Executive Summary

Aptevo reported FY 2024 results alongside clinical updates; no standalone Q4-only P&L was disclosed. FY24 net loss was $24.1M with cash and equivalents of $8.7M at year-end, reflecting lower R&D and G&A versus FY23 .
Clinical momentum was the focal Q4 catalyst: in Cohort 1 of RAINIER (frontline AML), 100% of patients achieved remission within 30 days; one patient reached MRD-negative status; ALG.APV-527 showed a 59% stable disease rate in Phase 1 solid tumor study, with no severe liver toxicity reported .
Prior quarters showed disciplined OpEx: Q2 and Q3 2024 net losses improved vs prior-year comps on lower R&D and G&A; quarter-end cash was $8.1M (Q2) and $7.8M (Q3) before finishing FY at $8.7M .
Wall Street consensus for Q4 2024 EPS/revenue via S&P Global was not available due to data access limits, and the company did not provide numeric 2025 financial guidance; investor focus centers on clinical readouts and funding runway .

What Went Well and What Went Wrong

What Went Well

RAINIER AML Cohort 1: “100% of patients…achieved remission within 30 days,” including one MRD-negative case; safety profile favorable with limited CRS, reinforcing mipletamig’s potential in frontline AML in combination with venetoclax + azacitidine .
Solid tumor program: ALG.APV-527 Phase 1 readout showed 59% (10/17) stable disease, with cases >12 months and no severe liver toxicity—important differentiation for a 4‑1BB agonist approach .
Management tone: “Armed with the data and momentum of 2024, Aptevo is well poised for growth in 2025,” highlighting conviction in the bispecifics platform and expanding clinical catalysts .

What Went Wrong

Continued losses and balance sheet pressure: FY24 net loss was $24.1M (vs $17.4M in FY23) and YE24 cash was $8.7M, underscoring the need for ongoing external financing in 2025 absent partnering/capital events .
Limited disclosure for Q4-only financials: The company reported full-year metrics rather than Q4 standalone revenue/EPS/margins, constraining quarter-vs-prior-quarter comparability .
Estimates context: S&P Global consensus data for Q4 2024 was unavailable and there was no formal quantitative guidance, reducing near-term visibility for model updates and “beat/miss” framing.

Financial Results

FY Performance (YoY)

Metric	FY 2023	FY 2024
Cash & Cash Equivalents ($M)	$16.9	$8.7
Research & Development ($M)	$17.1	$14.4
General & Administrative ($M)	$11.8	$10.2
Net Loss ($M)	$(17.4)	$(24.1)
Basic & Diluted EPS ($)	$(2,316.83)	$(87.38)

Notes: 2023 includes a $9.7M gain related to sale of Medexus-related receivables to XOMA; 2024 had lower interest income and no discontinued operations income .

Recent Quarterly Metrics (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Cash & Cash Equivalents ($M, period-end)	$8.1	$7.8	$8.7 (YE)
Research & Development ($M)	$3.6	$3.1	N/A (not disclosed)
General & Administrative ($M)	$2.4	$2.1	N/A (not disclosed)
Net Loss ($M)	$(5.9)	$(5.1)	N/A (company reported FY only)
Basic & Diluted EPS ($)	$(1.67)	$(0.48)	N/A (company reported FY only)

Estimate comparison: S&P Global consensus for Q4 2024 EPS and revenue was not available at time of analysis (access limits); no “beat/miss” determination is provided.

KPIs (Clinical Efficacy & Safety)

KPI	Q2 2024	Q3 2024	Q4 2024
Mipletamig (RAINIER) frontline AML—Cohort 1 remission within 30 days	Not reported	Program initiated in Q3	100% remission; 1 MRD‑negative; limited CRS
ALG.APV‑527 Phase 1 stable disease rate	Preliminary patient cases with long SD, MTD not reached	60% (9/15) SD; well‑tolerated	59% (10/17) SD; no severe liver toxicity

Supplementary press release (Dec 12, 2024) indicated 100% remission and two MRD‑negative patients in RAINIER Cohort 1; company site and Accesswire confirm that communication .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial Guidance	2025	None	None	Maintained (no formal guidance)
Clinical Milestones	2025	RAINIER ongoing; 527 Phase 1	Multiple 2025 readouts; ASH presentation targeted Q4	Qualitative update (timing reiterated)

The company did not issue numeric revenue, margin, OpEx, or EPS guidance in the Q4/FY24 release .

Earnings Call Themes & Trends

(No Q4 2024 earnings call transcript found; analysis reflects company releases and a management interview transcript.)

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024/FY update)	Trend
R&D execution (mipletamig)	Completed dose expansion; initiated RAINIER; strong safety/efficacy backdrop	100% remission in Cohort 1, 1 MRD‑negative; favorable CRS profile	Strengthening
Solid tumor (ALG.APV‑527)	Interim 60% SD; well‑tolerated	59% SD with >12‑mo SD in breast CA; no severe liver tox	Consistent efficacy; reinforced safety
Cash runway & financing	$2.75M financing in Q2; $5.75M raised in Q3	YE24 cash $8.7M; continued need for capital implied	Focus on funding
Regulatory/Orphan status	Orphan status referenced	Orphan status reiterated; ASH 2025 plans	Stable
Platform positioning	ADAPTIR/ADAPTIR‑FLEX highlighted	Management emphasizes bispecific leadership trajectory	Confident messaging

Management Commentary

“Seeing all Cohort 1 patients achieve remission within 30 days, including a patient that reached MRD‑negative status, is a testament to the strength of our science…” — Dr. Dirk Huebner, CMO .
“With every success, we are reinforcing Aptevo’s position as a leader in the development of bispecific anti‑cancer agents…well poised for growth in 2025.” — Marvin White, CEO .
Interview perspective: “On December 12, we…announced…100%…remission within 30 days… Additionally, one patient achieved…MRD negative status.” — Marvin White (management interview) .

Q&A Highlights

No official Q4 2024 earnings call transcript was located in our sources; therefore, no formal Q&A is available [Search attempted; none returned].
Management’s interview remarks post‑release emphasized AML market need, the bispecifics strategy, and potential differentiators (predictability, combinability) .
Safety signal clarification: for ALG.APV‑527, management underscored absence of severe liver toxicity in Phase 1 to date, addressing a key concern for 4‑1BB agonists .

Estimates Context

S&P Global consensus estimates for Q4 2024 (EPS, revenue) were not available due to data access limits at the time of analysis; APVO often has limited sell‑side coverage, and the company did not provide quarterly revenue/EPS in the FY release. As a result, no beat/miss determination is provided.
Implication: Near-term model revisions will pivot on clinical catalysts and financing cadence rather than quarterly P&L variances.

Key Takeaways for Investors

Clinical data are the primary stock drivers: 100% remission in RAINIER Cohort 1 (frontline AML) and a 59% SD rate in ALG.APV‑527 support the bispecifics thesis and potential differentiation on safety (limited CRS; no severe liver tox) .
Funding remains a key consideration: YE24 cash of $8.7M and ongoing net losses highlight continued external capital/partnering needs through 2025 .
No formal guidance or consensus baselines reduces near‑term trading “beat/miss” setups; focus on trial enrollment cadence, MRD‑negative rates in future cohorts, and timing of 2025 readouts (ASH targeted) .
Watch for confirmatory signals in additional RAINIER cohorts and durability data; incremental MRD‑negativity and safety consistency would be meaningful de‑risking events .
For ALG.APV‑527, ongoing dose escalation and biomarker activity with a benign liver safety profile can unlock partnering optionality in large solid tumor markets .

Sources

Q4/FY24 8‑K and Exhibit 99.1 press release, Feb 14, 2025: business update; FY financials; cash; OpEx; net loss; clinical data .
Q3 2024 8‑K and press release: clinical milestones; quarterly cash, OpEx, net loss, EPS .
Q2 2024 8‑K and press release: program updates; quarterly cash, OpEx, net loss, EPS .
Dec 12, 2024 press release (company site): 100% remission in RAINIER Cohort 1 and two MRD‑negatives .
Management interview transcript (Feb 16, 2025): strategic messaging and program context .

Aptevo Therapeutics Inc. (APVO)·Q4 2024 Earnings Summary