CVI Investments/Heights Capital Report 9.9% Position in APVO

Rhea-AI Filing Summary

Aptevo Therapeutics disclosed that CVI Investments, Inc. and Heights Capital Management, Inc. report beneficial ownership of 357,842 shares of common stock, equal to 9.9% of the class. The reported position consists of shares issuable upon exercise of warrants; the filing shows 0 sole voting or dispositive power and 357,842 shared voting and dispositive power for the reporting persons.

The filing cites the company’s proxy indicating 3,224,156 shares outstanding as of June 20, 2025. Heights Capital is identified as the investment manager to CVI and may exercise voting and dispositive power over CVI’s holdings; both reporting persons disclaim beneficial ownership except for their pecuniary interest. The statement includes a certification that the securities were not acquired to change or influence control of the issuer.

Positive

• Transparent disclosure of a material economic position: 357,842 shares representing 9.9% of the class
• Warrants explicitly identified, including exercise limitations to prevent ownership above 9.99%
• Identification of investment manager (Heights Capital) and clear allocation of shared voting/dispositive power
• Reference to outstanding share count (3,224,156 shares as of June 20, 2025) provides context for the stake size

Negative

• None.

Insights

Securities Analyst

TL;DR: CVI/Heights report a near-10% economic stake in APVO via warrants; notable size but no sole control.

This Schedule 13G/A documents a 357,842-share position representing 9.9% of Aptevo's outstanding shares, where the holdings are from warrants and subject to a 9.99% exercise limitation. The disclosure is material because it approaches the 10% threshold that often attracts closer investor and regulatory attention. However, the filing shows no sole voting or dispositive power, and the reporting parties explicitly disclaim beneficial ownership beyond pecuniary interest, indicating no declared intent to change control. Impactful: borderline — material size but no control signal.

Corporate Governance Expert

TL;DR: Shared voting power via an investment manager is disclosed; governance influence appears limited by the filing language.

The filing names Heights Capital Management as investment manager to CVI Investments, reporting shared voting and dispositive power over the full position. The record clarifies that the warrants include restrictions to prevent ownership exceeding 9.99%, and both reporting persons disclaim beneficial ownership except for pecuniary interest. From a governance perspective, this is a transparent disclosure of a concentrated economic stake without an explicit claim of control or coordination. Impactful: provides meaningful governance disclosure but does not, on its face, signal an activist or control agenda.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Aptevo Therapeutics Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

03835L504

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 03835L504

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 357,842.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 357,842.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

357,842.00

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)

9.9 %

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 No. 03835L504

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 357,842.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 357,842.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

357,842.00

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)

9.9 %

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.: 03835L504
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 Definitive Proxy Statement on Schedule 14A, filed on July 3, 2025, indicates there were 3,224,156 Shares outstanding as of June 20, 2025.
(b)	Percent of class: 9.9 %
(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.
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:	08/12/2025

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	08/12/2025

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 ________ ________ I Limited Power of Attorney* II Joint Filing Agreement* * Previously filed

FAQ

Who filed the Schedule 13G/A for Aptevo (APVO)?

The statement is filed by CVI Investments, Inc. and Heights Capital Management, Inc. as the reporting persons.

How many Aptevo (APVO) shares are reported and what percent of the class is that?

The filing reports 357,842 shares, representing 9.9% of the class.

Are the reported shares actual stock or derived from warrants in the APVO filing?

The number reported consists of shares issuable upon exercise of warrants; the warrants include limitations so exercise cannot cause ownership to exceed 9.99%.

What is the total shares outstanding used to calculate the 9.9% for APVO?

The filing references a proxy showing 3,224,156 shares outstanding as of June 20, 2025.

Does the filing indicate whether the reporting persons intend to influence control of Aptevo (APVO)?

The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.