Detailed financial statements for Aptevo Therapeutics Inc. (APVO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aptevo Therapeutics Inc. is a clinical-stage biotechnology company primarily focused on pioneering immunotherapeutic agents for a variety of cancer treatments across the United States. Its foremost investigational drug, APVO436, is a bispecific antibody crafted to engage T-cells, which is currently undergoing a Phase 1b clinical study for acute myeloid leukemia and myelodysplastic syndromes.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.72, APVO has negative trailing earnings (P/E not meaningful) and an ROE of -201.49%. Market capitalisation stands at $4M.
Balance sheet quality for APVO: current ratio of 3.8, net cash position of $17.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $36.4M | $14.7M | $23.1M | 0 | $4.3M | $12.3M | $3.1M | 0 | 0 | 0 |
| Cost of Revenue | $24.2M | $5.0M | $11.2M | $2.2M | $17.9M | 0 | 0 | 0 | $352000 | $240000 |
| Gross Profit | $12.3M | $9.6M | $11.9M | -$2.2M | -$13.5M | $12.3M | $3.1M | 0 | -$352000 | -$240000 |
| Research & Development | $29.5M | $29.0M | $35.4M | $24.8M | $17.9M | $19.0M | $17.9M | $17.1M | $14.4M | $14.5M |
| Selling, General & Admin | $38.7M | $34.6M | $28.1M | $14.0M | $14.0M | $14.7M | $13.9M | $11.8M | $10.2M | $11.8M |
| Operating Expenses | $68.2M | $63.6M | $63.5M | $38.7M | $14.0M | $33.7M | $31.8M | $28.9M | $24.2M | $26.1M |
| Operating Income | -$126.9M | -$53.9M | -$51.7M | -$41.0M | -$27.5M | -$21.4M | -$28.6M | -$28.9M | -$24.6M | -$26.3M |
| EBITDA | -$64.4M | -$50.8M | -$49.3M | -$40.8M | -$26.2M | -$28.3M | $7.9M | -$18.1M | -$23.8M | -$25.7M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$127.8M | -$55.9M | -$53.7M | -$43.1M | -$30.9M | -$29.4M | $7.0M | -$18.6M | -$24.1M | -$26.0M |
| Income Tax | -$15.3M | -$23.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$112.4M | $7.0M | -$53.7M | -$44.7M | -$17.8M | -$28.5M | $8.0M | -$17.4M | -$24.1M | -$26.0M |
| EPS | $-45538416.00 | $-17584638.00 | $-19578811.00 | $-125727793.00 | $-5546028.00 | $-3557646.00 | $922390.00 | $-834044.00 | $-31458.00 | $-87.27 |
| EPS (Diluted) | $-45538416.00 | $-17584638.00 | $-19578811.00 | $-125727793.00 | $-5546028.00 | $-3557646.00 | $921915.00 | $-834044.00 | $-31458.00 | $-87.27 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | $6 | $8 | $9 | $21 | $767 | $3155 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | -$81000 | -$35000 | 0 |
| Operating Income | -$7.6M | -$6.0M | -$6.8M | -$6.4M |
| EBITDA | -$7.5M | -$5.7M | -$6.7M | -$6.5M |
| Net Income | -$7.5M | -$5.8M | -$6.7M | -$6.4M |
| EPS | $-40.13 | $-159.33 | $-6.41 | $-5.31 |
| EPS (Diluted) | $-40.13 | $-159.33 | $-6.41 | $-5.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $9.7M | $7.1M | $30.6M | $12.4M | $40.0M | $45.0M | $22.6M | $16.9M | $8.7M | $21.6M |
| Short-term Investments | $44.8M | $73.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $307000 | $2.1M | $5.2M | $7.0M | $2.4M | $3.7M | $2.5M | 0 | 0 | 0 |
| Inventory | $6.6M | $1.0M | $1.8M | $6.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $71.4M | $95.1M | $48.7M | $30.0M | $47.3M | $52.6M | $27.4M | $19.1M | $10.7M | $23.1M |
| Property, Plant & Equipment | $5.9M | $5.8M | $5.2M | $7.7M | $5.5M | $4.0M | $6.8M | $5.8M | $4.9M | $4.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $14.5M | $6.1M | $5.2M | $4.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $91.9M | $117.0M | $67.5M | $53.4M | $53.5M | $56.6M | $34.2M | $24.8M | $15.6M | $27.2M |
| Accounts Payable | $10.5M | $7.3M | $11.7M | $13.0M | 0 | 0 | 0 | 0 | $3.1M | $877000 |
| Short-term Debt | 0 | $3.3M | 0 | $19.9M | $5.0M | $11.7M | $2.0M | 0 | 0 | $866000 |
| Total Current Liabilities | $19.5M | $18.5M | $17.6M | $38.2M | $14.5M | $34.8M | $8.7M | $7.2M | $6.2M | $6.0M |
| Long-term Debt | $18.4M | $15.7M | $19.3M | 0 | $20.1M | $3.7M | $1.5M | 0 | 0 | 0 |
| Total Liabilities | $41.3M | $35.0M | $37.1M | $41.6M | $37.0M | $55.4M | $16.2M | $12.6M | $10.8M | $9.8M |
| Retained Earnings | -$80.7M | -$73.7M | -$127.4M | -$167.9M | -$185.6M | -$214.1M | -$206.0M | -$223.4M | -$247.6M | -$275.1M |
| Total Equity | $50.6M | $82.0M | $30.4M | $11.8M | $16.6M | $1.2M | $18.0M | $12.2M | $4.8M | $17.4M |
| Total Debt | $18.4M | $19.1M | $19.3M | $23.2M | $27.4M | $16.7M | $9.5M | $5.4M | $4.6M | $4.6M |
| Net Debt | -$36.1M | -$61.7M | -$11.4M | $10.7M | -$12.6M | -$28.3M | -$13.1M | -$11.5M | -$4.1M | -$17.0M |
| Working Capital | $51.9M | $76.6M | $31.1M | -$8.2M | $32.7M | $17.8M | $18.7M | $11.8M | $4.5M | $17.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $21.1M | $21.6M | $14.5M | $9.8M |
| Total Assets | $27.0M | $27.2M | $19.9M | $14.5M |
| Total Liabilities | $9.6M | $9.8M | $8.3M | $8.5M |
| Total Equity | $17.4M | $17.4M | $11.6M | $6.0M |
| Total Debt | $4.0M | $4.6M | $4.4M | $4.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$112.4M | $7.0M | -$53.7M | -$40.4M | -$17.8M | -$28.5M | $8.0M | -$17.4M | -$24.1M | -$26.0M |
| Depreciation & Amortization | $3.4M | $3.1M | $2.4M | $2.2M | $1.3M | $1.1M | $901000 | $567000 | $352000 | $240000 |
| Stock-based Compensation | $3.8M | $4.9M | $2.1M | $1.6M | $1.3M | $1.6M | $1.8M | $2.2M | $1.1M | $96000 |
| Change in Working Capital | $13.8M | -$4.5M | -$3.3M | -$2.2M | -$1.7M | -$2.7M | $2.1M | $2.9M | -$2.2M | -$1.1M |
| Operating Cash Flow | -$36.9M | -$41.6M | -$51.4M | -$42.4M | -$29.3M | -$21.7M | -$21.0M | -$11.7M | -$23.8M | -$25.6M |
| Capital Expenditure | -$2.5M | -$1.4M | -$976000 | -$153000 | -$88000 | -$713000 | -$29000 | 0 | 0 | 0 |
| Acquisitions | 0 | $59.8M | $65000 | $4.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$758000 | 0 | 0 | -$11000 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$39.4M | -$43.0M | -$52.4M | -$42.5M | -$29.4M | -$22.4M | -$21.1M | -$11.7M | -$23.8M | -$25.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.7M | -$5.2M | -$8.0M | -$5.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.7M | -$5.2M | -$8.0M | -$5.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $77000 | $2000 | $57000 | $58000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -59.8% | +57.4% | -100.0% | | +185.3% | -74.7% | -100.0% | | |
| Net Income Growth (YoY) | | +106.2% | -870.0% | +16.7% | +60.3% | -60.3% | +128.2% | -316.9% | -38.6% | -7.6% |
| EPS Growth (YoY) | | +61.4% | -11.3% | -542.2% | +95.6% | +35.9% | +125.9% | -190.4% | +96.2% | +99.7% |
| Shares Change (YoY) | | | | | | +38.3% | +8.9% | +139.8% | +3574.4% | +311.3% |
| FCF Growth (YoY) | | -9.1% | -21.9% | +18.8% | +30.9% | +23.9% | +6.0% | +44.3% | -102.8% | -7.6% |
| 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% | | | |
| EBITDA Margin | -176.8% | -346.7% | -213.6% | | -607.8% | -229.9% | 254.2% | | | |
| Net Margin | -308.5% | 47.6% | -232.8% | | -411.9% | -231.5% | 257.8% | | | |
| FCF Margin | -108.1% | -293.2% | -227.2% | | -682.4% | -182.2% | -676.0% | | | |
| Effective Tax Rate | 12.0% | 41.7% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | | | | | $-5082478.36 | $-2799409.41 | $-2417748.76 | $-561905.13 | $-31008.52 | $-8111.57 |
| Dividends Per Share | | | | | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | $6 | $8 | $9 | $21 | $767 | $3155 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -201.49% |
| Return on Invested Capital | -262.30% |
| Return on Assets | -181.89% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.70 |
| Current Ratio | 2.08 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.44 | -1.98 | -0.53 | -0.04 | -3.87 | -1.30 | 1.47 | -0.13 | -0.05 | -0.11 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 7.49 | 30.34 | 0.66 | 0.18 | 0.25 | 0.00 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 28.84 | 3.00 | 3.80 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 33.6% | 65.8% | 51.4% | 0.0% | -314.3% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -348.4% | -368.1% | -224.0% | 0.0% | -638.1% | -174.1% | -919.7% | 0.0% | 0.0% | 0.0% |
| Net Margin | -308.5% | 47.6% | -232.8% | 0.0% | -411.9% | -231.5% | 257.8% | 0.0% | 0.0% | 0.0% |