Aptevo Therapeutics Secures $8 Million Through At-the-Market Offering

SEATTLE, WASHINGTON – June 20, 2025 – Aptevo Therapeutics Inc. (Nasdaq: APVO), a clinical-stage biotechnology company dedicated to advancing novel immune-oncology therapeutics, today announced the successful closing of its previously disclosed registered direct offering. The offering, priced at-the-market in accordance with Nasdaq rules, generated gross proceeds of approximately $8 million before deducting placement agent fees and other offering expenses.

The offering involved the sale of a combination of securities: 2,465,000 shares of Aptevo's common stock, or pre-funded warrants in lieu thereof, and warrants to purchase up to an aggregate of 12,325,000 shares of its common stock (referred to as the "Common Warrants"). Each share of common stock was offered together with five Common Warrants, with each Common Warrant granting the holder the right to purchase one share of common stock. The purchase price for each share of common stock and its associated Common Warrants was set at $3.25.

This financing round provides Aptevo with additional capital to support its ongoing research and development activities, particularly those related to its proprietary ADAPTIR™ and ADAPTIR-FLEX™ platform technologies. These platforms are central to the company's strategy of developing innovative bispecific and multispecific antibody-based therapeutics designed to harness the power of the immune system to fight cancer.

The successful closing of this offering underscores investor confidence in Aptevo's pipeline and technological platforms. The at-the-market pricing mechanism, as permitted by Nasdaq regulations, allowed the company to raise capital efficiently based on prevailing market conditions.

Market Context and Implications

For clinical-stage biotechnology companies like Aptevo, securing funding is a critical component of advancing drug candidates through the rigorous stages of preclinical and clinical trials. These trials are capital-intensive, requiring significant investment in research, manufacturing, regulatory submissions, and patient enrollment.

The $8 million raised provides Aptevo with a financial runway to continue its work on promising immune-oncology programs. In the highly competitive biotechnology landscape, adequate funding is essential for maintaining momentum and reaching key development milestones. The ability to raise capital through a registered direct offering, particularly one priced at-the-market, indicates a level of market receptiveness to Aptevo's equity.

This financing could potentially accelerate the progress of Aptevo's lead candidates and support the expansion of its pipeline. The structure of the offering, including the issuance of warrants, provides potential for future capital infusion if the warrants are exercised, contingent on the company's stock performance and market conditions.

Investment Insights

Investors considering Aptevo Therapeutics (APVO) should view this financing event within the broader context of the company's development pipeline and financial health. The $8 million infusion strengthens the balance sheet and provides necessary capital for operations and R&D.

Key considerations for investors include:

• Pipeline Progress: Monitor the progress of Aptevo's clinical trials and preclinical programs utilizing the ADAPTIR™ and ADAPTIR-FLEX™ platforms. Positive data readouts are significant catalysts for biotechnology stocks.
• Cash Burn Rate: Evaluate the company's quarterly cash burn rate to understand how long the newly raised capital is expected to fund operations.
• Warrant Dilution: Be aware of the potential future dilution from the exercise of the 12,325,000 Common Warrants. While warrant exercises bring in capital, they also increase the number of outstanding shares.
• Market Conditions: The broader market sentiment towards biotechnology stocks and immune-oncology specifically can impact APVO's valuation.

This financing is a positive step in ensuring Aptevo has the resources to pursue its strategic objectives. However, investing in clinical-stage biotech companies carries inherent risks related to drug development success and regulatory approvals. Investors should conduct thorough due diligence and consider their risk tolerance before making investment decisions.