1. An early-stage Amgen, but singularly focused on developing innovative bispecific immunotherapies for cancer.

2. Like a startup Genentech (Roche), specializing in next-generation antibody-based immunotherapies for cancer.

• APVO436: A bispecific T-cell engaging antibody candidate in Phase 1b clinical trial for acute myelogenous leukemia and myelodysplastic syndrome.
• ALG.APV-527: An investigational bispecific ADAPTIR candidate designed to target 4-1BB (CD137) and 5T4 for various types of cancers.
• APVO603: A dual agonist bispecific antibody preclinical candidate targeting 4-1BB and OX40.
• APVO442: A bispecific candidate utilizing ADAPTIR-FLEX platform technology to enhance drug biodistribution to PSMA positive tumors for prostate cancer treatment.

Aptevo Therapeutics Inc. (APVO) is a clinical-stage biotechnology company focused on the development of immunotherapeutic candidates for various forms of cancer. As such, the company is primarily engaged in research and development, and conducting clinical trials for its drug candidates (e.g., APVO436, ALG.APV-527, APVO603, APVO442).

At this stage, Aptevo Therapeutics does not have commercialized products on the market and therefore does not have major customers (either other companies or individuals) in the traditional sense of selling goods or services.

The company does have a collaboration and option agreement with Alligator Bioscience AB for the development of ALG.APV-527, which represents a partnership for drug development rather than a customer relationship.

• Lonza Group AG (LONN)

Marvin L. White President and Chief Executive Officer

Marvin L. White currently serves as President and Chief Executive Officer of Aptevo Therapeutics and has been a Board Member since August 2016. Effective April 1, 2026, he will transition to the role of Executive Chair. Prior to Aptevo, he served as Chief Financial Officer of St. Vincent Health. Before that, Mr. White was Chief Financial Officer of LillyUSA, a subsidiary of Eli Lilly and Company, where he also held leadership positions in Corporate Finance and Investment Banking. Earlier in his career, he held leadership positions at General Motors, Hewlett-Packard, and Motorola, including financial roles in their Japan, South Asia, and Latin America Cellular Group. Mr. White is also a Director on the Board at OneAmerica Financial Partners, Delta Dental of Washington, and Emergent Biosolutions.

Daphne Taylor Senior Vice President and Chief Financial Officer

Daphne Taylor leads Finance, Investor Relations, and IT for Aptevo Therapeutics. She previously served as Aptevo's Senior Vice President of Finance, holding responsibility for strategic planning, budgeting, treasury activities, and financial reporting and compliance. Ms. Taylor brings over 25 years of financial experience from the life sciences and technology industries. Before joining Aptevo, she served as Chief Financial Officer at BioLife Solutions.

Jeff Lamothe Executive Vice President and Chief Operating Officer

Jeff Lamothe currently serves as Executive Vice President and Chief Operating Officer at Aptevo Therapeutics, where he leads the Clinical, Research & Development, Quality, Manufacturing, and Operations organizations. Effective April 1, 2026, Mr. Lamothe will be promoted to President and Chief Executive Officer and will join the company's Board of Directors. He previously served as Aptevo's Executive Vice President and Chief Financial Officer. Prior to Aptevo, he was Vice President of Finance in the Biosciences Division at Emergent BioSolutions. Mr. Lamothe assumed this role following Emergent's acquisition of Cangene Corporation in 2014, where he had been Chief Financial Officer. His extensive career, spanning over 25 years, includes experience in CEO, COO, and CFO roles across several industries, including serving as President and Chief Executive Officer of Kitchen Craft Cabinetry and Chief Financial Officer of Smith Carter Architects and Engineers Incorporated.

Dirk Huebner, M.D. Chief Medical Officer

Dr. Dirk Huebner serves as Chief Medical Officer, bringing approximately 29 years of academic and industry-based clinical drug development experience in the biotech and pharmaceutical industries. He has led multiple clinical programs across all stages of development, from Phase 1 through Phase 3 registration trials. Before joining Aptevo, Dr. Huebner served as CMO and Senior Medical Advisor for Mersana from November 2018 to January 2021, where he established their clinical development department. His previous roles include leadership positions in global clinical drug development at Takeda, Genzyme, Roche, and Bristol-Myers Squibb.

1. Financial Viability and Need for Additional Capital: Aptevo Therapeutics has a history of losses and a stated uncertainty about achieving profitability, which raises concerns about its ability to continue as a going concern. The company consistently requires additional capital to fund its operations and advance its clinical programs, and there is no guarantee it can raise these funds on acceptable terms. This is further highlighted by a reported high probability of financial distress and substantial shareholder dilution in the past year.
2. Clinical Development and Regulatory Approval Risks: As a clinical-stage biotechnology company, Aptevo Therapeutics' future success is heavily dependent on the successful outcome of its ongoing clinical trials and its ability to obtain regulatory approvals for its product candidates. The process of advancing drugs through costly late-stage trials and securing regulatory authorization is complex, lengthy, and carries a high degree of uncertainty.
3. Potential Nasdaq Delisting: The company faces the risk of potential delisting from the Nasdaq Capital Market if it fails to maintain compliance with listing requirements. Such a delisting would significantly and adversely affect the liquidity and market price of Aptevo's common stock, making it more challenging to raise capital and diminishing investor confidence.

The addressable markets for Aptevo Therapeutics' main clinical-stage product candidates are as follows:

• APVO436 (Acute Myelogenous Leukemia - AML): The global acute myelogenous leukemia treatment market was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030. Another estimate places the global market at USD 2.1 billion in 2023, with a projection to reach USD 5.1 billion by 2032. The North American market held a 37.6% share of the global market in 2024, with the U.S. specifically accounting for 90.9% of the North American market.
• APVO436 (Myelodysplastic Syndrome - MDS): The global myelodysplastic syndrome drugs market was valued at USD 4.55 billion in 2024 and is anticipated to reach approximately USD 11.17 billion by 2034. Another source indicates the global market size was USD 2.8 billion in 2023, with an estimated growth to USD 5.5 billion by 2032. The U.S. myelodysplastic syndrome drugs market was estimated at nearly USD 2,000 million (USD 2 billion) in 2023 and accounted for 30% of the global market in 2024. North America dominated the global market with a revenue share of 36% in 2024.
• APVO442 (Prostate Cancer): The global prostate cancer therapeutics market was estimated at USD 17.0 billion in 2024 and is projected to reach USD 31.99 billion by 2030. Another report estimates the global market to grow from US$ 13.22 billion in 2024 to US$ 28.10 billion by 2033. The North American prostate cancer therapeutics market dominated the global market with a 40.8% revenue share in 2024, with the U.S. market being the largest within North America. The total Prostate Cancer Treatment Market Size in the 7MM (7 Major Markets) was nearly USD 12,300 million (USD 12.3 billion) in 2023, with the U.S. accounting for the largest share.

Expected Drivers of Future Revenue Growth for Aptevo Therapeutics (APVO)

Over the next 2-3 years, Aptevo Therapeutics' future revenue growth is anticipated to be driven by the advancement of its clinical and preclinical pipeline, as well as strategic partnerships. As a clinical-stage biotechnology company, its revenue trajectory will primarily depend on achieving key developmental and regulatory milestones for its novel immunotherapeutic candidates.

• Advancement of Mipletamig (APVO436) in Acute Myeloid Leukemia (AML): Mipletamig, also known as APVO436, is Aptevo's lead clinical candidate, a bispecific T-cell engaging antibody. It is currently being evaluated in a Phase 1b/2 trial for frontline AML in combination with standard-of-care venetoclax and azacitidine. Positive interim data from earlier trials reported high remission rates (up to 89% in evaluable frontline AML patients across two trials) and no observed cytokine release syndrome, distinguishing it from other therapies in this space. Successful progression through these later-stage trials, potentially leading to accelerated regulatory pathways or significant licensing agreements, is a key driver for future revenue.
• Clinical Progress and Potential Partnerships for ALG.APV-527 in Solid Tumors: The investigational bispecific ADAPTIR candidate, ALG.APV-527, is being co-developed with Alligator Bioscience AB for the treatment of various solid tumor types. Preliminary data from its Phase 1 trial, reported in late 2024, indicated that the trial met endpoints for adequate exposure, safety, tolerability, and biological activity, with 56% to 60% of evaluable patients achieving stable disease. Further positive clinical development of ALG.APV-527 could lead to milestone payments from the existing collaboration or attract new partnerships, contributing to revenue growth.
• Expansion and Partnering of the Trispecific Pipeline (APVO451 and APVO452): Aptevo expanded its oncology pipeline in late 2025 with the introduction of new trispecific candidates, APVO452 and APVO451. APVO452 targets prostate cancer, while APVO451 is designed for multiple solid tumor types, both leveraging the company's proprietary ADAPTIR-FLEX platform. Although these are preclinical programs, their successful advancement and the potential for new licensing deals or collaborations based on this expanded pipeline could become significant revenue drivers in the mid to long term.
• Strategic Collaborations and Licensing of Proprietary ADAPTIR™ and ADAPTIR-FLEX™ Platform Technologies: Aptevo's core strength lies in its proprietary ADAPTIR™ and ADAPTIR-FLEX™ platform technologies, which enable the development of bispecific and trispecific antibodies. Future revenue growth can be generated through new strategic partnerships and licensing agreements where other pharmaceutical companies utilize Aptevo's platform to develop their own therapeutic candidates, providing upfront payments, research funding, and potential milestone payments and royalties on future sales.

Share Issuance

• Aptevo Therapeutics raised $18.7 million net in Q3 2025 through its Standby Equity Purchase Agreement with Yorkville and an At-The-Market (ATM) agreement, with an additional $4.1 million net raised in October 2025.
• In the second quarter of 2025, the company raised approximately $15.9 million in gross proceeds from various equity offerings, including an $8 million registered direct offering.
• Aptevo executed two reverse stock splits, a 1-for-20 split in May 2025 and a 1-for-18 split in December 2025, primarily to maintain Nasdaq listing compliance.

Inbound Investments

• In January 2026, Aptevo secured a $60 million equity line of credit with Yorkville Advisors to fund ongoing clinical development, advance preclinical programs, and for general corporate purposes, extending its funding runway into 2029.
• The company raised $18.7 million net in Q3 2025 and an additional $4.1 million net in October 2025 through a Standby Equity Purchase Agreement and an At-The-Market offering.
• In Q2 2025, Aptevo raised approximately $15.9 million in gross proceeds from various equity offerings.

Capital Expenditures

• Aptevo Therapeutics invested $0 in capital expenditures in Q3 2024.
• The company's Net Property, Plant & Equipment balance ranged between approximately $3.96 million and $6.77 million from 2020 to Q3 2025.