0001564590-22-011575 | 10-K | XBRL Viewer

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 45,044	$ 39,979
Restricted cash	1,259	2,555
Royalty receivable	3,664	2,369
Prepaid expenses	1,823	2,228
Other current assets	780	133
Total current assets	52,570	47,264
Property and equipment, net	2,379	2,815
Operating lease right-of-use asset	1,584	2,722
Other assets	68	746
Total assets	56,601	53,547
Current liabilities:
Accounts payable and other accrued liabilities	3,462	5,583
Accrued compensation	2,077	2,757
Liability related to the sale of future royalties, net - short-term	15,465
Current portion of long-term debt	11,667	5,000
Other current liabilities	2,086	1,199
Total current liabilities	34,757	14,539
Liability related to the sale of future royalties, net - long-term	15,580
Loan payable - long-term	3,707	20,054
Operating lease liability	1,341	2,360
Total liabilities	55,385	36,953
Stockholders' equity:
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,898,143 and 4,410,909 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	47	46
Additional paid-in capital	215,232	202,154
Accumulated deficit	(214,063)	(185,606)
Total stockholders' equity	1,216	16,594
Total liabilities and stockholders' equity	$ 56,601	$ 53,547

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	4,898,143	4,410,909
Common stock, shares outstanding	4,898,143	4,410,909

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Royalty revenue	$ 12,292	$ 4,309
Revenue from Contract with Customer, Product and Service [Extensible List]		us-gaap:RoyaltyMember
Operating expenses:
Research and development	(18,994)	$ (17,852)
General and administrative	(14,698)	(13,951)
Loss from operations	(21,400)	(27,494)
Other expense from continuing operations, net	(8,008)	(1,325)
Loss on extinguishment of debt		(2,104)
Net loss from continuing operations	(29,408)	(30,923)
Discontinued operations:
Income (loss) from discontinued operations	951	13,173
Net loss	$ (28,457)	$ (17,750)
Net loss from continuing operations per share	$ (6.27)	$ (9.12)
Net income from discontinued operations per share	0.20	3.88
Basic and diluted net loss per basic share	$ (6.07)	$ (5.23)
Weighted-average shares used to compute per share calculations	4,687,952	3,390,919

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net loss	$ (28,457)	$ (17,750)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,643	1,255
Depreciation and amortization	1,144	1,406
Loss on disposal of property and equipment	4
Gain on sale of Aptevo BioTherapeutics		(14,338)
Loss on extinguishment of debt		2,104
Non-cash interest expense and other	6,642	411
Changes in operating assets and liabilities:
Royalty receivable	(1,295)	(2,369)
Prepaid expenses and other current assets	436	(1,112)
Operating lease right-of-use asset	1,138	1,025
Accounts payable, accrued compensation and other liabilities	(1,915)	(702)
Long-term operating lease liability	(1,019)	(967)
Change in assets and liabilities held for sale		1,719
Net cash used in operating activities	(21,679)	(29,318)
Investing Activities
Purchases of property and equipment	(713)	(88)
Cash received from sale of Aptevo BioTherapeutics		28,120
Net cash (used in) provided by investing activities	(713)	28,032
Financing Activities
Proceeds from other long-term obligations, net of issuance costs		24,731
Payments of long-term debt, including exit and other fees	(10,550)	(22,104)
Repayments under liability related to sale of future royalties	(8,627)
Proceeds from sale of future royalties	35,000
Transaction costs from sale of future royalties	(1,100)
Proceeds from exercises of stock options	220	23
Proceeds from exercises of warrants	985	21,235
Proceeds from common stock issued pursuant to the Lincoln Park Purchase Agreement	10,233
Payment of tax liability for vested equity awards		(11)
Net cash provided by financing activities from continuing operations	26,161	23,874
Increase in cash, cash equivalents, and restricted cash	3,769	22,588
Cash, cash equivalents, and restricted cash at beginning of period	42,534	19,946
Cash, cash equivalents, and restricted cash at end of period	$ 46,303	$ 42,534

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2019	$ 11,842	$ 45	$ 179,653	$ (167,856)
Balance (in shares) at Dec. 31, 2019		3,234,231
Cancellation of fractional shares arising from reverse stock split		(1,421)
Proceeds from exercise of stock options	23		23
Proceeds from exercise of stock options (in shares)		2,158
Proceeds from exercise of warrants	21,235	$ 1	21,234
Proceeds from exercise of warrants (in shares)		1,166,735
Common stock issued upon vesting of restricted stock units	(11)		(11)
Common stock issued upon vesting of restricted stock units (in shares)		9,206
Stock-based compensation	1,255		1,255
Net loss for the period	(17,750)			(17,750)
Balance at Dec. 31, 2020	16,594	$ 46	202,154	(185,606)
Balance (in shares) at Dec. 31, 2020		4,410,909
Proceeds from exercise of stock options	218		218
Proceeds from exercise of stock options (in shares)		26,082
Proceeds from exercise of warrants	984		984
Proceeds from exercise of warrants (in shares)		54,105
Common stock issued upon vesting of restricted stock units (in shares)		0
Common stock sold pursuant to the Lincoln Park purchase agreement	10,234	$ 1	10,233
Common stock sold pursuant to the Lincoln Park purchase agreement		407,047
Stock-based compensation	1,643		1,643
Net loss for the period	(28,457)			(28,457)
Balance at Dec. 31, 2021	$ 1,216	$ 47	$ 215,232	$ (214,063)
Balance (in shares) at Dec. 31, 2021		4,898,143

Nature of Business and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Nature of Business and Significant Accounting Policies

Note 1. Nature of Business and Significant Accounting Policies

Organization and Liquidity

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

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

On February 28, 2020, we entered into an LLC Purchase Agreement with Medexus, pursuant to which we sold all of the issued and outstanding limited liability company interests of Aptevo BioTherapeutics LLC, a wholly owned subsidiary of Aptevo. As a result of the transaction, Medexus obtained all right, title and interest to the IXINITY® product and the related Hemophilia B business and intellectual property. In addition, Aptevo BioTherapeutics personnel responsible for the sale and marketing of IXINITY also transitioned to Medexus as part of the transaction. Aptevo BioTherapeutics met all the conditions to be classified as a discontinued operation, since the sale of Aptevo BioTherapeutics represented a strategic shift that will have a major effect on the Company’s operations and financial results. Aptevo will not have further significant involvement in the operations of the discontinued Aptevo BioTherapeutics business. The operating results of Aptevo BioTherapeutics are reported as income (loss) from discontinued operations, in the consolidated statements of operations for all periods presented. The gain recognized on the sale of Aptevo BioTherapeutics is presented in income from discontinued operations in the consolidated statement of operations. See Note 2 – Discontinued Operations for additional information

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, 2021, we had a net loss $28.5 million. We had an accumulated deficit of $214.1 million as of December 31, 2021. For the year ended December 31, 2021, net cash used in our operating activities was $21.7 million. We have suffered recurring losses from operations and negative cash flows from operating activities. We believe that our existing cash resources, the Investment Amount and Milestone Amounts related to Royalty Purchase Agreement with HCR, Purchase Agreement with Lincoln Park, the cash to be generated from future deferred payments and milestones, and release of restricted cash securing letters of credit, funds available to us from the remaining principal balance of the Credit Agreement with Midcap Financial, will be sufficient to meet our projected operating requirements and debt service for at least twelve months from the date of issuance of these financial statements. We may choose to raise additional funds to support our operating and capital needs in the future.

We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) potential decreases in our expected milestone and deferred payments from Medexus with respect to IXINITY; (e) whether and to what extent future proceeds are received under our Royalty Purchase Agreement; and (f) 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 or our Equity Distribution Agreement with Piper Sandler & Co (Piper Sandler), or other public or private financing, collaborative arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to

continue our operations. If any of these events occurs, our ability to achieve our development and commercialization goals may be adversely affected. Given the global economic climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. The Company currently operates in one operating segment, which is discovery and development of novel oncology therapeutics.

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

The consolidated financial statements include the accounts of the Company and our wholly owned subsidiaries: Aptevo Research and Development LLC and Aptevo BioTherapeutics LLC (for the period prior to its sale on February 28, 2020). All intercompany balances and transactions have been eliminated.

In March 2020, we effected a 1-for-14 reverse stock split (the “Reverse Split”) of our common stock pursuant to which every 14 shares of our common stock issued and outstanding as of March 26, 2020 were automatically combined into one issued and outstanding share of common stock. No fractional shares were issued as a result of the reverse stock split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. All share and per share information with respect to our common stock have been restated to reflect the effect of the Reverse Split for all periods presented.

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, forecasted royalties, effective interest rates, clinical accruals, useful lives of equipment, commitments and contingencies, and stock-based compensation. Given the global economic climate and additional or unforeseen effects from the ongoing COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ materially from those estimates.

Cash Equivalents

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

Restricted Cash

As of December 31, 2021, we had current restricted cash of $1.3 million related to securing letters of credit. We classify our restricted cash as either current or non-current based on the term of the underlying letters of credit.

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 royalties 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.

Property and Equipment

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

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

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

Leases

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

As our existing leases do not contain an implicit interest rate, we estimate our 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 statements of operations. Lease expense for financing leases consists of amortization of the right-of-use asset and interest on the lease liability as part of our research and development expenses on our consolidated statements of operations.

Fair Value of Financial Instruments

We measure and record cash equivalents 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, royalties receivable and accounts payable, approximate their fair value due to their short maturities.

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 consolidated balance sheet as a reduction of the carrying amount of the debt liability.

Debt Modification

On March 30, 2021, we amended our Credit Agreement with MidCap Financial and used $10 million of the proceeds received from the Royalty Purchase Agreement to pay down the outstanding principal under the Credit Agreement from $25 million to $15 million. The amended Credit Agreement was accounted for under ASC 470-50, Debt Modifications and Extinguishments as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of less than 10%. Unamortized issuance costs as of the date of modification will be amortized to interest expense using the effective interest method over the repayment term.

Liability Related to Sale of Future Royalties and Non-Cash Interest Expense

On March 30, 2021, the Company entered into and closed a Royalty Purchase Agreement (the Royalty Purchase Agreement) with an entity managed by HealthCare Royalty Management, LLC (HCR) pursuant to which the Company sold to HCR the right to receive royalty payments made by Pfizer Inc. (Pfizer) in respect of net sales of RUXIENCE. Under the terms of the agreement, the Company received $35 million (the Investment Amount) at closing and the Company is eligible to receive additional payments in aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2022, 2023, and 2024 (collectively, the Milestone Amounts). The Royalty Purchase Agreement further provides that, once HCR reaches aggregate royalty payments totaling 190% of the Investment Amount plus the Milestone Amounts to the extent paid by HCR to the Company, Aptevo will be entitled to receive 50% of royalty interest payments thereafter. The Company received a $10 million milestone payment in March 2022 and incurred $0.5 million in transaction costs. The proceeds from the milestone, net of transaction costs, will be recorded as an additional liability related to the sale of future royalties on the consolidated balance sheet in the first quarter of 2022. The Company is eligible to receive additional payments in aggregate of up to $22.5 million based on achievement of sales milestones in 2023 and 2024.

We treat the Royalty Purchase Agreement with HCR (see Note 8) as a debt-like instrument, amortized under the effective interest rate method over the life of the related expected royalty stream. The liabilities related to the sale of future royalties and the debt amortization are based on our current estimates of future royalties expected to be paid over the life of the arrangement. To the extent total future royalties collected are an amount less than the liability, the Company is not obligated to fund any such shortfall. We will periodically assess the expected royalty payments using projections from external sources. To the extent our estimates of future royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, we will adjust the effective interest rate and recognize related non-cash interest expense on a retrospective basis. We are not obligated to repay the proceeds received under the Royalty Purchase Agreement with HCR. Due to our continuing involvement under the Collaboration and License Agreement originally between Trubion and Wyeth, we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement.

Research and Development Expenses

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

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

General and Administrative Expenses

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

Stock-Based Compensation

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

•

the expected term of the stock option award, which we calculate using the simplified method, as 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 twenty-three 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.

Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

Note 2. Discontinued Operations

The accompanying financial statements include discontinued operations from two separate transactions: the sale of our hyperimmune business in 2017, from which we received a payment in March 2021 related to the collection of a certain accounts receivable, and the sale of our Aptevo BioTherapeutics LLC business in February 2020.

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 BioTherapeutics, a wholly owned subsidiary of Aptevo. As a result of the transaction, Medexus obtained all rights, title and interest to the IXINITY product and the related Hemophilia B business and intellectual property.

The net gain on sale of Aptevo BioTherapeutics, totaling $14.3 million, was calculated as the difference between the fair value of the consideration received for Aptevo BioTherapeutics, less the net carrying value of the assets transferred to Medexus, less the transaction costs incurred and a working capital adjustment. We recorded a gain on sale in the quarter ended March 31, 2020.

The following table summarizes the gain on sale for the year ended December 31, 2020 (in thousands):

Cash payment received	$	29,250
Escrow receivable		750
Total consideration		30,000
Less:
Net carrying value of assets transferred to Medexus		13,376
Transaction costs		1,880
Minimum Transition Services Agreement ("TSA") fund		406
Net gain on sale of business	$	14,338

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

	For the Year Ended December 31,
	2021		2020
Loss from operations	$	—	$	(1,582	)
Gain on sale of Aptevo BioTherapeutics		—		14,338
Gain on contingent consideration from Saol		460		—
Deferred payment from Medexus		491		417
Income from discontinued operations	$	951	$	13,173

The LLC Purchase Agreement with Medexus entitles us to future deferred payments and royalties. For the year ended December 31, 2021, we collected an approximately $0.5 million deferred payment from Medexus related to IXINITY sales.

There was no amortization for Aptevo BioTherapeutics in the year ended December 31, 2021 and amortization was $0.1 million for the year ended December 31, 2020. Significant operating non-cash items include the gain on sale of Aptevo BioTherapeutics of $14.3 million for the year ended December 31, 2020. There were no significant investing non-cash items for the year ended December 31, 2021 and 2020.

Collaboration Agreements

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements

Note 3. Collaboration Agreements

Alligator Bioscience AB

On July 20, 2017, our wholly owned subsidiary Aptevo Research and Development LLC (Aptevo R&D), entered into a collaboration and option agreement (the Collaboration Agreement) with Alligator Bioscience AB (Alligator), pursuant to which Aptevo and Alligator 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.

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

For the years ended December 31, 2021 and December 31, 2020, we recorded approximately $0.1 million in our research and development expense related to the collaboration arrangement.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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.

At December 31, 2021 and December 31, 2020, we had $41.2 million and $35.4. million in money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At December 31, 2021 and December 31, 2020, we did not have any Level 2 or Level 3 assets or liabilities.

- Definition

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

+ References + Details

Cash, Cash Equivalents, and Restricted Cash

12 Months Ended

Dec. 31, 2021

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 investments in money market funds. Restricted cash, which are time deposits, includes $1.3 million securing letters of credit.

The following table shows our cash, cash equivalents and current restricted cash as of December 31, 2021 and December 31, 2020:

	For the Year Ended December 31,
(in thousands)	2021		2020
Cash	$	3,841	$	4,601
Cash equivalents		41,203		35,378
Restricted cash		1,259		2,555
Total cash, cash equivalents, and restricted cash	$	46,303	$	42,534

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 6. Property and equipment, net

Property and equipment consist of the following:

	For the Year Ended December 31,
(in thousands)	2021			2020
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,430			11,730
Property and equipment, gross		14,658			13,958
Less: Accumulated depreciation		(12,279	)		(11,143	)
Total property and equipment, net	$	2,379		$	2,815

Depreciation expense for the years ended December 31, 2021 and December 31, 2020 was $1.1 million and $1.2 million, respectively.

Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Note 7. Debt

Credit Agreement

On February 28, 2020, we used a portion of the proceeds from the sale of Aptevo BioTherapeutics to Medexus to fully repay $20 million outstanding principal under the Credit and Security Agreement, including payment of $2.1 million in an end of facility fee, accrued interest, legal fees, and prepayment fees. On August 5, 2020, we entered into a Credit and Security Agreement (the Credit Agreement), with MidCap Financial. The Credit Agreement provided us with up to $25.0 million of available borrowing capacity under a term loan facility. The full $25.0 million was drawn on the closing date of the Credit Agreement. The term loan facility has a 48 month term, is interest-only for the first 18 months, with straight-line amortization for the remaining 30 months and bears interest at a rate of one month LIBOR plus 6.25% per annum, subject to a 1.50% LIBOR floor and a 2.50% LIBOR cap. The Company’s assets are pledged as collateral under the terms of the Credit Agreement. The term loan facility includes additional repayment provisions should either or both of the royalties or milestones related to IXINITY under the LLC Purchase Agreement with Medexus or royalties related to RUXIENCE under the Royalty Purchase Agreement with HCR be sold during the term of the loan. The United Kingdom’s Financial Conduct Authority (FCA), which regulates LIBOR, phased out one-week and two-month US Dollar LIBOR settings on December 31, 2021. All other US Dollar LIBOR settings, including the overnight, one-month, three-month, six-month and twelve-month, will be phased out on June 30, 2023. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2023. Our Credit Agreement with MidCap Financial currently references one-month LIBOR and also provides that we may amend the Credit Agreement to reflect an alternative rate of interest upon the phase out of LIBOR.

On November 6, 2020, Kevin Tang and his related entities filed a statement on Schedule 13D to report the purchase of 1,760,000 shares of the Company’s common stock, which at the time represented approximately 54% of the Company’s issued and outstanding shares of the Company’s common stock. This acquisition of voting stock triggered a change in control, resulting in an Event of Default under Section 10.1(a)(ii) of the Credit Agreement. On November 10, 2020, the Company obtained a waiver from MidCap Financial pursuant to which, among other things, MidCap Financial waived such Event of Default and MidCap Financial and the Company agreed that an immediate event of default under the Credit Agreement will be deemed to have occurred in the event that (a) a majority of the seats on the Company’s board of directors are occupied by persons who were neither (i) nominated by the Company’s board of directors nor (ii) appointed by the directors so nominated, and (b) Tang has appointed the majority of the Company’s board of directors. No other events of default have occurred with respect to the Credit Agreement.

On March 30, 2021, we amended our Credit Agreement with MidCap Financial and used $10.0 million of the proceeds received from the Royalty Purchase Agreement to pay down the outstanding principal under the Credit Agreement from $25.0 million to $15.0 million. $10.0 million of the remaining $15.0 million principal balance will be payable on March 31, 2022. Beginning March 1, 2022, monthly repayment of the remaining $5.0 million of principal will commence and continue for the final 30 months of the loan term. If the Company sells the IXINITY deferred payment stream and milestones prior to full repayment of this $5.0 million principal amount, under the

agreement with MidCap Financial, we will be required to use the proceeds from the sale to pay down the outstanding loan principal balance. MidCap Financial also released its security interest in the RUXIENCE royalty payments. A fee of $0.6 million was paid by the Company to MidCap Financial in connection with the amendment in lieu of the formula-based fee previously required.

The amended Credit Agreement was accounted for as a debt modification, rather than an extinguishment, based on a comparison of the present value of the cash flows under the terms of the debt immediately before and after the amendment, which resulted in a change of less than 10%. Unamortized issuance costs as of the date of modification will be amortized to interest expense using the effective interest method over the repayment term.

As of December 31, 2021, we classified $11.7 million of the $15.0 million principal of the amended Credit Agreement to current portion of long-term debt on the consolidated balance sheet. The amended Credit Agreement states that $10.0 million of the remaining $15.0 million principal balance will be payable on March 31, 2022. Additionally, within the next twelve months, we will pay $1.7 million to MidCap Financial for monthly repayments of outstanding principal beginning on March 1, 2022. For the years ended December 31, 2021 and 2020, the Company paid $1.4 million and $1.1 million in interest expense pursuant to our Credit Agreement.

This facility is subject to a subjective acceleration clause that could be invoked by MidCap Financial upon the occurrence of any event MidCap Financial deems to have a material adverse effect on our ability to repay the lender.

Future principal and interest payments in connection with the Credit Agreement as of December 31, 2021 are as follows:

(in thousands)
2022	$	12,333
2023		2,252
2024		1,435
Total principal and interest payments	$	16,020

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Liability Related to Sale of Future Royalties

12 Months Ended

Dec. 31, 2021

Sale Of Future Royalties Liability Disclosure [Abstract]

Note 8. Liability Related to Sale of Future Royalties

In March 2021, we entered into and closed the Royalty Purchase Agreement with HCR pursuant to which we sold to HCR the right to receive royalty payments made by Pfizer in respect of global net sales of RUXIENCE. Under the terms of the agreement, we received $35.0 million (the Investment Amount) at closing and we are eligible to receive additional payments in aggregate of up to an additional $32.5 million based on the achievement of sales milestones in 2022, 2023, and 2024 (collectively, the Milestone Amounts). The Royalty Purchase Agreement further provides that, once HCR reaches aggregate royalty payments totaling 190% of the amount paid at closing plus Milestone Amounts to the extent paid by HCR to the Company, Aptevo will be entitled to receive 50% of royalty interest payments thereafter. The Company received a $10.0 million milestone payment in March 2022 and incurred $0.5 million in transaction costs. The proceeds from the milestone, net of transaction costs, will be recorded as additional liability related to sale of future royalties on the balance sheet in the first quarter of 2022. The Company is eligible to receive additional payments in aggregate of up to $22.5 million based on achievement of sales milestones in 2023 and 2024.

The proceeds received from HCR of $35.0 million were recorded as a liability, net of transaction costs of $1.1 million, which will be amortized over the estimated life of the arrangement using the effective interest method. In order to determine the amortization of the liability, we are required to estimate the total amount of future royalty payments to be received by HCR over the life of the arrangement. The total amount of royalty payments received by HCR under the Royalty Purchase Agreement, less the net proceeds we received of $33.9 million, is recorded as non-cash interest expense over the life of the arrangement using the effective interest method. We maintain our rights under the Definitive Agreement originally between Trubion and Wyeth, with the exception of the cash flows of the RUXIENCE royalty payments purchased by HCR. Due to our continuing involvement under the Definitive Agreement originally between Trubion and Wyeth, we continue to recognize royalty revenue on net sales of RUXIENCE and record the royalty payments to HCR as a reduction of the liability when paid. As such payments are made to HCR, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. To the extent total future royalties collected are an amount less than the liability, the Company is not obligated to fund any such shortfall.

We estimate the effective interest rate used to record non-cash interest expense under the Royalty Purchase Agreement based on the estimate of future royalty payments to be received by HCR. As of December 31, 2021, the estimated effective interest rate under the agreement was 23.0%. Over the life of the arrangement, the actual effective interest rate will be affected by the amount and timing of the royalty payments received by HCR and changes in our forecasted royalties. Periodically, we will reassess our estimate of total future royalty payments to be received by HCR, and retrospectively adjust the effective interest rate and amortization of the liability as necessary.

The following table presents the changes in the liability in the year related to the sale of future royalties under the Royalty Purchase Agreement with HCR (in thousands):

	For the year ended December 31,
	2021			2020
Liability related to sale of future royalties, beginning balance	$	—		$	—
Proceeds from sale of future royalties		35,000			—
Deferred transaction costs		(1,100	)		—
Non-cash interest expense		5,772			—
RUXIENCE royalties paid to HCR		(8,627	)		—
Liability related to sale of future royalties, ending balance		31,045			—
Current portion of liability related to sale of future royalties		(15,465	)		—
Liability related to sale of future royalties, non-current	$	15,580		$	—

Leases and Contingencies

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases and Contingencies

Note 9. 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. The lease was further amended, effective August 2019, to reduce the square footage of our rented area.

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 years ended December 31, 2021 and December 31, 2020, we recorded $0.8 million and $0.7 million, respectively, related to variable expenses due to true ups of operating costs or real estate taxes.

Equipment Leases - Operating

As of December 31, 2021, we have operating leases for one piece of lab equipment and four copiers in our Seattle, Washington headquarters. The future expense for these leases will be straight-line and will include any variable expenses that arise.

Equipment Lease – Financing

As of December 31, 2021, we had one equipment lease classified as a financing lease as the lease transferred ownership of the underlying asset to us at the end of the lease term in 2020. The lease has no remaining expense obligation. There were no financing lease payments for the year ended December 31, 2021.

Components of lease expense:

	For the year ended December 31,		For the year ended December 31,
(in thousands)	2021		2020
Operating lease cost	$	1,556	$	1,580
Finance lease cost:
Amortization of right-of-use assets		6		6
Interest on lease liabilities		—		1
Total lease cost	$	1,562	$	1,587

Right of use assets acquired under operating leases:

	As of December 31,		As of December 31,
(in thousands)	2021		2020
Operating leases, excluding Seattle office lease	$	7	$	122
Seattle office lease, including amendment		1,577		2,600
Total operating leases	$	1,584	$	2,722

Lease payments:

For the year ended

December 31,

For the year ended

December 31,

(in thousands)

2021

2020

For operating leases

1,387

1,480

Future minimum payments as of December 31, 2021 are as follows:

(in thousands)
2022		1,294
2023		1,399
Total future minimum lease payments		2,693
Less: imputed interest		(333	)
Total	$	2,360

The long-term portion of the lease liabilities included in the amounts above is $1.3 million and the remainder of our lease liabilities are included in other current liabilities on our consolidated balance sheets.

As of December 31, 2021, the weighted average remaining lease term and weighted discount rate for operating leases was 1.3 years and 14.46%. As of December 31, 2020, the weighted average remaining lease term and weighted discount rate for operating leases was 2.3 years and 14.52%.

Net Loss Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Note 10. Net Income (Loss) per Share

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

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

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

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

	For the Year Ended December 31,
	2021			2020
Net loss from continuing operations	$	(29,408	)	$	(30,923	)
Income from discontinued operations		951			13,173
Net loss	$	(28,457	)	$	(17,750	)

Basic and diluted net income (loss) per share:
Net loss from continuing operations	$	(6.27	)	$	(9.12	)
Net income from discontinued operations	$	0.20		$	3.88
Net loss per basic share	$	(6.07	)	$	(5.23	)
Weighted-average shares used to compute per share calculation		4,687,952			3,390,919

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)	2021		2020
Warrants		351		405
Outstanding options to purchase common stock		334		213
Unvested RSUs		57		9

Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

Note 11. Equity

Common Stock

The Company issued warrants to purchase shares of our common stock outstanding related to our March 11, 2019 public offering. For the years ended December 31, 2021 and December 31, 2020, certain of the holders of the Company’s warrants exercised warrants with a strike price of $18.20 per share, resulting in the issuance of approximately 54,105 and 1,166,735 shares of the Company’s common stock and aggregate proceeds to the Company of approximately $1.0 million and $21.2 million, respectively. As of December 31, 2021, and December 31, 2020, there were warrants to purchase 350,589 and 404,694 shares of our common stock outstanding, respectively.

For the year ended December 31, 2021, we did not issue any common stock due to the vesting of RSUs. For the year ended December 31, 2020, we issued 9,206 of common stock due to the vesting of RSUs.

For the years ended December 31, 2021 and December 31, 2020, we received proceeds of $0.2 million and $0.02 million upon the exercise of stock options which resulted in the issuance of 26,082 and 2,158 shares of common stock, respectively.

Lincoln Park Purchase Agreement

On December 20, 2018, we entered into a Purchase Agreement, and a registration rights agreement, with Lincoln Park (the Purchase Agreement). 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.

For the year ended December 31, 2021, the Company issued 407,047 shares of common stock to Lincoln Park under the 2018 Purchase Agreement. We received $10.2 million in proceeds from issuance of these shares over the three-year period. The Company did not issue any shares of common stock to Lincoln Park under the Purchase Agreement for the year ended December 31, 2020. Our 2018 Purchase Agreement and Registration Rights Agreement with Lincoln Park expired in March 2022.

On February 16, 2022, the Company entered into a new Purchase Agreement and a Registration Rights Agreement with Lincoln Park. Under the new Purchase Agreement, Lincoln Park committed to purchase up to $35.0 million worth of our common stock over a 36-month period commencing after the satisfaction of certain conditions set forth in the Purchase Agreement. The purchase price per share will be based off of prevailing market price; provided, however, that the prevailing market price is not below $1.00. The Company agreed to issue 99,276 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the Purchase Agreement.

Rights Plan

On November 8, 2020, our Board of Directors (Board) approved and adopted a Rights Agreement, dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a Right) for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. When exercisable, each right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock, Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company, at an exercise price of $400.00 per one one-thousandth of a Series A Junior Participating Preferred Share, subject to adjustment. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten percent (10%) or more of the Company’s common stock without the approval of the Board. The Rights Agreement was amended on November 4, 2021 to extend the expiration date of such agreement from November 8, 2021 to November 5, 2022.

Equity Distribution Agreement

On December 14, 2020, we entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with Piper Sandler. The Equity Distribution Agreement provides that, upon the terms and subject to the conditions set forth therein, we may issue and sell through Piper Sandler, acting as sales agent, shares of our common stock, $0.001 par value per share, having an aggregate offering price of up to $50 million. This offering supersedes and replaces the program we commenced in December 2017. We have no obligation to sell any such shares under the Equity Distribution Agreement. The sale of such shares of common stock by Piper Sandler will be effected pursuant to a Registration Statement on Form S-3, which we filed on December 14, 2020. We issued no shares under the Equity Distribution Agreement in 2021.

Converted Equity Awards Incentive Plan

In connection with the spin-off from 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). A total of 0.1 million shares of Aptevo common stock have been authorized for issuance under the Converted Plan.

2016 Stock Incentive Plan

On August 1, 2016, the Company adopted the 2016 Stock Incentive Plan (the 2016 SIP). A total of 0.2 million shares of Aptevo common stock have been authorized for issuance under the 2016 SIP in the form of equity stock options.

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 0.1 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 of the Stockholders, 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 have been and will be issued out of the 2018 SIP, which has 0.3 million shares of Aptevo common stock authorized for issuance. The 2018 Plan became effective immediately upon stockholder approval at the 2018 Annual Meeting of the Stockholders. Any shares subject to outstanding stock awards granted under the 2016 SIP that (a) expire or terminate for any reason prior to exercise or settlement; (b) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (c) otherwise would have returned to the 2016 SIP for future grant pursuant to the terms of the 2016 Plan (such shares, the “Returning Shares”) will immediately be added to the share reserve under the 2018 SIP as and when such shares become Returning Shares, up to a maximum of 0.3 million shares. As of December 31, 2021, there are less than 0.1 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 RSUs granted to employees and non-employees and has been reported in our consolidated statements of operations as follows:

	For the Year Ended December 31,
(in thousands)	2021		2020
Research and development	$	510	$	471
General and administrative		1,133		784
Total stock-based compensation expense	$	1,643	$	1,255

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

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,
	2021	2020
Expected dividend yield	0.00%	0.00%
Expected volatility	99.15%	87.78%
Risk-free interest rate	0.61%	1.97%
Expected average life of options	5 years	7 years

Management has applied an estimated forfeiture rate of 23% and 16% for the year ended December 31, 2021 and December 31, 2020, respectively. Expected volatility increased, as our stock price fluctuated from a low of $6.48 to a high of $40.59 throughout the year ended December 31, 2021, compared to a low of $3.11 and high of $48.36 for the year ended December 31, 2020.

The following is a summary of option activity for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		212,581		$	8.32		8.78	$	—
Granted		229,162			30.67		—		—
Exercised		(26,185	)		8.42		—		415,274
Forfeited		(81,146	)		20.02		—		—
Outstanding at December 31, 2021		334,412			19.17		8.70		43,210
Exercisable at December 31, 2021		114,929			8.42		8.17		14,454
Vested and expected to vest at December 31, 2021		278,917		$	17.83		8.62	$	38,545

As of December 31, 2021, we had $3.4 million of unrecognized compensation expense related to options expected to vest over a weighted average period of 2.1 years. The weighted average remaining contractual life of outstanding and exercisable options is 8.2 years. For the year ended December 31, 2021, 81,146 shares were forfeited, compared to 325,904 shares forfeited in the year ended December 31, 2020. The weighted-average grant date fair value per share of options granted during the years ended December 31, 2021 and 2020 was $23.02 and $5.32, respectively. The total intrinsic value of options exercised for the years ended December 31, 2021 and 2020 was $0.4 million and $0.1 million, respectively. The total fair value of stock options vested for the years ended December 31, 2021 and 2020 was $1.6 million and $0.9 million, respectively.

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 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the year.

Restricted Stock Units

The following is a summary of restricted stock activity for the year ended December 31, 2021:

	Number of Units			Weighted Average Fair Value per Unit
Outstanding at December 31, 2020		9,000		$	41.00
Granted		84,038			29.83
Vested		(1,000	)		41.00
Forfeited		(35,228	)		31.03
Outstanding at December 31, 2021		56,810		$	30.66
Expected to Vest		56,810		$	30.66

As of December 31, 2021, we had $1.4 million of unrecognized stock-based compensation expense related to RSUs expected to vest over a weighted average period of 2.2 years.

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

Warrants

In March 2019, as part of a public offering, we issued warrants to purchase up to 1,725,000 shares of our common stock, 1,571,429 of which have an exercise price of $18.20 per share and have a five-year life, and 153,571 of pre-funded warrants with an exercise price of $0.14 per share. The pre-funded warrants had a ten-year life and would have expired on March 11, 2029; however, all of 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. These are therefore included within equity on our consolidated balance sheets. For the years ended December 31, 2021 and December 31, 2020, certain holders of the Company’s warrants exercised warrants with a strike price of $18.20 per share, resulting in the issuance of approximately 54,105 and 1,166,735 shares of the Company’s common stock and aggregate proceeds to the Company of approximately $1.0 million and $21.2 million, respectively. As of December 31, 2021, and December 31, 2020, there were warrants to purchase 350,589 and 404,694 shares of our common stock outstanding, respectively.

401(K) Savings Plan

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

401(K) Savings Plan

Note 12. 401(k) Savings Plan

Aptevo has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code, as amended. The 401(k) Plan covers all employees. Under the 401(k) Plan, employees may make elective salary deferrals. Aptevo currently provides for matching of qualified deferrals up to 50% of 401(k) employee deferral contributions, based on a maximum employee deferral rate of 6% of compensation. During the year ended December 31, 2021 and December 31, 2020, Aptevo’s related share of matching contributions was approximately $0.2 million and $0.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 13. Income Taxes

We did not have an income tax benefit or income tax expense from continuing operations in the years ended December 31, 2021 and December 31, 2020.

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

	Year ended December 31,
(in thousands)	2021			2020
US	$	(29,408	)	$	(30,923	)
Loss from continuing operations before benefit from income taxes	$	(29,408	)	$	(30,923	)

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)	2021			2020
Federal losses carryforward	$	33,520		$	34,118
Intangible assets		235			306
Stock-based compensation		986			1,042
State losses carryforward		3,743			3,626
Other deferred tax assets		2,023			2,345
Other tax credits		3,253			2,241
Lease liabilities		496			772
Property and equipment		456			—
Liability related to sale of future royalties		5,866			473
Deferred tax assets, gross		50,578			44,923
Valuation allowance		(50,245	)		(44,291	)
Deferred tax assets, net of valuation		333			632
Right-of-use assets		(333	)		(632	)
Deferred tax liability		(333	)		(632	)
Net deferred tax liabilities	$	—		$	—

The Company evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, including a three-year cumulative loss position as of December 31, 2021, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company provided a full valuation allowance for its net deferred tax assets as of December 31, 2021 and 2020. The valuation allowance increased by $6.0 million during the year ended December 31, 2021. The increase in the valuation allowance during the year ended December 31, 2021 was due primarily to an increase in deferred tax assets resulting from the sale of the Company’s RUXIENCE royalty rights to HCR, which was treated as a sale for tax purposes, orphan drug credit generated during the period, and stock-based compensation expense, the impact of which was partially offset by the utilization of federal and state NOLs during the period.

As of December 31, 2021, and 2020, we have recorded federal net operating losses (NOL) carryforwards of approximately $159.6 million and $162.5 million, state NOL carryforwards of approximately $70.3 million and $68.1 million, and tax credit carryforwards of $3.3 million and $2.2 million, respectively. Approximately $38.0 million of the federal losses and credits would begin to expire in 2037, while $121.6 million of federal losses may be carried forward indefinitely. The state net operating losses will begin to expire in varying periods.

The Company is in the process of completing an IRC Section 382/383 study on its federal and state tax attributes based on an ownership change that occurred during 2021. At this time the Company does not anticipate any permanent limitations on our ability to use federal and state net operating loss carryforwards and tax credits. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership, some of which may be outside of our control. If an ownership change occurs in the future, our ability to use our net operating loss carryforwards and credits could be limited.

The Company files income tax returns in the U.S. and several state jurisdictions and are open to review by taxing authorities for the 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 associated with audits and uncertain tax positions is to record such items as a component of income tax expense, and amounts recognized to date are insignificant. No uncertain income tax positions are recorded, and we do not expect our uncertain tax position to change during the next twelve months.

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

	Year ended December 31,
	2021			2020
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		-1.0	%		1.9	%
Change in valuation allowance		-20.9	%		-24.1	%
Tax credits		3.2	%		3.5	%
Permanent differences		0.0	%		-1.1	%
Stock Based Compensation		-1.3	%		0.0	%
Other		-1.0	%		-1.2	%
Total income tax benefit		0.0	%		0.0	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

On March 8, 2022, the Company received a $10 million milestone payment from HCR pursuant to our Royalty Purchase Agreement. We incurred $0.5 million in transaction costs related to the milestone payment. Proceeds from the milestone payment, net of transaction costs, will be recorded as a liability related to sale of future royalties on the balance sheet in the first quarter of 2022. Consistent with our initial accounting for the Royalty Purchase Agreement, the milestone payment was accounted for as debt-like instrument within the scope of ASC 470-20-25, Debt – Sales of Future Revenues or Various Other Measures of Income and will be amortized over the life of the arrangement. The Company is eligible to receive additional payments in aggregate of up to $22.5 million based on achievement of sales milestones in 2023 and 2024.

On February 16, 2022, the Company entered into a new Purchase Agreement and a Registration Rights Agreement with Lincoln Park to replace our initial Purchase Agreement and Registration Rights Agreement from 2018. Under the new Purchase Agreement, Lincoln Park committed to purchase up to $35.0 million worth of our common stock over a 36-month period commencing after the satisfaction of certain conditions set forth in the Purchase Agreement. The purchase price per share will be based off of prevailing market price; provided, however, that the prevailing market price is not below $1.00. The Company agreed to issue 99,276 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the Purchase Agreement.

Nature of Business and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Use of Estimates

Cash Equivalents

Restricted Cash

Concentrations of Credit Risk

Property and Equipment

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

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

Leases

Fair Value of Financial Instruments

Debt Issuance Costs

Debt Modification

Liability Related to Sale of Future Royalties and Non-Cash Interest Expense

Research and Development expense

Research and Development Expenses

General and Administrative Expenses

Stock-Based Compensation

•

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

•

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

•

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

•

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

Income Taxes

Nature of Business and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Property and Equipment

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

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

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Gain Of Sale Of Business

The following table summarizes the gain on sale for the year ended December 31, 2020 (in thousands):

Cash payment received	$	29,250
Escrow receivable		750
Total consideration		30,000
Less:
Net carrying value of assets transferred to Medexus		13,376
Transaction costs		1,880
Minimum Transition Services Agreement ("TSA") fund		406
Net gain on sale of business	$	14,338

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

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

	For the Year Ended December 31,
	2021		2020
Loss from operations	$	—	$	(1,582	)
Gain on sale of Aptevo BioTherapeutics		—		14,338
Gain on contingent consideration from Saol		460		—
Deferred payment from Medexus		491		417
Income from discontinued operations	$	951	$	13,173

- Definition

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

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+ Details

Cash, Cash Equivalents, and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2021

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 current restricted cash as of December 31, 2021 and December 31, 2020:

	For the Year Ended December 31,
(in thousands)	2021		2020
Cash	$	3,841	$	4,601
Cash equivalents		41,203		35,378
Restricted cash		1,259		2,555
Total cash, cash equivalents, and restricted cash	$	46,303	$	42,534

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021			2020
Leasehold improvements	$	2,228		$	2,228
Furniture and equipment		12,430			11,730
Property and equipment, gross		14,658			13,958
Less: Accumulated depreciation		(12,279	)		(11,143	)
Total property and equipment, net	$	2,379		$	2,815

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Future Principal and Interest Payments in Connection with the Credit Agreement

Future principal and interest payments in connection with the Credit Agreement as of December 31, 2021 are as follows:

(in thousands)
2022	$	12,333
2023		2,252
2024		1,435
Total principal and interest payments	$	16,020

Liability Related to Sale of Future Royalties (Tables)

12 Months Ended

Dec. 31, 2021

Sale Of Future Royalties Liability Disclosure [Abstract]

Schedule of Changes in the Liability Related to the Sale of Future Royalties

The following table presents the changes in the liability in the year related to the sale of future royalties under the Royalty Purchase Agreement with HCR (in thousands):

	For the year ended December 31,
	2021			2020
Liability related to sale of future royalties, beginning balance	$	—		$	—
Proceeds from sale of future royalties		35,000			—
Deferred transaction costs		(1,100	)		—
Non-cash interest expense		5,772			—
RUXIENCE royalties paid to HCR		(8,627	)		—
Liability related to sale of future royalties, ending balance		31,045			—
Current portion of liability related to sale of future royalties		(15,465	)		—
Liability related to sale of future royalties, non-current	$	15,580		$	—

Leases and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Components of Lease Expense

Components of lease expense:

	For the year ended December 31,		For the year ended December 31,
(in thousands)	2021		2020
Operating lease cost	$	1,556	$	1,580
Finance lease cost:
Amortization of right-of-use assets		6		6
Interest on lease liabilities		—		1
Total lease cost	$	1,562	$	1,587

Summary of Right of Use Assets Acquired Under Operating Leases

Right of use assets acquired under operating leases:

	As of December 31,		As of December 31,
(in thousands)	2021		2020
Operating leases, excluding Seattle office lease	$	7	$	122
Seattle office lease, including amendment		1,577		2,600
Total operating leases	$	1,584	$	2,722

Lease payments:

For the year ended

December 31,

For the year ended

December 31,

(in thousands)

2021

2020

For operating leases

1,387

1,480

Summary of Future Minimum Lease Payments

Future minimum payments as of December 31, 2021 are as follows:

(in thousands)
2022		1,294
2023		1,399
Total future minimum lease payments		2,693
Less: imputed interest		(333	)
Total	$	2,360

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

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

	For the Year Ended December 31,
	2021			2020
Net loss from continuing operations	$	(29,408	)	$	(30,923	)
Income from discontinued operations		951			13,173
Net loss	$	(28,457	)	$	(17,750	)

Basic and diluted net income (loss) per share:
Net loss from continuing operations	$	(6.27	)	$	(9.12	)
Net income from discontinued operations	$	0.20		$	3.88
Net loss per basic share	$	(6.07	)	$	(5.23	)
Weighted-average shares used to compute per share calculation		4,687,952			3,390,919

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)	2021		2020
Warrants		351		405
Outstanding options to purchase common stock		334		213
Unvested RSUs		57		9

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

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

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

	For the Year Ended December 31,
(in thousands)	2021		2020
Research and development	$	510	$	471
General and administrative		1,133		784
Total stock-based compensation expense	$	1,643	$	1,255

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,
	2021	2020
Expected dividend yield	0.00%	0.00%
Expected volatility	99.15%	87.78%
Risk-free interest rate	0.61%	1.97%
Expected average life of options	5 years	7 years

Summary of Stock Option Activity

The following is a summary of option activity for the year ended December 31, 2021:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Term		Aggregate Intrinsic Value
Outstanding at December 31, 2020		212,581		$	8.32		8.78	$	—
Granted		229,162			30.67		—		—
Exercised		(26,185	)		8.42		—		415,274
Forfeited		(81,146	)		20.02		—		—
Outstanding at December 31, 2021		334,412			19.17		8.70		43,210
Exercisable at December 31, 2021		114,929			8.42		8.17		14,454
Vested and expected to vest at December 31, 2021		278,917		$	17.83		8.62	$	38,545

Summary of RSU Activity

The following is a summary of restricted stock activity for the year ended December 31, 2021:

	Number of Units			Weighted Average Fair Value per Unit
Outstanding at December 31, 2020		9,000		$	41.00
Granted		84,038			29.83
Vested		(1,000	)		41.00
Forfeited		(35,228	)		31.03
Outstanding at December 31, 2021		56,810		$	30.66
Expected to Vest		56,810		$	30.66

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Loss from Continuing Operations Before Income Taxes

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

	Year ended December 31,
(in thousands)	2021			2020
US	$	(29,408	)	$	(30,923	)
Loss from continuing operations before benefit from income taxes	$	(29,408	)	$	(30,923	)

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)	2021			2020
Federal losses carryforward	$	33,520		$	34,118
Intangible assets		235			306
Stock-based compensation		986			1,042
State losses carryforward		3,743			3,626
Other deferred tax assets		2,023			2,345
Other tax credits		3,253			2,241
Lease liabilities		496			772
Property and equipment		456			—
Liability related to sale of future royalties		5,866			473
Deferred tax assets, gross		50,578			44,923
Valuation allowance		(50,245	)		(44,291	)
Deferred tax assets, net of valuation		333			632
Right-of-use assets		(333	)		(632	)
Deferred tax liability		(333	)		(632	)
Net deferred tax liabilities	$	—		$	—

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,
	2021			2020
Federal tax at statutory rates		21.0	%		21.0	%
State taxes, net of federal benefit		-1.0	%		1.9	%
Change in valuation allowance		-20.9	%		-24.1	%
Tax credits		3.2	%		3.5	%
Permanent differences		0.0	%		-1.1	%
Stock Based Compensation		-1.3	%		0.0	%
Other		-1.0	%		-1.2	%
Total income tax benefit		0.0	%		0.0	%

Nature of Business and Significant Accounting Policies - Additional Information (Details) $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 08, 2022 USD ($)	Nov. 06, 2020 shares	Mar. 26, 2020	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($) platform Segment	Dec. 31, 2020 USD ($)
Nature Of Business [Line Items]
Number of technology platforms \| platform									2
Net Income Loss									$ (28,457)	$ (17,750)
Accumulated deficit									(214,063)	(185,606)
Net cash used in operating activities									$ (21,679)	(29,318)
Number of operating segment \| Segment									1
Stockholders' Equity Note, Stock Split, Conversion Ratio			0.071
Fractional shares reverse stock split \| shares						0
Cash equivalents, maturity period									90 days
Current restricted cash									$ 1,259	$ 2,555
Payment Of Amount Outstanding					$ 10,000
Proceeds from Sale of Investments				$ 35,000
Payment of royalty purchase agreement				190.00%
Payment of royalty interest				50.00%
Milestone Payment				$ 10,000
Transaction costs				500	500
Stock Option
Nature Of Business [Line Items]
Expected dividend yield									0.00%	0.00%
Estimated forfeiture rate									23.00%	16.00%
RSUs and Options
Nature Of Business [Line Items]
Estimated forfeiture rate									23.00%
H C R
Nature Of Business [Line Items]
Proceeds from sale of investments used				10,000	10,000
Payment Of Amount Outstanding					15,000
Letter of Credit
Nature Of Business [Line Items]
Current restricted cash									$ 1,300
Minimum \| H C R
Nature Of Business [Line Items]
Payment Of Amount Outstanding				15,000	15,000
Maximum
Nature Of Business [Line Items]
Cash equivalents, maturity period									90 days
Revenue from related Parties				22,500
Maximum \| H C R
Nature Of Business [Line Items]
Payment Of Amount Outstanding				25,000	$ 25,000
Maximum \| R U X I E N C E
Nature Of Business [Line Items]
Revenue from related Parties				$ 32,500
Credit Agreement [Member]
Nature Of Business [Line Items]
Payment Of Amount Outstanding									$ 11,700
Nasdaq Capital Market
Nature Of Business [Line Items]
Net Income Loss									28,500
Accumulated deficit									214,100
Net cash used in operating activities									$ 21,700
Subsequent Event
Nature Of Business [Line Items]
Milestone Payment	$ 10,000						$ 22,500	$ 22,500
Tang
Nature Of Business [Line Items]
Purchase of shares of common stock \| shares		1,760,000
Percentage of common stock shares issued and outstanding		54.00%

Nature of Business and Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
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 - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain in discontinued operations, net of tax				$ (1,582)
Net gain on sale of business	$ 14,300			14,338
Amortization			$ 0	100
Investing non-cash items			0	0
Deferred payment from Medexus		$ 500	$ 491	417
Net gain on sale of business	$ 14,300			$ 14,338

Sale of Aptevo BioTherapeutics - Gain of Sale of Business (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Cash payment received		$ 29,250
Escrow receivable		750
Total consideration		30,000
Net carrying value of assets transferred to Medexus		13,376
Transaction costs		1,880
Minimum Transition Services Agreement ("TSA") fund		406
Net gain on sale of business	$ 14,300	$ 14,338

Sale of Aptevo BioTherapeutics - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Gain in discontinued operations, net of tax			$ (1,582)
Gain on sale of Aptevo BioTherapeutics			14,338
Gain on contingent consideration from Saol		$ 460
Deferred payment from Medexus	$ 500	491	417
Income from discontinued operations		$ 951	$ 13,173

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
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-Section S99
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-Subparagraph (SX 210.7-04(12))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109227538&loc=d3e44648-109337

+ Details

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Research and development expense	$ 0.1	$ 0.1

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 41,200,000	$ 35,400,000
Level Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Level Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Fair value liabilities	$ 0	$ 0

Cash, Cash Equivalents, and Restricted Cash - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days
Current restricted cash	$ 1,259	$ 2,555
Letter of Credit
Restricted Cash And Cash Equivalents Items [Line Items]
Current restricted cash	$ 1,300

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, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash	$ 3,841	$ 4,601
Cash equivalents	41,203	35,378
Restricted cash	1,259	2,555
Total cash, cash equivalents, and restricted cash	$ 46,303	$ 42,534

Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 14,658	$ 13,958
Less: Accumulated depreciation	(12,279)	(11,143)
Total property and equipment, net	2,379	2,815
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,228	2,228
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 12,430	$ 11,730

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.1	$ 1.2

Debt - Additional Information (Details) - USD ($)				1 Months Ended		3 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Nov. 06, 2020	May 08, 2020	Feb. 28, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Principal payment of full term debt facility			$ 20,000
Facility Fee			$ 2,100
Maximum borrowing capacity		$ 25,000.0
Line of credit facility, used borrowing capacity		$ 25,000.0
Payment Of Amount Outstanding						$ 10,000,000.0
Repayments of subordinated debt						5,000,000.0	$ 10,550,000	$ 22,104,000
Amendment Fees					$ 600,000	600,000
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Payment Of Amount Outstanding							11,700,000
Remaining principal balance payable							15,000,000.0
Interest expense							$ 1,400,000	$ 1,100,000
Scenario Forecast
Line Of Credit Facility [Line Items]
Payment Of Amount Outstanding				$ 1,700,000
Scenario Forecast \| Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Payment Of Amount Outstanding				10,000,000.0
Remaining principal balance payable				$ 15,000,000.0
H C R
Line Of Credit Facility [Line Items]
Proceeds from sale of investments used					10,000,000	10,000,000.0
Payment Of Amount Outstanding						$ 15,000,000.0
Principal balance payable date						Mar. 01, 2022
H C R \| Maximum
Line Of Credit Facility [Line Items]
Payment Of Amount Outstanding					25,000,000	$ 25,000,000.0
H C R \| Minimum
Line Of Credit Facility [Line Items]
Payment Of Amount Outstanding					$ 15,000,000	$ 15,000,000.0
Tang
Line Of Credit Facility [Line Items]
Purchase of shares of common stock	1,760,000
Percentage of common stock shares issued and outstanding	54.00%
Business acquisition, description	This acquisition of voting stock triggered a change in control, resulting in an Event of Default under Section 10.1(a)(ii) of the Credit Agreement. On November 10, 2020, the Company obtained a waiver from MidCap Financial pursuant to which, among other things, MidCap Financial waived such Event of Default and MidCap Financial and the Company agreed that an immediate event of default under the Credit Agreement will be deemed to have occurred in the event that (a) a majority of the seats on the Company’s board of directors are occupied by persons who were neither (i) nominated by the Company’s board of directors nor (ii) appointed by the directors so nominated, and (b) Tang has appointed the majority of the Company’s board of directors. No other events of default have occurred with respect to the Credit Agreement.
London Interbank Offered Rate LIBOR [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, borrowing capacity, description		The term loan facility has a 48 month term, is interest-only for the first 18 months, with straight-line amortization for the remaining 30 months and bears interest at a rate of one month LIBOR plus 6.25% per annum, subject to a 1.50% LIBOR floor and a 2.50% LIBOR cap.
Interest rate		6.25%
Floor interest rate		1.50%
Cap interest rate		2.50%

Debt - Schedule of Future Principal and Interest Payments in Connection with the Credit Agreement (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 12,333
2023	2,252
2024	1,435
Total principal and interest payments	$ 16,020

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Liability Related to Sale of Future Royalties - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from Sale of Investments		$ 35,000
Payment of royalty purchase agreement		190.00%
Payment of royalty interest		50.00%
Milestone Payment		$ 10,000
Transaction costs				$ 1,100
Proceeds from royalties received				35,000
Non-cash interest expense				$ 5,772
Maximum
Debt Instrument [Line Items]
Revenue from related Parties		22,500
Scenario Forecast
Debt Instrument [Line Items]
Milestone Payment	$ 10,000
Transaction costs	$ 500
R U X I E N C E \| Maximum
Debt Instrument [Line Items]
Revenue from related Parties		32,500
H C R
Debt Instrument [Line Items]
Transaction costs		$ 1,100	$ 1,100
Non-cash interest expense			33,900
Interest rate, effective percentage				23.00%
H C R \| Liability
Debt Instrument [Line Items]
Proceeds from royalties received			$ 35,000

Schedule of Changes in the Liability Related to the Sale of Future Royalties (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
Proceeds from royalties received	$ 35,000
Transaction costs	1,100
Non-cash interest expense	5,772
RUXIENCE royalties paid to HCR	(8,627)
Liability related to sale of future royalties, ending balance	31,045
Current portion of liability related to sale of future royalties	(15,465)
Liability related to sale of future royalties, non-current	$ 15,580

Leases and Contingencies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Mar. 19, 2019 RenewalOption	Mar. 31, 2019 RenewalOption	Dec. 31, 2021 USD ($) Piece Copier Equipment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease number of piece for lab equipment \| Piece			1
Operating lease number of copiers \| Copier			4
Operating lease right-of-use asset			$ 1,584,000	$ 2,722,000
Operating lease liability				2,360,000
Financing lease number of equipment \| Equipment			1
Financing lease remaining expense obligation				1,000
Financing lease payments					$ 0
Long term portion of operating lease liabilities			$ 1,341,000	$ 2,360,000
Weighted average remaining lease term for operating leases			1 year 3 months 18 days	2 years 3 months 18 days
Weighted discount rate for operating leases			14.46%	14.52%
Minimum
Lessee Lease Description [Line Items]
Financing lease remaining expense obligation					$ 0
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	2
Operating lease option to extend		true
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			$ 800,000	$ 700,000
Office Space Lease \| Renewal Option Two
Lessee Lease Description [Line Items]
Operating lease renewal option term				5 years

Leases and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,556	$ 1,580
Finance lease cost:
Amortization of right-of-use assets	6	6
Interest on lease liabilities		1
Total lease cost	$ 1,562	$ 1,587

Leases and Contingencies - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Total operating leases	$ 1,584	$ 2,722
For operating leases	1,387	1,480
Operating Leases, Excluding Seattle Office Lease
Lessee Lease Description [Line Items]
Total operating leases	7	122
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Total operating leases	$ 1,577	$ 2,600

Leases and Contingencies - Summary of Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2022	$ 1,294
2023	1,399
Total future minimum lease payments	2,693
Less: imputed interest	(333)
Total	$ 2,360

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, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (29,408)	$ (30,923)
Income from discontinued operations	951	13,173
Net loss	$ (28,457)	$ (17,750)
Basic and diluted net income (loss) per share:
Net loss from continuing operations per share	$ (6.27)	$ (9.12)
Net income from discontinued operations per share	0.20	3.88
Basic and diluted net loss per basic share	$ (6.07)	$ (5.23)
Weighted-average shares used to compute per share calculations	4,687,952	3,390,919

- Definition

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

+ References + Details

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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

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+ 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, 2021	Dec. 31, 2020
Warrants
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	351	405
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	334	213
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	57	9

Equity - Additional Information (Details) - USD ($)				1 Months Ended			12 Months Ended
Equity - Additional Information (Details) - USD ($)	Dec. 14, 2020	Nov. 08, 2020	Jun. 01, 2018	Feb. 16, 2022	Mar. 31, 2019	Dec. 20, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	May 31, 2017	Aug. 01, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share							$ 18.20	$ 18.20
Number of common stock shares to be issued upon exercise of warrants							54,105	1,166,735
Proceeds from exercises of warrants							$ 985,000	$ 21,235,000
Proceeds upon exercise of stock options							220,000	$ 23,000
Issuance of common stock, net							$ 10,234,000
Common stock, shares issued							4,898,143	4,410,909
Proceeds from common stock issued pursuant to the Lincoln Park Purchase Agreement							$ 10,233,000
Preferred stock, par value							$ 0.001	$ 0.001
Common stock, par value							$ 0.001	$ 0.001
Number of share options forfeited							81,146	325,904
Total intrinsic value of options exercised							$ 400,000	$ 100,000
Total fair value of stock option vested							$ 1,600,000	$ 900,000
Pre funded warrants outstanding, term					10 years
Pre funded warrants expire date					Mar. 11, 2029
Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued exercise of prefunded warrants					153,571
Pre funded warrants exercise price, per share					$ 0.14
Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expected to vest, weighted average period							2 years 2 months 12 days
Unrecognized compensation expense							$ 1,400,000
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued upon exercise of stock options							26,185
Estimated forfeiture rate							23.00%	16.00%
Unrecognized compensation expense								$ 3,400,000
Options expected to vest, weighted average period							2 years 1 month 6 days
Options outstanding and exercisable weighted average remaining contractual life							8 years 2 months 12 days
Number of share options forfeited							81,146
Total intrinsic value of options exercised							$ 14,454
2016 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan											200,000
2016 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase of authorized shares issuable										100,000
2018 Stock Incentive Plan \| Unvested RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock authorized for issuance under Stock Plan			300,000
Maximum number of returning shares from old plan to be add to shares reserve			300,000
Number of shares available for grant								100,000
Stock plan vesting period			3 years
Stock plan termination period			10 years
2018 Stock Incentive Plan \| Unvested RSUs \| Non-employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock plan vesting period			3 years
Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from common stock issued pursuant to the Lincoln Park Purchase Agreement							$ 10,200,000
Broadridge Corporate Issuer Solutions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred share purchase right		1
Broadridge Corporate Issuer Solutions \| Series A Junior Participating Preferred Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share		$ 400.00
Preferred stock, par value		$ 0.001
Share portion entitled to purchase by rights.		When exercisable, each right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock,
Percentage of beneficial ownership		10.00%
Minimum \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility							$ 6.48	$ 3.11
Maximum \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility							$ 40.59	$ 48.36
Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock sold pursuant to the Lincoln Park purchase agreement	0
Common stock, par value	$ 0.001
Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants outstanding							350,589	404,694
Warrants outstanding, term					5 years
Warrants \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price, per share					$ 18.20
Number of warrants issued					1,571,429
Warrants \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants					1,725,000
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued upon vesting of restricted stock units (in shares)							0	9,206
Proceeds upon exercise of stock options							$ 200,000	$ 20,000.00
Common stock issued upon exercise of stock options							26,082	2,158
Issuance of common stock, net							$ 1,000
Common stock sold pursuant to the Lincoln Park purchase agreement							407,047
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											100,000
Common Stock \| Purchase Agreement \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, net				$ 35,000,000.0					$ 35,000,000.0
Commitment to purchase shares of common stock, maximum amount						$ 2,000,000.0
Common stock, shares issued							407,047,000,000
Issuance of common stock, net				99,276
Common Stock \| Purchase Agreement \| Minimum \| Lincoln Park
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum prevailing market price to direct purchase				$ 1.00		$ 1.00
Common Stock \| Equity Distribution Agreement \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate offering price	$ 50,000,000

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, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,643	$ 1,255
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	510	471
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,133	$ 784

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Stock Option	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected volatility	99.15%	87.78%
Risk-free interest rate	0.61%	1.97%
Expected average life of options	5 years	7 years

Equity - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Forfeited	(81,146)	(325,904)
Aggregate Intrinsic Value, Exercisable	$ 400,000	$ 100,000
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance	212,581
Number of Shares, Granted	229,162
Number of Shares, Exercised	(26,185)
Number of Shares, Forfeited	(81,146)
Number of Shares, Outstanding, Ending balance	334,412	212,581
Number of Shares, Exercisable	114,929
Number of Units, Vest and expected to Vest	278,917
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 8.32
Weighted-Average Exercise Price, Granted	30.67
Weighted-Average Exercise Price, Exercised	8.42
Weighted-Average Exercise Price, Forfeited	20.02
Weighted-Average Exercise Price, Outstanding, Ending balance	19.17	$ 8.32
Weighted-Average Exercise Price, Exercisable	8.42
Weighted-Average Exercise Price, vest and expected to vest	$ 17.83
Weighted-Average Remaining Term, Outstanding	8 years 8 months 12 days	8 years 9 months 10 days
Weighted-Average Remaining Term, Exercisable	8 years 2 months 1 day
Weighted-Average Remaining Term, Vested and expected to vest	8 years 7 months 13 days
Aggregate Intrinsic Value, Exercised	$ 415,274
Aggregate Intrinsic Value, Outstanding, Ending balance	43,210
Aggregate Intrinsic Value, Exercisable	14,454
Aggregate Intrinsic Value, Vested and expected to vest	$ 38,545

Equity - Summary of Restricted Stock Activity (Details) - Unvested RSUs	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding, Beginning balance \| shares	9,000
Number of Units, Granted \| shares	84,038
Number of Units, Vested \| shares	(1,000)
Number of Units, Forfeited \| shares	(35,228)
Number of Units, Outstanding, Ending balance \| shares	56,810
Number of Units, Expected to Vest \| shares	56,810
Weighted Average Fair Value per Unit, Outstanding Beginning Balance \| $ / shares	$ 41.00
Weighted Average Fair Value per Unit, Granted \| $ / shares	29.83
Weighted Average Fair Value per Unit, Vested \| $ / shares	41.00
Weighted Average Fair Value per Unit, Forfeited \| $ / shares	31.03
Weighted Average Fair Value per Unit, Outstanding Ending Balance \| $ / shares	30.66
Weighted Average Fair Value per Unit, Expected to Vest \| $ / shares	$ 30.66

401(K) Savings Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Maximum employee deferral rate	6.00%
Matching contributions made by employer	$ 0.2	$ 0.3
Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, qualified deferral percentage	50.00%

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Income tax expense (benefit)	$ 0	$ 0
Increase in valuation allowance	6,000,000.0
Net operating loss carryforwards	121,600,000
Uncertain income tax positions	0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards	159,600,000	162,500,000
Amount of operating loss due to expire	38,000,000.0
State
Income Taxes [Line Items]
Net operating loss carryforwards	70,300,000	68,100,000
Tax credit carryforwards	$ 3,300,000	$ 2,200,000
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, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
US	$ (29,408)	$ (30,923)
Loss from continuing operations before benefit from income taxes	$ (29,408)	$ (30,923)

- Definition

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

+ References

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+ Details

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, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal losses carryforward	$ 33,520	$ 34,118
Intangible assets	235	306
Stock-based compensation	986	1,042
State losses carryforward	3,743	3,626
Other deferred tax assets	2,023	2,345
Other tax credits	3,253	2,241
Lease liabilities	496	772
Property and equipment	456
Liability related to sale of future royalties	5,866	473
Deferred tax assets, gross	50,578	44,923
Valuation allowance	(50,245)	(44,291)
Deferred tax assets, net of valuation	333	632
Right-of-use assets	(333)	(632)
Deferred tax liability	$ (333)	$ (632)

Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax from Continuing Operations (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal tax at statutory rates	21.00%	21.00%
State taxes, net of federal benefit	(1.00%)	1.90%
Change in valuation allowance	(20.90%)	(24.10%)
Tax credits	3.20%	3.50%
Permanent differences	0.00%	(1.10%)
Stock Based Compensation	(1.30%)	0.00%
Other	(1.00%)	(1.20%)
Total income tax benefit	0.00%	0.00%

Subsequent Events - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 08, 2022	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Feb. 16, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Milestone Payment		$ 10,000,000
Transaction costs						$ 1,100,000
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,898,143 and 4,410,909 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively						$ 47,000	$ 46,000
Common stock, shares issued						4,898,143	4,410,909
Subsequent Event
Subsequent Event [Line Items]
Milestone Payment	$ 10,000,000		$ 22,500,000	$ 22,500,000
Transaction costs	$ 500,000
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,898,143 and 4,410,909 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively					$ 35,000.0
Sale of Stock, Price Per Share					$ 1.00
Common stock, shares issued					99,276