What Aptevo Therapeutics does

Aptevo Therapeutics Inc. (NASDAQ: APVO) is a clinical-stage biotechnology company founded in 2016 and headquartered in Seattle, Washington. The company develops novel bispecific, multi-specific, and trispecific immunotherapies for cancer using its proprietary ADAPTIR and ADAPTIR-FLEX antibody platforms. Both platforms are built on an IgG1 backbone and incorporate a unique, CRIS-7-derived anti-CD3 binding domain engineered to reduce cytokine release syndrome. The clinical pipeline is led by mipletamig (CD123 x CD3), in the RAINIER Phase 1b/2 trial for newly diagnosed acute myeloid leukemia, and ALG.APV-527 (4-1BB x 5T4), a Phase 1-ready solid-tumor candidate co-developed with Alligator Biosciences since 2017. Preclinical assets include APVO603 (4-1BB x OX40), APVO442 (PSMA x CD3), APVO711 (PD-L1 x CD40), and trispecific candidates APVO451, APVO452, and APVO455. In May 2026 the company expanded into radiopharmaceuticals via a 50/50 collaboration with Niowave to develop Actinium-225-based programs targeting Nectin-4 and other antigens.

Aptevo generates no product revenue and operates exclusively on a pre-commercial, partnership-driven business model. Management has stated that the company's platforms and clinical programs provide opportunities for broad partnering and licensing arrangements, including upfront fees, development milestones, and royalties. Operations are funded through repeated post-IPO equity issuances — including registered direct offerings, at-the-market offerings, and public offerings between 2023 and 2025 — supplemented by a $60 million equity line of credit from Yorkville Advisors secured in January 2026 that extends the cash runway into 2029. The company also received an initial 7.9% equity investment from Niowave in May 2026 in connection with the radiopharmaceutical collaboration.

The company is led by President and CEO Jeff Lamothe (effective April 1, 2026), Executive Chair and founding CEO Marvin L. White, SVP and CFO Daphne Taylor, SVP and CMO Dirk Huebner, SVP and CSO Mary J. Janatpour, and SVP and General Counsel SoYoung Kwon. Aptevo is listed on the Nasdaq Capital Market and implemented a 1-for-18 reverse stock split effective December 29, 2025 to maintain compliance with minimum bid price requirements. As of FY2025, the company reported a net loss of $26 million with zero revenue and is not yet profitable.

Name

Aptevo Therapeutics

Legal name

Aptevo Therapeutics Inc.

Website

https://aptevotherapeutics.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Aptevo Therapeutics is a clinical-stage biotechnology company that develops proprietary bispecific and trispecific immunotherapies for cancer using its ADAPTIR and ADAPTIR-FLEX antibody platforms, with lead candidate mipletamig in a Phase 1b/2 trial for acute myeloid leukemia.

Ownership category

akta.pro rank

Product category

Immuno-oncology bispecific antibody therapeutics

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Bispecific & Multispecific Antibodies (HLAAAAAF)

akta.pro secondary industries

Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB), Protein Interaction & Structural Biology Platforms (cryo-EM, X-ray, NMR, biophysics) (HLAAAIAH)

Keywords

• Bispecific antibody therapeutics
• Immuno-oncology drug development
• Clinical-stage biotechnology
• Trispecific antibody platform
• Hematology oncology pipeline

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Pre-revenue clinical-stage biotech: Aptevo is a clinical-stage biotechnology company with no marketed products. The company reported $0 in revenue for the quarter ending September 30, 2025, and its current model is centered on advancing candidates through clinical development toward future out-licensing, partnership, and royalty arrangements.
2. Future Out-licensing and Partnership Economics: Management states the platforms and clinical programs "provide opportunities for a broad range of potential partnering and licensing arrangements, which may include upfront fees, development milestones, royalties and other compensation," indicating a planned future revenue mix based on license/collaboration upfronts, milestone payments, and royalties.
3. Equity Capital Markets Financing: Operating cash is raised through repeat equity issuances including registered direct offerings, at-the-market offerings, public offerings, and an equity line of credit (e.g., $8M direct offering June 2025; $2.0M registered direct April 2025; $3.0M ATM Sept 2024; $2.75M financing July 2024; $4.6M public offering April 2024; $5M public offering Aug 2023; $60M equity line of credit from Yorkville Advisors Jan 2026).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Aptevo Therapeutics is a clinical-stage biotechnology company that develops novel bispecific and trispecific immuno-oncology therapeutics for cancer using its proprietary ADAPTIR and ADAPTIR-FLEX antibody engineering platforms. Its pipeline targets hematologic malignancies (lead candidate Mipletamig for AML) and solid tumors (ALG.APV-527, APVO603, APVO442, APVO711, APVO451, APVO452, APVO455), with future revenue expected from out-licensing, milestone payments, and royalties rather than direct product sales.

Product overview

Aptevo Therapeutics Inc. is a clinical-stage biotechnology company built on a platform-plus-modules architecture. Its two proprietary core platforms — ADAPTIR (modular bispecific antibody platform) and ADAPTIR-FLEX (heterodimer multi-specific platform) — produce a portfolio of named therapeutic candidates spanning hematologic malignancies and solid tumors. The clinical portfolio includes lead candidate Mipletamig (CD123 x CD3) in the RAINIER Phase 1b/2 trial for frontline AML and ALG.APV-527 (4-1BB x 5T4) with Phase 1 enrollment complete; the preclinical portfolio includes APVO603 (4-1BB x OX40), APVO442 (PSMA x CD3), APVO711 (PD-L1 x CD40), APVO451, APVO452, and APVO455. In 2026, Aptevo expanded into radiopharmaceuticals via a 50/50 collaboration with Niowave (Nectin-4 programs) and secured a $60 million equity line of credit to fund operations through 2029.

Differentiator

Problem solved

Functional benefit

Products and services

• ADAPTIR Bispecific Antibody Platform Proprietary modular bispecific antibody platform technology that supports development of novel immuno-oncology therapeutics. Produces bispecific molecules with antibody-like half-life, stability, and manufacturability, and includes a unique anti-CD3 binding domain designed to reduce cytokine release. Used to design therapeutics with multiple mechanisms of action including redirected T cell cytotoxicity (RTCC), T cell co-stimulation, and immune checkpoint blockade.
• ADAPTIR-FLEX Heterodimer Multi-Specific Platform Proprietary heterodimer platform technology built on an IgG1 Fc with 'knob in hole' assembly, enabling design of bispecific and multi-specific antibody candidates that can bind, activate, or block up to four different targets. Shares the IgG1 backbone, Fc mutations, and linkers with ADAPTIR and supports engineering of multi-specific candidates incorporating scFv, ECD, and cytokines.
• Mipletamig (APVO436) First-in-class CD123 x CD3 bispecific ADAPTIR molecule in a multi-center Phase 1b/2 RAINIER trial for newly diagnosed acute myeloid leukemia (AML) patients who are not candidates for intensive chemotherapy. Designed with a CRIS-7-derived CD3 binding domain to reduce cytokine release syndrome. Combined with venetoclax and azacitidine backbone, it has shown an 86-87% clinical benefit rate, 81% CR/CRi remission rate, and no CRS across 28-31 evaluable patients. Has received orphan drug designation for AML under the Orphan Drug Act.
• ALG.APV-527 Bispecific 4-1BB x 5T4 antibody designed for tumor-directed treatment of solid tumors expressing the tumor-associated antigen 5T4. Built on Aptevo's ADAPTIR platform with binding domains from Alligator Biosciences' ALLIGATOR-GOLD human scFv library under a 2017 collaboration. Enrollment is complete in a multi-center, multi-cohort Phase 1 trial that showed positive safety/tolerability, 56% stable disease rate in efficacy-evaluable patients, and biological activity confirmation.
• APVO603 Dual agonist bispecific antibody simultaneously targeting 4-1BB (CD137) and OX40 (CD134), both members of the TNF-receptor family, designed to deliver synergistic T cell co-stimulation for treatment of multiple solid tumor types. Includes an Fc that does not interact with Fc gamma receptors to reduce toxicity versus first-generation monospecific 4-1BB antibodies. Status: ongoing IND studies.
• APVO442 PSMA x CD3 multi-specific candidate built on Aptevo's ADAPTIR-FLEX platform for the treatment of prostate cancer. Engineered with high-affinity bivalent anti-PSMA binding and low-affinity monovalent CD3 binding to bias bio-distribution to the tumor and reduce peripheral T cell binding and cytokine release. Status: preclinical development.
• APVO711 PD-L1 x CD40 dual mechanism bispecific antibody designed as a potential novel checkpoint molecule. Mechanism: blocks the PD-1/PD-L1 pathway and activates antigen presenting cells via CD40 crosslinking only when bound to PD-L1, intended to provide synergistic co-stimulation with reduced systemic toxicity compared to first-generation CD40 monoclonal antibodies. Status: preclinical studies.
• APVO451 Aptevo's first trispecific antibody candidate that combines APC costimulation with a CD3 T cell engager targeting the tumor-associated antigen Nectin-4 on various solid tumors. Preclinical data demonstrating immune activation in hard-to-treat solid tumors (urothelial, breast, pancreatic) was debuted at the SITC Annual Meeting in November 2025.
• APVO452 Trispecific antibody candidate combining APC costimulation with a CD3 T cell engager targeting the tumor-associated antigen PSMA. Part of Aptevo's expanding trispecific pipeline.
• APVO455 Low-affinity CD3 T cell engager targeting the tumor-associated antigen PSMA on prostate cancer. Designed to reduce peripheral T cell binding and cytokine release while maintaining tumor-killing potency.

Quantifiable outcome

• 86–87% clinical benefit rate in frontline AML patients treated with mipletamig + venetoclax + azacitidine across 28–31 evaluable patients
• +4 more outcomes

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MacroGenics: Clinical-stage biotech developing bispecific antibodies and immuno-oncology therapeutics (e.g., MARGENZA, flotetuzumab-class programs). Closely comparable platform-plus-pipeline model targeting hematologic and solid tumors with similar bispecific DART architecture.
• CytomX Therapeutics: Clinical-stage biotech building Probody and other masked/conditional-activation antibody platforms for oncology. Comparable in being a clinical-stage platform company with multiple partnered programs (e.g., with Astellas, BMS) targeting immuno-oncology.
• Zymeworks: Clinical-stage biotech with proprietary bispecific/multispecific antibody platforms (Azymetric, EFECT) used to develop oncology candidates including zanidatamab. Directly comparable platform-plus-multiple-candidates business model targeting HER2 and other oncology antigens.
• Adagene: Clinical-stage biotech developing precision bispecific antibodies (POWER and SAFE platforms) for oncology. Comparable in platform-based pipeline targeting immuno-oncology with multiple preclinical/clinical candidates, partnered with Sanofi and Exelixis.
• Alligator Bioscience: Swedish clinical-stage biotech and Aptevo's existing co-development partner on ALG.APV-527. Comparable in developing bispecific antibodies for oncology (4-1BB class) with a similar clinical-stage, partnering-driven business model.
• Harpoon Therapeutics: Clinical-stage biotech (acquired by Merck in 2024) developing T-cell engagers and bispecifics (HpnADS, TriTAC platforms) for oncology. Directly comparable T-cell engager platform business model, with Harpoon serving as a benchmark exit valuation reference for Aptevo.

Broad incumbents

• Genmab: Established bispecific antibody company (DuoBody platform) with approved products (Epkinly/AbbVie, Rybrevant/Janssen). Comparable in targeting CD3-engager and immuno-oncology bispecific modalities, but at much larger commercial scale with validated platform deals.
• Amgen: Large-cap biopharma with the leading approved CD3 bispecific Blincyto (CD19×CD3) and a deep bispecific/immuno-oncology pipeline (BiTE platform). Comparable as a CD3-engager benchmark and potential licensing/partnering counterparty for Aptevo's CD123 and PSMA programs.
• Roche: Global biopharma with multiple approved bispecific antibodies (Hemlibra, Vabysmo, Columvi) and broad oncology pipeline including CD3 engagers and 4-1BB programs. Comparable as a likely out-licensing partner and a benchmark for clinical/regulatory bispecific scale.
• AstraZeneca: Global biopharma with leading PD-L1 inhibitor Imfinzi and active development of bispecific antibodies (e.g., datopotamab deruxtecan, multiple T-cell engagers). Comparable as a likely large-pharma counterparty for Aptevo's PD-L1×CD40 (APVO711) program and broader pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/aptevo-therapeutics-inc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds15 records

Investors3 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aptevo Therapeutics