Aptevo Therapeutics Inc. Earnings Per Share Disclosure
Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period. The weighted-average number of common shares outstanding includes the shares held in abeyance resulting from the exercise of warrants because there is no consideration required for delivery of shares. Diluted net loss per share is computed by dividing the net 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 RSUs are only included in the calculation of diluted net 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 loss from continuing operations or income 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 Year Ended December 31, |
|
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|
|
2025 |
|
2024 |
|
||
Net loss |
|
$ |
(25,967 |
) |
$ |
(24,130 |
) |
Dividend attributable to down round feature of warrants |
|
|
(1,571 |
) |
|
— |
|
Net loss attributable to common stockholders |
|
$ |
(27,538 |
) |
$ |
(24,130 |
) |
|
|
|
|
|
|
||
Basic and diluted net loss per share |
|
$ |
(87.27 |
) |
$ |
(31,460.23 |
) |
|
|
|
|
|
|
||
Shares used in calculation: |
|
|
315,535 |
|
|
767 |
|
The following table represents all potentially dilutive shares:
|
|
As of December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Common warrants |
|
|
676,968 |
|
|
|
4,642 |
|
Unvested RSUs |
|
|
6,542 |
|
|
|
— |
|
We use the treasury stock method when determining dilutive shares. For the year ended December 31, 2025 and 2024, 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Mar 5, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2019 | Mar 25, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 13, 2018 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.