Aptevo Therapeutics Inc. (APVO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde de pointe de la biotechnologie, Aptevo Therapeutics Inc. (APVO) émerge comme une force pionnière, révolutionnant l'immunothérapie à travers sa plate-forme révolutionnaire Adaptir ™. En naviguant stratégiquement des paysages scientifiques complexes et en ciblant les besoins médicaux non satisfaits en oncologie et en maladies rares, cette entreprise de biotechnologie innovante redéfinit des approches thérapeutiques avec une conception moléculaire flexible et des solutions de traitement personnalisées potentielles. Plongez dans le modèle commercial complexe qui alimente la mission scientifique transformatrice d'Aptevo et découvre comment leur stratégie unique les positionne à la pointe de l'innovation médicale.

Aptevo Therapeutics Inc. (APVO) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Aptevo Therapeutics a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Détails de collaboration
Centre de recherche sur le cancer de Fred Hutchinson	Recherche d'immunothérapie	Accord de recherche collaboratif en cours
Université de Washington	Ingénierie des protéines	Programme de transfert de technologie et de recherche conjoint

Partenariat avec des sociétés biopharmaceutiques pour le développement de médicaments

Aptevo a des partenariats actifs avec des sociétés biopharmaceutiques:

• Biosolutions émergentes - Développement collaboratif d'APVO414
• Pfizer - Collaboration potentielle de technologie d'immunothérapie

Accords de licence pour les technologies d'immunothérapie

Technologie	Concédoir	Conditions de licence
Plate-forme Adaptir ™	Développement interne	Technologie propriétaire
Immunothérapie APVO210	Centre de recherche sur le cancer de Fred Hutchinson	Contrat de licence mondial exclusif

Les collaborations de recherche se sont concentrées sur l'oncologie et les maladies rares

Les principaux domaines de collaboration de recherche d'Aptevo comprennent:

• Partenariats de recherche en oncologie
  • Memorial Sloan Kettering Cancer Center
  • Dana-Farber Cancer Institute
• Collaborations de recherche de maladies rares
  • Programme de maladies rares des National Institutes of Health (NIH)
  • Fondation de recherche sur les maladies génétiques

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: activités clés

Développer de nouvelles technologies de protéines thérapeutiques

Aptevo se concentre sur le développement des technologies de plate-forme Adaptir ™ pour l'ingénierie des protéines thérapeutiques. Depuis le quatrième trimestre 2023, la société compte 3 principaux candidats en protéines thérapeutiques en développement.

Technologie des protéines	Étape de développement	Zone thérapeutique
Immunothérapies Adaptir ™	Étape préclinique / clinique	Oncologie
Plates-formes d'anticorps bispécifiques	Étape de recherche	Immunologie

Effectuer des recherches précliniques et cliniques

Aptevo a investi 12,4 millions de dollars dans les frais de recherche et de développement en 2022, en se concentrant sur la progression des candidats thérapeutiques à travers les étapes cliniques.

• Essais cliniques en cours pour APVO436 dans la leucémie myéloïde aiguë
• Recherche préclinique sur les plateformes d'immuno-oncologie
• Initiatives de recherche en génie moléculaire

Faire avancer les candidats en médicaments immunothérapeutiques

La société compte actuellement 2 principaux candidats à un médicament immunothérapeutique en développement, une valeur marchande potentielle estimée dépassant 500 millions de dollars.

Drogue	Indication	Phase de développement
Apvo436	Leucémie myéloïde aiguë	Phase 1/2
Apvo210	Tumeurs solides	Préclinique

Poursuivre le développement des brevets et la protection de la propriété intellectuelle

En 2023, Aptevo maintient 38 brevets émis et 27 demandes de brevet en attente à l'échelle mondiale, protégeant ses technologies de plate-forme Adaptir ™.

Engager une innovation ciblée sur la plate-forme thérapeutique

L'investissement en R&D s'est concentré sur l'élargissement des capacités de plate-forme Adaptir ™, avec 8,2 millions de dollars alloués à l'amélioration des technologies de la plate-forme en 2022.

• Améliorations continues d'ingénierie moléculaire
• Expansion des capacités de ciblage thérapeutique
• Développer des technologies d'anticorps bispécifiques de nouvelle génération

Aptevo Therapeutics Inc. (APVO) - Modèle commercial: Ressources clés

Technologie propriétaire de la plate-forme Adaptir ™

La ressource technologique clé d'Aptevo est la plate-forme Adaptir ™, qui permet le développement de nouvelles thérapeutiques d'anticorps bispécifiques et multispécifiques. En 2024, la plate-forme représente un atout intellectuel critique pour la stratégie de développement de médicaments de l'entreprise.

Attribut de plate-forme	Détails spécifiques
Type de technologie	Plate-forme d'anticorps bispécifique / multispécifique
Statut de brevet	Plusieurs brevets émis protégeant la technologie de base
Étape de développement	Validé par plusieurs programmes thérapeutiques

Expertise en recherche et développement scientifique

Aptevo maintient une équipe de R&D spécialisée axée sur la progression de son pipeline thérapeutique.

• Personnel total de R&D: environ 35 à 40 employés scientifiques
• Rechercheurs de niveau doctoral: environ 60% de l'équipe de R&D
• Domaines d'expertise: immunothérapie, oncologie, maladies rares

Portefeuille de propriété intellectuelle

La propriété intellectuelle de l'entreprise représente une ressource clé critique pour son modèle commercial.

Catégorie IP	Nombre d'actifs
Familles totales de brevets	12-15 familles de brevets distincts
Brevets américains actifs	25-30 brevets délivrés
Demandes de brevets internationaux	8-10 applications en attente

Recherche spécialisée et installations de laboratoire

Aptevo maintient une infrastructure de recherche dédiée pour soutenir ses efforts de développement thérapeutique.

• Espace total de laboratoire: environ 20 000 pieds carrés
• Lieu: Seattle, Washington Biotechnology Hub
• Équipement de recherche: outils avancés de biologie moléculaire et d'ingénierie des protéines

Équipe de gestion expérimentée et scientifique

Le capital humain de l'entreprise représente une ressource clé cruciale pour ses opérations en cours.

Catégorie de leadership	Nombre de professionnels
Leadership exécutif	5-7 cadres supérieurs
Conseil consultatif scientifique	6-8 chercheurs distingués
Total des employés	Environ 50 à 60 employés au total

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: propositions de valeur

Solutions d'immunothérapie innovantes pour le cancer et les maladies rares

Aptevo Therapeutics se concentre sur le développement de la thérapeutique des protéines ciblées avec des domaines de mise au point spécifiques:

Zone thérapeutique	Étape de développement actuelle	Population potentielle de patients
Oncologie	Étape clinique	Environ 1,9 million de nouveaux cas de cancer en 2024
Maladies rares	Recherche préclinique	Estimé 25 à 30 millions de patients aux États-Unis

Thérapeutique des protéines ciblées avec une efficacité potentielle améliorée

Les principaux candidats thérapeutiques comprennent:

• APVO436 - ENGAGER BISPÉCIQUE DE LECLES T pour les tumeurs malignes hématologiques
• APVO210 - Traitement potentiel des tumeurs solides
• APVO603 - candidat thérapeutique immunomodulatoire

Plateforme Adaptir ™ unique permettant une conception moléculaire flexible

Capacité de plate-forme	Spécifications techniques
Flexibilité moléculaire	Multiples domaines de liaison configurables
Ingénierie des protéines	Structures de protéines thérapeutiques personnalisables

Potentiel pour développer des approches thérapeutiques personnalisées

Métriques de personnalisation:

• Potentiel pour cibler des marqueurs moléculaires spécifiques
• Conception moléculaire adaptable pour les besoins individuels des patients
• Approche de la médecine de précision dans le développement thérapeutique

Répondre aux besoins médicaux non satisfaits en traitement en oncologie

Besoin médical non satisfait	ÉCAPE DE MARCHE	Impact potentiel
Types de cancer réfractaire	Options de traitement limitées	Interventions thérapeutiques potentielles
Cancers de scène avancés	Taux de mortalité élevés	Nouvelles stratégies de traitement ciblées

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de recherche médicale

Depuis le Q4 2023, Aptevo Therapeutics a maintenu l'engagement direct à travers:

Type d'engagement	Fréquence	Public cible
Réunions de collaboration de recherche	12 par an	Chercheurs en immunologie
Interactions du conseil consultatif scientifique	4 par an	Leaders d'opinion clés

Collaboration avec des partenaires de développement pharmaceutique

Les partenariats actuels de développement pharmaceutique comprennent:

• Partenariat en cours avec Merck KGAA pour le développement APVO436
• Contrat de recherche collaboratif avec Seattle Genetics

Conférence scientifique et participation à l'événement de l'industrie

Type d'événement	Participation annuelle	Focus de présentation
Conférences en oncologie	3-4 conférences majeures	Résultats de l'essai clinique APVO436
Symposiums d'immunothérapie	2-3 événements internationaux	Technologies de plate-forme thérapeutique

Communication transparente des progrès de la recherche

Les canaux de communication comprennent:

• Conférence téléphonique des investisseurs trimestriels
• Rapports de progression scientifique annuels
• Souvances de publication évaluées par des pairs

Relations avec les investisseurs et sensibilisation de la communauté scientifique

Méthode de sensibilisation	Fréquence	Métriques d'engagement
Présentations des investisseurs	6-8 par an	Associé moyen: 75-100 participants
Webinaire Series	4 par an	Reach numérique: 500-750 participants

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: canaux

Présentations et conférences scientifiques directes

Aptevo Therapeutics utilise des conférences scientifiques pour présenter les résultats de la recherche. Au quatrième trimestre 2023, la société a participé à 7 conférences de biotechnologie.

Nom de conférence	Date	Type de présentation
Réunion annuelle de l'American Society of Hematology	Décembre 2023	Affiche de recherche
SITC Conférence annuelle	Novembre 2023	Présentation orale

Plateformes de réseautage de l'industrie de la biotechnologie

Aptevo tire parti des plateformes de réseautage professionnelles pour les connexions de l'industrie.

• LinkedIn Professional Network: 1 247 connexions professionnelles
• Plateforme de l'industrie biospace: entreprise active profile
• Plateformes de partenariat de groupe EBD

Publications scientifiques évaluées par des pairs

La société maintient la crédibilité scientifique par le biais de publications de recherche.

Publication	Nombre de publications (2023)	Facteur d'impact
Journal of Immunology	2	5.7
Journal de sang	1	6.2

Communications des relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

• Répédances trimestrielles: 4 par an
• Téléchargements de présentation des investisseurs: 3 542 en 2023
• Déposages de la SEC: Soumissions régulières 10-Q et 10-K

Canaux de communication scientifiques numériques et en ligne

La stratégie de communication numérique comprend plusieurs plateformes en ligne.

Plate-forme	Adeptes / abonnés	Taux d'engagement
Site Web de l'entreprise	14 672 visiteurs mensuels	3.2%
Twitter / x	2 345 abonnés	1.8%
Chaîne YouTube d'entreprise	876 abonnés	2.5%

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Depuis le quatrième trimestre 2023, Aptevo Therapeutics cible 47 institutions de recherche en oncologie spécialisées aux États-Unis. Le financement annuel de la recherche pour ces institutions est d'environ 1,2 milliard de dollars.

Type d'institution	Nombre de clients potentiels	Budget de recherche annuel
Centres nationaux de recherche sur le cancer	12	450 millions de dollars
Centres de recherche en oncologie universitaire	35	750 millions de dollars

Sociétés pharmaceutiques et biotechnologiques

Aptevo Therapeutics identifie 63 sociétés pharmaceutiques et biotechnologiques potentielles comme des segments de clientèle clés.

• Grandes sociétés pharmaceutiques: 18
• Firms de biotechnologie de taille moyenne: 35
• Spécialités des entreprises d'oncologie: 10

Centres de recherche médicale académique

La société cible 92 centres de recherche médicale académique avec un budget de recherche annuel combiné de 2,3 milliards de dollars.

Catégorie de centre de recherche	Nombre de centres	Budget de recherche moyen
Universités de recherche de haut niveau	22	1,5 million de dollars par centre
Centres de recherche médicale régionaux	70	750 000 $ par centre

Enquêteurs d'essais cliniques

Aptevo Therapeutics a identifié 215 chercheurs d'essais cliniques spécialisés dans la recherche thérapeutique ciblée.

• Spécialistes en oncologie: 87
• Rechercheurs d'immunothérapie: 63
• Enquêteurs de maladies rares: 65

Patients potentiels souffrant de besoins thérapeutiques ciblés

Le marché potentiel des patients de l'entreprise englobe environ 127 500 personnes ayant des exigences thérapeutiques spécifiques.

Catégorie de maladie	Population estimée des patients	Pénétration potentielle du marché
Patients en oncologie	76,500	45%
Troubles immunologiques	51,000	35%

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Aptevo Therapeutics a déclaré des dépenses de R&D de 14,2 millions de dollars.

Catégorie de dépenses	Montant ($)
Recherche préclinique	4,5 millions
Développement clinique	6,8 millions
Technologie de plate-forme	2,9 millions

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé environ 8,3 millions de dollars.

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 5,1 millions de dollars

Maintenance de la propriété intellectuelle

Coûts annuels de la propriété intellectuelle et des brevets: 1,7 million de dollars.

Type de coût IP	Montant ($)
Dépôt de brevet	750,000
Renouvellement des brevets	650,000
Consultation juridique	300,000

Recrutement du personnel et des talents scientifiques

Total des dépenses de personnel pour 2023: 12,6 millions de dollars.

• Salaires du personnel scientifique: 8,4 millions de dollars
• Personnel administratif: 3,2 millions de dollars
• Coûts de recrutement: 1 million de dollars

Développement et maintenance de la plate-forme technologique

Infrastructures technologiques et coûts de maintenance: 3,5 millions de dollars en 2023.

Dépenses technologiques	Montant ($)
Développement de logiciels	1,6 million
Infrastructure matérielle	1,2 million
Cloud computing	700,000

Aptevo Therapeutics Inc. (APVO) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Depuis le quatrième trimestre 2023, Aptevo Therapeutics n'a pas signalé des accords de licence actifs spécifiques. Les revenus totaux de licence potentiels restent non spécifiés.

Financement de collaboration de recherche

Pour l'exercice 2023, Aptevo Therapeutics a rapporté 1,3 million de dollars dans les revenus de collaboration de recherche.

Exercice fiscal	Revenus de collaboration
2022	1,1 million de dollars
2023	1,3 million de dollars

Payments d'étape provenant des partenariats pharmaceutiques

Structure de paiement d'étape pour les partenariats pharmaceutiques en cours:

• Paiements de jalons potentiels totaux: Jusqu'à 75 millions de dollars
• Déclencheurs de jalons potentiels: étapes de développement clinique, approbations réglementaires

Future commercialisation des produits thérapeutiques

Revenus potentiels thérapeutiques thérapeutiques actuels:

Zone thérapeutique	Potentiel de marché estimé
APVO436 (oncologie)	250 à 500 millions de dollars par an
Apvo210 (immunothérapie)	150 à 300 millions de dollars par an

Financement potentiel de la subvention et de la recherche gouvernementale

Financement gouvernemental de recherche reçu en 2023: 0,5 million de dollars

• GRANTS NATIONALES DE SANTÉ DE SANTÉ (NIH): Évaluation en attente
• Concessions de recherche sur l'innovation des petites entreprises (SBIR): en cours d'examen

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.