Aptevo Therapeutics (APVO) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	APVO
Entity Registrant Name	APTEVO THERAPEUTICS INC.
Entity Central Index Key	0001671584
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Transition Report	false
Document Quarterly Report	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		9,420,489
Title of 12(b) Security	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Address, Address Line One	2401 4th Avenue
Entity Address, Address Line Two	Suite 1050
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98121
City Area Code	206
Local Phone Number	838-0500
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Tax Identification Number	81-1567056
Entity File Number	001-37746

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 8,066	$ 16,904
Prepaid expenses	798	1,473
Other current assets	715	689
Total current assets	9,579	19,066
Property and equipment, net	697	895
Operating lease right-of-use asset	4,645	4,881
Total assets	14,921	24,842
Current liabilities:
Accounts payable and other accrued liabilities	3,736	3,984
Accrued compensation	892	2,098
Other current liabilities	791	1,142
Total current liabilities	5,419	7,224
Other long-term liabilities	14
Operating lease liability	5,025	5,397
Total liabilities	10,458	12,621
Stockholders' equity:
Preferred stock: $0.001 par value; 15,000,000 shares authorized, zero shares issued or outstanding
Common stock: $0.001 par value; 500,000,000 shares authorized; 4,080,665 and 442,458 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	69	61
Additional paid-in capital	240,558	235,607
Accumulated deficit	(236,164)	(223,447)
Total stockholders' equity	4,463	12,221
Total liabilities and stockholders' equity	$ 14,921	$ 24,842

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	4,080,665	442,458
Common stock, shares outstanding	4,080,665	442,458

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ (3,643,000)	$ (5,462,000)	$ (7,395,000)	$ (9,630,000)
General and administrative	(2,381,000)	(2,716,000)	(5,612,000)	(6,304,000)
Loss from operations	(6,024,000)	(8,178,000)	(13,007,000)	(15,934,000)
Other income:
Other income from continuing operations, net	141,000	230,000	290,000	163,000
Gain related to sale of non-financial asset				9,650,000
Net loss from continuing operations	(5,883,000)	(7,948,000)	(12,717,000)	(6,121,000)
Discontinued operations:
Income from discontinued operations	0	0	0	946,000
Net loss	$ (5,883,000)	$ (7,948,000)	$ (12,717,000)	$ (5,175,000)
Basic and diluted net loss per share from continuing operations:
Basic	$ (1.67)	$ (53.95)	$ (6.02)	$ (37.45)
Diluted	(1.67)	(53.95)	(6.02)	(37.45)
Basic net loss per share	(1.67)	(53.95)	(6.02)	(31.67)
Diluted net loss per share	$ (1.67)	$ (53.95)	$ (6.02)	$ (31.67)
Shares used in calculation:
Basic shares used in calculation	3,519,875	147,321	2,111,131	163,425
Diluted shares used in calculation	3,519,875	147,321	2,111,131	163,425

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net loss	$ (12,717)	$ (5,175)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	992	1,380
Depreciation and amortization	197	328
Non-cash interest expense and other		10
Changes in operating assets and liabilities:
Royalty receivable		2,500
Prepaid expenses and other current assets	650	641
Operating lease right-of-use asset	236	205
Accounts payable, accrued compensation and other liabilities	(1,805)	205
Long-term operating lease liability	(357)	(331)
Net cash used in operating activities	(12,804)	(237)
Financing Activities
Payments of long-term debt, including fees		(3,467)
Value of equity awards withheld for tax liability	(1)	(8)
Proceeds from issuance of common stock	3,970	2,083
Payments in lieu of fractional shares	(3)
Net cash provided by (used in) financing activities	3,966	(1,392)
Decrease in cash and cash equivalents	(8,838)	(1,629)
Cash and cash equivalents at beginning of period	16,904	22,635
Cash and cash equivalents at end of period	$ 8,066	$ 21,006

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2022	$ 17,974	$ 48	$ 223,962	$ (206,036)
Balance (in shares) at Dec. 31, 2022		146,961
Common stock issued upon vesting of restricted stock units	(8)		(8)
Common stock issued upon vesting of restricted stock units (in shares)		961
Issuances of common stock	1,602	$ 1	1,601
Issuances of common stock (in shares)		16,611
Stock-based compensation	915		915
Net income (loss) for the period	2,773			2,773
Balance at Mar. 31, 2023	23,256	$ 49	226,470	(203,263)
Balance (in shares) at Mar. 31, 2023		164,533
Balance at Dec. 31, 2022	17,974	$ 48	223,962	(206,036)
Balance (in shares) at Dec. 31, 2022		146,961
Net income (loss) for the period	(5,175)
Balance at Jun. 30, 2023	16,253	$ 49	227,415	(211,211)
Balance (in shares) at Jun. 30, 2023		171,441
Balance at Mar. 31, 2023	23,256	$ 49	226,470	(203,263)
Balance (in shares) at Mar. 31, 2023		164,533
Common stock issued upon vesting of restricted stock units	(2)		(2)
Common stock issued upon vesting of restricted stock units (in shares)		90
Issuances of common stock	482		482
Issuances of common stock (in shares)		6,818
Stock-based compensation	465		465
Net income (loss) for the period	(7,948)			(7,948)
Balance at Jun. 30, 2023	16,253	$ 49	227,415	(211,211)
Balance (in shares) at Jun. 30, 2023		171,441
Balance at Dec. 31, 2023	12,221	$ 61	235,607	(223,447)
Balance (in shares) at Dec. 31, 2023		442,458
Common stock issued upon vesting of restricted stock units (in shares)		213
Issuances of common stock		$ 5	(5)
Issuances of common stock (in shares)		231,130
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024	(3)		(3)
Payment in lieu of fractional shares in connection with the 1-for-44 reverse stock split effected on March 5, 2024 (in shares)		(371)
Stock-based compensation	719		719
Net income (loss) for the period	(6,834)			(6,834)
Balance at Mar. 31, 2024	6,103	$ 66	236,318	(230,281)
Balance (in shares) at Mar. 31, 2024		673,430
Balance at Dec. 31, 2023	12,221	$ 61	235,607	(223,447)
Balance (in shares) at Dec. 31, 2023		442,458
Net income (loss) for the period	(12,717)
Balance at Jun. 30, 2024	4,463	$ 69	240,558	(236,164)
Balance (in shares) at Jun. 30, 2024		4,080,665
Balance at Mar. 31, 2024	6,103	$ 66	236,318	(230,281)
Balance (in shares) at Mar. 31, 2024		673,430
Common stock issued upon vesting of restricted stock units (in shares)		2,257
Issuances of common stock	3,970	$ 3	3,967
Issuances of common stock (in shares)		3,404,978
Stock-based compensation	273		273
Net income (loss) for the period	(5,883)			(5,883)
Balance at Jun. 30, 2024	$ 4,463	$ 69	$ 240,558	$ (236,164)
Balance (in shares) at Jun. 30, 2024		4,080,665

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)(Parenthetical)			3 Months Ended
	Mar. 05, 2024	Feb. 27, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Reverse stock split	0.02	0.02	0.02

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,883)	$ (6,834)	$ (7,948)	$ 2,773	$ (12,717)	$ (5,175)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Nature of Business and Signific

Nature of Business and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Note 1. Nature of Business and Significant Accounting Policies Organization and Liquidity Aptevo Therapeutics Inc. (Aptevo, we, us, or the Company) is a clinical-stage, research and development biotechnology company focused on developing novel immuno-oncology candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs. Our clinical candidates, APVO436 and ALG.APV-527, and preclinical candidates, APVO603 and APVO711, were developed using our ADAPTIR™ modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX™ modular protein technology platform. We are currently trading on the Nasdaq Capital Market under the symbol "APVO." The accompanying financial statements have been prepared on a basis that assumes we will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the uncertainty of our ability to continue as a going concern, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. For the six months ended June 30, 2024, we had a net loss of $ 12.7 million. We had an accumulated deficit of $ 236.2 million as of June 30, 2024. For the six months ended June 30, 2024, net cash used in our operating activities was $ 12.8 million. We have suffered recurring losses from operations and negative cash flows from operating activities. When considered in aggregate, these factors raise substantial doubt about our ability to continue as a going concern for the one-year period from the date of issuance of these financial statements. We will need to raise additional funds to support our operating and capital needs in addition to our existing cash resources, cash to be generated from future milestones related to IXINITY sales and regulatory approvals achieved by Medexus Pharmaceuticals ("Medexus"), and exercise of common warrants. We may choose to raise additional funds to support our operating and capital needs in the future. We continue to face significant challenges and uncertainties and, as a result, our available capital resources may be consumed more rapidly than currently expected due to: (a) changes we may make to the business that affect ongoing operating expenses; (b) changes we may make in our business strategy; (c) changes we may make in our research and development spending plans; (d) whether and to what extent potential milestones are received from Medexus with respect to IXINITY; (e) macroeconomic conditions such as rising interest rates, inflation and costs; and (f) other items affecting our forecasted level of expenditures and use of cash resources. We may attempt to obtain other public or private financing, collaborative or licensing arrangements with strategic partners, or through credit lines or other debt financing sources to increase the funds available to fund operations. However, we may not be able to secure such funding in a timely manner or on favorable terms, if at all. Furthermore, if we issue equity or debt securities to raise additional funds, our existing stockholders may experience dilution, and the new equity or debt securities may have rights, preferences, and privileges senior to those of our existing stockholders. If we raise additional funds through collaboration, licensing, or other similar arrangements, it may be necessary to relinquish valuable rights to our potential products or proprietary technologies, or grant licenses on terms that are not favorable to us. Without additional funds, we may be forced to delay, scale back, or eliminate some of our research and development activities or other operations and potentially delay product development in an effort to provide sufficient funds to continue our operations. If any of these events occurs, our ability to achieve our development goals may be adversely affected. Given the continuing global economic and geopolitical climate, including rising interest rates and stock market volatility, we may experience delays or difficulties in the financing environment and raising capital due to economic uncertainty. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates. Significant Accounting Policies Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $ 0.05 million. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received. Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Note 2. Discontinued Operations The accompanying unaudited condensed consolidated financial statements include discontinued operations from the sale of business products and segments. The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Six Months Ended June 30, 2024 2023 Deferred payment from Medexus — 523 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — 163 Gain on contingent consideration from Kamada — 260 Income from discontinued operations $ — $ 946 For the three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024 , we did no t record income from discontinued operations. For the six months ended June 30, 2023 , we collected $ 0.5 million in deferred payments from Medexus related to IXINITY sales and $ 0.2 million related to funds released from escrow from the sale of Aptevo BioTherapeutics in 2020. Additionally, we received $ 0.3 million related to the sale of hyperimmune business to Saol (later acquired by Kamada, Ltd.) as a result of the collection of certain accounts receivable.

XOMA Transaction

XOMA Transaction	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
XOMA Transaction	Note 3. XOMA Transaction On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title and interest in and to all of the deferred payments and a portion of the milestone payments from Medexus under our LLC Purchase Agreement. Under the terms of our Purchase Agreement with XOMA, we received $ 9.6 million at closing and an additional post-closing payment of $ 0.05 million. In exchange for the Closing Payment, we sold to XOMA our right, title and interest to the following payments under the LLC Purchase Agreement: (i) 100 % of the Company’s entitlement to receive the deferred payments that may become due and payable following March 29, 2023 (including, for avoidance of doubt, any and all payments earned during Q1 2023), (ii) 25 % of the Company’s entitlement to receive the Canadian approval milestone payment; and (iii) 50 % of the Company’s entitlement to receive the European approval milestone payments and net sales milestone payment. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received.

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreements	Note 4. Collaboration Agreements Alligator Bioscience AB On July 20, 2017, our wholly owned subsidiary, Aptevo R&D, entered into a collaboration and option agreement (the "Collaboration Agreement") with Alligator Bioscience AB ("Alligator"), pursuant to which Aptevo and Alligator have been collaboratively developing ALG.APV-527, a first-in-class bispecific antibody candidate simultaneously targeting 4-1BB (CD137), a member of the TNFR superfamily of a costimulatory receptor found on activated T cells, and 5T4, a tumor antigen widely overexpressed in a number of different types of cancer. We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Alligator, is not a customer. As such the arrangement is not in the scope of ASC 606 and is instead treated as a collaborative agreement under ASC 808 – Collaborative Arrangements ("ASC 808"). In accordance with ASC 808, we concluded that because the Collaboration Agreement is a cost sharing agreement, there is no revenue. For the six months ended June 30, 2024 and 2023 , we recorded approximately $ 1.3 million and $ 1.5 million, which represent our 50 % cost share, in our research and development expense related to the Collaboration Agreement, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5. Fair Value Measurements The Company’s estimates of fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, it gives the highest priority to quoted prices in active markets and requires that observable inputs be used in the valuations when available. The disclosure of fair value estimates in the fair value accounting guidance hierarchy is based on whether the significant inputs into the valuation are observable. In determining the level of the hierarchy in which the estimate is disclosed, the highest priority is given to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs that reflect the Company’s significant market assumptions. The level in the fair value hierarchy within which the fair value measurement is reported is based on the lowest level input that is significant to the measurement in its entirety. The three levels of the hierarchy are as follows: Level 1— Quoted prices in active markets for identical assets and liabilities; Level 2— Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At June 30, 2024 and December 31, 2023, we had $ 7.1 million and $ 13.2 million in Level 1 money market funds, respectively. The carrying amounts of our money market funds approximate their fair value. At June 30, 2024 and December 31, 2023 , we did no t have any Level 2 or Level 3 assets.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 6. Cash and Cash Equivalents The Company’s cash equivalents are highly liquid investments with a maturity of 90 days or less at the date of purchase and include time deposits and investments in money market funds. The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Cash $ 962 $ 3,733 Cash equivalents 7,104 13,171 Total cash and cash equivalents $ 8,066 $ 16,904

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Note 7. Leases Office Space Lease - Operating We have an operating lease related to our office and laboratory space in Seattle, Washington with a term through April 2030 and two options to extend the lease term, each by five years . As of June 30, 2024 , we are not reasonably certain to exercise the two options to extend the lease term and our lease liability is recorded through April 30, 2030. For the three and six months ended June 30, 2024 and 2023 , we recorded $ 0.2 million and $ 0.4 million, respectively, related to variable lease expense. Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 297 $ 297 $ 594 $ 594 Total lease cost $ 297 $ 297 $ 594 $ 594 Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2024 2023 Seattle office lease, including amendment $ 4,645 $ 4,881 Total operating leases $ 4,645 $ 4,881 Lease payments: For the Six Months Ended June 30, (in thousands) 2024 2023 For operating leases $ 688 $ 459 As of June 30, 2024 , the long-term and current portion of the lease liabilities was $ 5.0 million and $ 0.7 million, respectively. As of June 30, 2023 , the long-term and current portion of the lease liabilities was $ 5.7 million and $ 0.6 million, respectively. As of June 30, 2024 , the weighted-average remaining lease term and weighted-average discount rate for operating leases was 5.84 years and 12.03 %.

Reverse Stock Split

Reverse Stock Split	6 Months Ended
	Jun. 30, 2024
Reverse Stock Split [Abstract]
Reverse Stock Split	Note 8. Reverse Stock Split On February 5, 2024, we held a Special Meeting of the Stockholders (the "Special Meeting") at which our stockholders approved a series of alternate amendments to the Amended and Restated Certificate of Incorporation to effect, at the option of our Board of Directors (the "Board"), a reverse split of Aptevo's common stock at a ratio ranging from 1-for-15 to 1-for-44 , inclusive, with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board in its sole discretion following the Special Meeting. The specific 1-for-44 reverse split ratio was subsequently approved by the Board on February 27, 2024. On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split"). The Reverse Stock Split became effective on March 5, 2024 at 5:01 p.m. Eastern Time, and our common stock began trading on the Nasdaq Capital Market, on a split-adjusted basis, at market open on March 6, 2024. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise be entitled to receive a fractional share received a cash payment in lieu thereof. We have adjusted all common stock and stock equivalent figures retroactively in this Form 10-Q for all periods presented to reflect the Reverse Stock Split.

Net Income (Loss) per Share

Net Income (Loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Note 9. Net Income (Loss) per Share Basic net income (loss) per share is calculated by dividing the net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted-average number of common share equivalents outstanding for the period using the as-if converted method. For the purpose of this calculation, warrants, stock options and restricted stock units ("RSUs") are only included in the calculation of diluted net income (loss) per share when their effect is dilutive. We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock instruments are dilutive. The control number used is income (loss) from continuing operations or income (loss) from discontinued operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories. Common stock equivalents include warrants, stock options and unvested RSUs. The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss from continuing operations $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 6,121 ) Income from discontinued operations — — — 946 Net loss $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 5,175 ) Basic and diluted net loss per share from continuing operations: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Basic and diluted net income per share from discontinued operations: Basic $ — $ — $ — $ 5.79 Diluted $ — $ — $ — $ 5.79 Basic and diluted net loss per share: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Shares used in calculation: Basic 3,519,875 147,321 2,111,131 163,425 Diluted 3,519,875 147,321 2,111,131 163,425 The following table represents all potentially dilutive shares: As of June 30, 2024 2023 Warrants 7,489,253 7,967 Outstanding options to purchase common stock 9,670 10,618 Unvested RSUs 5,263 7,727 We use the treasury stock method when determining dilutive shares. For the three and six months ended June 30, 2024 and 2023 , the Company was in a net loss position, therefore the share number used to calculate diluted earnings per share is the same as the basic earnings per share.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Note 10. Equity August 2023 Public Raise On August 4, 2023, we completed a public offering of common stock and warrants, which included the following: • 50,488 shares of common stock at a price of $ 27.28 per share. • Pre-funded warrants to purchase up to 132,793 shares of common stock at a price of $ 27.28 per with an exercise price of $ 0.001 per share. As of June 30, 2024, all pre-funded warrants have been exercised. • Series A and Series B common warrants to purchase up to an aggregate of 366,562 shares of common stock at an exercise price of $ 27.28 per share. We received net proceeds of $ 4.3 million, net of transaction costs, as a result of this offering. In the fourth quarter of 2023, an aggregate of 322,691 Series A and Series B common warrants were exercised as part of our November 2023 warrant inducement agreement with certain holders of our common warrants. The Series A and Series B common warrants are exercisable immediately following the date of issuance and will expire on August 4, 2028 and February 4, 2025 , respectively . In connection with a registered direct offering of the Company that closed on July 1, 2024 (the “Registered Direct Offering”), the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our August 2023 public offering, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 42,555 Series A and 1,316 Series B common warrants outstanding from our August 2023 public offering with an exercise price of $ 27.28 per share. Of these outstanding common warrants, 41,239 Series A common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 0.1 million in gross proceeds. November 2023 Warrant Inducement On November 9, 2023, we entered into a warrant inducement agreement (the "Inducement Agreement") with certain holders of our Series A and Series B common warrants issued in connection with our August 2023 public offering to exercise for cash 140,726 Series A and 181,965 Series B common warrants at a reduced exercise price of $ 10.25 . We received $ 3.3 million in gross proceeds from the exercise of these warrants and issued an aggregate of 645,382 new Series A and new Series B warrants as follows: • 281,452 Series A common warrants to purchase an aggregate of up to 281,452 shares of common stock at $ 10.25 per share, of which 140,726 Series A-1 common warrants were immediately exercisable and 140,726 Series A-2 common warrants were exercisable at any time on or after February 5, 2024 . The Series A-1 and Series A-2 common warrants have terms of four years and eight months , and five years , respectively. • 363,930 Series B common warrants to purchase an aggregate of up to 363,930 shares of common stock at $ 10.25 per share, of which 181,965 Series B-1 common warrants were immediately exercisable and 181,695 Series B-2 common warrants were exercisable at any time on or after February 5, 2024 . The Series B-1 and Series B-2 common warrants have terms of fourteen months and twenty-four months , respectively. On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our November 2023 warrant inducement, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 140,726 Series A-1, 140,726 Series A-2, 181,965 Series B-1 and 181,965 Series B-2 common warrants outstanding from our November 2023 warrant inducement with an exercise price of $ 10.25 per share. Of these outstanding common warrants, 131,964 Series A-1, 131,964 Series A-2, 173,203 Series B-1 and 173,203 Series B-2 common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 0.7 million in gross proceeds. April 2024 Public Raise On April 15, 2024, we completed a public offering of common stock and warrants, in which we received net proceeds of $ 4.0 million, net of transaction costs, which included the following: • 926,666 shares of common stock and accompanying common warrants to purchase up to 1,853,332 shares of common stock at a public offering price of $ 1.35 per share; and • Pre-funded warrants to purchase up to 2,473,334 shares of common stock and accompanying common warrants to purchase up to 4,946,668 shares of common stock at a combined public offering price of $ 1.3499 per pre-funded warrant, which is equal to the public offering price per share of common stock less the $ 0.0001 per share exercise price of each such pre-funded warrant. As of June 30, 2024, all pre-funded warrants have been exercised. The common warrants are exercisable immediately following the date of issuance and will expire in April 2029. On July 1, 2024, in connection with the Registered Direct Offering, the Company amended certain existing common warrants held by certain stockholders who participated in the Registered Direct Offering that were issued in our April 2024 public offering, such that these common warrants will have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the common warrants issued in the Registered Direct Offering. As of June 30, 2024 , we have 6,800,000 common warrants outstanding from our April 2024 public offering with an exercise price of $ 1.35 per share, of which 6,666,668 common warrants have an amended exercise price of $ 0.515 as part of the Registered Direct Offering. For additional information on the Registered Direct Offering, refer to "Note 11 Subsequent Events." If such warrants are exercised, we will receive up to an additional $ 3.6 million in proceeds. Number of Weighted-Average Exercise Price Weighted- Outstanding at December 31, 2023 697,220 $ 20.36 2.99 Issued 6,800,000 1.35 4.75 Exercised — — — Expired ( 7,967 ) 800.80 — Outstanding at June 30, 2024 7,489,253 $ 2.27 4.54 Exercisable at June 30, 2024 7,489,253 $ 2.27 4.54 Aptevo uses Black-Scholes valuation model for estimating the fair value of the common warrants included in the April 2024 public offering. Set forth below are the assumptions used in valuing the common warrants issued: For the Six Months Ended June 30, 2024 Expected dividend yield 0.00 % Expected volatility 110.01 % Risk-free interest rate 5.16 % Expected average life of warrants 5 years Equity Distribution Agreement The Company previously entered into an Equity Distribution Agreement with Piper Sandler (the "Equity Distribution Agreement") under which we could issue and sell through Piper Sandler shares of our common stock pursuant to a Registration Statement on Form S-3 (the "Shelf Registration Statement") which we filed on December 14, 2020, and expired in December 2023. In the six months ended June 30, 2023 , the Company issued 16,611 shares of common stock at an average price of $ 99.43 under the Equity Distribution Agreement. We received $ 1.6 million in proceeds from the issuance of these shares. Lincoln Park Purchase Agreement On February 16, 2022, we entered into a Purchase Agreement ("2022 Purchase Agreement") and a Registration Rights Agreement with Lincoln Park (the "Registration Rights Agreement") to purchase up to $ 35.0 million of our common stock over a 36-month period, for which we issued 2,256 shares of our common stock to Lincoln Park for no cash consideration as an initial fee for its commitment to purchase shares of our common stock under the 2022 Purchase Agreement. For the six months ended June 30, 2024 , we did no t issue shares of our common stock and for the six months ended June 30, 2023 , we issued 6,818 shares of our common stock to Lincoln Park under the 2022 Purchase Agreement and we received $ 0.5 million in proceeds from issuance of these shares. Our Shelf Registration Statement on Form S-3 expired on December 18, 2023, without which we cannot issue shares pursuant to the 2022 Purchase Agreement. Rights Plan On November 8, 2020, our Board approved and adopted a Rights Agreement (the "Rights Agreement"), dated as of November 8, 2020, by and between the Company and Broadridge Corporate Issuer Solutions, Inc., as rights agent, pursuant to which the Board declared a dividend of one preferred share purchase right (each, a "Right") for each outstanding share of the Company’s common stock held by stockholders as of the close of business on November 23, 2020. One Right also will be issued together with each common share issued by the Company after November 23, 2020, but before the Distribution Date (as defined in the Rights Agreement) (or the earlier redemption or expiration of the Rights) and, in certain circumstances, after the Distribution Date. When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock , Series A Junior Participating Preferred Stock, par value $ 0.001 per share, of the Company. Subject to various exceptions, the Rights become exercisable in the event any person (excluding certain exempted or grandfathered persons) becomes the beneficial owner of ten percent ( 10 %) or more of the Company’s common stock without the approval of the Board. On November 2, 2023, we entered into amendment No. 3 to the Rights Agreement and extended the expiration of such agreement to November 4, 2024 and changed the exercise price to $ 2.02 per one one-thousandth of a Series A Junior Participating Preferred Share (as defined in the Rights Agreement), subject to adjustment. 2018 Stock Incentive Plan On June 1, 2018, at the 2018 annual meeting of the stockholders, the Company’s stockholders approved a new 2018 Stock Incentive Plan (the "2018 SIP"), which replaced the Restated 2016 Plan (the "2016 SIP") on a go-forward basis. All stock options, RSUs or other equity awards granted subsequent to June 1, 2018 have been and will be issued out of the 2018 SIP, which has 0.2 million shares of Aptevo common stock authorized for issuance. The 2018 SIP became effective immediately upon stockholder approval at the 2018 annual meeting of the stockholders. Any shares subject to outstanding stock awards granted under the 2016 SIP that (a) expire or terminate for any reason prior to exercise or settlement; (b) are forfeited because of the failure to meet a contingency or condition required to vest such shares or otherwise return to the Company; or (c) otherwise would have returned to the 2016 SIP for future grant pursuant to the terms of the 2016 SIP (such shares, the "Returning Shares") will immediately be added to the share reserve under the 2018 SIP as and when such shares become Returning Shares, up to a maximum of 0.2 million shares. On June 7, 2022, at the 2022 annual meeting of the stockholders, our stockholders approved the Amended and Restated 2018 SIP (the "Amended 2018 SIP") to increase the number of shares authorized for issuance under the 2018 SIP by 11,363 shares of common stock ( adjusted for 1-for-44 reverse stock split effective as of March 5, 2024). On June 7, 2024, at the 2024 annual meeting of the stockholders, our stockholders approved the Second Amended and Restated 2018 SIP (the "Second Amended 2018 SIP") to increase the number of shares authorized for issuance under the Amended 2018 SIP by 165,000 shares of common stock. As of June 30, 2024 , there are 0.2 million shares available to be granted under the Second Amended 2018 SIP. Stock options and RSUs under the Second Amended 2018 SIP generally vest pro rata over a one-year or three-year period. Stock options terminate ten years from the grant date, though the specific terms of each grant are determined individually. The Company’s executive officers, members of our Board, and certain other employees and consultants may be awarded options and/or RSUs with different vesting criteria, and awards granted to non-employee directors will vest over a one-year period. Option exercise and RSU grant prices for new awards granted by the Company equal the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of grant. Stock-Based Compensation Expense Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 49 $ 112 $ 291 $ 422 General and administrative 224 353 701 958 Total stock-based compensation expense $ 273 $ 465 $ 992 $ 1,380 The Company accounts for stock-based compensation by measuring the cost of employee services received in exchange for all equity awards granted based on the fair value of the award as of the grant date. The Company recognizes the compensation expense over the vesting period. All assumptions used to calculate the grant date fair value of non-employee equity awards are generally consistent with the assumptions used for equity awards granted to employees. In the event the Company terminates any of its consulting agreements, the unvested equity underlying the agreements would also be forfeited. The stock compensation is lower in the current period mainly due to a decrease in our stock price. Stock Options Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Six Months Ended June 30, 2024 2023 Expected dividend yield — — Expected volatility — 103.63 % Risk-free interest rate — 4.18 % Expected average life of options — 5 years The Company did no t grant stock options for the three and six months ended June 30, 2024 or for the three months ended June 30, 2023. For the six months ended June 30, 2023 , management has applied an estimated forfeiture rate of 30 %. The following is a summary of option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Balance at December 31, 2023 9,946 $ 563.19 7.38 Granted — — — Exercised — — — Forfeited ( 276 ) 658.89 — Outstanding at June 30, 2024 9,670 $ 559.24 7.04 Exercisable June 30, 2024 7,204 $ 695.34 6.58 Vested and expected to vest at June 30, 2024 9,107 $ 586.09 6.95 As of June 30, 2024 , we had $ 0.2 million of unrecognized compensation expense related to options expected to vest over a weighted-average remaining vesting period of 0.9 years. The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2023 , was $ 73.92 . The total fair value of stock options vested for the six months ended June 30, 2024 and 2023 was $ 1.0 million and $ 1.1 million, respectively. The aggregate intrinsic value is the total pretax intrinsic value (the difference between the closing stock price of Aptevo’s common stock on the last trading day of June 30, 2024 and the exercise price, multiplied by the number of in the money options) that would have been received by the option holders had all the option holders exercised their options on the last trading day of the quarter. Restricted Stock Units The following is a summary of RSU activity for the six months ended June 30, 2024: Number of Weighted Balance at December 31, 2023 6,342 $ 205.08 Granted 1,672 7.19 Vested ( 2,578 ) 279.59 Forfeited ( 173 ) 84.99 Outstanding and expected to vest at June 30, 2024 5,263 $ 109.66 As of June 30, 2024 , there was $ 0.4 million unrecognized stock-based compensation expense related to unvested RSUs expected to vest over the weighted-average period of 1.13 years. The fair value of each RSU has been determined to be the closing trading price of the Company’s common stock on the date of grant as quoted on the Nasdaq Capital Market.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events On July 1, 2024, we completed the Registered Direct Offering of (i) 3,621,460 shares of our common stock and accompanying common warrants ("Common Warrants") to purchase up to 7,242,920 shares of common stock at an offering price of $ 0.515 per share and accompanying Common Warrants and (ii) pre-funded warrants ("Pre-Funded Warrants") to purchase 1,718,346 shares of common stock and accompanying Common Warrants to purchase up to 3,436,692 shares of common stock at a combined offering price of $ 0.5149 per Pre-funded Warrant and accompanying Common Warrants, which is equal to the offering price per share of Common Stock and accompanying Common Warrant less the $ 0.0001 per share exercise price of each such Pre-funded Warrant. The exercise price of the Common Warrants is subject to adjustment for stock splits and similar capital transactions and is subject to repricing in the event of a share split, share dividend, share combination or other such event as described in the Common Warrants. We received $ 2.7 million in gross proceeds from the offering. Our net proceeds from the offering amounted to approximately $ 2.3 million after deducting offering expenses payable by us, including placement agent and other fees. The Common Warrants have an exercise price of $ 0.515 per share and are exercisable upon stockholder approval and will expire in August 2029. If the Common Warrants are exercised, we will receive up to an additional $ 5.5 million in proceeds. In connection with the Registered Direct Offering, the Company amended certain existing warrants that were previously issued to certain investors on (i) August 4, 2023 to purchase up to 41,239 shares of our common stock and have exercise price of $ 27.28 per share, (ii) November 9, 2023 to purchase up to 610,334 shares of our common stock and have exercise price of $ 10.252 per share, and (iii) April 15, 2024 to purchase up to 6,666,668 shares of our common stock and have exercise price of $ 1.35 per share (collectively, the “Existing Warrants”), such that the Existing Warrants have a reduced exercise price equal to $ 0.515 per share and include the same exercise price adjustments as the Common Warrants issued in the Registered Direct Offering. The amended warrants become exercisable upon the same stockholder approval as for the Common Warrants. As of June 30, 2024 , all pre-funded warrants have been exercised.

Nature of Business and Signif_2

Nature of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). These unaudited condensed consolidated financial statements include all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and changes in these estimates are recorded when known. The unaudited condensed consolidated financial statements include the accounts of the Company and our wholly owned subsidiary, Aptevo Research and Development LLC ("Aptevo R&D"). All intercompany balances and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the unaudited condensed financial statements and accompanying notes. Estimates are used for, but not limited to, clinical accruals, useful lives of equipment, commitments and contingencies, stock-based compensation, and incremental borrowing rate (IBR) used for our lease. Given the global economic and geopolitical climate, these estimates are becoming more challenging, and actual results could differ materially from those estimates.
Gain Related to Sale of Nonfinancial Asset	Gain Related to Sale of Nonfinancial Asset to XOMA (US) LLC On March 29, 2023, we entered into and closed a payment interest purchase agreement (the "Purchase Agreement") with XOMA (US) LLC ("XOMA") pursuant to which we sold to XOMA our right, title and interest in all of the deferred payments and a portion of the milestone payments from Medexus pursuant to our LLC Purchase Agreement with Medexus, dated February 28, 2020 (the "LLC Purchase Agreement"). Under the terms of the Purchase Agreement, we received $ 9.6 million at closing (the "Closing Payment") and an additional post-closing payment of $ 0.05 million. We accounted for the $ 9.6 million Closing Payment and the $ 0.05 million post-closing payment from XOMA as other income in accordance with Accounting Standards Codification ("ASC") 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets in the first quarter of 2023. Contractual rights sold to XOMA represent an intangible asset under ASC 610-20 Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets for which XOMA bears all benefit and Aptevo has no obligations going forward. The Company will continue to account for its portion of future milestones under our LLC Purchase Agreement with Medexus as contingent consideration under ASC 450-30 Gain Contingencies and will record income when proceeds are received.
Other Significant Accounting Policies	Other Significant Accounting Policies Our other significant accounting policies were reported in our Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the "SEC") on March 5, 2024. Our other significant accounting policies have not changed materially from the policies previously reported.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation	The following table represents the components attributable to income from discontinued operations in the unaudited condensed consolidated statements of operations (in thousands): For the Six Months Ended June 30, 2024 2023 Deferred payment from Medexus — 523 Gain on contingent consideration from release of escrow related to sale of Aptevo BioTherapeutics — 163 Gain on contingent consideration from Kamada — 260 Income from discontinued operations $ — $ 946

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table shows our cash and cash equivalents as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Cash $ 962 $ 3,733 Cash equivalents 7,104 13,171 Total cash and cash equivalents $ 8,066 $ 16,904

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Components of Lease Expense	Components of lease expense: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 297 $ 297 $ 594 $ 594 Total lease cost $ 297 $ 297 $ 594 $ 594
Summary of Right of Use Assets Acquired Under Operating Leases	Right of use assets acquired under operating leases: As of June 30, As of December 31, (in thousands) 2024 2023 Seattle office lease, including amendment $ 4,645 $ 4,881 Total operating leases $ 4,645 $ 4,881 Lease payments: For the Six Months Ended June 30, (in thousands) 2024 2023 For operating leases $ 688 $ 459

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss per Share	The following table presents the computation of basic and diluted net loss per share (in thousands, except share and per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss from continuing operations $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 6,121 ) Income from discontinued operations — — — 946 Net loss $ ( 5,883 ) $ ( 7,948 ) $ ( 12,717 ) $ ( 5,175 ) Basic and diluted net loss per share from continuing operations: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 37.45 ) Basic and diluted net income per share from discontinued operations: Basic $ — $ — $ — $ 5.79 Diluted $ — $ — $ — $ 5.79 Basic and diluted net loss per share: Basic $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Diluted $ ( 1.67 ) $ ( 53.95 ) $ ( 6.02 ) $ ( 31.67 ) Shares used in calculation: Basic 3,519,875 147,321 2,111,131 163,425 Diluted 3,519,875 147,321 2,111,131 163,425
Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share	The following table represents all potentially dilutive shares: As of June 30, 2024 2023 Warrants 7,489,253 7,967 Outstanding options to purchase common stock 9,670 10,618 Unvested RSUs 5,263 7,727

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Warrant Activity	Number of Weighted-Average Exercise Price Weighted- Outstanding at December 31, 2023 697,220 $ 20.36 2.99 Issued 6,800,000 1.35 4.75 Exercised — — — Expired ( 7,967 ) 800.80 — Outstanding at June 30, 2024 7,489,253 $ 2.27 4.54 Exercisable at June 30, 2024 7,489,253 $ 2.27 4.54
Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model	Aptevo uses Black-Scholes valuation model for estimating the fair value of the common warrants included in the April 2024 public offering. Set forth below are the assumptions used in valuing the common warrants issued: For the Six Months Ended June 30, 2024 Expected dividend yield 0.00 % Expected volatility 110.01 % Risk-free interest rate 5.16 % Expected average life of warrants 5 years
Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted	Stock-based compensation expense includes amortization of stock options and RSUs granted to employees and non-employees and has been reported in our unaudited condensed consolidated statements of operations as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Research and development $ 49 $ 112 $ 291 $ 422 General and administrative 224 353 701 958 Total stock-based compensation expense $ 273 $ 465 $ 992 $ 1,380
Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model	Aptevo utilizes the Black-Scholes valuation model for estimating the fair value of all stock options granted. Set forth below are the assumptions used in valuing the stock options granted: For the Six Months Ended June 30, 2024 2023 Expected dividend yield — — Expected volatility — 103.63 % Risk-free interest rate — 4.18 % Expected average life of options — 5 years
Summary of Stock Option Activity	The following is a summary of option activity for the six months ended June 30, 2024: Number of Weighted- Weighted- Balance at December 31, 2023 9,946 $ 563.19 7.38 Granted — — — Exercised — — — Forfeited ( 276 ) 658.89 — Outstanding at June 30, 2024 9,670 $ 559.24 7.04 Exercisable June 30, 2024 7,204 $ 695.34 6.58 Vested and expected to vest at June 30, 2024 9,107 $ 586.09 6.95
Summary of RSU Activity	The following is a summary of RSU activity for the six months ended June 30, 2024: Number of Weighted Balance at December 31, 2023 6,342 $ 205.08 Granted 1,672 7.19 Vested ( 2,578 ) 279.59 Forfeited ( 173 ) 84.99 Outstanding and expected to vest at June 30, 2024 5,263 $ 109.66

Nature of Business and Signif_3

Nature of Business and Significant Accounting Policies - Additional Information (Details)		3 Months Ended				6 Months Ended
	Mar. 29, 2023 USD ($)	Jun. 30, 2024 USD ($) Platform	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) Platform	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Nature Of Business [Line Items]
Number of technology platforms | Platform		2				2
Net Income (Loss)		$ (5,883,000)	$ (6,834,000)	$ (7,948,000)	$ 2,773,000	$ (12,717,000)	$ (5,175,000)
Accumulated deficit		(236,164,000)				(236,164,000)		$ (223,447,000)
Net cash used in operating activities						(12,804,000)	(237,000)
Income from discontinued operations		0		$ 0		0	$ 946,000
Payment Interest Purchase Agreement
Nature Of Business [Line Items]
Income from discontinued operations	$ 9,600,000
Additional post-closing payment	$ 50,000
Payment Interest Purchase Agreement | ASC 610-20
Nature Of Business [Line Items]
Income from discontinued operations						9,600,000
Additional post-closing payment						50,000
Nasdaq Capital Market
Nature Of Business [Line Items]
Net Income (Loss)						(12,700,000)
Accumulated deficit		$ (236,200,000)				(236,200,000)
Net cash used in operating activities						$ 12,800,000

Discontinued Operations - Summa

Discontinued Operations - Summary of Reconciliation of Carrying Amounts of Assets and Liabilities and Income (Loss) from Discontinued Operation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred payment from Medexus				$ 523,000
Income from discontinued operations	$ 0	$ 0	$ 0	946,000
Aptevo BioTherapeutics [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred payment from Medexus				200,000
Gain on contingent consideration				163,000
Kamada [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on contingent consideration				$ 260,000

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				$ 523,000
Income from discontinued operations	$ 0	$ 0	$ 0	946,000
Hyperimmune Business
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				300,000
IXINITY
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				500,000
Aptevo BioTherapeutics
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Deferred payment				$ 200,000

XOMA Transaction - Additional I

XOMA Transaction - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 29, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Income from discontinued operations		$ 0	$ 0	$ 0	$ 946,000
Payment Interest Purchase Agreement
Related Party Transaction [Line Items]
Income from discontinued operations	$ 9,600,000
Additional post-closing payment	$ 50,000
Percentage of entitlement to receive deferred payments	100%
Percentage of entitlement to receive Canadian approval milestone payment	25%
Percentage of entitlement to receive European approval milestone payment	50%
Payment Interest Purchase Agreement | ASC 610-20
Related Party Transaction [Line Items]
Income from discontinued operations				9,600,000
Additional post-closing payment				$ 50,000

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and development expense	$ 1.3	$ 1.5
Percentage of cost related to research and development	50%	50%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Money market funds	$ 7,100,000	$ 13,200,000
Level Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	0	0
Level Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0

Cash and Cash Equivalents - Add

Cash and Cash Equivalents - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
Restricted Cash And Cash Equivalents Items [Line Items]
Cash equivalents, maturity period	90 days

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash	$ 962	$ 3,733
Cash equivalents	7,104	13,171
Total cash and cash equivalents	$ 8,066	$ 16,904

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) RenewalOption	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,645		$ 4,881
Long term portion of operating lease liabilities	5,025	$ 5,700	5,025	$ 5,700	$ 5,397
Current portion of operating lease liabilities	$ 700	$ 600	$ 700	$ 600
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current	Other Liabilities, Current	Other Liabilities, Current
Weighted average remaining lease term for operating leases	5 years 10 months 2 days		5 years 10 months 2 days
Weighted discount rate for operating leases	12.03%		12.03%
Office Space Lease
Lessee Lease Description [Line Items]
Initial operating lease term date			2030-04
Operating lease renewal option description			term through April 2030 and two options to extend the lease term, each by five years
Operating lease renewal option term	5 years		5 years
Number of operating lease renewal option | RenewalOption			2
Operating lease option to extend			true
Variable expense	$ 200	$ 200	$ 400	$ 400

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 297	$ 297	$ 594	$ 594
Total lease cost	$ 297	$ 297	$ 594	$ 594

Leases - Summary of Right of Us

Leases - Summary of Right of Use Assets Acquired Under Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,881
For operating leases	688	$ 459
Seattle Office Lease, Including Amendment
Lessee Lease Description [Line Items]
Operating lease right-of-use asset	$ 4,645		$ 4,881

Reverse Stock Split - Additiona

Reverse Stock Split - Additional Information (Details)				3 Months Ended	6 Months Ended
	Mar. 05, 2024	Feb. 27, 2024	Feb. 05, 2024	Mar. 31, 2024	Jun. 30, 2024
Reverse Stock Split [Line Item]
Reverse stock split	0.02	0.02		0.02
Reverse Stock Split, outstanding common stock					On March 5, 2024, the Company filed a Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-44 reverse stock split of the Company's outstanding common stock (the "Reverse Stock Split").
Minimum
Reverse Stock Split [Line Item]
Reverse stock split			0.02
Maximum
Reverse Stock Split [Line Item]
Reverse stock split			0.06

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (5,883)		$ (7,948)		$ (12,717)	$ (6,121)
Income from discontinued operations						946
Net loss	$ (5,883)	$ (6,834)	$ (7,948)	$ 2,773	$ (12,717)	$ (5,175)
Basic and diluted net (loss) income per share:
Basic net loss per share from continuing operations	$ (1.67)		$ (53.95)		$ (6.02)	$ (37.45)
Diluted net loss per share from continuing operations	(1.67)		(53.95)		(6.02)	(37.45)
Basic net income per share from discontinued operations						5.79
Diluted net income per share from discontinued operations						5.79
Basic net loss per share	(1.67)		(53.95)		(6.02)	(31.67)
Diluted net loss per share	$ (1.67)		$ (53.95)		$ (6.02)	$ (31.67)
Shares used in calculation:
Basic shares used in calculation	3,519,875		147,321		2,111,131	163,425
Diluted shares used in calculation	3,519,875		147,321		2,111,131	163,425

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of Potentially Dilutive Shares Excluded from Calculation of Net Loss Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Common Warrants 2019
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	7,489,253	7,967
Outstanding Options to Purchase Common Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	9,670	10,618
Unvested RSUs
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares excluded from calculation of diluted net loss per share	5,263	7,727

Equity - Additional Information

Equity - Additional Information (Details)

3 Months Ended

6 Months Ended

Mar. 05, 2024

Feb. 27, 2024

Feb. 05, 2024

Nov. 09, 2023 USD ($) $ / shares shares

Feb. 16, 2022 USD ($) shares

Nov. 08, 2020 $ / shares shares

Jun. 01, 2018 shares

Jun. 30, 2024 USD ($) $ / shares shares

Mar. 31, 2024 USD ($) shares

Jun. 30, 2023 USD ($) $ / shares shares

Mar. 31, 2023 USD ($) shares

Jun. 30, 2024 USD ($) $ / shares shares

Jun. 30, 2023 USD ($) $ / shares shares

Jun. 07, 2024 shares

Apr. 15, 2024 shares

Dec. 31, 2023 $ / shares shares

Jun. 07, 2022 shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Proceeds from issuance of common stock | $

$ 3,970,000

$ 2,083,000

Preferred stock, par value | $ / shares

$ 0.001

$ 0.001

$ 0.001

Weighted-average grant date fair value per share of options granted | $ / shares

$ 73.92

Total fair value of stock option vested | $

$ 1,000,000

$ 1,100,000

Warrants outstanding

7,489,253

7,489,253

697,220

Issuance of common stock, net | $

$ 3,970,000

$ 482,000

$ 1,602,000

Reverse stock split

0.02

0.02

0.02

Unvested RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Unrecognized compensation expense | $

400,000

$ 400,000

Options expected to vest, weighted average period

1 year 1 month 17 days

Employee Stock Option

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Estimated forfeiture rate

30%

Unrecognized compensation expense | $

$ 200,000

$ 200,000

Options expected to vest, weighted average remaining vesting term

10 months 24 days

Stock options granted

0

0

0

0

2018 Stock Incentive Plan | Unvested RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock authorized for issuance under Stock Plan

200,000

165,000

11,363

Maximum number of returning shares from old plan to be add to shares reserve

200,000

Number of shares available for grant

200,000

200,000

Stock plan termination period

10 years

2018 Stock Incentive Plan | Unvested RSUs | Non-employee Directors

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock plan vesting period

1 year

Broadridge Corporate Issuer Solutions

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Preferred share purchase right

1

Broadridge Corporate Issuer Solutions | Series A Junior Participating Preferred Stock [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Preferred stock, par value | $ / shares

$ 0.001

Share portion entitled to purchase by rights

When exercisable, each Right initially would represent the right to purchase from the Company one one-thousandth of a share of a newly-designated series of preferred stock

Warrants exercise price, per share | $ / shares

$ 2.02

Percentage of beneficial ownership

10%

Minimum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Reverse stock split

0.02

Minimum | 2018 Stock Incentive Plan | Unvested RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock plan vesting period

1 year

Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Reverse stock split

0.06

Maximum | 2018 Stock Incentive Plan | Unvested RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Stock plan vesting period

3 years

Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Issuance of common stock shares

3,404,978

231,130

6,818

16,611

Issuance of common stock, net | $

$ 3,000

$ 5,000

$ 1,000

Warrants

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of common stock to be issued up conversion of warrants

4,946,668

Warrants | Series A

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants outstanding

42,555

42,555

Warrants | Series B

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants outstanding

1,316

1,316

Equity Distribution Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Common stock price per share | $ / shares

$ 99.43

$ 99.43

Proceeds from issuance of common stock | $

$ 1,600,000

Equity Distribution Agreement | Common Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Issuance of common stock shares

16,611

Warrant Inducement Agreement | Warrants

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Additional amount to be received upon exercise of warrants | $

$ 100,000

Gross proceeds from warrant exercises | $

$ 3,300,000

Warrant Inducement Agreement | Warrants | Series A

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants outstanding

140,726

Warrant Inducement Agreement | Warrants | Series B

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants outstanding

181,965

Purchase Agreement | Lincoln Park

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Proceeds from issuance of common stock | $

$ 500,000

Purchase Agreement | Common Stock | Lincoln Park

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Issuance of common stock shares

2,256

Cash consideration as an initial fee for commitment to purchase shares of common stock | $

$ 0

Shares of common stock issued for cash consideration

0

6,818

Purchase Agreement | Common Stock | Maximum | Lincoln Park

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Issuance of common stock, net | $

$ 35,000,000

Series A and Series B Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercise price, per share | $ / shares

$ 10.25

$ 10.25

$ 10.25

Number of warrants issued

645,382

Series A Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercise price, per share | $ / shares

$ 10.25

Number of warrants issued

281,452

Series A Common Warrants | Warrant Inducement Agreement | Common Stock | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of common stock to be issued up conversion of warrants

281,452

Series B Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercise price, per share | $ / shares

$ 10.25

Number of warrants issued

363,930

Series B Common Warrants | Warrant Inducement Agreement | Common Stock | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of common stock to be issued up conversion of warrants

363,930

Series A-1 Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercisable date

Feb. 05, 2024

Number of common stock to be issued up conversion of warrants

140,726

Warrants outstanding, term

4 years 8 months

Series A-2 Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercisable date

Feb. 05, 2024

Number of common stock to be issued up conversion of warrants

140,726

Warrants outstanding, term

5 years

Series B-1 Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercisable date

Feb. 05, 2024

Number of common stock to be issued up conversion of warrants

181,965

Warrants outstanding, term

14 months

Series B-2 Common Warrants | Warrant Inducement Agreement

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Warrants exercisable date

Feb. 05, 2024

Number of common stock to be issued up conversion of warrants

181,695

Warrants outstanding, term

24 months

Equity - August 2023 Public Rai

Equity - August 2023 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Aug. 04, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Nov. 09, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 3,970	$ 2,083
Warrants outstanding				697,220	7,489,253
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		4,946,668
Warrants | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.515
Number of common stock to be issued up conversion of warrants	3,436,692
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Warrant Inducement Agreement | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants					$ 100
Warrant Inducement Agreement | Warrants | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants	$ 5,500
Series A | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					42,555
Warrants expiration date			Aug. 04, 2028
Series A | Warrant Inducement Agreement | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options				322,691
Warrants outstanding							140,726
Series B | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding					1,316
Warrants expiration date			Feb. 04, 2025
Series B | Warrant Inducement Agreement | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock issued upon exercise of stock options				322,691
Warrants outstanding							181,965
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 1.3499
Pre-funded Warrants | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.5149
Number of common stock to be issued up conversion of warrants	1,718,346
Series A and Series B Common Warrants | Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 10.25		$ 10.25
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares		926,666	50,488
Common stock price per share		$ 1.35	$ 27.28
Proceeds from issuance of common stock		$ 4,000	$ 4,300
Public Offering | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		1,853,332
Public Offering | Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share			$ 27.28
Number of common stock to be issued up conversion of warrants		2,473,334	132,793
Warrants exercise price, per share		$ 0.0001	$ 0.001
Public Offering | Series A and Series B Common Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants			366,562
Warrants exercise price, per share			$ 27.28		27.28
Registered Direct Offering | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock shares	3,621,460
Proceeds from issuance of common stock	$ 2,300
Registered Direct Offering | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 1.35
Warrants outstanding					6,800,000
Registered Direct Offering | Warrants | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515
Warrants outstanding	6,666,668
Registered Direct Offering | Series A | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share					$ 0.515
Warrants outstanding					41,239

Equity - November 2023 Warrant

Equity - November 2023 Warrant Inducement - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2024	Jun. 30, 2024	Dec. 31, 2023	Nov. 09, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		7,489,253	697,220
Existing Warrants | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.515
Existing Warrants | Warrant Inducement Agreement | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Additional amount to be received upon exercise of warrants	$ 0.7
Existing Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share	$ 0.515
Series A-1 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		140,726
Series A-1 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	131,964
Series A-2 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		140,726
Series A-2 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	131,964
Series B-1 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		181,965
Series B-1 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	173,203
Series B-2 Common Warrants | Warrant Inducement Agreement | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding		181,965
Series B-2 Common Warrants | Warrant Inducement Agreement | Subsequent Event | Registered Direct Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	173,203
Series A and Series B Common Warrants | Warrant Inducement Agreement
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share		$ 10.25		$ 10.25

Equity - April 2024 Public Rais

Equity - April 2024 Public Raise - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended
	Jul. 01, 2024	Apr. 15, 2024	Aug. 04, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock				$ 3,970	$ 2,083
Warrants outstanding				7,489,253		697,220
Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		4,946,668
Warrants | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.515
Number of common stock to be issued up conversion of warrants	3,436,692
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share		$ 1.3499
Pre-funded Warrants | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share	$ 0.5149
Number of common stock to be issued up conversion of warrants	1,718,346
Public Offering
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock		$ 4,000	$ 4,300
Issuances of common stock (in shares)		926,666	50,488
Common stock price per share		$ 1.35	$ 27.28
Public Offering | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants		1,853,332
Public Offering | Pre-funded Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock price per share			$ 27.28
Number of common stock to be issued up conversion of warrants		2,473,334	132,793
Warrants exercise price, per share		$ 0.0001	$ 0.001
Registered Direct Offering | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from issuance of common stock	$ 2,300
Issuances of common stock (in shares)	3,621,460
Registered Direct Offering | Warrants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants exercise price, per share				$ 1.35
Warrants outstanding				6,800,000
Registered Direct Offering | Warrants | Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515
Warrants outstanding	6,666,668

Equity - Summary of Warrant Act

Equity - Summary of Warrant Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance	697,220
Number of Shares, Issued	6,800,000
Number of Shares, Expired	(7,967)
Number of Shares, Outstanding, Ending Balance	7,489,253	697,220
Number of Shares, Exercisable	7,489,253
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 20.36
Weighted-Average Exercise Price, Issued	1.35
Weighted-Average Exercise Price, Expired	800.8
Weighted-Average Exercise Price, Outstanding, Ending Balance	2.27	$ 20.36
Weighted-Average Exercise Price, Exercisable	$ 2.27
Weighted-Average Remaining Term, Outstanding	4 years 6 months 14 days	2 years 11 months 26 days
Weighted-Average Remaining Term, Issued	4 years 9 months
Weighted-Average Remaining Term, Exercisable	4 years 6 months 14 days

Equity - Assumptions Used in Es

Equity - Assumptions Used in Estimating Fair Value of Common Warrants under Black-Scholes Valuation Model (Details)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Expected dividend yield	0%
Expected volatility	110.01%
Risk-free interest rate	5.16%
Expected average life of warrants	5 years

Equity - Summary of Stock-based

Equity - Summary of Stock-based Compensation Expense Includes Amortization of Stock Options and Restricted Stock Units Granted (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 273	$ 465	$ 992	$ 1,380
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	49	112	291	422
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 224	$ 353	$ 701	$ 958

Equity - Assumptions used in Va

Equity - Assumptions used in Valuing the Stock Options Granted under Black-Scholes Valuation Model (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	103.63%
Risk-free interest rate	4.18%
Expected average life of options	5 years

Equity - Summary of Stock Optio

Equity - Summary of Stock Option Activity (Details) - Employee Stock Option - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance			9,946
Number of Shares, Granted	0	0	0	0
Number of Shares, Forfeited			(276)
Number of Shares, Outstanding, Ending balance	9,670		9,670		9,946
Number of Shares, Exercisable	7,204		7,204
Number of Shares, Vested and expected to Vest	9,107		9,107
Weighted-Average Exercise Price, Outstanding, Beginning balance			$ 563.19
Weighted-Average Exercise Price, Forfeited			658.89
Weighted-Average Exercise Price, Outstanding, Ending balance	$ 559.24		559.24		$ 563.19
Weighted-Average Exercise Price, Exercisable	695.34		695.34
Weighted-Average Exercise Price, Vested and expected to vest	$ 586.09		$ 586.09
Weighted-Average Remaining Term, Outstanding			7 years 14 days		7 years 4 months 17 days
Weighted-Average Remaining Term, Exercisable			6 years 6 months 29 days
Weighted-Average Remaining Term, Vested and expected to vest			6 years 11 months 12 days

Equity - Summary of RSU Activit

Equity - Summary of RSU Activity (Details) - Unvested RSUs - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Units, Outstanding		6,342
Number of Units, Granted	1,672
Number of Units, Vested	(2,578)
Number of Units, Forfeited	(173)
Number of Units, Outstanding and expected to vest	5,263
Weighted Average Fair Value per Unit, Outstanding		$ 205.08
Weighted Average Fair Value per Unit, Granted	$ 7.19
Weighted Average Fair Value per Unit, Vested	279.59
Weighted Average Fair Value per Unit, Forfeited	84.99
Weighted Average Fair Value per Unit, Outstanding and expected to vest	$ 109.66

Subsequent Events (Additional I

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Apr. 15, 2024	Nov. 09, 2023	Aug. 04, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 3,970	$ 2,083
Pre-funded Warrants
Subsequent Event [Line Items]
Common stock price per share				$ 1.3499
August 2023 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants						41,239
Warrants exercise price, per share						$ 27.28
November 2023 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants					610,334
Warrants exercise price, per share					$ 10.252
April 2024 Common Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants				6,666,668
Warrants exercise price, per share				$ 1.35
Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants				4,946,668
Warrants | Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants		$ 100
Warrants | Registered Direct Offering
Subsequent Event [Line Items]
Warrants exercise price, per share		$ 1.35
Subsequent Event | Registered Direct Offering
Subsequent Event [Line Items]
Gross proceeds from the offering	$ 2,700
Proceeds from issuance of common stock	$ 2,300
Issuance of common stock shares	3,621,460
Subsequent Event | Pre-funded Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	1,718,346
Common stock price per share	$ 0.5149
Subsequent Event | Existing Warrants
Subsequent Event [Line Items]
Warrants exercise price, per share	$ 0.515
Subsequent Event | Existing Warrants | Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants	$ 700
Subsequent Event | Existing Warrants | Registered Direct Offering | Warrant Inducement Agreement
Subsequent Event [Line Items]
Warrants exercise price, per share	$ 0.515
Subsequent Event | Warrants
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	3,436,692
Common stock price per share	$ 0.515
Warrants exercise price, per share	$ 0.0001
Additional amount to be received upon exercise of warrants	$ 3,600
Subsequent Event | Warrants | Warrant Inducement Agreement
Subsequent Event [Line Items]
Additional amount to be received upon exercise of warrants	$ 5,500
Subsequent Event | Warrants | Registered Direct Offering
Subsequent Event [Line Items]
Number of common stock to be issued up conversion of warrants	7,242,920
Warrants exercise price, per share	$ 0.515