L1 Capital Files 13G/A Disclosing 164,300 Aptevo Warrants (4.99%)

Rhea-AI Filing Summary

L1 Capital Global Opportunities Master Fund, Ltd. reports beneficial ownership of 164,300 warrants of Aptevo Therapeutics Inc. The filing amends a prior Schedule 13G and clarifies that the reported 164,300 warrants are subject to a 4.99% beneficial ownership limitation and correspond to 4.99% of Aptevo's common stock based on 3,287,918 shares outstanding as of August 11, 2025.

The amendment notes that it does not include an additional 1,345,075 warrants that are also subject to the 4.99% limitation. The reporting entity is organized in the Cayman Islands; David Feldman and Joel Arber are identified as its directors. The filing includes a certification that the securities were not acquired to influence control of the issuer.

Positive

• Transparent disclosure of warrant holdings and the ownership percentage based on the issuer's reported outstanding shares
• Explicit certification that the securities were not acquired to influence or change control of the issuer

Negative

• Potential additional warrants (1,345,075) are noted but not included in the reported amount, which could affect future ownership percentages if exercised
• Position at the 4.99% threshold limits upside for larger disclosed ownership and may constrain future accumulation without additional disclosures

Insights

Securities Analyst

TL;DR: Reporting fund holds warrants equal to 4.99% of Aptevo's class; position is capped by ownership limits and stated non-control intent.

The filing discloses a non-controlling position: 164,300 warrants representing 4.99% of the outstanding common shares (3,287,918 share base). The amendment clarifies that additional warrants (1,345,075) exist but are excluded from the reported amount due to the same 4.99% limitation. For investors, this indicates the filer is maintaining a stake below regulatory/control thresholds and explicitly disclaims control intent. The specificity of share counts and the reference to the issuer's quarterly report provide clear, verifiable metrics.

Corporate Governance Expert

TL;DR: Ownership disclosure is routine and non-threatening to issuer control; directors of the filer are identified for transparency.

The amendment provides governance-relevant details: the reporting party is a Cayman Islands fund and names its directors, David Feldman and Joel Arber, while stating they may be deemed to beneficially own the securities but disclaim broader ownership. The filing's certification asserts no acquisition intent to change issuer control. Such language and the sub-5% position suggest routine investor monitoring rather than a change-in-control effort, reducing immediate governance risk for Aptevo.

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

(Title of Class of Securities)

03835L504

(CUSIP Number)

08/14/2025

(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

L1 Capital Global Opportunities Master Fund, Ltd.

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 164,300.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 164,300.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

164,300.00

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)

4.99 %

12

Type of Reporting Person (See Instructions)

FI

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: L1 Capital Global Opportunities Master Fund, Ltd.
(b)	Address or principal business office or, if none, residence: 161A Shedden Road, 1 Artillery Court, PO Box 10085 Grand Cayman, Cayman Islands KY1-1001
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Common Stock
(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: 164,300 This amendment refers to a Schedule 13G filed with the Securities and Exchange Commission on June 23, 2025, covering 285,000 shares of Common Stock underlying Warrants purchased on June 18, 2025. The amounts in Row (5), (7) and (9) represent 164,300 Warrants, which are subject to a 4.99% beneficial ownership limitation. The amounts do not include an additional 1,345,075 Warrants, which are subject to a 4.99% beneficial ownership limitation. The percentage set forth on Row (11) of the cover page for the reporting person is based on 3,287,918 Common Stock outstanding as of August 11, 2025, based on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 11, 2025. David Feldman and Joel Arber are the Directors of L1 Capital Global Opportunities Master Fund, Ltd. As such, L1 Capital Global Opportunities Master Fund, Ltd., Mr. Feldman, and Mr. Arber may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) the issuer's securities described herein. To the extent Mr. Feldman and Mr. Arber are deemed to beneficially own such securities, Mr. Feldman and Mr. Arber disclaim beneficial ownership of these securities for all other purposes.
(b)	Percent of class: 4.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 164,300
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 164,300
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	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.

L1 Capital Global Opportunities Master Fund, Ltd.

Signature:	/s/ David Feldman
Name/Title:	David Feldman, Director
Date:	08/14/2025

FAQ

What stake did L1 Capital report in Aptevo Therapeutics (APVO)?

L1 Capital Global Opportunities Master Fund, Ltd. reported beneficial ownership of 164,300 warrants, representing 4.99% of Aptevo's common stock based on 3,287,918 shares outstanding as of August 11, 2025.

Are there additional warrants related to the filing that were not included in the reported amount?

Yes. The amendment states an additional 1,345,075 warrants exist but were not included in the 164,300 reported due to the 4.99% beneficial ownership limitation.

Does the filing indicate the filer intends to influence control of Aptevo?

No. The filing includes a certification that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Who within L1 Capital is identified in the Schedule 13G/A?

The filing identifies the reporting entity as L1 Capital Global Opportunities Master Fund, Ltd., organized in the Cayman Islands, and names David Feldman and Joel Arber as its directors. David Feldman signed the filing on 08/14/2025.

On what basis was the percentage ownership calculated?

The 4.99% figure is calculated using the issuer's reported outstanding common stock of 3,287,918 shares as of August 11, 2025, per the issuer's quarterly report referenced in the filing.