Aptevo Therapeutics Inc.
APVOHealthcare|Biotechnology|US
$1.24
-0.03 (-2.36%)
DCF Value
$5119.24
Tangible Book / Share
$5.05
Cash / Share
$8.19
Financials
Financial Snapshot
Market Cap
$2.7M
Enterprise Value
-$2.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$26.4M
Cash & Investments
$9.8M
Net Cash
$5.6M
Free Cash Flow (TTM)
-$25.3M
Operating CF (TTM)
-$25.3M
Debt/Equity
0.70
Cash Runway & Burn Rate
Cash on Hand
$9.8M
Quarterly Burn
$6.3M
Monthly Burn
$2.1M
Est. Runway
~1.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $54.5M | $80.8M | $30.6M | $12.4M | $40.0M | $45.0M | $22.6M | $16.9M | $8.7M | $21.6M | $9.8M | |
| Operating Cash Flow | -$36.9M | -$41.6M | -$51.4M | -$42.4M | -$29.3M | -$21.7M | -$21.0M | -$11.7M | -$23.8M | -$25.6M | -$25.3M | |
| Free Cash Flow | -$39.4M | -$43.0M | -$52.4M | -$42.5M | -$29.4M | -$22.4M | -$21.1M | -$11.7M | -$23.8M | -$25.6M | -$25.3M | |
| Capital Expenditure | -$2.5M | -$1.4M | -$976.0K | -$153.0K | -$88.0K | -$713.0K | -$29.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $89.3M | $9.5M | -$787.0K | $20.1M | $23.9M | $26.2M | -$2.6M | $6.0M | $15.6M | $38.5M | $25.7M |
R&D Spending
R&D (TTM)
$15.2M
R&D Intensity
—
R&D Growth vs Prior
+4.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.4M | $14.7M | $23.1M | $0.00 | $4.3M | $12.3M | $3.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $29.5M | $29.0M | $35.4M | $24.8M | $17.9M | $19.0M | $17.9M | $17.1M | $14.4M | $14.5M | $15.2M | |
| R&D % of Revenue | 81.0% | 198.0% | 153.4% | — | 414.3% | 154.5% | 574.2% | — | — | — | — | |
| SG&A | $38.7M | $34.6M | $28.1M | $14.0M | $14.0M | $14.7M | $13.9M | $11.8M | $10.2M | $11.8M | $11.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.4M | $14.7M | $23.1M | $0.00 | $4.3M | $12.3M | $3.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $24.2M | $5.0M | $11.2M | $2.2M | $17.9M | $0.00 | $0.00 | $0.00 | $352.0K | $240.0K | $116.0K | |
| Gross Profit | $12.3M | $9.6M | $11.9M | -$2.2M | -$13.5M | $12.3M | $3.1M | $0.00 | -$352.0K | -$240.0K | -$116.0K | |
| R&D | $29.5M | $29.0M | $35.4M | $24.8M | $17.9M | $19.0M | $17.9M | $17.1M | $14.4M | $14.5M | $15.2M | |
| SG&A | $38.7M | $34.6M | $28.1M | $14.0M | $14.0M | $14.7M | $13.9M | $11.8M | $10.2M | $11.8M | $11.7M | |
| Operating Income | -$126.9M | -$53.9M | -$51.7M | -$41.0M | -$27.5M | -$21.4M | -$28.6M | -$28.9M | -$24.6M | -$26.3M | -$26.9M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$127.8M | -$55.9M | -$53.7M | -$43.1M | -$30.9M | -$29.4M | $7.0M | -$18.6M | -$24.1M | -$26.0M | -$26.4M | |
| Net Income | -$112.4M | $7.0M | -$53.7M | -$44.7M | -$17.8M | -$28.5M | $8.0M | -$17.4M | -$24.1M | -$26.0M | -$26.4M | |
| EPS (Diluted) | -45538416.00 | -17584638.00 | -19578811.00 | -125727793.00 | -5546028.00 | -3557646.00 | 921915.00 | -834044.00 | -31458.00 | -87.27 | -211.18 | |
| EBITDA | -$64.4M | -$50.8M | -$49.3M | -$40.8M | -$26.2M | -$28.3M | $7.9M | -$18.1M | -$23.8M | -$25.7M | -$26.4M | |
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.20 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.7M | $7.1M | $30.6M | $12.4M | $40.0M | $45.0M | $22.6M | $16.9M | $8.7M | $21.6M | $9.8M | |
| Short-Term Investments | $44.8M | $73.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $71.4M | $95.1M | $48.7M | $30.0M | $47.3M | $52.6M | $27.4M | $19.1M | $10.7M | $23.1M | $10.8M | |
| Total Assets | $91.9M | $117.0M | $67.5M | $53.4M | $53.5M | $56.6M | $34.2M | $24.8M | $15.6M | $27.2M | $14.5M | |
| Total Current Liabilities | $19.5M | $18.5M | $17.6M | $38.2M | $14.5M | $34.8M | $8.7M | $7.2M | $6.2M | $6.0M | $5.2M | |
| Long-Term Debt | $18.4M | $15.7M | $19.3M | $0.00 | $20.1M | $3.7M | $1.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $41.3M | $35.0M | $37.1M | $41.6M | $37.0M | $55.4M | $16.2M | $12.6M | $10.8M | $9.8M | $8.5M | |
| Stockholders' Equity | $50.6M | $82.0M | $30.4M | $11.8M | $16.6M | $1.2M | $18.0M | $12.2M | $4.8M | $17.4M | $6.0M | |
| Retained Earnings | -$80.7M | -$73.7M | -$127.4M | -$167.9M | -$185.6M | -$214.1M | -$206.0M | -$223.4M | -$247.6M | -$275.1M | -$288.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$36.9M | -$41.6M | -$51.4M | -$42.4M | -$29.3M | -$21.7M | -$21.0M | -$11.7M | -$23.8M | -$25.6M | -$25.3M | |
| Capital Expenditure | -$2.5M | -$1.4M | -$976.0K | -$153.0K | -$88.0K | -$713.0K | -$29.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$39.4M | -$43.0M | -$52.4M | -$42.5M | -$29.4M | -$22.4M | -$21.1M | -$11.7M | -$23.8M | -$25.6M | -$25.3M | |
| Investing Cash Flow | -$47.4M | $29.5M | $72.8M | $4.1M | $28.0M | -$713.0K | -$29.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $89.3M | $9.5M | -$787.0K | $20.1M | $23.9M | $26.2M | -$2.6M | $6.0M | $15.6M | $38.5M | $25.7M | |
| Issuance of Stock | $18.0K | $442.0K | $623.0K | $20.3M | $0.00 | $10.2M | $6.9M | $6.4M | $15.6M | $38.5M | $25.2M | |
| Repurchase of Stock | $0.00 | -$758.0K | $0.00 | $0.00 | -$11.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$1.0K | |
| Net Debt Issuance | $18.0M | $0.00 | $0.00 | -$137.0K | $2.6M | -$10.6M | -$12.3M | -$3.5M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.8M | $4.9M | $2.1M | $1.6M | $1.3M | $1.6M | $1.8M | $2.2M | $1.1M | $96.0K | $194.0K | |
| Net Change in Cash | $5.0M | -$2.6M | $20.6M | -$18.1M | $22.6M | $3.8M | -$23.7M | -$5.7M | -$8.2M | $12.9M | $387.0K |
Dilution Tracker
Shares outstanding grew 54430.4% over 5 years — significant dilution
Shares Outstanding
1M
5-Year Share Growth
+54430.4%
Stock Issuance (TTM)
$25.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.20 | |
| Change vs Prior % | — | — | — | — | — | 38.3% | 8.9% | 141.2% | 3552.4% | 311.3% | 37819.6% | |
| Stock Issuance | $18.0K | $442.0K | $623.0K | $20.3M | $0.00 | $10.2M | $6.9M | $6.4M | $15.6M | $38.5M | $25.2M | |
| Stock Repurchase | $0.00 | -$758.0K | $0.00 | $0.00 | -$11.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$1.0K | |
| Stock Based Comp. | $3.8M | $4.9M | $2.1M | $1.6M | $1.3M | $1.6M | $1.8M | $2.2M | $1.1M | $96.0K | $194.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 33.6% | 65.8% | 51.4% | — | -314.3% | 100.0% | 100.0% | — | — | — | — | |
| Operating Margin % | -348.4% | -368.1% | -224.0% | — | -638.1% | -174.1% | -919.7% | — | — | — | — | |
| Net Margin % | -308.5% | 47.6% | -232.8% | — | -411.9% | -231.5% | 257.8% | — | — | — | — | |
| EBITDA Margin % | -176.8% | -346.7% | -213.6% | — | -607.8% | -229.9% | 254.2% | — | — | — | — | |
| FCF Margin % | -108.1% | -293.2% | -227.2% | — | -682.4% | -182.2% | -676.0% | — | — | — | — | |
| ROE % | -222.3% | 8.5% | -176.6% | -377.5% | -107.0% | -2340.2% | 44.7% | -142.5% | -507.5% | -149.4% | -201.5% | |
| ROA % | -122.4% | 6.0% | -79.5% | -83.7% | -33.1% | -50.3% | 23.5% | -70.1% | -154.8% | -95.5% | -181.9% | |
| ROIC % | -154.5% | -30.9% | -103.6% | -116.9% | -62.5% | -63.9% | -104.1% | -163.9% | -262.2% | -119.5% | -262.3% | |
| R&D / Revenue % | 81.0% | 198.0% | 153.4% | — | 414.3% | 154.5% | 574.2% | — | — | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8.4% | -59.8% | 57.4% | -100.0% | 0.0% | 185.3% | -74.7% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | -26.5% | -21.3% | 22.9% | -118.9% | -506.0% | 190.8% | -74.7% | -100.0% | 0.0% | 31.8% | |
| Operating Income | -107.8% | 57.5% | 4.2% | 20.7% | 32.9% | 22.2% | -33.8% | -0.8% | 14.8% | -7.0% | |
| Net Income | -89.5% | 106.2% | -870.0% | 16.7% | 60.3% | -60.3% | 128.2% | -316.9% | -38.6% | -7.6% | |
| EPS (Diluted) | -89.4% | 61.4% | -11.3% | -542.2% | 95.6% | 35.9% | 125.9% | -190.5% | 96.2% | 99.7% | |
| Operating Cash Flow | 24.4% | -12.8% | -23.7% | 17.6% | 30.8% | 26.1% | 3.0% | 44.2% | -102.8% | -7.6% | |
| Free Cash Flow | 21.7% | -9.1% | -21.9% | 18.8% | 30.9% | 23.9% | 6.0% | 44.3% | -102.8% | -7.6% | |
| R&D Expense | -15.0% | -1.7% | 21.9% | -30.0% | -27.9% | 6.4% | -5.9% | -4.3% | -16.0% | 1.1% | |
| SG&A Expense | -10.2% | -10.6% | -18.6% | -50.4% | -0.1% | 5.4% | -5.6% | -15.2% | -13.1% | 15.1% | |
| Total Assets | -18.3% | 27.4% | -42.3% | -20.9% | 0.3% | 5.7% | -39.6% | -27.4% | -37.2% | 74.4% | |
| Book Value / Share | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -94.7% | 1258.6% | -71.8% | -98.9% | -11.1% | |
| Debt | 0.0% | 3.7% | 1.1% | 20.3% | 18.2% | -39.0% | -43.0% | -43.4% | -14.2% | 0.0% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 38.3% | 8.9% | 141.2% | 3552.4% | 311.3% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High3.00 / 3.80 / 28.84
P/B0.25
10Y Low / Med / High0.00 / 0.66 / 30.34
EV/EBITDA0.11
10Y Low / Med / High0.08 / 0.42 / 0.97
EV/Revenue0.00
10Y Low / Med / High0.24 / 2.46 / 47.70
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$5119.24
Tangible Book / Share
$5.05
Net Current Assets / Share
$1.86
Graham Net-Net
$1.10
Cash / Share
$8.19
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.44 | -1.98 | -0.53 | -0.04 | -3.87 | -1.30 | 1.47 | -0.13 | -0.05 | -0.11 | -0.01 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 28.84 | 3.00 | 3.80 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 7.49 | 30.34 | 0.66 | 0.18 | 0.25 | 0.00 | 0.25 | |
| EV/EBITDA | -0.14 | -0.24 | 0.23 | -0.26 | -7.85 | -1.29 | 0.97 | 0.42 | 0.08 | 0.66 | 0.11 | |
| EV/Revenue | 0.24 | 0.82 | -0.49 | 0.00 | 47.70 | 2.96 | 2.46 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-33.18
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $7.5M | $6.7M | $17.7M |
| Net Income | -$53.8K | -$20.8K | -$19.6K |
| EPS | $-17.04 | $-6.59 | $-6.21 |
| # Analysts (EPS) | 1 | 1 | 2 |
Revenue Segments
By Product
| Segment | 2018 | 2019 |
|---|---|---|
| Product | $23.1M | $32.4M |