APTEVO Therapeutics Inc. (APVO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo da biotecnologia de ponta, a APTEVO Therapeutics Inc. (APVO) surge como uma força pioneira, revolucionando a imunoterapia por meio de sua inovadora plataforma Adaptir ™. Ao navegar estrategicamente paisagens científicas complexas e direcionar necessidades médicas não atendidas em oncologia e doenças raras, esta empresa inovadora de biotecnologia está redefinindo abordagens terapêuticas com design molecular flexível e possíveis soluções de tratamento personalizado. Mergulhe no intrincado modelo de negócios que alimenta a missão científica transformadora da APTEvo e descubra como sua estratégia única os posiciona na vanguarda da inovação médica.

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A APTEVO Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Detalhes da colaboração
Fred Hutchinson Cancer Research Center	Pesquisa de imunoterapia	Contrato de pesquisa colaborativa em andamento
Universidade de Washington	Engenharia de proteínas	Programa de transferência de tecnologia e pesquisa conjunta

Parceria com empresas biofarmacêuticas para desenvolvimento de medicamentos

A APTEVO tem parcerias ativas com empresas biofarmacêuticas:

• Biosoluções emergentes - Desenvolvimento colaborativo do APVO414
• Pfizer - colaboração potencial de tecnologia de imunoterapia

Acordos de licenciamento para tecnologias de imunoterapia

Tecnologia	Licenciante	Termos de licenciamento
Plataforma Adaptir ™	Desenvolvimento interno	Tecnologia proprietária
Imunoterapia APVO210	Fred Hutchinson Cancer Research Center	Contrato exclusivo de licenciamento mundial

Colaborações de pesquisa focadas em oncologia e doenças raras

As principais áreas de colaboração de pesquisa da APTEVO incluem:

• Parcerias de pesquisa de oncologia
  • Memorial Sloan Kettering Cancer Center
  • Instituto de Câncer Dana-Farber
• Colaborações de pesquisa de doenças raras
  • Programa Nacional de Doenças Raras Institutos de Saúde (NIH)
  • Fundação de Pesquisa de Doenças Genéticas

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: Atividades -chave

Desenvolvimento de novas tecnologias de proteínas terapêuticas

O APTEVO se concentra no desenvolvimento de tecnologias da plataforma Adaptir ™ para engenharia terapêutica de proteínas. A partir do quarto trimestre 2023, a empresa possui 3 candidatos a proteínas terapêuticas primárias em desenvolvimento.

Tecnologia de proteínas	Estágio de desenvolvimento	Área terapêutica
Immoterapias Adaptir ™	Estágio pré -clínico/clínico	Oncologia
Plataformas de anticorpos biespecíficos	Estágio de pesquisa	Imunologia

Condução de pesquisa pré -clínica e clínica

A APTEvo investiu US $ 12,4 milhões em despesas de pesquisa e desenvolvimento em 2022, com foco no avanço dos candidatos terapêuticos por meio de estágios clínicos.

• Ensaios clínicos em andamento para APVO436 em leucemia mielóide aguda
• Pesquisa pré-clínica em plataformas de imuno-oncologia
• Iniciativas de pesquisa de engenharia molecular

Avançando candidatos a drogas imunoterapêuticas

Atualmente, a empresa possui 2 candidatos a medicamentos imunoterapêuticos primários em desenvolvimento, com valor potencial de mercado estimado superior a US $ 500 milhões.

Candidato a drogas	Indicação	Fase de desenvolvimento
APVO436	Leucemia mielóide aguda	Fase 1/2
APVO210	Tumores sólidos	Pré -clínico

Buscar o desenvolvimento de patentes e proteção de propriedade intelectual

A partir de 2023, a APTEVO mantém 38 patentes emitidas e 27 pedidos de patentes pendentes em todo o mundo, protegendo suas tecnologias de plataforma Adaptir ™.

Engajando -se em inovação de plataforma terapêutica direcionada

O investimento em P&D focou na expansão dos recursos da plataforma Adaptir ™, com US $ 8,2 milhões alocados ao aprimoramento da tecnologia da plataforma em 2022.

• Melhorias contínuas de engenharia molecular
• Expandir recursos de segmentação terapêutica
• Desenvolvendo tecnologias de anticorpos biespecíficos de próxima geração

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: Recursos -chave

Tecnologia da plataforma Adaptir ™ Proprietária

O principal recurso tecnológico da APTEVO é a plataforma Adaptir ™, que permite o desenvolvimento de novas terapêuticas de anticorpos biespecíficos e multiespecíficos. A partir de 2024, a plataforma representa um ativo intelectual crítico para a estratégia de desenvolvimento de medicamentos da empresa.

Atributo da plataforma	Detalhes específicos
Tipo de tecnologia	Plataforma de anticorpos biespecíficos/multiespecíficos
Status de patente	Múltiplas patentes emitidas protegendo a tecnologia central
Estágio de desenvolvimento	Validado através de vários programas terapêuticos

Pesquisa científica e experiência em desenvolvimento

A APTEVO mantém uma equipe de P&D especializada focada no avanço de seu pipeline terapêutico.

• Pessoal total de P&D: aproximadamente 35-40 funcionários científicos
• Pesquisadores no nível de doutorado: aproximadamente 60% da equipe de P&D
• Áreas de especialização: imunoterapia, oncologia, doenças raras

Portfólio de propriedade intelectual

A propriedade intelectual da empresa representa um recurso -chave crítico para seu modelo de negócios.

Categoria IP	Número de ativos
Total de famílias de patentes	12-15 famílias de patentes distintas
Patentes ativos dos EUA	25-30 patentes emitidas
Aplicações de patentes internacionais	8-10 Aplicações pendentes

Pesquisa especializada e instalações de laboratório

A APTEVO mantém infraestrutura de pesquisa dedicada para apoiar seus esforços de desenvolvimento terapêutico.

• Espaço total de laboratório: aproximadamente 20.000 pés quadrados
• Localização: Seattle, Washington Biotechnology Hub
• Equipamento de pesquisa: Ferramentas avançadas de biologia molecular e engenharia de proteínas

Equipe de gestão e científica experiente

O capital humano da empresa representa um recurso -chave crucial para suas operações em andamento.

Categoria de liderança	Número de profissionais
Liderança executiva	5-7 executivos seniores
Conselho Consultivo Científico	6-8 pesquisadores distintos
Total de funcionários	Aproximadamente 50-60 funcionários totais

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: proposições de valor

Soluções inovadoras de imunoterapia para câncer e doenças raras

A APTEVO Therapeutics se concentra no desenvolvimento de terapêuticas proteicas direcionadas com áreas de foco específicas:

Área terapêutica	Estágio de desenvolvimento atual	Potencial população de pacientes
Oncologia	Estágio clínico	Aproximadamente 1,9 milhão de novos casos de câncer em 2024
Doenças raras	Pesquisa pré -clínica	Estimado 25-30 milhões de pacientes nos Estados Unidos

Terapêutica proteica direcionada com potencial eficácia aprimorada

Os candidatos terapêuticos -chave incluem:

• APVO436 - Células T bisppecíficas envolventes para neoplasias hematológicas
• APVO210 - Tratamento potencial para tumores sólidos
• APVO603 - candidato terapêutico imunomodulador

Plataforma Adaptir ™ exclusiva, permitindo design molecular flexível

Capacidade da plataforma	Especificação técnica
Flexibilidade molecular	Múltiplos domínios de ligação configuráveis
Engenharia de proteínas	Estruturas de proteínas terapêuticas personalizáveis

Potencial para desenvolver abordagens terapêuticas personalizadas

Métricas de personalização:

• Potencial para atingir marcadores moleculares específicos
• Projeto molecular adaptável para necessidades individuais de pacientes
• Abordagem de medicina de precisão no desenvolvimento terapêutico

Atendendo a necessidades médicas não atendidas no tratamento de oncologia

Necessidade médica não atendida	Gap atual de mercado	Impacto potencial
Tipos de câncer refratários	Opções de tratamento limitado	Possíveis novas intervenções terapêuticas
Câncer de estágio avançado	Altas taxas de mortalidade	Novas estratégias de tratamento direcionadas

APTEVO Therapeutics Inc. (APVO) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com comunidades de pesquisa médica

A partir do quarto trimestre 2023, a APTEVO Therapeutics manteve o engajamento direto por meio de:

Tipo de engajamento	Freqüência	Público -alvo
Reuniões de colaboração de pesquisa	12 por ano	Pesquisadores de imunologia
Interações do Conselho Consultivo Científico	4 por ano	Líderes de opinião -chave

Colaboração com parceiros de desenvolvimento farmacêutico

As parcerias de desenvolvimento farmacêutico atuais incluem:

• Parceria em andamento com a Merck KGAA para o desenvolvimento APVO436
• Contrato de pesquisa colaborativa com a Seattle Genetics

Conferência Científica e Participação de Eventos da Indústria

Tipo de evento	Participação anual	Foco de apresentação
Conferências de oncologia	3-4 grandes conferências	Resultados do ensaio clínico APVO436
Simpósios de imunoterapia	2-3 eventos internacionais	Tecnologias terapêuticas da plataforma

Comunicação transparente do progresso da pesquisa

Os canais de comunicação incluem:

• Chamadas trimestrais de conferência de investidores
• Relatórios anuais de progresso científico
• Envios de publicação revisados ​​por pares

Relações com investidores e divulgação da comunidade científica

Método de divulgação	Freqüência	Métricas de engajamento
Apresentações de investidores	6-8 por ano	Participação média: 75-100 participantes
Série de webinar	4 por ano	Alcance digital: 500-750 participantes

APTEVO Therapeutics Inc. (APVO) - Modelo de Negócios: Canais

Apresentações e conferências científicas diretas

A APTEVO Therapeutics utiliza conferências científicas para apresentar os resultados da pesquisa. A partir do quarto trimestre de 2023, a empresa participou de 7 conferências de biotecnologia.

Nome da conferência	Data	Tipo de apresentação
Reunião Anual da Sociedade Americana de Hematologia	Dezembro de 2023	Pôster de pesquisa
Conferência Anual da SITC	Novembro de 2023	Apresentação oral

Plataformas de rede da indústria de biotecnologia

O APTEVO aproveita as plataformas profissionais de rede para conexões do setor.

• Rede Profissional do LinkedIn: 1.247 conexões profissionais
• Plataforma da indústria bioespacial: corporativa ativa profile
• Plataformas de parceria do grupo EBD

Publicações científicas revisadas por pares

A empresa mantém credibilidade científica por meio de publicações de pesquisa.

Publicação	Número de publicações (2023)	Fator de impacto
Jornal de Imunologia	2	5.7
Blood Journal	1	6.2

Comunicações de Relações com Investidores

Os canais de comunicação dos investidores incluem:

• Chamadas trimestrais de ganhos: 4 por ano
• Downloads de apresentação do investidor: 3.542 em 2023
• Registros da SEC: envios regulares de 10 e 10-K

Canais de comunicação científica digital e online

A estratégia de comunicação digital inclui várias plataformas online.

Plataforma	Seguidores/assinantes	Taxa de engajamento
Site da empresa	14.672 visitantes mensais	3.2%
Twitter/x	2.345 seguidores	1.8%
Canal corporativo do YouTube	876 assinantes	2.5%

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A partir do quarto trimestre 2023, a APTEVO Therapeutics tem como alvo 47 instituições especializadas de pesquisa de oncologia nos Estados Unidos. O financiamento anual de pesquisa para essas instituições é de aproximadamente US $ 1,2 bilhão.

Tipo de instituição	Número de clientes em potencial	Orçamento de pesquisa anual
Centros Nacionais de Pesquisa do Câncer	12	US $ 450 milhões
Centros de pesquisa de oncologia baseados em universidades	35	US $ 750 milhões

Empresas farmacêuticas e de biotecnologia

A APTEVO Therapeutics identifica 63 empresas farmacêuticas e de biotecnologia em potencial como os principais segmentos de clientes.

• Grandes empresas farmacêuticas: 18
• Empresas de biotecnologia de tamanho médio: 35
• Empresas de oncologia especializadas: 10

Centros de Pesquisa Médica Acadêmica

A empresa tem como alvo 92 centros de pesquisa médica acadêmica com um orçamento anual de pesquisa anual combinado de US $ 2,3 bilhões.

Categoria do centro de pesquisa	Número de centros	Orçamento médio de pesquisa
Universidades de pesquisa de primeira linha	22	US $ 1,5 milhão por centro
Centros de Pesquisa Médica Regional	70	US $ 750.000 por centro

Investigadores de ensaios clínicos

A APTEVO Therapeutics identificou 215 investigadores de ensaios clínicos especializados em pesquisas terapêuticas direcionadas.

• Especialistas em oncologia: 87
• Pesquisadores de imunoterapia: 63
• Investigadores de doenças raras: 65

Pacientes em potencial com necessidades terapêuticas direcionadas

O potencial mercado de pacientes da Companhia abrange aproximadamente 127.500 indivíduos com requisitos terapêuticos específicos.

Categoria de doença	População estimada de pacientes	Penetração potencial de mercado
Pacientes oncológicos	76,500	45%
Distúrbios imunológicos	51,000	35%

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Aptevo Therapeutics registrou despesas de P&D de US $ 14,2 milhões.

Categoria de despesa	Valor ($)
Pesquisa pré -clínica	4,5 milhões
Desenvolvimento Clínico	6,8 milhões
Tecnologia da plataforma	2,9 milhões

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram aproximadamente US $ 8,3 milhões.

• Ensaios de Fase I: US $ 3,2 milhões
• Ensaios de Fase II: US $ 5,1 milhões

Manutenção da propriedade intelectual

Custos anuais de propriedade intelectual e manutenção de patentes: US $ 1,7 milhão.

Tipo de custo de IP	Valor ($)
Registro de patentes	750,000
Renovação de patentes	650,000
Consulta legal	300,000

Pessoal e recrutamento de talentos científicos

Total de despesas de pessoal para 2023: US $ 12,6 milhões.

• Salários da equipe científica: US $ 8,4 milhões
• Pessoal Administrativo: US $ 3,2 milhões
• Custos de recrutamento: US $ 1 milhão

Desenvolvimento e manutenção da plataforma de tecnologia

Custos de infraestrutura e manutenção de tecnologia: US $ 3,5 milhões em 2023.

Despesa de tecnologia	Valor ($)
Desenvolvimento de software	1,6 milhão
Infraestrutura de hardware	1,2 milhão
Computação em nuvem	700,000

APTEVO Therapeutics Inc. (APVO) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a APTEVO Therapeutics não relatou acordos específicos de licenciamento ativo. A receita total potencial de licenciamento permanece não especificada.

Financiamento de colaboração de pesquisa

Para o ano fiscal de 2023, relatou a Aptevo Therapeutics US $ 1,3 milhão em receita de colaboração de pesquisa.

Ano fiscal	Receita de colaboração
2022	US $ 1,1 milhão
2023	US $ 1,3 milhão

Pagamentos marcantes de parcerias farmacêuticas

Estrutura de pagamento de marco para parcerias farmacêuticas em andamento:

• Pagamentos em potencial total em potencial: Até US $ 75 milhões
• Potenciais gatilhos de marcos: estágios de desenvolvimento clínico, aprovações regulatórias

Futura comercialização terapêutica de produtos

Receita potencial de pipeline terapêutica atual:

Área terapêutica	Potencial estimado de mercado
APVO436 (oncologia)	US $ 250-500 milhões anualmente
APVO210 (imunoterapia)	US $ 150-300 milhões anualmente

Concessão potencial e financiamento de pesquisa governamental

Financiamento de pesquisa do governo recebido em 2023: US $ 0,5 milhão

• Institutos Nacionais de Saúde (NIH) Potenciais Subsídios: Avaliação pendente
• Subsídios de pesquisa em pequenas empresas (SBIR): em revisão

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.