, 2019. We did not adjust comparative periods in our financial statements prior to that period.

For transition leases, entities were permitted to make an election to apply a package of practical expedients that allows entities not to reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases, and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under ASC 842. In addition, entities were also permitted to make an election to use hindsight when determining lease terms and when assessing the impairment of right-of-use assets. We have chosen to elect the package of practical expedients but did not elect the hindsight practical expedient for our transition leases.

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

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

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

Adoption of the new standard resulted in the recognition of a right-of-use asset of $1.5 million, an operating lease liability of $2.2 million dollars, and a related decrease in deferred rent liability of $0.7 million at January 1, 2019. Refer to Note 11 for additional information. We note that there was no cumulative effect due to the deferred rent change.

Fair Value of Financial Instruments

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

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

Product Sales, Rebates and other Discounts

Aptevo marketed and sold IXINITY through commercial wholesalers (direct customers) who purchased IXINITY at a price referred to as the wholesale acquisition cost (WAC). Additionally, Aptevo may enter into separate agreements with indirect customers to acquire its product for a contracted price that is less than the product’s WAC. The indirect customers, such as group-purchasing organizations, physician practice-management groups and hospitals, continued to purchase Aptevo’s product from the wholesalers, but at their respective contractual prices. Per its wholesaler agreements, Aptevo guaranteed to credit the wholesaler for the difference between the WAC and the indirect customers’ contracted price. This credit is referred to as a chargeback and revenues from product sales are recorded net of estimated chargebacks. Adjustments to the chargeback provisions are made periodically to reflect new facts and circumstances, therefore historical experience may not be indicative of current and/or future results.

All revenues from product sales are also recorded net of applicable allowances for sales and government rebates, special promotional programs, and discounts. These allowances are estimated based on historical payment experience, historical relationship to revenues, estimated customer inventory levels, contract terms, and actual discounts offered. In arriving at these estimates, Aptevo further utilizes information received from third parties including market data, inventory reports from major wholesalers, historical information and analysis. These estimates are subject to the inherent limitations of estimates that rely on third-party data, as certain third-party information may itself rely on estimates and reflect other limitations.

Debt Issuance Costs

Aptevo defers costs related to debt issuance and amortizes these costs to interest expense over the term of the debt, using the effective interest method. Debt issuance costs are presented in the balance sheet as a reduction of the carrying amount of the debt liability.

Revenue Recognition

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 had 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.

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 provisions for the following types of variable consideration:

Chargebacks: The Company makes payments to customers (in the form of credit memos) which are based on the difference between the price paid by the distributor (the “WAC”) and contracted prices paid by the authorized customers of the distributor. Specialty pharmacies, GPO’s and other smaller specialty distributors buy the product from the distributors at prices agreed to in contracts with Aptevo 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 the WAC, the distributor is allowed to charge the Company back the difference between the WAC and the contract price paid by their customer, this is referred to as a “Chargeback”.

Distribution and Data fees – The Company pays fees (in the form of direct payments) to the distributors and some GPO’s (indirect customers) for distribution of the products and for transmission of data. These services satisfy business needs for Aptevo.

Commercial Rebate Programs – From time to time, the Company enters into rebate programs with customers. These programs vary in time and scope, but in general, the programs involving paying a per IU rebate if a specific customer or purchasing organization dispenses a certain number of IU’s over a specific period of time.

Government Rebates: Certain sales by the specialty pharmacies and GPO’s are to qualify PHS/Medicaid/Medicare/TRICARE/VA and other government patients. The Company has contracts with these agencies that require rebates for sales made under the programs.

Cash Discounts: All customers have the option to receive a cash discount for early payment.

Patient Assistance: All patients are eligible for the IXINITY Savings Program – This provides for up to to $12,000 annual benefit to assist with co-payments. Historically, this has been insignificant to the Company.

Research and Development Expenses

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

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

Selling, General and Administrative Expenses

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

Stock-Based Compensation

Under the Financial Accounting Standards Board’s (FASB) ASC 718, Compensation—Stock Compensation, we measure and recognize compensation expense for restricted stock units (RSUs), and stock options granted to our employees and directors based on the fair value of the awards on the date of grant. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model that requires management to apply judgment and make estimates, including:

•

the expected term of the stock option award, which we calculate using the simplified method, as permitted by the SEC Staff Accounting Bulletin No. 110, Share-Based Payment, as we have insufficient historical information regarding our stock options to provide a basis for an estimate;

•

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

•

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

•

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

•

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

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

We have elected to estimate a forfeiture rate to calculate the stock-based compensation expense for our awards. We have estimated a forfeiture rate of ten-percent. We routinely evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover, and expectations of future option exercise behavior.

Income Taxes

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

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

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

Segment Reporting

We have determined that we operate in a single segment and have one reporting unit: the discovery, development, commercialization and sale of novel oncology and hematology therapeutics.

New Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses, (Topic 326) which changes how entities account for credit losses on most financial assets and certain other instruments and expands disclosures. The standard is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted, for Aptevo, as we meet the definition of a smaller reporting company (SRC). We expect to adopt the standard on January 1, 2021 and are still in the process of evaluating the effect of adoption on our consolidated financial statements and disclosures.

Recently Adopted Standards

Adoption of the new standard resulted in the recognition of a right-to-use asset of $1.5 million, an operating lease liability of $2.2 million dollars, and a related decrease in deferred rent liability of $0.7 million at January 1, 2019. Refer to Note 11 for additional information.

On December 18, 2019 we adopted ASU No. 2019-12, Income Taxes (Topic 740), which amended the existing standards for income tax accounting, eliminating the legacy exception on how to allocate income tax expense or benefit for the year to continuing operations, discontinued operations, other comprehensive income, and other charges or credits recorded directly to shareholder’s equity. We did not adjust comparative periods in our financial statements prior to that period.

Adoption of the new standard resulted in determining the tax effect of income or loss from continuing operations using a computation that does not consider the tax effects of items that are not included in continuing operations. As such, we did not record a tax expense or benefit in the income from discontinued operations. Refer to Note 2 for additional information.

Discontinued Operations – Milestone Payment

12 Months Ended

Dec. 31, 2019

Discontinued Operations Milestone Payment [Abstract]

Discontinued Operations - Milestone Payment

Note 2. Discontinued Operations – Milestone Payment

In the third quarter of 2019, we received a $4.25 million milestone payment from Saol International Limited, in connection with the sale of our hyperimmune business in September 2017. No additional amounts are outstanding related to the milestones. This was recorded as a gain in discontinued operations of $4.25 million.

On February 28, 2020, we entered into an LLC Purchase Agreement with Medexus, pursuant to which Aptevo sold all of the issued and outstanding limited liability company interests of Aptevo BioT, a subsidiary of Aptevo which wholly owns the IXINITY and related Hemophilia B business. We note that the IXINITY asset was not classified as held-for-sale as of December 31, 2019, as the sale of Aptevo BioTherapeutics LLC was approved by the board of directors on February 27, 2020.

Collaboration Agreements

12 Months Ended

Dec. 31, 2019

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.

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. 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.

Aptevo and Alligator have made a joint decision to delay submission of the clinical trial authorization (CTA) for ALG-APV.527 previously planned for the fourth quarter of 2019. Alligator and Aptevo have made a joint decision to focus efforts on partnering ALG.APV-527 prior to phase 1 clinical development. The adjustment to the development plan for ALG.APV -527 will allow both Aptevo and Alligator to align their resources with their respective ongoing clinical programs. The companies are initiating discussions with potential partners for the upcoming clinical development of ALG.APV-527.

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 year ended December 31, 2019, we recorded a reduction in our research and development expense of $1.4 million, and for the year ended December 31, 2018, we recorded a decrease in our research and development expense of $0.6 million, related to the collaboration arrangement.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and December 31, 2018:

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds⁽¹⁾	$	12,494	$	—	$	—	$	12,494

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds⁽¹⁾	$	29,047	$	—	$	—		29,047

(1)	As of December 31, 2019, and 2018, the money market funds included $5.0 million in restricted cash.

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 twelve-month period ended December 31, 2019.

- 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

12 Months Ended

Dec. 31, 2019

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, long-term includes $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 $2.5 million securing letters of credit.

The following table shows our cash, cash equivalents and restricted cash, both current and long-term portion as of December 31, 2019 and December 31, 2018:

	For the Year Ended December 31,
(in thousands)	2019		2018
Cash	$	4,954	$	6,588
Cash equivalents		7,494		24,047
Restricted cash		7,498		7,448
Total cash, cash equivalents, and restricted cash	$	19,946	$	38,083

Investments

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Investments

Note 6. Investments

Investments are classified as available-for-sale debt 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 2019. Available-for-sale securities are written down to fair value through income whenever it is necessary to reflect other than temporary impairments.

	December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)		Fair Value
Cash equivalents:
Money market funds⁽¹⁾	$	12,494	$	—	$	—	$	12,494
Total cash equivalents	$	12,494	$	—	$	—	$	12,494

	December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)		Fair Value
Cash equivalents:
Money market funds⁽¹⁾	$	29,047	$	—	$	—	$	29,047
Total cash equivalents	$	29,047	$	—	$	—	$	29,047
⁽¹⁾ As of December 31, 2019, the money market funds included $5.0 million in restricted cash, and as of December 31, 2018, the money market funds included $5.0 million in restricted cash.

Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Note 7. Inventories

Inventories consist of the following:

	Ended December 31,
(in thousands)	2019		2018
Raw materials and supplies	$	491	$	194
Work-in-process		1,958		916
Finished goods		3,690		675
Total inventories	$	6,139	$	1,785

Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 8. Property and equipment, net

Property and equipment consist of the following:

	For the Year Ended December 31,
(in thousands)	2019			2018
Leasehold improvements	$	2,264		$	2,278
Furniture and equipment		11,606			11,622
Property and equipment, gross		13,870			13,900
Less: Accumulated depreciation		(9,924	)		(8,698	)
Total property and equipment, net	$	3,946		$	5,202

Depreciation expense for the year ended December 31, 2019 and December 31, 2018 was $1.4 million and $1.6 million, respectively.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2019

Intangible Assets Net Excluding Goodwill [Abstract]

IXINITY Intangible Assets, Net

Note 9. IXINITY Intangible Assets, Net

Intangible assets, net, is solely related to our IXINITY product. For the year ended December 31, 2019, the Company recorded $0.8 million, respectively, of intangible asset amortization expense. As of December 31, 2019, the weighted average amortization period remaining for intangible assets was 63 months.

Future amortization expense as of December 31, 2019 is as follows:

(in thousands)
2020	$	830
2021		830
2022		830
2023		830
2024 and beyond		1,100
Total remaining amortization	$	4,420

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Note 10. Debt

Credit Facility

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.

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 was extended to February 1, 2020, with an opportunity for further deferral through August 1, 2020. The amount of restricted cash that we were required to maintain on our balance sheet was reduced from $10 million to $5 million.

We used $22.1 million of the $30 million in proceeds from the sale of the IXINITY business to Medexus on February 28, 2020 to repay in full our term debt facility with MidCap financial, including $20 million of principal and $2.1 million in an end of facility fee, accrued interest, legal fees and prepayment fees. Under the terms of our credit facility agreement with MidCap, we were required to maintain a restricted cash account of $5 million. Repayment of the debt will also relieve us of the obligation to keep $5 million of cash restricted.

Leases and Contingencies

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases and Contingencies

Note 11. Leases and Contingencies

Office Space Lease – Operating

We have an operating lease related to our office and laboratory space in Seattle, Washington. This lease was amended and extended in March 2019. The term of the amended lease is through April 2030 and we have two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023.

We recorded a right-of-use asset for this lease on January 1, 2019 of $1.2 million which reflects the amount of the remaining lease liability, less the balance of accrued and deferred rent, and net of the unamortized balance of tenant incentives. We also recorded a lease liability of $1.9 million, which reflects the present value of the remaining lease payments, discounted using our incremental borrowing rate of 16.95% for the remaining term of the lease. The future expense for this lease will be recorded as a straight-line expense, less the unamortized tenant incentive portion, plus any variable expenses due to true-ups of operating costs or real estate taxes. In August of 2019, we amended the lease to reduce the space included in the original lease to equal the space in the renewed lease. As a result, we recorded an adjustment of $0.1 million to the right-of-use asset and lease liability.

As a result of the lease amendment in March 2019, we recorded an increase to our right-of-use asset for this lease amendment of $3.2 million which reflects the amount of the remaining lease liability through April 30, 2023, less the balance of accrued and deferred rent, and net of the unamortized balance of tenant incentives. In March 2019, we also recorded an increase to our lease liability for this lease amendment of $3.2 million which reflects the present value of the remaining lease payments through April 30, 2023, discounted using our incremental borrowing rate of 14.45% for the remaining term of the lease on the date of amendment.

The amended lease has a renewal option of two five-year renewals at fair market value as determined at the time of renewal, and a termination option after month thirty-six with nine months written notice. The termination option also requires a penalty equal to the unamortized tenant improvement allowance at 8% interest, the unamortized real estate taxes at 8% interest, and the equivalent of four-months’ rent at the base rent price at the time of termination. The estimated termination penalty has been recorded in our lease payments. We determined we should not include any periods after the termination option when evaluating this amendment as we are not reasonably certain to not exercise the option, therefore we are recording our liability through April 30, 2023.

For the year ended December 31, 2019, we recorded $0.5 million related to variable expenses.

Equipment Leases - Operating

As of January 1, 2019, we have operating leases for one piece of lab equipment and four copiers in our Seattle, Washington headquarters. We recorded a right-of-use asset of $0.3 million on January 1, 2019 which reflects the remaining liability of the leases, less the balance of accrued and deferred rent. We also recorded a lease liability of $0.3 million which reflects the present value of the remaining payment for the leases, discounted using our incremental borrowing rate for the lab equipment lease is 16.53% and for the copier leases it is 16.19%, for the remaining term of the leases. The future expense for these leases will be straight-line and will include any variable expenses that arise.

Equipment Lease – Financing

As of January 1, 2019, we had one equipment lease classified as a financing lease as the lease transfers ownership of the underlying asset to us at the end of the lease term. The remaining term of this lease is eight months and has a remaining expense obligation of less than $0.1 million. There were no financing lease payments in the year ended December 31, 2019.

Components of lease expense:

	For the year ended December 31,
(in thousands)	2019
Operating lease cost	$	1,526
Finance lease cost:
Amortization of right-of-use assets		6
Interest on lease liabilities		2
Total lease cost	$	1,534

Right of use assets acquired under operating leases:

	For the year ended December 31,
(in thousands)	2019
Operating leases, excluding Seattle office lease	$	241
Seattle office lease, including amendment		3,506
Total operating leases	$	3,747

Lease payments:

For the year ended

December 31,

(in thousands)

2019

For operating leases

1,714

Future minimum payments as of December 31, 2019 are as follows:

(in thousands)
2020	$	1,480
2021		1,387
2022		1,294
2023		1,399
Total Future minimum lease payments		5,560
Less: imputed interest		(1,306	)
Total	$	4,254

The long-term portion of the lease liabilities included in the amounts above is $3.3 million and the remainder of our lease liabilities are included in other current liabilities on our condensed consolidated balance sheets.

As of December 31, 2019, the weighted average remaining lease term and weighted discount rate for operating leases was 3.3 years and 14.55%.

Net Loss Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Loss Per Share

Note 12. Net Loss per Share

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

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is loss from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Therefore, no dilutive effect has been recognized in the calculation of income from discontinued operations per share.

In March 2019, pursuant to our public offering, we issued 19,850,000 shares of common stock, warrants to purchase 19,850,000 shares of common stock, pre-funded warrants to purchase 2,150,000 shares of common stock, and warrants to purchase 2,150,000 shares of common stock.

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

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

	For the Year Ended December 31,
	2019			2018
Net loss	$	(40,448	)	$	(53,689	)

Basic and diluted net income (loss) per share:
Net loss from continuing operations	$	(1.09	)	$	(2.39	)
Net income from discontinued operations	$	0.10		$	—
Net loss	$	(0.99	)	$	(2.39	)
Weighted-average shares used to compute per share calculation		40,838,491			22,500,053

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

	For the Year Ended December 31,
(in thousands, except for per share amounts)	2019		2018
Warrants		22,000		—
Outstanding options to purchase common stock		4,691		3,330
Unvested RSUs		245,001		133

Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Equity

Note 13. Equity

Common Stock

On March 11, 2019, we completed a public offering of common stock and warrants, as follows:

•

for a combined public offering price of $1.00 per share of common stock and related warrants, 19,850,000 shares of common stock and related warrants with a 5-year life to purchase up to 19,850,000 shares of common stock at an exercise price of $1.30 per share,

•

for a combined public offering price of $0.99 per pre-funded warrant and related warrant, pre-funded warrants with a 10-year life to purchase up to 2,150,000 shares of common stock at an exercise price of $0.01 per share and related warrants with a 5-year life to purchase up to 2,150,000 shares of common stock at an exercise price of $1.30 per share. These pre-funded warrants were exercised on March 21, 2019.

We received net proceeds of $20.2 million, net of transaction costs, as a result of this offering.

For the year ended December 31, 2019, we issued 94,540 shares of common stock due to the vesting of RSUs.

For the year ended December 31, 2018, we received proceeds of $0.6 million upon the exercise of stock options which resulted in the issuance of 0.4 million shares of common stock. We also issued 815,834 shares of common stock in the year ended December 31, 2018, upon the vesting of RSUs.

Purchase Agreement

On December 20, 2018, we entered into the Purchase Agreement, and a registration rights agreement, with Lincoln Park. Pursuant to the purchase agreement, Lincoln Park has committed to purchase up to $35.0 million worth of our common stock over a 36-month period commencing on February 13, 2019, the date the registration statement covering the resale of the shares was declared effective by the SEC. Under the Purchase Agreement, on any business day selected by us, we may direct Lincoln Park to purchase shares of our common stock provided that Lincoln Park’s maximum commitment on any single day does not exceed $2.0 million. The purchase price per share will be based off of prevailing market prices of our common stock immediately preceding the time of sale; provided, however, that we cannot direct any such purchase if the prevailing market price is less than $1.00. Pursuant to this purchase agreement we issued 105,467 commitment shares of common stock in December 2018, and 195,867 commitment shares of common stock in the first quarter of 2019.

Equity Distribution Agreement

On November 9, 2017, we entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Piper Jaffray & Co. (Piper Jaffray). The Equity Distribution Agreement provides that, upon the terms and subject to the conditions set forth therein, we may issue and sell through Piper Jaffray, acting as sales agent, shares of our common stock, $0.001 par value per share (the Common Stock) having an aggregate offering price of up to $17.5 million. We have no obligation to sell any such shares under the Equity Distribution Agreement. The sale of the Shares by Piper Jaffray will be effected pursuant to a Registration Statement on Form S-3 which we filed on November 9, 2017 (the Registration Statement). We have issued 13,265 shares under the Equity Distribution Agreement as of December 31, 2018, and 180,421 shares in the year ended December 31, 2019 and received net proceeds of $0.2 million from these transactions. Following such prior sales, we have the ability to sell up to an additional $17.3 million of common stock under the Equity Distribution Agreement.

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 Capital 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 replaced 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 December 31, 2019, there are 1.3 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 Capital Market on the date of grant.

Stock-Based Compensation Expense

Stock-based compensation expense includes amortization of stock options and restricted stock units granted to employees and non-employees and has been reported in our Consolidated Statements of Operation and Comprehensive Loss as follows:

	For the Year Ended December 31,
(in thousands)	2019		2018
Research and development	$	532	$	884
Selling, general and administrative		1,066		1,256
Total stock-based compensation expense	$	1,598	$	2,140

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 Year Ended December 31,
	2019	2018
Expected dividend yield	0.00%	0.00%
Expected volatility	79.78%	75.00%
Risk-free interest rate	2.04%	2.74%
Expected average life of options	5 years	6 years

Management applied an estimated forfeiture rate for all periods of 10%.

The following is a summary of option activity for the year ended December 31, 2019:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Balance at December 31, 2018		3,329,618		$	2.74		6.99	$	—
Granted		1,786,857			1.02		—		—
Exercised		—			—		—		—
Forfeited		(425,118	)		2.29		—		—
Outstanding at December 31, 2019		4,691,357		$	2.14		7.28	$	63,511
Exercisable at December 31, 2019		2,210,593		$	2.65		5.35	$	—

As of December 31, 2019, we had $1.8 million of unrecognized compensation expense related to options expected to vest over a weighted average period of 1.4 years. The weighted average remaining contractual life of outstanding and exercisable options is 5.4 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 2019 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 December 31, 2019.

Restricted Stock Units

The following is a summary of restricted stock activity for the year ended December 31, 2019:

	Number of Units		Weighted Average Fair Value per Unit		Aggregate Fair Value
Balance at December 31, 2018		133,040	$	2.97	$	168,961
Granted		248,201		0.58		142,964
Vested		133,040		2.97		201,642
Forfeited		3,200		—		—
Outstanding at December 31, 2019		245,001	$	0.58	$	—
Expected to Vest		245,001	$	0.58	$	—

As of December 31, 2019, there was no unrecognized stock-based compensation expense related to unvested RSUs.

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

Warrants

In March 2019, as part of a public offering, we issued warrants to purchase up to 24,150,000 shares of our common stock, 22,000,000 of which have an exercise price of $1.30 per share and have a five-year life, and 2,150,000 of pre-funded warrants with an exercise price of $0.01 per share. The pre-funded warrants had a ten-year life and would have expired on March 11, 2029; however, the pre-funded warrants were exercised in March 2019. We determined the warrants do not meet liability classification pursuant to ASC 480 – Distinguishing Liabilities from Equity. They are therefore included within equity on our consolidated balance sheet. As of December 31, 2019, there were 22,000,000 warrants outstanding.

401(K) Savings Plan

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

401(K) Savings Plan

Note 14. 401(k) savings plan

Aptevo has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. The 401(k) Plan covers all employees. Under the 401(k) Plan, employees may make elective salary deferrals. Aptevo currently provides for matching of qualified deferrals up to 50% of 401(k) employee deferral contributions, based on a maximum employee deferral rate of 6% of compensation. During the year ended December 31, 2019 and December 31, 2018, Aptevo’s related share of matching contributions was approximately $0.4 million and $0.5 million.

Revenue Reserves

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue Reserves

Note 15. Revenue Reserves

The following table summarizes activity in each of our receivable-related allowances and revenue-related liabilities for the years ended December 31, 2019 and December 31, 2018:

(in thousands)	Chargebacks and Rebates			Distribution Fees, Cash Discounts and Patient Assistance
Balance at December 31, 2018	$	(1,323	)	$	(865	)
Provision related to current period sales		(3,917	)		(2,492	)
Credit or payments made during the period		3,394			2,631
Balance at December 31, 2019	$	(1,845	)	$	(726	)

(in thousands)	Chargebacks			Distribution/Data Fees
Balance at December 31, 2017	$	(428	)	$	(240	)
Provision related to current period sales		(2,515	)		(1,879	)
Credit or payments made during the period		1,620			1,254
Balance at December 31, 2018	$	(1,323	)	$	(865	)

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

We did not have an income tax benefit or income tax expense from continuing operations in the year ended December 31, 2019 nor December 31, 2018.

Loss from continuing operations before income taxes is comprised of:

	Year ended December 31,
(in thousands)	2019			2018
US	$	(44,698	)	$	(53,692	)
International		—			3
Loss from continuing operations before benefit from income taxes	$	(44,698	)	$	(53,689	)

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

	For the Year Ended December 31,
(in thousands)	2019			2018
Federal losses carryforward	$	28,221		$	20,251
Intangible assets		3,869			4,210
Stock compensation		1,023			844
State losses carryforward		3,044			2,260
Other deferred tax assets		1,718			1,543
Other tax credits		1,447			713
Lease Liabilities		992			—
Fixed assets		453			488
Deferred tax asset, gross		40,767			30,309
Valuation allowance		(39,895	)		(30,309	)
Deferred tax assets, net of valuation		872			—

ROU Assets		(874	)		—
Deferred tax liability		(874	)		—

Net deferred tax liabilities	$	(2	)	$	—

As of December 31, 2019, and 2018, we have recorded federal net operating losses (NOL) carryforwards of approximately $134.4 million and $96.4 million, state NOL carryforwards of approximately $59.4 million and $44.5 million, and tax credit carryforwards of $1.4 million and $0.7 million, respectively. $41.0 million of the federal losses and credits would begin to expire in 2037, while $93.4 million of federal losses may be carried forward indefinitely. The state net operating losses will begin to expire in varying periods. Carryforwards of net operating losses and tax credits are subject to possible limitation, should a change in ownership occur, as defined by Internal Revenue Code Section 382.

The Company files income tax returns in the U.S. and several state jurisdictions and are open to review by taxing authorities for the 2016 tax filings and thereafter.

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

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

	Year ended December 31,
	2019			2018
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		1.8	%		2.5	%
Change in valuation allowance		-23.7	%		-24.5	%
Tax credits		1.6	%		0.4	%
Permanent differences		-0.7	%		-0.2	%
Other		0.0	%		0.8	%
Total income tax benefit		0.0	%		0.0	%

Subsequent Events

12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 17. Subsequent Events

On February 28, 2020, Aptevo entered into an LLC Purchase Agreement with Medexus, pursuant to which Aptevo sold all of the issued and outstanding limited liability company interests of Aptevo BioTherapeutics LLC (“Aptevo BioT”), a subsidiary of Aptevo which wholly owns the IXINITY and related Hemophilia B business. As a result of the transaction, Medexus obtained all rights, title and interest to the IXINITY product and intellectual property. In addition, Aptevo BioT personnel responsible for the sale and marketing of IXINITY also transitioned to Medexus as part of the transaction.

As consideration for the sale, at closing Aptevo received an amount equal to $30 million in cash, subject to certain customary adjustments in respect of Aptevo’s estimates of cash, indebtedness, working capital and transaction expenses of Aptevo BioT as of the closing. Such consideration will be subject to a final post-closing adjustment pursuant to the terms of the Purchase Agreement. From the $30 million payment at closing, Medexus withheld $0.9 million which was deposited with an escrow agent (i) to fund potential payment obligations of Aptevo with respect to the final post-closing adjustment and (ii) to fund potential post-closing indemnification obligations of Aptevo. In addition to the payment received at closing, Aptevo may also earn milestone and deferred payments from Medexus in the future. We used $22.1 million of the $30 million in proceeds to repay in full our term debt facility with MidCap financial, including $20 million of principal and $2.1 million in an end of facility fee, accrued interest, legal fees and prepayment fees. The parties also agreed that Aptevo would provide transition services for a limited period of time.

On March 23, 2020, a reverse stock split was approved by a majority vote of the Company's stockholders. No common stock or per share data included in these financial statements has been restated to give effect to the reverse stock split as it has not been effected by our Board of Directors as of the date of these financial statements.

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Use of Estimates

Principles of Consolidation

Cash Equivalents

Restricted Cash

Concentrations of Credit Risk

Major Customers

	2019						2018
	Percentage of Total Revenue			Percentage of Accounts Receivable			Percentage of Total Revenue			Percentage of Accounts Receivable
Customer A		36	%		72	%		72	%		70	%
Customer B		27	%		18	%		17	%		19	%
Customer C		20	%		0	%		—			—

Accounts Receivable

Inventories

Plant and Equipment

Property and Equipment

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

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

Leases

Fair Value of Financial Instruments

Product Sales, Rebates and other Discounts

Debt Issuance Costs

Revenue Recognition

Product Revenue, Net

Reserves for Variable Consideration

We have established provisions for the following types of variable consideration:

Cash Discounts: All customers have the option to receive a cash discount for early payment.

Research and Development expense

Research and Development Expenses

Selling, General and Administrative Expenses

Stock-Based Compensation

•

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

•

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

•

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

•

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

Income Taxes

Segment Reporting

We have determined that we operate in a single segment and have one reporting unit: the discovery, development, commercialization and sale of novel oncology and hematology therapeutics.

New Accounting Pronouncements

Recently Adopted Standards

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of Major Customers Concentration Risk Percentage

	2019						2018
	Percentage of Total Revenue			Percentage of Accounts Receivable			Percentage of Total Revenue			Percentage of Accounts Receivable
Customer A		36	%		72	%		72	%		70	%
Customer B		27	%		18	%		17	%		19	%
Customer C		20	%		0	%		—			—

Schedule of Estimated Useful Lives of Property and Equipment

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

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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and December 31, 2018:

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds⁽¹⁾	$	12,494	$	—	$	—	$	12,494

	December 31, 2018
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds⁽¹⁾	$	29,047	$	—	$	—		29,047

(1)	As of December 31, 2019, and 2018, the money market funds included $5.0 million in restricted cash.

Cash, Cash Equivalents, and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 and December 31, 2018:

	For the Year Ended December 31,
(in thousands)	2019		2018
Cash	$	4,954	$	6,588
Cash equivalents		7,494		24,047
Restricted cash		7,498		7,448
Total cash, cash equivalents, and restricted cash	$	19,946	$	38,083

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

Schedule of short-term investments

	December 31, 2019
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)		Fair Value
Cash equivalents:
Money market funds⁽¹⁾	$	12,494	$	—	$	—	$	12,494
Total cash equivalents	$	12,494	$	—	$	—	$	12,494

	December 31, 2018
(in thousands)	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding (Losses)		Fair Value
Cash equivalents:
Money market funds⁽¹⁾	$	29,047	$	—	$	—	$	29,047
Total cash equivalents	$	29,047	$	—	$	—	$	29,047
⁽¹⁾ As of December 31, 2019, the money market funds included $5.0 million in restricted cash, and as of December 31, 2018, the money market funds included $5.0 million in restricted cash.

Inventories (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:

	Ended December 31,
(in thousands)	2019		2018
Raw materials and supplies	$	491	$	194
Work-in-process		1,958		916
Finished goods		3,690		675
Total inventories	$	6,139	$	1,785

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Summary of Property and Equipment

Property and equipment consist of the following:

	For the Year Ended December 31,
(in thousands)	2019			2018
Leasehold improvements	$	2,264		$	2,278
Furniture and equipment		11,606			11,622
Property and equipment, gross		13,870			13,900
Less: Accumulated depreciation		(9,924	)		(8,698	)
Total property and equipment, net	$	3,946		$	5,202

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets Net Excluding Goodwill [Abstract]

Schedule of Future Amortization Expense

Future amortization expense as of December 31, 2019 is as follows:

(in thousands)
2020	$	830
2021		830
2022		830
2023		830
2024 and beyond		1,100
Total remaining amortization	$	4,420

Leases and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Components of Lease Expense

Components of lease expense:

	For the year ended December 31,
(in thousands)	2019
Operating lease cost	$	1,526
Finance lease cost:
Amortization of right-of-use assets		6
Interest on lease liabilities		2
Total lease cost	$	1,534

Summary of Right of Use Assets Acquired Under Operating Leases

Right of use assets acquired under operating leases:

	For the year ended December 31,
(in thousands)	2019
Operating leases, excluding Seattle office lease	$	241
Seattle office lease, including amendment		3,506
Total operating leases	$	3,747

Lease payments:

For the year ended

December 31,

(in thousands)

2019

For operating leases

1,714

Summary of Future Minimum Lease Payments

Future minimum payments as of December 31, 2019 are as follows:

(in thousands)
2020	$	1,480
2021		1,387
2022		1,294
2023		1,399
Total Future minimum lease payments		5,560
Less: imputed interest		(1,306	)
Total	$	4,254

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

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

	For the Year Ended December 31,
	2019			2018
Net loss	$	(40,448	)	$	(53,689	)

Basic and diluted net income (loss) per share:
Net loss from continuing operations	$	(1.09	)	$	(2.39	)
Net income from discontinued operations	$	0.10		$	—
Net loss	$	(0.99	)	$	(2.39	)
Weighted-average shares used to compute per share calculation		40,838,491			22,500,053

Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss 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 per share:

	For the Year Ended December 31,
(in thousands, except for per share amounts)	2019		2018
Warrants		22,000		—
Outstanding options to purchase common stock		4,691		3,330
Unvested RSUs		245,001		133

Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

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

	For the Year Ended December 31,
(in thousands)	2019		2018
Research and development	$	532	$	884
Selling, general and administrative		1,066		1,256
Total stock-based compensation expense	$	1,598	$	2,140

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 Year Ended December 31,
	2019	2018
Expected dividend yield	0.00%	0.00%
Expected volatility	79.78%	75.00%
Risk-free interest rate	2.04%	2.74%
Expected average life of options	5 years	6 years

Summary of Stock Option Activity

The following is a summary of option activity for the year ended December 31, 2019:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Balance at December 31, 2018		3,329,618		$	2.74		6.99	$	—
Granted		1,786,857			1.02		—		—
Exercised		—			—		—		—
Forfeited		(425,118	)		2.29		—		—
Outstanding at December 31, 2019		4,691,357		$	2.14		7.28	$	63,511
Exercisable at December 31, 2019		2,210,593		$	2.65		5.35	$	—

Summary of RSU Activity

The following is a summary of restricted stock activity for the year ended December 31, 2019:

	Number of Units		Weighted Average Fair Value per Unit		Aggregate Fair Value
Balance at December 31, 2018		133,040	$	2.97	$	168,961
Granted		248,201		0.58		142,964
Vested		133,040		2.97		201,642
Forfeited		3,200		—		—
Outstanding at December 31, 2019		245,001	$	0.58	$	—
Expected to Vest		245,001	$	0.58	$	—

Revenue Reserves (Tables)

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Summary of Receivable Related Allowances and Revenue Related Liabilities

The following table summarizes activity in each of our receivable-related allowances and revenue-related liabilities for the years ended December 31, 2019 and December 31, 2018:

(in thousands)	Chargebacks and Rebates			Distribution Fees, Cash Discounts and Patient Assistance
Balance at December 31, 2018	$	(1,323	)	$	(865	)
Provision related to current period sales		(3,917	)		(2,492	)
Credit or payments made during the period		3,394			2,631
Balance at December 31, 2019	$	(1,845	)	$	(726	)

(in thousands)	Chargebacks			Distribution/Data Fees
Balance at December 31, 2017	$	(428	)	$	(240	)
Provision related to current period sales		(2,515	)		(1,879	)
Credit or payments made during the period		1,620			1,254
Balance at December 31, 2018	$	(1,323	)	$	(865	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Loss from Continuing Operations Before Income Taxes

Loss from continuing operations before income taxes is comprised of:

	Year ended December 31,
(in thousands)	2019			2018
US	$	(44,698	)	$	(53,692	)
International		—			3
Loss from continuing operations before benefit from income taxes	$	(44,698	)	$	(53,689	)

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

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

	For the Year Ended December 31,
(in thousands)	2019			2018
Federal losses carryforward	$	28,221		$	20,251
Intangible assets		3,869			4,210
Stock compensation		1,023			844
State losses carryforward		3,044			2,260
Other deferred tax assets		1,718			1,543
Other tax credits		1,447			713
Lease Liabilities		992			—
Fixed assets		453			488
Deferred tax asset, gross		40,767			30,309
Valuation allowance		(39,895	)		(30,309	)
Deferred tax assets, net of valuation		872			—

ROU Assets		(874	)		—
Deferred tax liability		(874	)		—

Net deferred tax liabilities	$	(2	)	$	—

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

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

	Year ended December 31,
	2019			2018
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		1.8	%		2.5	%
Change in valuation allowance		-23.7	%		-24.5	%
Tax credits		1.6	%		0.4	%
Permanent differences		-0.7	%		-0.2	%
Other		0.0	%		0.8	%
Total income tax benefit		0.0	%		0.0	%

Nature of Business and Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2019 USD ($)	Dec. 31, 2019 USD ($) Product Segment Unit	Dec. 31, 2018 USD ($)	Feb. 28, 2020 USD ($)	Dec. 31, 2017 USD ($)
Nature Of Business [Line Items]
Number of revenue-generating product \| Product		1
Product sales		$ 32,424,000	$ 23,067,000
Net loss		40,448,000	53,689,000
Accumulated deficit		167,856,000	127,408,000
Net cash used in operating activities		42,383,000	51,422,000
Long-term restricted cash		7,498,000	$ 7,448,000		$ 10,000,000
Restricted cash		5,000,000
Operating lease right-of-use asset		3,747,000
Operating lease liability		$ 4,254,000
Number of operating segment \| Segment		1
Number of reporting unit \| Unit		1
Stock Option
Nature Of Business [Line Items]
Expected dividend yield		0.00%	0.00%
Estimated forfeiture rate		10.00%
RSUs and Options
Nature Of Business [Line Items]
Estimated forfeiture rate		10.00%
ASU No. 2016-02
Nature Of Business [Line Items]
Operating lease right-of-use asset	$ 1,500,000
Operating lease liability	2,200,000
Decrease in deferred rent liability	$ 700,000
Subsequent Event
Nature Of Business [Line Items]
Restricted cash				$ 5,000,000
Letter of Credit
Nature Of Business [Line Items]
Long-term restricted cash		$ 2,500,000
Covenant of MidCap Loan Agreement
Nature Of Business [Line Items]
Long-term restricted cash		$ 5,000,000
Maximum
Nature Of Business [Line Items]
Cash equivalents, maturity period		90 days
Operating lease right-of-use asset		$ 300,000
Operating lease liability		300,000
Maximum eligible annual benefit under the program		12,000
Product sales
Nature Of Business [Line Items]
Product sales		$ 32,400,000	$ 23,100,000

Nature of Business and Significant Accounting Policies - Schedule of Major Customers Concentration Risk Percentage (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Customer A \| Total Revenue
Concentration Risk [Line Items]
Percentage of concentration risk	36.00%	72.00%
Customer A \| Accounts Receivable
Concentration Risk [Line Items]
Percentage of concentration risk	72.00%	70.00%
Customer B \| Total Revenue
Concentration Risk [Line Items]
Percentage of concentration risk	27.00%	17.00%
Customer B \| Accounts Receivable
Concentration Risk [Line Items]
Percentage of concentration risk	18.00%	19.00%
Customer C \| Total Revenue
Concentration Risk [Line Items]
Percentage of concentration risk	20.00%
Customer C \| Accounts Receivable
Concentration Risk [Line Items]
Percentage of concentration risk	0.00%

Nature of Business and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Furniture and Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	7 years
Furniture and Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	10 years
Software and Hardware
Property Plant And Equipment [Line Items]
Estimated useful lives	product life
Software and Hardware \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives	3 years
Software and Hardware \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives	5 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Estimated useful lives	Lesser of the asset life or the remaining lease term

Discontinued Operations - Milestone Payment - Additional Information (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2019 USD ($)
Schedule Of Equity Method Investments [Line Items]
Gain in discontinued operations, net of tax	$ 4,250
Hyperimmune Business
Schedule Of Equity Method Investments [Line Items]
Amount received in exchange of outstanding milestone payment	$ 4,250

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reduction in research and development expense	$ 1.4	$ 0.6

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Details) - Money Market Funds - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Financial Assets:

Assets fair value

^[1]

$ 12,494

$ 29,047

Level 1

Financial Assets:

Assets fair value

^[1]

$ 12,494

$ 29,047

[1]	As of December 31, 2019, and 2018, the money market funds included $5.0 million in restricted cash

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amount of money market funds included in restricted cash	$ 7,498	$ 7,448	$ 10,000
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amount of money market funds included in restricted cash	$ 5,000	$ 5,000

Fair Value Measurements - Additional Information (Details)	Dec. 31, 2019 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restricted Cash And Cash Equivalents Items [Line Items]
Long-term restricted cash	$ 7,498	$ 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	$ 2,500
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	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash	$ 4,954	$ 6,588
Cash equivalents	7,494	24,047
Restricted cash	7,498	7,448	$ 10,000
Total cash, cash equivalents, and restricted cash	$ 19,946	$ 38,083

Investments - Schedule of Short-term Investments (Details) - Cash Equivalents - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

$ 12,494

$ 29,047

Gross Unrealized Holding Gains

Gross Unrealized Holding (Losses)

Fair Value

12,494

29,047

Money Market Funds

Schedule Of Available For Sale Securities [Line Items]

Amortized Cost

^[1]

12,494

29,047

Gross Unrealized Holding Gains

^[1]

Gross Unrealized Holding (Losses)

^[1]

Fair Value

^[1]

$ 12,494

$ 29,047

[1]	As of December 31, 2019, the money market funds included $5.0 million in restricted cash, and as of December 31, 2018, the money market funds included $5.0 million in restricted cash.

Investments - Schedule of Short-term Investments (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Long-term restricted cash	$ 7,498	$ 7,448	$ 10,000
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Long-term restricted cash	$ 5,000	$ 5,000

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Inventory Adjustments [Abstract]
Raw materials and supplies	$ 491	$ 194
Work-in-process	1,958	916
Finished goods	3,690	675
Total inventories	$ 6,139	$ 1,785

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 13,870	$ 13,900
Less: Accumulated depreciation	(9,924)	(8,698)
Total property and equipment, net	3,946	5,202
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,264	2,278
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 11,606	$ 11,622

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.4	$ 1.6

Intangible Assets, Net - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Intangible Assets Net Excluding Goodwill [Abstract]
Amortization expense	$ 0.8
Weighted average remaining amortization period	63 months

Intangible Assets, Net - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2020	$ 830
2021	830
2022	830
2023	830
2024 and beyond	1,100
Total remaining amortization	$ 4,420	$ 5,250

Debt - Additional Information (Details) - USD ($)				12 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 28, 2020	Aug. 06, 2018	Sep. 28, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 04, 2016
Line Of Credit Facility [Line Items]
Maximum borrowing capacity							$ 35,000,000
Unrestricted cash balance				$ 4,954,000	$ 6,588,000
Long-term restricted cash				7,498,000	7,448,000	$ 10,000,000
Proceeds from divestiture of businesses				$ 4,250,000	$ 65,000
Subsequent Event \| MidCap Financial
Line Of Credit Facility [Line Items]
Long-term restricted cash	$ 5,000,000
Repayment of full term debt facility	22,100,000
Principal payment of full term debt facility	20,000,000
Facility fee	2,100,000
Subsequent Event \| IXINITY \| Medexus Pharmaceuticals
Line Of Credit Facility [Line Items]
Repayment of full term debt facility	22,100,000
Proceeds from divestiture of businesses	$ 30,000,000
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 Agreement First Tranche
Line Of Credit Facility [Line Items]
Maximum borrowing capacity							20,000,000
Credit facility available and drawn							20,000,000
Credit Agreement 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
Credit Agreement Second Tranche \| Minimum
Line Of Credit Facility [Line Items]
Unrestricted cash balance			$ 10,000,000

Leases and Contingencies - Additional Information (Details)			1 Months Ended		12 Months Ended
	Mar. 19, 2019 RenewalOption	Jan. 01, 2019 USD ($) Piece Copier Equipment	Aug. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use asset					$ 3,747,000
Operating lease liability					$ 4,254,000
Operating lease number of piece for lab equipment \| Piece		1
Operating lease number of copiers \| Copier		4
Financing lease number of equipment \| Equipment		1
Financing lease remaining term					8 months
Financing lease remaining expense obligation					$ 2,000
Financing lease payments					0
Long term portion of operating lease liabilities					$ 3,327,000
Weighted average remaining lease term for operating leases					3 years 3 months 18 days
Weighted discount rate for operating leases					14.55%
Maximum
Lessee Lease Description [Line Items]
Operating lease right-of-use asset					$ 300,000
Operating lease liability					300,000
Minimum
Lessee Lease Description [Line Items]
Financing lease remaining expense obligation					100,000
Office Space Lease
Lessee Lease Description [Line Items]
Initial operating lease term date	2030-04
Operating lease renewal option description	The term of the amended lease is through April 2030 and we have two options to extend the lease term, each by five years, as well as a one-time option to terminate the lease in April 2023
Operating lease renewal option term	5 years
Number of operating lease renewal option \| RenewalOption	2
Operating lease option to extend	true
Operating lease right-of-use asset		$ 1,200,000
Operating lease liability					$ 1,900,000
Operating lease, discounted incremental borrowing rate	14.45%				16.95%
Adjustment to right to use asset and operating lease liability			$ 100,000
Operating lease termination option written notice period	9 months
Operating lease termination option unamortized tenant improvement allowance interest rate	8.00%
Operating lease termination option unamortized real estate taxes interest rate	8.00%
Variable expense					$ 500,000
Office Space Lease \| Renewal Option Two
Lessee Lease Description [Line Items]
Operating lease renewal option term					5 years
Office Space Lease \| Maximum
Lessee Lease Description [Line Items]
Operating lease right-of-use asset				$ 3,200,000
Operating lease liability				$ 3,200,000
Lab Equipment Lease
Lessee Lease Description [Line Items]
Operating lease, discounted incremental borrowing rate					16.53%
Copier Leases
Lessee Lease Description [Line Items]
Operating lease, discounted incremental borrowing rate					16.19%

Leases and Contingencies - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 1,526
Finance lease cost:
Amortization of right-of-use assets	6
Interest on lease liabilities	2
Total lease cost	$ 1,534

Leases and Contingencies - Summary of Right of Use Assets Acquired Under Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Lessee Lease Description [Line Items]
Total operating leases	$ 3,747
For operating leases	1,714
Operating Leases, Excluding Seattle Office Lease
Lessee Lease Description [Line Items]
Total operating leases	241
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Total operating leases	$ 3,506

Leases and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 1,480
2021	1,387
2022	1,294
2023	1,399
Total Future minimum lease payments	5,560
Less: imputed interest	(1,306)
Total	$ 4,254

Net Loss Per Share - Additional Information (Details)	Mar. 13, 2019 shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of common stock to be issued up conversion of warrants	19,850,000
Number of warrants issued	19,850,000
Number of common stock to be issued exercise of prefunded warrants	2,150,000
Maximum
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of common stock to be issued up conversion of warrants	2,150,000

Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net loss	$ (40,448)	$ (53,689)
Basic and diluted net income (loss) per share:
Net loss from continuing operations	$ (1.09)	$ (2.39)
Net income from discontinued operations	0.10
Net loss	$ (0.99)	$ (2.39)
Weighted-average shares used to compute per share calculation	40,838,491	22,500,053

- Definition

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

+ References + Details

Net Loss Per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	22,000
Outstanding Options to Purchase Common Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	4,691	3,330
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	245,001	133

Equity - Additional Information (Details) - USD ($)						1 Months Ended			3 Months Ended	12 Months Ended
Equity - Additional Information (Details) - USD ($)	Mar. 13, 2019	Mar. 11, 2019	Jun. 01, 2018	Nov. 09, 2017	Aug. 01, 2016	Mar. 31, 2019	Dec. 31, 2018	Dec. 20, 2018	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	May 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants issued	19,850,000
Number of common stock to be issued up conversion of warrants	19,850,000
Pre funded warrants outstanding, term						10 years
Number of common stock to be issued exercise of prefunded warrants	2,150,000
Proceeds from issuance of warrants										$ 200,000
Common stock, par value							$ 0.001			$ 0.001	$ 0.001
Pre funded warrants expire date						Mar. 11, 2029
Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense										$ 0
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated forfeiture rate										10.00%
Unrecognized compensation expense										$ 1,800,000
Options expected to vest, weighted average period										1 year 4 months 24 days
Options outstanding and exercisable weighted average remaining contractual life										5 years 4 months 24 days
Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period					3 years
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 \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase of authorized shares issuable												1,300,000
2018 Stock Incentive Plan \| Unvested 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										1,300,000
2018 Stock Incentive Plan \| Non-employee Directors \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period			3 years
Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, par value				$ 0.001
Issuance of common stock shares										180,421	13,265
Proceeds from Issuance of Common Stock										$ 17,300,000
Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued exercise of prefunded warrants						2,150,000
Pre funded warrants exercise price, per share						$ 0.01
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued price per share		$ 1.00
Number of warrants issued		19,850,000
Warrants outstanding, term		5 years
Warrants exercise price, per share		$ 1.30
Pre funded warrant issued price, per share		$ 0.99
Pre funded warrants outstanding, term		10 years
Pre funded warrants exercise price, per share		$ 0.01
Proceeds from issuance of warrants										$ 20,200,000
Common stock issued upon vesting of restricted stock units (in shares)										94,540	815,834
Proceeds upon exercise of stock options											$ 600,000
Common stock issued upon exercise of stock options											386,866
Common stock issued upon vesting of restricted stock units											815,834
Issuance of commitment shares of common stock, non-cash transaction (in shares)										195,867
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
Common Stock \| Purchase Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net								$ 35,000,000
Commitment to purchase shares of common stock, maximum amount										$ 2,000,000
Issuance of commitment shares of common stock, non-cash transaction (in shares)							105,467		195,867
Common Stock \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding, term		5 years
Warrants exercise price, per share		$ 1.30
Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding, term						5 years			5 years
Warrants outstanding										22,000,000
Warrants \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of warrants issued						22,000,000
Warrants exercise price, per share						$ 1.30			$ 1.30
Minimum \| 2016 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period					18 months
Minimum \| Common Stock \| Purchase Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum prevailing market price to direct purchase										$ 1.00
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	2,150,000
Maximum \| 2016 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period					3 years
Maximum \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		19,850,000
Number of common stock to be issued exercise of prefunded warrants		2,150,000
Maximum \| Common Stock \| Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate offering price				$ 17,500,000
Maximum \| Common Stock \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		2,150,000
Maximum \| Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants						24,150,000			24,150,000

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,598	$ 2,140
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	532	884
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,066	$ 1,256

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Stock Option	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	79.78%	75.00%
Risk-free interest rate	2.04%	2.74%
Expected average life of options	5 years	6 years

Equity - Summary of Stock Option Activity (Details) - Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance	3,329,618
Number of Shares, Granted	1,786,857
Number of Shares, Forfeited	(425,118)
Number of Shares, Outstanding, Ending balance	4,691,357	3,329,618
Number of Shares, Exercisable	2,210,593
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 2.74
Weighted-Average Exercise Price, Granted	1.02
Weighted-Average Exercise Price, Forfeited	2.29
Weighted-Average Exercise Price, Outstanding, Ending balance	2.14	$ 2.74
Weighted-Average Exercise Price, Exercisable	$ 2.65
Weighted-Average Remaining Term, Outstanding	7 years 3 months 10 days	6 years 11 months 26 days
Weighted-Average Remaining Term, Exercisable	5 years 4 months 6 days
Aggregate Intrinsic Value, Outstanding, Ending balance	$ 63,511

Equity - Summary of Restricted Stock Activity (Details) - Unvested RSUs	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding, Beginning balance	133,040
Number of Units, Granted	248,201
Number of Units, Vested	133,040
Number of Units, Forfeited	3,200
Number of Units, Outstanding, Ending balance	245,001
Number of Units, Expected to Vest	245,001
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 2.97
Weighted Average Fair Value per Unit, Granted \| $ / shares	0.58
Weighted Average Fair Value per Unit, Vested \| $ / shares	2.97
Weighted Average Fair Value per Unit, Outstanding Ending Balance \| $ / shares	0.58
Weighted Average Fair Value per Unit, Expected to Vest \| $ / shares	$ 0.58
Aggregate Fair Value, Outstanding, Beginning balance \| $	$ 168,961
Aggregate Fair Value, Granted \| $	142,964
Aggregate Fair Value, Vested \| $	$ 201,642

401(K) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Maximum employee deferral rate	6.00%
Matching contributions made by employer	$ 0.4	$ 0.5
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, qualified deferral percentage	50.00%

Revenue Reserves - Summary of Receivable Related Allowances and Revenue Related Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Chargebacks and Rebates
Valuation And Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ (1,323)	$ (428)
Provision related to current period sales	(3,917)	(2,515)
Credit or payments made during the period	3,394	1,620
Ending balance	(1,845)	(1,323)
Distribution Fees, Cash Discounts and Patient Assistance
Valuation And Qualifying Accounts Disclosure [Line Items]
Beginning balance	(865)	(240)
Provision related to current period sales	(2,492)	(1,879)
Credit or payments made during the period	2,631	1,254
Ending balance	$ (726)	$ (865)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Net operating loss carryforwards	93,400,000
Uncertain income tax positions	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	134,400,000	96,400,000
Amount of operating loss due to expire	41,000,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	59,400,000	44,500,000
Tax credit carryforwards	$ 1,400,000	$ 700,000
Earliest Tax Year \| Federal
Income Taxes [Line Items]
Operating losses, begin to expiration year	2037
Tax credits, begin to expiration year	2037

Income Taxes - Schedule of Loss from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
US	$ (44,698)	$ (53,692)
International		3
Loss from continuing operations before benefit from income taxes	$ (44,698)	$ (53,689)

Income Taxes - Schedule of Tax Effects of Temporary Differences Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal losses carryforward	$ 28,221	$ 20,251
Intangible assets	3,869	4,210
Stock compensation	1,023	844
State losses carryforward	3,044	2,260
Other deferred tax assets	1,718	1,543
Other tax credits	1,447	713
Lease Liabilities	992
Fixed assets	453	488
Deferred tax asset, gross	40,767	30,309
Valuation allowance	(39,895)	$ (30,309)
Deferred tax assets, net of valuation	872
ROU Assets	(874)
Deferred tax liability	(874)
Net deferred tax liabilities	$ (2)

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal tax at statutory rates	21.00%	21.00%
State taxes, net of federal benefit	1.80%	2.50%
Change in valuation allowance	(23.70%)	(24.50%)
Tax credits	1.60%	0.40%
Permanent differences	(0.70%)	(0.20%)
Other	0.00%	0.80%
Total income tax benefit	0.00%	0.00%

Subsequent Events - Additional Information (Details) - Subsequent Event $ in Millions	Feb. 28, 2020 USD ($)
Medexus Pharmaceuticals
Subsequent Event [Line Items]
Escrow amount	$ 0.9
MidCap Financial
Subsequent Event [Line Items]
Repayment of full term debt facility	22.1
Principal payment of full term debt facility	20.0
Facility fee	2.1
Aptevo BioTherapeutics LLC \| Medexus Pharmaceuticals
Subsequent Event [Line Items]
Cash received from sale of interest	$ 30.0