Aptevo Therapeutics Inc. reported a net loss of $24.1 million for the fiscal year ending December 31, 2024, an increase from a net loss of $17.4 million in the previous year. The company's accumulated deficit now stands at $247.6 million. As of the end of 2024, Aptevo had cash and cash equivalents totaling $8.7 million, down from $16.9 million at the end of 2023. The decrease in cash was primarily attributed to significant operating losses and changes in working capital. The company anticipates continued annual net operating losses as it advances its clinical and preclinical product candidates.
In terms of research and development, Aptevo's expenses decreased to $14.4 million in 2024 from $17.1 million in 2023. This reduction was mainly due to lower spending on preclinical activities and the completion of the Phase 1b dose expansion study for its lead candidate, mipletamig. The company is currently conducting a Phase 1b/2 trial, known as RAINIER, which evaluates mipletamig in combination with standard care for acute myelogenous leukemia (AML). Initial results from this trial have shown a 100% remission rate in the first cohort of patients. Additionally, Aptevo is advancing its other clinical candidate, ALG.APV-527, which targets solid tumors and has shown promising early results.
Aptevo's workforce consisted of 37 full-time employees and 5 contractors as of December 31, 2024. The company has emphasized its commitment to diversity, equity, and inclusion, with 49% of its workforce and 46% of its leadership being female. The company has also made strides in its operational strategy, focusing on expanding its product pipeline through its proprietary ADAPTIR and ADAPTIR-FLEX platforms, which are designed to create innovative immunotherapeutic candidates.
Looking ahead, Aptevo faces significant challenges, including the need for additional capital to support ongoing clinical trials and operational expenses. The company has indicated that it may pursue various funding options, including public or private equity financing and strategic partnerships. However, it has expressed concerns about the potential for delays in securing such funding due to macroeconomic conditions, including rising inflation and market volatility. The company’s ability to continue as a going concern is under scrutiny, and it will need to generate positive cash flow or secure additional financing to sustain its operations in the coming year.
About Aptevo Therapeutics Inc.
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