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Aptevo Therapeutics Inc. (APVO+1.22%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, showing a net loss of $5.1 million from continuing operations, compared to a net loss of $6.3 million in the same period the previous year. The company reported a net loss of $17.8 million for the nine months ended September 30, 2024.
Research and development expenses were $3.1 million for the quarter, down from $3.9 million in the previous year, attributed to lower spending on mipletamig clinical trials and preclinical projects.
General and administrative expenses decreased to $2.1 million from $2.7 million in the same quarter of the previous year, primarily due to reduced employee and consulting costs.
Cash and cash equivalents were reported at $7.8 million as of September 30, 2024, with net cash used in operating activities totaling $18.0 million for the nine months ended September 30, 2024.
Aptevo continues to face substantial doubt about its ability to continue as a going concern and will require additional funds to support its operations.
The company has ongoing clinical trials for its product candidates mipletamig and ALG.APV-527, with the latter showing 60% of evaluable patients achieving stable disease in a solid tumor study.
Aptevo has been actively engaging in public offerings and warrant inducement agreements to raise capital, receiving net proceeds of $8.9 million from financing activities in the nine months ended September 30, 2024.
The filing also discusses various risks, including potential delisting from Nasdaq if compliance with listing requirements is not maintained, and the impact of macroeconomic conditions on operations and capital raising.
Aptevo's future success depends on its ability to develop and commercialize its product candidates, with a focus on leveraging its ADAPTIR and ADAPTIR-FLEX platform technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aptevo Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.