Aptevo Therapeutics (APVO): CVI and Heights disclose 6.3% warrant-based stake

Rhea-AI Filing Summary

CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of Aptevo Therapeutics Inc. common stock through warrants. They report beneficial ownership of 83,854 Shares, representing 6.3% of Aptevo’s common stock based on 1,246,105 Shares outstanding as indicated in the company’s Form 10-Q filed on May 13, 2026.

The reported position consists entirely of Shares issuable upon exercise of warrants, which are subject to a 9.99% beneficial ownership limitation. Heights Capital Management acts as investment manager to CVI Investments and may be deemed to share voting and dispositive power, while both parties disclaim beneficial ownership beyond their pecuniary interest.

Key Figures

Beneficially owned shares: 83,854 Shares Percent of class: 6.3% Shares outstanding: 1,246,105 Shares +3 more

6 metrics

Beneficially owned shares 83,854 Shares Shares issuable upon exercise of warrants reported as beneficially owned by the Reporting Persons

Percent of class 6.3% Percentage of Aptevo common stock represented by the reported beneficial ownership

Shares outstanding 1,246,105 Shares Aptevo common stock outstanding as indicated in Form 10-Q filed May 13, 2026

Beneficial ownership limitation 9.99% Maximum ownership threshold above which the warrants cannot be exercised

Shared voting power 83,854.00 Shares over which the Reporting Persons report shared power to vote

Shared dispositive power 83,854.00 Shares over which the Reporting Persons report shared power to dispose

Key Terms

beneficial owner, Section 13(d), beneficial ownership, pecuniary interest, +1 more

5 terms

beneficial owner financial

"may be deemed to be the beneficial owner of all Shares owned"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Section 13(d) regulatory

"aggregated with such Reporting Person for purposes of Section 13(d)"

beneficial ownership financial

"hereby disclaims any beneficial ownership of any such Shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims any beneficial ownership of any such Shares, except for their pecuniary interest"

Limited Power of Attorney regulatory

"serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney"

FAQ

What stake in Aptevo Therapeutics Inc. (APVO) do CVI Investments and Heights Capital report?

CVI Investments and Heights Capital report beneficial ownership of 83,854 Shares of Aptevo Therapeutics Inc., representing 6.3% of the outstanding common stock, based on 1,246,105 Shares outstanding as disclosed in Aptevo’s Form 10-Q filed May 13, 2026.

How is the 6.3% ownership in APVO calculated in this Schedule 13G/A?

The 6.3% ownership is based on 83,854 Shares beneficially owned relative to 1,246,105 Shares of Aptevo common stock outstanding, as stated in the company’s May 13, 2026 Form 10-Q, and includes only Shares issuable upon exercise of warrants.

What kind of securities do CVI Investments and Heights Capital hold in Aptevo (APVO)?

They hold warrants to purchase Aptevo common stock. The 83,854 Shares reported as beneficially owned consist solely of Shares issuable upon warrant exercise, rather than already-issued common stock, and are subject to a 9.99% beneficial ownership limitation.

What is the 9.99% beneficial ownership limitation mentioned for APVO?

The warrants held are not exercisable if exercise would cause total beneficial ownership to exceed 9.99% of Aptevo’s outstanding Shares, aggregating holdings of the Reporting Persons, their affiliates, and others whose ownership would be combined under Section 13(d) of the Exchange Act.

What role does Heights Capital Management play in the APVO position?

Heights Capital Management, Inc. serves as investment manager to CVI Investments, Inc. and may exercise shared voting and dispositive power over the 83,854 Shares. Both Reporting Persons disclaim beneficial ownership of these Shares beyond their pecuniary interest.

Who signed the Schedule 13G/A relating to Aptevo Therapeutics Inc. (APVO)?

The filing was signed by Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc., on August 14, 2026, also acting as authorized agent for CVI Investments, Inc. under a previously filed Limited Power of Attorney.

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Available on EDGAR 08/14/2026 - 02:42 PM Accepted by SEC EDGAR 08/14/2026 - 02:41 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Aptevo Therapeutics Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

03835L702

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03835L702

1

Names of Reporting Persons

CVI Investments, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 83,854.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 83,854.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

83,854.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

CUSIP Number(s): 03835L702

1

Names of Reporting Persons

Heights Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 83,854.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 83,854.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

83,854.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Aptevo Therapeutics Inc.
(b)	Address of issuer's principal executive offices: 2401 4th Avenue, Suite 1050, Seattle, WA 98121
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of common stock of Aptevo Therapeutics Inc. (the "Company"), $0.001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 03835L702
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of warrants to purchase Shares (the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, would exceed 9.99%. The Company's Quarterly Report on Form 10-Q, filed on May 13, 2026, indicates there were 1,246,105 Shares outstanding as of the date of such filing.
(b)	Percent of class: 6.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CVI Investments, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:	08/14/2026

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	08/14/2026

Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION 24 Limited Power of Attorney* 99 Joint Filing Agreement* * Previously filed