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Aptevo Therapeutics Inc. (APVO+1.98%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing novel immunotherapy candidates for cancer treatment using its ADAPTIR and ADAPTIR-FLEX platform technologies. Aptevo has two clinical candidates, mipletamig and ALG.APV-527, and three preclinical candidates in development.
For the year ended December 31, 2024, Aptevo reported a net loss of $24.1 million, compared to a net loss of $17.4 million in the previous year. The increase in net loss was primarily due to research and development expenses.
Research and development expenses decreased to $14.4 million from $17.1 million in 2023. This decrease was attributed to lower preclinical spending and reduced costs for mipletamig trials as the company concluded its Phase 1b dose expansion study.
General and administrative expenses also decreased to $10.2 million from $11.8 million in 2023, primarily due to lower employee and consulting costs.
The company reported cash and cash equivalents of $8.7 million as of December 31, 2024. Aptevo anticipates continuing to incur significant operating losses as it advances its product candidates through development and clinical trials.
Aptevo's future funding requirements will depend on factors such as the results of clinical trials, the ability to raise additional capital, and the establishment of strategic partnerships.
The filing also notes that Aptevo's common stock is listed on the Nasdaq Capital Market under the symbol 'APVO'. The company has faced challenges related to maintaining compliance with Nasdaq's continued listing requirements.
Aptevo's board of directors is composed of six members, with Marvin L. White serving as President and Chief Executive Officer. The board is responsible for overseeing the company's risk management program, including cybersecurity risk management.
The company has adopted a Code of Conduct and Business Ethics applicable to all officers, directors, and employees, and has established various board committees to oversee different aspects of corporate governance.
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. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.