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APVO Nasdaq· Aptevo Therapeutics Inc.
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APVO Nasdaq· Aptevo Therapeutics Inc.
Earnings report Q3 2023

Aptevo Therapeutics Reports Revenue Growth in Latest Quarter

Segments of Revenue

Aptevo Therapeutics, a biotechnology company, reported revenue growth in the latest quarter. The company's revenue primarily comes from royalty proceeds related to the sales of RUXIENCE, a drug developed by Pfizer. For the nine months ended September 30, 2023, Aptevo did not record revenue due to an amendment to the Royalty Purchase Agreement. However, revenue recorded for the nine months ended September 30, 2022, represented actual royalty revenue based on the timing of RUXIENCE sales reports received from Pfizer.

Strengths

Aptevo Therapeutics demonstrated strength in its revenue performance, with an increase in royalty proceeds from the sales of RUXIENCE. The company's revenue growth can be attributed to the success of RUXIENCE in the market, as well as the strong collaboration with Pfizer. Aptevo's FLEX™ modular protein technology platform continues to be a valuable asset, contributing to the development of innovative drugs.

Challenges

Despite the revenue growth, Aptevo Therapeutics faces challenges in terms of its overall financial performance. The company reported a net loss of $11.5 million for the nine months ended September 30, 2023, and has an accumulated deficit of $217.5 million as of September 30, 2023. Aptevo has experienced recurring losses from operations and negative cash flows from operating activities, indicating financial instability.

Noteworthy

It is worth noting that Aptevo Therapeutics has been trading on the Nasdaq Capital Market under the symbol "APVO." The company's financial statements have been prepared on the assumption that it will continue as a going concern, with the realization of assets and satisfaction of liabilities and commitments in the normal course of business.

Summary

Aptevo Therapeutics reported revenue growth in the latest quarter, primarily driven by royalty proceeds from the sales of RUXIENCE. The company's FLEX™ modular protein technology platform and collaboration with Pfizer have contributed to its revenue performance. However, Aptevo faces challenges in terms of its overall financial performance, with recurring losses and negative cash flows. The company's ability to address these challenges and achieve sustainable profitability will be crucial for its future success.

Source documents

Form 10-Q  filed on Nov 14, 2023
33 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by -80.41%
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