Aptevo Therapeutics Inc. (NASDAQ:APVO) ("Aptevo" or the "Company"), a clinical-stage biotechnology company developing novel multispecific immuno-oncology therapeutics, today closed its previously announced warrant inducement transaction with certain holders of its existing common warrants (the "Existing Warrants"), pursuant to which such holders have exercised in full for cash their Existing Warrants to purchase up to an aggregate of 254,922 shares of common stock of the Company ("common stock") at a reduced exercise price of $4.03 per share. In consideration for such cash exercises, the Company has issued new unregistered common stock purchase warrants (the "Inducement Warrants") to purchase up to an aggregate of 1,274,610 shares of common stock at an exercise price of $4.03 per share. The Inducement Warrants will be exercisable on or after the date on which the Company obtains the required stockholder approval and will expire on the five-year anniversary of the date of such stockholder approval. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1 (File No. 333-288061), Form S-1MEF (File No. 333-288134), Form S-3 (File No. 333-284969) and Form S-3 (File No. 333-283983).

Separately, pursuant to a securities purchase agreement, the Company has sold to certain purchasers in a private placement (the "PIPE") up to 861,708 unregistered shares of common stock (the "Shares") at a purchase price of $4.03 per share (or, at a purchaser's election to comply with a 4.99% or 9.99% beneficial ownership limitation, pre-funded common stock purchase warrants (the "Pre-Funded Warrants") to purchase up to 861,708 shares in lieu of such shares), together with common stock purchase warrants (the "Common Warrants") to purchase up to 4,308,540 shares of common stock at an exercise price of $4.03 per share. The Pre-Funded Warrants are exercisable immediately and will expire upon exercise in full, and the Common Warrants will be exercisable on or after the date on which the Company obtains the required stockholder approval and will expire on the five-year anniversary of the date of such stockholder approval (together, the "PIPE Warrants").

The aggregate gross proceeds from the transactions described herein totaled approximately $4.5 million, before deducting placement agent fees and expenses.