Dilution profile // every instrument, one screen, from SEC filings

Aptevo Therapeutics Inc. (APVO)

CIK 1671584 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed sub-ratings (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$88.0M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
MEDIUMwarrants = 41% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-90% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
HIGH~4.6 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2021-03-312026-08-14

Latest: 1.8M shares as of Aug 14, 2026 (10-Q).

⊙
EVIDENCE — filed/published fact
SourceSEC XBRL, cover-page share count
Fielddei:EntityCommonStockSharesOutstanding
As of2026-08-14
HowThe newest cover-page count as filed. It is used as the current count only while it is no more than about 15 months older than the company’s newest periodic filing; the float checker applies a 200-day rule and sets it beside the balance-sheet count.
Open the source document →
Share count fell from 16.9M to 1.2M between Nov 6, 2025 and Mar 26, 2026, a pattern consistent with a reverse split (roughly 1-for-14); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

~5 months of cash left

critical · burning $6.4M / quarter

Full breakdown: cash runway tool

Warrants

TrancheWarrantsExercise priceTermNotes
PIPE Warrants4.3M$4.03——
Pre Funded Warrants861,708not tagged——
Two Thousand Twenty Six Niowave Common Warrants53,201$5.075——
Two Thousand Twenty Five Common Warrants9,812$11.7—DOWN-ROUND
April Two Thousand Twenty Four Warrants4,645$428.4——
Two Thousand Twenty Three Common Warrants3not tagged——
August Two Thousand Twenty Three Warrantsnot tagged$136555.2——
Existing Warrantsnot tagged$3430.8——

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 730,169 underlying shares, as reported Jun 30, 2026 (10-Q).

Reported exercise price: $0 (aggregate figure as tagged; individual tranches vary).

Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. The tranche table above shows where the filer scoped it.

Rough fully diluted estimate: 2.5M = 1.8M O/S + 730,169 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 14, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding1.8MAug 14, 2026
+ PIPE Warrants (if exercised)4.3MAug 12, 2026
+ Pre Funded Warrants (if exercised)861,708Aug 12, 2026
+ Two Thousand Twenty Six Niowave Common Warrants (if exercised)53,201May 26, 2026
+ Two Thousand Twenty Five Common Warrants (if exercised)9,812Jun 30, 2026
+ April Two Thousand Twenty Four Warrants (if exercised)4,645Jun 30, 2026
+ Two Thousand Twenty Three Common Warrants (if exercised)3Jun 30, 2026
Fully diluted estimate7.0M+290.7% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $88.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-1Aug 21, 2026$18.0M registeredfiling →
S-1Jan 28, 2026$60.0M registeredfiling →
S-1Oct 1, 2025$10.0M registeredfiling →

Last 12 months: 7 executed · 2 registered.

EXECUTEDOct 30, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDSep 3, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
EFFECTIVESep 2, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDAug 21, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →
EXECUTEDAug 13, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDMay 27, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJan 30, 2026Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
EFFECTIVEJan 30, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDJan 28, 2026S-1 registration — capacity to sell shares, not a sale yetS-1 →
EXECUTEDJan 9, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDNov 25, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
EFFECTIVENov 25, 2025SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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