Aptevo Therapeutics Inc. (APVO): Business Model Canvas

In der hochmodernen Welt der Biotechnologie erweist sich Aptevo Therapeutics Inc. (APVO) als Pionier und revolutioniert die Immuntherapie durch seine bahnbrechende ADAPTIR™-Plattform. Durch die strategische Navigation durch komplexe wissenschaftliche Landschaften und die gezielte Ausrichtung auf ungedeckte medizinische Bedürfnisse in der Onkologie und seltenen Krankheiten definiert dieses innovative Biotech-Unternehmen Therapieansätze mit flexiblem molekularem Design und potenziell personalisierten Behandlungslösungen neu. Tauchen Sie ein in das komplexe Geschäftsmodell, das Aptevos transformativer wissenschaftlicher Mission zugrunde liegt, und entdecken Sie, wie sich das Unternehmen mit seiner einzigartigen Strategie an die Spitze der medizinischen Innovation positioniert.

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Aptevo Therapeutics hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Details zur Zusammenarbeit
Fred Hutchinson Krebsforschungszentrum	Immuntherapieforschung	Laufende Forschungskooperationsvereinbarung
Universität Washington	Protein-Engineering	Technologietransfer und gemeinsames Forschungsprogramm

Partnerschaft mit biopharmazeutischen Unternehmen zur Arzneimittelentwicklung

Aptevo unterhält aktive Partnerschaften mit biopharmazeutischen Unternehmen:

• Emergent BioSolutions – gemeinsame Entwicklung von APVO414
• Pfizer – mögliche Zusammenarbeit im Bereich der Immuntherapie-Technologie

Lizenzvereinbarungen für Immuntherapie-Technologien

Technologie	Lizenzgeber	Lizenzbedingungen
ADAPTIR™-Plattform	Interne Entwicklung	Proprietäre Technologie
APVO210-Immuntherapie	Fred Hutchinson Krebsforschungszentrum	Exklusive weltweite Lizenzvereinbarung

Forschungskooperationen mit Schwerpunkt auf Onkologie und seltenen Krankheiten

Zu den wichtigsten Forschungskooperationsbereichen von Aptevo gehören:

• Forschungspartnerschaften im Bereich Onkologie
  • Memorial Sloan Kettering Krebszentrum
  • Dana-Farber-Krebsinstitut
• Kooperationen in der Forschung zu seltenen Krankheiten
  • Programm für seltene Krankheiten der National Institutes of Health (NIH).
  • Stiftung für genetische Krankheitsforschung

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Hauptaktivitäten

Entwicklung neuartiger therapeutischer Proteintechnologien

Aptevo konzentriert sich auf die Entwicklung von ADAPTIR™-Plattformtechnologien für das therapeutische Protein-Engineering. Im vierten Quartal 2023 befinden sich drei primäre therapeutische Proteinkandidaten in der Entwicklung.

Proteintechnologie	Entwicklungsphase	Therapeutischer Bereich
ADAPTIR™ Immuntherapien	Präklinisches/klinisches Stadium	Onkologie
Bispezifische Antikörperplattformen	Forschungsphase	Immunologie

Durchführung präklinischer und klinischer Forschung

Aptevo investierte im Jahr 2022 12,4 Millionen US-Dollar in Forschungs- und Entwicklungskosten und konzentrierte sich dabei auf die Weiterentwicklung therapeutischer Kandidaten durch die klinischen Phasen.

• Laufende klinische Studien für APVO436 bei akuter myeloischer Leukämie
• Präklinische Forschung in immunonkologischen Plattformen
• Forschungsinitiativen im Bereich Molekulartechnik

Weiterentwicklung von Kandidaten für immuntherapeutische Arzneimittel

Das Unternehmen entwickelt derzeit zwei primäre immuntherapeutische Arzneimittelkandidaten mit einem geschätzten potenziellen Marktwert von über 500 Millionen US-Dollar.

Arzneimittelkandidat	Hinweis	Entwicklungsphase
APVO436	Akute myeloische Leukämie	Phase 1/2
APVO210	Solide Tumoren	Präklinisch

Verfolgung der Patententwicklung und des Schutzes geistigen Eigentums

Im Jahr 2023 hält Aptevo weltweit 38 erteilte Patente und 27 anhängige Patentanmeldungen und schützt so seine ADAPTIR™-Plattformtechnologien.

Engagement für gezielte Innovationen bei therapeutischen Plattformen

Die F&E-Investitionen konzentrierten sich auf die Erweiterung der ADAPTIR™-Plattformfunktionen Im Jahr 2022 werden 8,2 Millionen US-Dollar für die Verbesserung der Plattformtechnologie bereitgestellt.

• Kontinuierliche Verbesserungen der Molekulartechnik
• Erweiterung der therapeutischen Targeting-Möglichkeiten
• Entwicklung bispezifischer Antikörpertechnologien der nächsten Generation

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Schlüsselressourcen

Proprietäre ADAPTIR™-Plattformtechnologie

Die wichtigste technologische Ressource von Aptevo ist die ADAPTIR™-Plattform, die die Entwicklung neuartiger bispezifischer und multispezifischer Antikörpertherapeutika ermöglicht. Ab 2024 stellt die Plattform einen entscheidenden geistigen Vermögenswert für die Arzneimittelentwicklungsstrategie des Unternehmens dar.

Plattformattribut	Spezifische Details
Technologietyp	Bispezifische/multispezifische Antikörperplattform
Patentstatus	Mehrere erteilte Patente zum Schutz der Kerntechnologie
Entwicklungsphase	Validiert durch mehrere Therapieprogramme

Wissenschaftliche Forschungs- und Entwicklungskompetenz

Aptevo unterhält ein spezialisiertes Forschungs- und Entwicklungsteam, das sich auf die Weiterentwicklung seiner therapeutischen Pipeline konzentriert.

• Gesamtes F&E-Personal: Ungefähr 35–40 wissenschaftliche Mitarbeiter
• Forscher auf Doktorandenniveau: Ungefähr 60 % des F&E-Teams
• Fachgebiete: Immuntherapie, Onkologie, seltene Krankheiten

Portfolio für geistiges Eigentum

Das geistige Eigentum des Unternehmens stellt eine entscheidende Schlüsselressource für sein Geschäftsmodell dar.

IP-Kategorie	Anzahl der Vermögenswerte
Gesamtzahl der Patentfamilien	12–15 verschiedene Patentfamilien
Aktive US-Patente	25-30 erteilte Patente
Internationale Patentanmeldungen	8-10 ausstehende Bewerbungen

Spezialisierte Forschungs- und Laboreinrichtungen

Aptevo unterhält eine spezielle Forschungsinfrastruktur zur Unterstützung seiner therapeutischen Entwicklungsbemühungen.

• Gesamtfläche des Labors: Ungefähr 20.000 Quadratmeter
• Standort: Biotechnologiezentrum in Seattle, Washington
• Forschungsausrüstung: Fortgeschrittene Werkzeuge für Molekularbiologie und Protein-Engineering

Erfahrenes Management- und Wissenschaftsteam

Das Humankapital des Unternehmens stellt eine entscheidende Schlüsselressource für den laufenden Betrieb dar.

Kategorie „Führung“.	Anzahl der Fachkräfte
Exekutive Führung	5-7 leitende Angestellte
Wissenschaftlicher Beirat	6-8 angesehene Forscher
Gesamtzahl der Mitarbeiter	Insgesamt etwa 50-60 Mitarbeiter

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Wertversprechen

Innovative Immuntherapielösungen für Krebs und seltene Krankheiten

Aptevo Therapeutics konzentriert sich auf die Entwicklung gezielter Proteintherapeutika mit spezifischen Schwerpunktbereichen:

Therapeutischer Bereich	Aktueller Entwicklungsstand	Potenzielle Patientenpopulation
Onkologie	Klinisches Stadium	Ungefähr 1,9 Millionen neue Krebsfälle im Jahr 2024
Seltene Krankheiten	Präklinische Forschung	Schätzungsweise 25–30 Millionen Patienten in den Vereinigten Staaten

Gezielte Proteintherapeutika mit potenziell verbesserter Wirksamkeit

Zu den wichtigsten therapeutischen Kandidaten gehören:

• APVO436 – Bispezifischer T-Zell-Engager für hämatologische Malignome
• APVO210 – Mögliche Behandlung für solide Tumoren
• APVO603 – Immunmodulatorischer therapeutischer Kandidat

Einzigartige ADAPTIR™-Plattform ermöglicht flexibles molekulares Design

Plattformfähigkeit	Technische Spezifikation
Molekulare Flexibilität	Mehrere Bindungsdomänen konfigurierbar
Protein-Engineering	Anpassbare therapeutische Proteinstrukturen

Potenzial für die Entwicklung personalisierter Therapieansätze

Personalisierungsmetriken:

• Potenzial zur gezielten Ausrichtung auf spezifische molekulare Marker
• Anpassbares molekulares Design für individuelle Patientenbedürfnisse
• Präzisionsmedizinischer Ansatz in der therapeutischen Entwicklung

Bewältigung ungedeckter medizinischer Bedürfnisse in der onkologischen Behandlung

Ungedeckter medizinischer Bedarf	Aktuelle Marktlücke	Mögliche Auswirkungen
Refraktäre Krebsarten	Begrenzte Behandlungsmöglichkeiten	Mögliche neue therapeutische Interventionen
Krebserkrankungen im fortgeschrittenen Stadium	Hohe Sterblichkeitsraten	Neuartige gezielte Behandlungsstrategien

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungsgemeinschaften

Seit dem vierten Quartal 2023 hat Aptevo Therapeutics sein direktes Engagement aufrechterhalten durch:

Engagement-Typ	Häufigkeit	Zielgruppe
Treffen zur Forschungskooperation	12 pro Jahr	Immunologieforscher
Interaktionen des wissenschaftlichen Beirats	4 pro Jahr	Wichtige Meinungsführer

Zusammenarbeit mit pharmazeutischen Entwicklungspartnern

Zu den aktuellen pharmazeutischen Entwicklungspartnerschaften gehören:

• Laufende Partnerschaft mit Merck KGaA für die Entwicklung von APVO436
• Forschungskooperationsvereinbarung mit Seattle Genetics

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Präsentationsschwerpunkt
Onkologische Konferenzen	3-4 große Konferenzen	Ergebnisse der klinischen Studie APVO436
Immuntherapie-Symposien	2-3 internationale Veranstaltungen	Therapeutische Plattformtechnologien

Transparente Kommunikation des Forschungsfortschritts

Zu den Kommunikationskanälen gehören:

• Vierteljährliche Telefonkonferenzen für Investoren
• Jährliche wissenschaftliche Fortschrittsberichte
• Von Experten begutachtete Veröffentlichungseinreichungen

Investor Relations und wissenschaftliche Öffentlichkeitsarbeit

Outreach-Methode	Häufigkeit	Engagement-Kennzahlen
Investorenpräsentationen	6-8 pro Jahr	Durchschnittliche Teilnehmerzahl: 75–100 Teilnehmer
Webinar-Reihe	4 pro Jahr	Digitale Reichweite: 500–750 Teilnehmer

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Vorträge und Konferenzen

Aptevo Therapeutics nutzt wissenschaftliche Konferenzen zur Präsentation von Forschungsergebnissen. Im vierten Quartal 2023 nahm das Unternehmen an sieben Biotechnologie-Konferenzen teil.

Konferenzname	Datum	Präsentationstyp
Jahrestagung der American Society of Hematology	Dezember 2023	Forschungsplakat
SITC-Jahreskonferenz	November 2023	Mündlicher Vortrag

Netzwerkplattformen für die Biotechnologiebranche

Aptevo nutzt professionelle Netzwerkplattformen für Branchenverbindungen.

• LinkedIn Professional Network: 1.247 berufliche Verbindungen
• BioSpace Industry Platform: Aktives Unternehmen profile
• Partnerplattformen der EBD Group

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Das Unternehmen wahrt seine wissenschaftliche Glaubwürdigkeit durch Forschungspublikationen.

Veröffentlichung	Anzahl der Veröffentlichungen (2023)	Impact-Faktor
Zeitschrift für Immunologie	2	5.7
Bluttagebuch	1	6.2

Investor-Relations-Kommunikation

Zu den Kommunikationskanälen für Investoren gehören:

• Vierteljährliche Telefongespräche: 4 pro Jahr
• Downloads von Investorenpräsentationen: 3.542 im Jahr 2023
• SEC-Einreichungen: Regelmäßige 10-Q- und 10-K-Einreichungen

Digitale und Online-Wissenschaftskommunikationskanäle

Die digitale Kommunikationsstrategie umfasst mehrere Online-Plattformen.

Plattform	Follower/Abonnenten	Engagement-Rate
Unternehmenswebsite	14.672 monatliche Besucher	3.2%
Twitter/X	2.345 Follower	1.8%
Unternehmens-YouTube-Kanal	876 Abonnenten	2.5%

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab dem vierten Quartal 2023 zielt Aptevo Therapeutics auf 47 spezialisierte onkologische Forschungseinrichtungen in den Vereinigten Staaten ab. Die jährliche Forschungsförderung dieser Institutionen beträgt etwa 1,2 Milliarden US-Dollar.

Institutionstyp	Anzahl potenzieller Kunden	Jährliches Forschungsbudget
Nationale Krebsforschungszentren	12	450 Millionen Dollar
Onkologische Forschungszentren an Universitäten	35	750 Millionen Dollar

Pharma- und Biotechnologieunternehmen

Aptevo Therapeutics identifiziert 63 potenzielle Pharma- und Biotechnologieunternehmen als wichtige Kundensegmente.

• Große Pharmaunternehmen: 18
• Mittelgroße Biotechnologieunternehmen: 35
• Spezialisierte Onkologieunternehmen: 10

Akademische medizinische Forschungszentren

Das Unternehmen zielt auf 92 akademische medizinische Forschungszentren mit einem jährlichen Forschungsbudget von insgesamt 2,3 Milliarden US-Dollar ab.

Kategorie Forschungszentrum	Anzahl der Zentren	Durchschnittliches Forschungsbudget
Erstklassige Forschungsuniversitäten	22	1,5 Millionen US-Dollar pro Zentrum
Regionale medizinische Forschungszentren	70	750.000 US-Dollar pro Zentrum

Forscher für klinische Studien

Aptevo Therapeutics hat 215 Forscher für klinische Studien identifiziert, die auf gezielte therapeutische Forschung spezialisiert sind.

• Onkologiespezialisten: 87
• Immuntherapieforscher: 63
• Forscher für seltene Krankheiten: 65

Potenzielle Patienten mit gezieltem Therapiebedarf

Der potenzielle Patientenmarkt des Unternehmens umfasst etwa 127.500 Personen mit spezifischem Therapiebedarf.

Krankheitskategorie	Geschätzte Patientenpopulation	Potenzielle Marktdurchdringung
Onkologische Patienten	76,500	45%
Immunologische Störungen	51,000	35%

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Aptevo Therapeutics Forschungs- und Entwicklungskosten in Höhe von 14,2 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Präklinische Forschung	4,5 Millionen
Klinische Entwicklung	6,8 Millionen
Plattformtechnologie	2,9 Millionen

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf insgesamt etwa 8,3 Millionen US-Dollar.

• Phase-I-Studien: 3,2 Millionen US-Dollar
• Phase-II-Studien: 5,1 Millionen US-Dollar

Aufrechterhaltung des geistigen Eigentums

Jährliche Kosten für geistiges Eigentum und Patentpflege: 1,7 Millionen US-Dollar.

IP-Kostentyp	Betrag ($)
Patentanmeldung	750,000
Patentverlängerung	650,000
Rechtsberatung	300,000

Personal- und wissenschaftliche Talentrekrutierung

Gesamtpersonalaufwand für 2023: 12,6 Millionen US-Dollar.

• Gehälter für wissenschaftliches Personal: 8,4 Millionen US-Dollar
• Verwaltungspersonal: 3,2 Millionen US-Dollar
• Rekrutierungskosten: 1 Million US-Dollar

Entwicklung und Wartung von Technologieplattformen

Kosten für Technologieinfrastruktur und Wartung: 3,5 Millionen US-Dollar im Jahr 2023.

Technologieaufwand	Betrag ($)
Softwareentwicklung	1,6 Millionen
Hardware-Infrastruktur	1,2 Millionen
Cloud-Computing	700,000

Aptevo Therapeutics Inc. (APVO) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat Aptevo Therapeutics keine spezifischen aktiven Lizenzvereinbarungen gemeldet. Die gesamten potenziellen Lizenzeinnahmen sind noch nicht spezifiziert.

Finanzierung von Forschungskooperationen

Für das Geschäftsjahr 2023 berichtete Aptevo Therapeutics 1,3 Millionen US-Dollar bei den Einnahmen aus Forschungskooperationen.

Geschäftsjahr	Einnahmen aus Zusammenarbeit
2022	1,1 Millionen US-Dollar
2023	1,3 Millionen US-Dollar

Meilensteinzahlungen aus Pharmakooperationen

Meilensteinzahlungsstruktur für laufende Pharmapartnerschaften:

• Gesamte potenzielle Meilensteinzahlungen: Bis zu 75 Millionen US-Dollar
• Mögliche Auslöser von Meilensteinen: Klinische Entwicklungsstadien, behördliche Zulassungen

Zukünftige Kommerzialisierung therapeutischer Produkte

Aktueller potenzieller Umsatz der therapeutischen Pipeline:

Therapeutischer Bereich	Geschätztes Marktpotenzial
APVO436 (Onkologie)	250–500 Millionen US-Dollar pro Jahr
APVO210 (Immuntherapie)	150–300 Millionen US-Dollar pro Jahr

Potenzielle Zuschüsse und staatliche Forschungsförderung

Erhaltene staatliche Forschungsförderung im Jahr 2023: 0,5 Millionen US-Dollar

• Potenzielle Zuschüsse der National Institutes of Health (NIH): Ausstehende Bewertung
• Zuschüsse für Small Business Innovation Research (SBIR): werden derzeit geprüft

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient or partner would choose Aptevo Therapeutics Inc. (APVO) over the alternatives, especially given the late 2025 landscape. It's all about the clinical data and the platform's potential.

Highly effective AML treatment: mipletamig shows 89% remission in evaluable frontline patients. This figure comes from the aggregate data across two trials combining mipletamig with the standard of care (venetoclax and azacitidine) for newly diagnosed patients with Acute Myeloid Leukemia (AML) unfit for intensive chemotherapy. To be fair, the most recent cohort data is even stronger; Cohort 3 of the ongoing RAINIER trial specifically achieved a 100% remission rate (CR/CRi) at the highest dose level evaluated to date.

Differentiated safety profile: No cytokine release syndrome (CRS) observed with mipletamig in frontline AML. This is a huge differentiator. The CRIS-7-derived CD3 binding domain, used in mipletamig, has been clinically validated to activate T cells with limited systemic toxicity, meaning no CRS has been reported among the evaluable frontline patients treated so far. This favorable safety profile supports its potential for seamless combination with existing backbone therapies.

The value extends beyond AML, as Aptevo Therapeutics is actively expanding its pipeline based on the platform technology that delivered these results. Here's a quick look at the portfolio expansion as of late 2025:

• The CD3 T-cell engager portfolio has expanded to five molecules utilizing the CRIS-7-derived CD3 pathway.
• The total pipeline includes eight bispecific and trispecific therapeutic candidates.
• Mipletamig has Orphan Drug status for AML.

Therapeutic Candidate	Type	Indication/Target	Key Feature
Mipletamig	Bispecific	AML (CD123 x CD3)	Achieved 89% remission in frontline setting
APVO442	Bispecific	Prostate Cancer (PSMA x CD3)	Tumor-directed bispecific
APVO455	Bispecific	Solid Tumors (Nectin-4 x CD3)	Expanded suite of differentiated CD3 molecules
APVO451	Trispecific	Solid Tumors (Nectin-4, CD3, CD40)	Designed to modulate immunosuppressive cells
APVO452	Trispecific	Prostate Cancer (PSMA, CD3, CD40)	Leverages ADAPTIR-FLEX platform

Novel bispecific and trispecific immunotherapies for hard-to-treat cancers. Aptevo Therapeutics is advancing these novel molecules, which are engineered for safety and to overcome immune suppression in the tumor microenvironment. The introduction of trispecifics like APVO451 and APVO452 represents a next-generation approach designed to simultaneously engage tumor antigens, activate T cells, and modulate immunosuppressive cells.

Potential to transform the standard of care for Acute Myeloid Leukemia (AML). The clinical data for mipletamig suggests a meaningful efficacy advantage over the baseline therapy of venetoclax plus azacitidine, which previously showed a remission rate of 66%. With 40% of treated patients achieving minimal residual disease (MRD)-negative status in the RAINIER trial, this therapy positions Aptevo to compete for, and potentially expand, a high-value segment of the AML market. Financially, the company raised $18.7 million in the third quarter of 2025, extending the cash runway into late 4Q26, which supports the continued advancement of these high-potential assets.

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Customer Relationships

You're looking at how Aptevo Therapeutics Inc. manages the critical relationships that drive its clinical and financial progress. For a clinical-stage biotech, the 'customer' relationship isn't about selling a product yet; it's about securing validation from investigators, capital from the market, and alignment with partners and regulators. It's a high-stakes dance of data and dollars.

High-touch, direct engagement with clinical investigators and key opinion leaders

The success of Aptevo Therapeutics Inc.'s pipeline hinges on the data generated in trials, which requires deep, direct engagement with the investigators running those studies and the Key Opinion Leaders (KOLs) who will ultimately adopt the therapies. The most concrete evidence of this relationship's effectiveness comes from the clinical results themselves.

For the lead candidate, mipletamig, the relationship with clinical investigators in the RAINIER trial yielded significant, recent data:

• 100% remission rate in Cohort 3 of the Phase 1b/2 RAINIER trial as of September 16, 2025.
• 40% of those patients achieved minimal residual disease-negative status.
• The safety profile showed no cytokine release syndrome (CRS) observed in evaluable frontline patients to date.

This direct engagement validates the company's proprietary CD3 architecture, which is designed for a favorable safety profile. Aptevo Therapeutics Inc. is expanding its focus, now having eight candidates spanning multiple mechanisms and tumor types as of November 2025. This portfolio expansion requires establishing new, high-touch relationships with investigators in solid tumor areas, including the introduction of two new trispecific candidates, APVO451 and APVO452, in late 2025. The company plans to present R&D data on a trispecific targeting Nectin-4, CD3, and CD40 at the SITC 2025 meeting in November.

Dedicated Investor Relations for public market communication and capital access

Maintaining a dedicated Investor Relations function is essential for a company like Aptevo Therapeutics Inc., which relies on public markets to fund its multi-year development cycles. You need to know how much capital they accessed and when they communicated their progress to keep that access open.

Here is a snapshot of the capital raised and key investor touchpoints in 2025, reflecting the direct communication efforts:

Metric/Event	Date/Period	Value/Detail
Net Cash Raised (Q3 2025)	Three months ended September 30, 2025	$18.7 million, net
Net Cash Raised (Post Q3)	October 2025	$4.1 million, net
Proforma Cash Position	September 30, 2025	$25.2 million
Cash and Cash Equivalents (Reported)	September 30, 2025	$21.1 million
Cash Runway Extension	Post Q3 2025 Financing	Well into 4Q26
Registered Direct Offering Proceeds	June 2025	Approximately $8 million, gross
Investor Presentation Release	February 11, 2025	Outlined pipeline including mipletamig and ALG.APV-527

The Investor Relations team actively engages with the financial community, as evidenced by participation in the ROTH Healthcare Opportunities conference on October 9, 2025, and planned presentations at the American Society of Hematology (ASH) meeting from December 6 - December 9, 2025. This consistent communication supports the capital-raising efforts, such as the June 2025 registered direct offering.

Collaborative relationship with co-development partners like Alligator Bioscience

Co-development partnerships are a key way Aptevo Therapeutics Inc. shares risk and leverages complementary technology platforms. The relationship with Alligator Bioscience AB for ALG.APV-527 is a prime example of this structure.

The original co-development agreement, signed in 2017, established a clear framework for this customer/partner relationship:

• Ownership and Financing: Both Aptevo Therapeutics Inc. and Alligator Bioscience were set to equally own and finance the development of ALG.APV-527.
• Technology Integration: The molecule combined Alligator's proprietary ALLIGATOR-GOLD® library for the tumor-binding function with Aptevo's ADAPTIR™ platform for the immunomodulatory function.
• Clinical Progress: Positive interim data from the Phase 1 trial for ALG.APV-527 was presented at the ESMO Congress 2024.

This partnership structure allows Aptevo Therapeutics Inc. to advance a solid tumor candidate without bearing the full financial burden alone, which is critical given the Q3 2025 net loss was $7.5 million.

Regulatory engagement with the FDA for drug designation and approval pathway

Engagement with the U.S. Food and Drug Administration (FDA) defines the pathway to commercialization. For Aptevo Therapeutics Inc., this relationship is characterized by ongoing trial updates and existing designations.

Key regulatory relationship milestones as of late 2025 include:

Drug Candidate	Regulatory Status/Designation	Key FDA-Relevant Event
Mipletamig	Orphan Drug Act Designation for AML	Provided Update on Phase 1b/2 RAINIER trial results on September 16, 2025
ALG.APV-527	IND Cleared (Phase 1 Initiated Q1 2023)	IND clearance received in September 2022, allowing US clinical trials
All Candidates	No FDA Approval in past two years	Company continues to advance candidates through clinical development

The company's ability to report a 100% remission rate in a specific cohort to the FDA and the public on September 16, 2025, is a direct outcome of this regulatory interaction, as it directly feeds into the Investigational New Drug (IND) application requirements and future New Drug Application (NDA) strategy. Finance: draft 13-week cash view by Friday.

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Channels

You're looking at how Aptevo Therapeutics Inc. gets its science and its financial story out to the world, which is critical for a clinical-stage company. The channels here are less about direct product sales and more about validation, partnership, and funding.

Global clinical trial sites (North America and Europe) for patient enrollment and drug delivery

The primary channel for clinical validation is through the network of sites running trials for its pipeline assets. For the lead candidate, mipletamig, patient enrollment and drug delivery happen at sites participating in the RAINIER Phase 1b/2 trial, which evaluates the drug in combination with standard-of-care venetoclax + azacitidine for frontline Acute Myeloid Leukemia (AML) patients unfit for intensive chemotherapy. Similarly, ALG.APV-527, a bispecific conditional 4-1BB agonist, is being evaluated in a Phase 1 clinical trial across multiple centers for solid tumors. While the specific count of active sites in North America and Europe for late 2025 isn't publicly itemized in the latest reports, the progression of these trials-such as the RAINIER trial opening Cohort 4 for enrollment-indicates an active, distributed network across these geographies to secure the necessary patient populations.

Scientific and medical conferences (ASH, SITC) for presenting clinical data

Presenting data at key medical meetings is a core channel for establishing scientific credibility. Aptevo Therapeutics Inc. actively uses these venues to communicate clinical momentum. For instance, the company announced participation in several major events in the fourth quarter of 2025:

• SITC 2025 - 40th Anniversary Annual Meeting (November 5-9, 2025), where R&D presented a poster on a novel trispecific targeting Nectin-4, CD3, and CD40.
• ASH 2025 - 67th American Society of Hematology Annual Meeting & Exposition (December 6-9, 2025), where interim results from the ongoing RAINIER trial were highlighted.

This scientific outreach is complemented by participation in industry partnering events:

Conference/Event	Date(s) 2025	Location/Format	Relevance
Bio-Europe Springtime Partnering Event	March 17-19, 2025	Milan, Italy	Facilitated relationship building among almost 4,000 attendees.
BIO-Europe 2025	November 3-5 (in-person)	Vienna, Austria	Business Development Team actively participated in meetings.

Earlier in the year, Aptevo Therapeutics Inc. also participated in the 37th Annual Roth Conference in March 2025, which included 1-on-1 meetings.

Investor presentations and SEC filings for communicating financial and pipeline updates

This channel is where the hard financial and clinical metrics are formalized for the investment community. The 10-Q Filing for the third quarter ended September 30, 2025, released on November 6, 2025, is the primary source for these numbers. You need to know the cash position to gauge operational runway.

Here's the quick math on liquidity as of late 2025:

Financial Metric	Amount/Date	Context
Cash and Cash Equivalents (9/30/2025)	$21.1M	Reported in 3Q25 8-K/10-Q.
Pro Forma Cash Balance (Post-ATM Activity)	$25.2M	Reflects capital raised after the quarter end.
Net Proceeds Raised in Q3 2025	$18.7M	From SEPA and ATM agreements.
Additional Capital Raised Post-Q3 End	$4.1M	Subsequent ATM activity.
Stated Cash Runway	Into 4Q26	Based on projected operating needs.
Market Capitalization (Late Nov 2025)	$19.88M	Reported stock data.

Pipeline updates communicated through these filings include the 89% remission rate for mipletamig in evaluable frontline AML patients as of 3Q25, and the introduction of two new trispecific molecules, APVO451 and APVO452, expanding the CD3 portfolio to five molecules.

Business development meetings (e.g., BIO-Europe) for potential licensing deals

Securing strategic partnerships is a vital channel for non-dilutive funding and commercialization support. Aptevo Therapeutics Inc.'s Business Development Team is explicitly noted as being on-site and actively participating in meetings at BIO-Europe 2025 in Vienna (November 3-5, 2025) to pursue potential licensing deals. This follows similar activity at BIO International 2025 in June, where senior executives met potential partners. The company is co-developing ALG.APV-527 with Alligator Bioscience, demonstrating the use of these partnering channels to advance assets.

If onboarding a potential partner takes longer than expected, cash burn becomes the immediate risk.

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Aptevo Therapeutics Inc. (APVO) targets with its specialized immuno-oncology pipeline. These segments range from specific patient populations needing novel treatments to the capital providers that fuel the entire operation.

Oncology Patients, Specifically Those with Acute Myeloid Leukemia (AML)

The primary patient segment centers on those with Acute Myeloid Leukemia (AML), particularly those unfit for intensive chemotherapy. Aptevo Therapeutics Inc. (APVO)'s lead candidate, mipletamig, a CD123 x CD3 bispecific antibody, is being evaluated in this space. The clinical data generated here directly addresses this customer segment's unmet need.

Here are the key performance indicators relevant to this patient group as of late 2025:

Metric	Data Point	Context/Trial
Remission Rate (CR/CRi)	100%	Cohort 3 of the Phase 1b/2 RAINIER trial (highest dose level) for newly diagnosed, unfit AML patients.
Remission Rate (CR/CRi)	89%	Among evaluable frontline AML patients across two trials treated with mipletamig in combination therapy (as of Q3 2025).
Minimal Residual Disease (MRD) Negativity	40%	In Cohort 3 of the RAINIER trial.
Standard of Care Remission Rate	40-70%	Typical range for newly diagnosed, unfit AML patients on venetoclax combinations.
Designation Status	Orphan Drug Designation	Granted by the FDA for AML.

The clinical profile shows a favorable safety aspect, with no dose-limiting toxicities or cytokine release syndrome (CRS) reported across all cohorts in the RAINIER trial to date.

Patients with Various Solid Tumors Targeted by Preclinical Candidates

Aptevo Therapeutics Inc. (APVO) is expanding its focus beyond hematologic malignancies to solid tumors using its proprietary platforms. This segment is targeted by candidates like ALG.APV-527 and the newly introduced trispecifics, APVO451 and APVO452, and the bispecific APVO455.

• APVO455, a Nectin-4 x CD3 bispecific, is designed for tumors such as bladder, breast, NSCLC, and head and neck cancers.
• ALG.APV-527 targets the 5T4 tumor antigen, expressed on malignancies including non-small cell lung, renal, pancreas, prostate, breast, colorectal, gastric, and cervical cancers.
• APVO442, another bispecific, targets prostate cancer (PSMA x CD3).
• APVO451 and APVO452 are trispecifics targeting solid tumors and prostate cancer, respectively.

Preliminary data for ALG.APV-527 showed that 58% of nineteen (19) efficacy evaluable patients achieved a best response of stable disease in the first five cohorts.

Strategic Pharmaceutical and Biotechnology Partners for Co-development and Licensing

This segment is crucial for advancing pipeline assets that are not wholly-owned or require shared investment. The existing collaboration structure provides a template for future deals.

The key existing partnership is:

• ALG.APV-527 is co-developed with Alligator Biosciences under an agreement signed in 2017.

The company's strategy involves developing molecules built on its ADAPTIR and ADAPTIR-FLEX platforms, which are designed to be attractive for co-development due to their unique CRIS-7-derived CD3 binding domain, which is associated with favorable safety outcomes.

Institutional and Retail Investors Providing Capital Through Equity Markets

As a clinical-stage company, Aptevo Therapeutics Inc. (APVO) relies heavily on capital markets to fund its research and development expenses, which were $4.0 million for the three months ended September 30, 2025.

Financial metrics related to investor capital as of late 2025:

Financial Metric	Value / Date	Source/Context
Cash & Equivalents (Proforma)	$25.2 million	As of September 30, 2025, including October 2025 raise.
Cash & Equivalents (Reported)	$21.1 million	As of September 30, 2025.
Capital Raised in Q3 2025	$18.7 million (net)	Under SEPA and ATM agreements.
Equity Line of Credit	Up to $25 million	Secured to support development.
Capital Raised in April/May 2025	Approximately $4.9 million	Through direct offerings and ATM facility.
ATM Offering Limit (April 2025)	Up to $3,167,548	Filed under a prospectus supplement.
Institutional Ownership Percentage	8.06%	Of the total stock.
Analyst Consensus 2025 Revenue Forecast	$0	Based on 3 Wall Street analysts.
Analyst Consensus 2025 EPS Forecast	-$14.46	With a range of -$13.90 to -$14.89.

Institutional investors like Point72 Asset Management, L.P., DRW Securities, LLC, and Virtu Financial LLC hold significant positions. Retail investors are the base providing liquidity, evidenced by the share price on November 21, 2025, being $1.13 / share, a decline of 87.11% from $8.77 / share on November 25, 2024. Furthermore, total shares outstanding grew by 67258.9% in the past year due to dilution.

Finance: draft 13-week cash view by Friday.

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Cost Structure

You're looking at the core burn rate for Aptevo Therapeutics Inc. as of late 2025, which is heavily weighted toward advancing the pipeline.

The Research and Development (R&D) spend is the largest component, reflecting the clinical-stage nature of the business. For the three months ended September 30, 2025, R&D expenses were reported at \$4.0 million. This compares to \$3.1 million for the same period in 2024.

General and Administrative (G&A) costs also represent a significant outflow. For Q3 2025, G&A reached \$3.6 million, which was an increase of \$1.5 million from \$2.1 million in Q3 2024. The primary driver for this G&A rise was higher employee costs.

The cost profile includes substantial fixed expenses tied directly to advancing drug candidates through regulatory pathways and trials. These costs are not easily scaled down quarter-to-quarter.

Here's a quick view of the key operating expenses for the third quarter of 2025:

Cost Category	Q3 2025 Amount (Millions USD)	Comparison Period Amount (Millions USD)
Research and Development (R&D)	\$4.0	\$3.1 (Q3 2024)
General and Administrative (G&A)	\$3.6	\$2.1 (Q3 2024)

The personnel costs, covering both scientific development and corporate oversight, are a major fixed element. These include compensation for specialized scientific and management personnel required for complex biotech operations.

• Employee costs driving G&A increase.
• Costs associated with clinical trial execution.
• Expenses for maintaining regulatory compliance.
• Consulting fees for specialized scientific expertise.

The net loss for the three months ended September 30, 2025, was \$7.55 million, with a basic loss per share from continuing operations of \$2.23.

Finance: draft 13-week cash view by Friday.

Aptevo Therapeutics Inc. (APVO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Aptevo Therapeutics Inc. (APVO) as of late 2025, and honestly, the story here is all about financing the pipeline, not selling a product yet. That's typical for a clinical-stage biotech, but you need the numbers to see the runway.

Currently, Aptevo Therapeutics Inc. has no product revenue from commercial sales. Analysts forecast APVO's revenue for 2025 to be exactly \$0. The trailing twelve months ending September 30, 2025, reflect this, showing revenue of \$0.00, and the quarterly revenue for Q3 2025 was also reported as \$0.0. This zero top-line figure is the baseline for understanding their current operational model.

So, where does the money come from to fund the science? The primary source is equity financing, which is how you keep the lights on when you don't have product sales. Aptevo Therapeutics Inc. was active here, raising a net \$18.7 million in Q3 2025 alone through its Standby Equity Purchase Agreement (SEPA) and At-The-Market (ATM) agreement. To give you the full picture of their financial footing after that activity, here's a quick look at the cash situation reported around that time:

Financial Metric	Amount as of September 30, 2025
Cash and Cash Equivalents	\$21.1 million
Net Capital Raised in Q3 2025	\$18.7 million
Total Capital Raised Since End of Q2 2025 (including October)	\$22.8 million
Estimated Cash Runway Extension	Well into the fourth quarter of 2026

What this estimate hides, though, is the cost of that capital. The massive increase in common shares outstanding from 72,922 at the end of 2024 to 13.8 million by September 30, 2025, shows significant shareholder dilution occurred to secure that funding. It's a necessary trade-off to fund clinical development, but one you definitely need to track.

The real potential revenue streams are entirely contingent on clinical success. These are the milestones you watch for, which translate into non-dilutive or milestone-based cash infusions, plus future royalties. The pipeline is advancing, which is what drives these future expectations. You're looking at potential revenue from:

• Milestone payments tied to clinical progression.
• Royalties on future net sales from co-development partners.
• Future product sales following regulatory approval.

Specifically, the progress with mipletamig, which showed an 89% remission rate among evaluable frontline AML patients across two trials, including 100% in Cohort 3 of the RAINIER trial, is what underpins the value of those future revenue streams. Also, the introduction of the first trispecific antibody candidates, APVO451 and APVO452, expands the potential for future licensing or partnership deals that generate upfront payments or milestones.

Finance: draft 13-week cash view by Friday.