Issue 001 | U.S. Pilot | US

APVO

Aptevo Therapeutics Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 38.4%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 15,984,000USD
Total Liabilities: 8,290,000USD
NCAV: 7,694,000USD
Cash: 14,525,000USD
NCAV per share: 6.17USD/share
Evidence: 10 annual | 25 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001193125-26-221661	2026-05-13	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001671584/accession=0001193125-26-221661/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-12-31 10-K Open filing	2016-12-31 10-K Open filing
Period-end Shares Outstanding	1,203,7531,203,753	997,830997,830	38,35813,808,966	8,9563,224,156	4,0511,458,504	6751,458,443	17917,050,536	04,080,665	0673,430	119,468,180	014,465,703	07,543,440	07,239,471	06,466,294	05,090,644	05,089,852	05,007,241	04,898,143	04,895,759	04,884,515	04,410,909	045,279,244	022,808,416	021,605,716	020,271,737
Weighted-average Basic Shares	1,060,6781,060,678	n/an/a	n/an/a	n/an/a	n/an/a	128276,137	11110,548,470	03,519,875	0686,735	112,234,661	012,579,012	06,482,158	n/an/a	05,100,310	05,090,592	05,023,321	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	1,060,6781,060,678	315,535315,535	11,2474,049,046	2,050738,149	4,0511,458,458	128276,137	11110,548,470	03,519,875	0686,735	112,234,661	012,579,012	06,482,158	07,022,292	05,102,914	05,090,592	05,023,321	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-6-6	-87-87	-11-11	-31-31	-4-4	-87-87	-5-5	-6-6	-10-10	-1-1	-1-1	-1-1	00	22	33	66	-2-2	-6-6	-5-5	-3-3	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Diluted EPS	-6-6	-87-87	-11-11	-31-31	-4-4	-87-87	-5-5	-6-6	-10-10	-1-1	-1-1	-1-1	00	22	33	66	-2-2	-6-6	-5-5	-3-3	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a
Basic-to-Diluted Share Difference	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	0.1%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	20.6%	2501.3%	328.3%	121.1%	500.0%	276.4%	77199.9%	506.0%	-96.5%	88723.9%	91.8%	4.2%	12.0%	27.0%	0.0%	1.6%	2.2%	0.0%	0.2%	10.7%	36.4%	297.0%	5.6%	6.6%	Insufficient evidence
Ownership Claim Change	-17.1%	-96.2%	-76.7%	-54.8%	-83.3%	-73.4%	-99.9%	-83.5%	2790.9%	-99.9%	-47.9%	-4.0%	-10.7%	-21.3%	-0.0%	-1.6%	-2.2%	-0.0%	-0.2%	-9.7%	-26.7%	-74.8%	-5.3%	-6.2%	Insufficient evidence

Verified split events: reverse 14.0 on 2016-08-01; reverse 44.0 on 2016-08-01; reverse 2.0 on 2020-03-11; reverse 14.0 on 2020-03-26; reverse 15.0 on 2024-02-05; reverse 44.0 on 2024-03-05; reverse 5.0 on 2024-09-30; reverse 37.0 on 2024-09-30; reverse 44.0 on 2024-12-31; reverse 6.0 on 2025-05-14; reverse 20.0 on 2025-12-17; reverse 18.0 on 2025-12-29

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-12-31 10-K USD	2016-12-31 10-K USD
Revenue	n/a	n/a	n/a	3,114,000	12,292,000	4,309,000	32,424,000	23,067,000	14,658,000	36,434,000
Operating Income	-26,312,000	-24,602,000	-28,878,000	-28,641,000	-21,400,000	-27,494,000	-42,596,000	-51,665,000	-53,949,000	-126,945,000
Net Income	-25,967,000	-24,130,000	-17,411,000	8,027,000	-28,457,000	-17,750,000	-40,448,000	-53,689,000	6,973,000	-112,415,000
Cash From Operations	-25,592,000	-23,785,000	-11,730,000	-21,022,000	-21,679,000	-29,318,000	-42,383,000	-51,422,000	-41,573,000	-36,862,000
Capex	n/a	n/a	n/a	-29,000	-713,000	-88,000	-153,000	-976,000	-1,402,000	-2,512,000
Free Cash Flow	n/a	n/a	n/a	-21,051,000	-22,392,000	-29,406,000	-42,536,000	-52,398,000	-42,975,000	-39,374,000
Cash And Equivalents	21,619,000	8,714,000	16,904,000	22,635,000	45,044,000	39,979,000	12,448,000	30,635,000	7,095,000	9,676,000
Accounts Receivable	n/a	n/a	n/a	n/a	n/a	n/a	7,022,000	5,220,000	2,141,000	4,284,000
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	6,139,000	1,785,000	1,028,000	6,639,000
Total Current Assets	23,081,000	10,659,000	19,066,000	27,450,000	52,570,000	47,264,000	29,995,000	48,689,000	95,084,000	71,414,000
Total Assets	27,194,000	15,591,000	24,842,000	34,215,000	56,601,000	53,547,000	53,408,000	67,494,000	117,007,000	91,858,000
Total Current Liabilities	6,050,000	6,207,000	7,224,000	8,706,000	34,757,000	14,539,000	38,239,000	17,610,000	18,510,000	19,544,000
Total Liabilities	9,813,000	10,836,000	12,621,000	16,241,000	55,385,000	36,953,000	41,566,000	37,088,000	34,972,000	41,292,000
Shareholders Equity	17,381,000	4,755,000	12,221,000	17,974,000	1,216,000	16,594,000	11,842,000	30,406,000	82,035,000	50,566,000
Shares Outstanding	1,181,725	675	1	0	0	0	0	0	0	0
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	315,535	128	1	966	888	642	276	152	144	137
Weighted Avg Shares Basic	315,535	128	1	966	888	642	276	152	144	137
Net Share Count Change (Normalized)	2501.3%	276.4%	88723.9%	27.0%	0.0%	36.4%	297.0%	5.6%	6.6%	Insufficient evidence
Ownership Claim Change (Normalized)	-96.2%	-73.4%	-99.9%	-21.3%	-0.0%	-26.7%	-74.8%	-5.3%	-6.2%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	3,114,000	3,114,000	3,665,000	3,096,000	3,110,000
Operating Income	-6,837,000	-5,996,000	-5,996,000	-7,610,000	-6,226,000	-6,480,000	-6,382,000	-6,382,000	-5,213,000	-6,024,000	-6,983,000	-6,384,000	-6,383,000	-6,561,000	-8,178,000	-7,756,000	-7,684,000	-7,684,000	-7,784,000	-7,562,000	-5,611,000	-5,611,000	-4,040,000	-4,750,000	-5,722,000
Net Income	-6,697,000	-5,806,000	-5,806,000	-7,549,000	-6,204,000	-6,408,000	-6,312,000	-6,312,000	-5,101,000	-5,883,000	-6,834,000	2,045,000	-5,902,000	-6,334,000	-7,948,000	2,773,000	-32,652,000	-4,642,000	-7,644,000	28,010,000	-7,697,000	-7,697,000	-6,272,000	-6,997,000	-7,932,000
Cash From Operations	-7,965,000	-5,236,000	-5,236,000	-6,688,000	-7,093,000	-6,575,000	-5,759,000	-5,759,000	-5,222,000	-6,153,000	-6,651,000	-5,253,000	-5,253,000	-6,240,000	-4,803,000	4,566,000	-5,939,000	-5,939,000	-6,896,000	-3,070,000	-5,117,000	-5,117,000	-3,880,000	-5,242,000	-5,053,000
Capex	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-4,000	n/a	n/a	n/a	-118,000	-13,000	-391,000
Free Cash Flow	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-6,900,000	n/a	n/a	n/a	-3,998,000	-5,255,000	-5,444,000
Cash And Equivalents	14,525,000	21,619,000	21,619,000	21,061,000	9,410,000	2,139,000	8,714,000	8,714,000	7,753,000	8,066,000	10,250,000	16,904,000	16,904,000	19,110,000	21,006,000	25,328,000	22,635,000	22,635,000	22,150,000	29,431,000	34,991,000	34,991,000	45,044,000	52,118,000	60,394,000
Total Current Assets	15,984,000	23,081,000	23,081,000	22,649,000	11,081,000	3,607,000	10,659,000	10,659,000	10,012,000	9,579,000	12,074,000	19,066,000	19,066,000	21,126,000	22,680,000	28,485,000	27,450,000	27,450,000	24,618,000	31,400,000	41,672,000	41,672,000	52,570,000	58,873,000	65,765,000
Total Liabilities	8,290,000	9,813,000	9,813,000	9,604,000	9,100,000	9,815,000	10,836,000	10,836,000	10,726,000	10,458,000	11,526,000	12,621,000	12,621,000	12,411,000	12,659,000	11,713,000	16,241,000	16,241,000	15,933,000	15,752,000	51,068,000	51,068,000	55,385,000	56,713,000	57,593,000
Shares Outstanding	1,246,105	997,830	997,830	46,807	9,133	22,526	1,458,443	276	195	1	0	19,468,180	1	0	0	0	6,466,294	0	0	0	5,007,241	0	0	0	0
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	1,060,678	315,535	315,535	11,247	123,025	4,051	276,137	276,137	14,254	793	155	12,234,661	4,295	2,382	1,228	1,330	5,102,914	1,012	964	951	4,937,456	935	928	926	859
Weighted Avg Shares Basic	1,060,678	315,535	315,535	11,247	123,025	4,051	276,137	276,137	14,254	793	155	12,234,661	4,295	2,382	1,228	1,330	5,100,310	1,012	964	951	4,937,456	935	928	926	859
Net Share Count Change (Normalized)	20.6%	2501.3%	2501.3%	328.3%	121.1%	500.0%	276.4%	276.4%	77199.9%	506.0%	-96.5%	88723.9%	88723.9%	91.8%	4.2%	12.0%	27.0%	27.0%	0.0%	1.6%	2.2%	2.2%	0.0%	0.2%	10.7%
Ownership Claim Change (Normalized)	-17.1%	-96.2%	-96.2%	-76.7%	-54.8%	-83.3%	-73.4%	-73.4%	-99.9%	-83.5%	2790.9%	-99.9%	-99.9%	-47.9%	-4.0%	-10.7%	-21.3%	-21.3%	-0.0%	-1.6%	-2.2%	-2.2%	-0.0%	-0.2%	-9.7%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	15,984,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json
Total Liabilities	8,290,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json
Cash	14,525,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json
Shares Outstanding	1,246,105	dei:EntityCommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json Data Vault \| sec/companyfacts/cik=0001671584/companyfacts.json
NCAV	7,694,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	6.17USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	38.4%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001671584
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001671584/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001671584/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-15T12:51:34+00:00
Rendered At: 2026-08-16T03:29:38+00:00

Run Audit

Mary Run: 7597e71d9e0c42a48d3fa1ce89682485
Mary As Of: 2026-07-11
Accession: 0001193125-26-221661
CIK: 0001671584
Mary Filing Date: 2026-05-13
Filing Currency: USD
Internal Discount: 38.4%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=7597e71d9e0c42a48d3fa1ce89682485; mary_as_of=2026-07-11; mary_filing_date=2026-05-13; mary_accession=0001193125-26-221661; mary_cik=0001671584; gnni_supporting_filing_date=2026-05-13; internal_discount=0.383573; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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