Aptevo Therapeutics holder files 13G, drops below 5 % ownership

Rhea-AI Filing Summary

Schedule 13G highlights for Aptevo Therapeutics (APVO)

• Reporting persons—Bigger Capital Fund LP, Bigger Capital Fund GP, LLC and Michael Bigger—disclosed beneficial ownership of 285,000 common shares, equal to 9.95 % of the 2,864,156 shares that were outstanding immediately after the company’s June 2025 offering.
• The shares are held with shared voting and dispositive power; none of the reporting persons has sole power over the stock.
• In addition to the common shares, the group holds warrants that could convert into far more equity: (i) 12,875 pre-funded warrant shares (subject to a 9.99 % ownership cap) and (ii) 1,532,364 common-warrant shares (subject to a 4.99 % cap; 1,489,375 of these require shareholder approval before becoming exercisable).
• However, the filing states that as of the close of business on 20 June 2025 the reporting persons sold the common stock (including the pre-funded-warrant shares) and therefore now own <5 % of the company’s outstanding shares.
• Because the warrants cannot currently be exercised beyond the ownership caps, immediate dilution risk is limited, but if caps are waived or shareholder approval is obtained the potential issuance of up to 1.53 million shares represents a material overhang relative to the current float.
• The certification indicates the investment is passive and not intended to influence control.

Positive

• Concentration risk diminishes as Bigger Capital’s stake falls below 5 %, reducing the influence of a single investor on APVO’s share register.
• Beneficial-ownership caps (4.99 % / 9.99 %) limit immediate dilution from the outstanding warrants, giving shareholders time to react.

Negative

• Large holder has sold its 9.95 % stake, potentially pressuring the share price and removing a supportive investor.
• Outstanding warrants for up to 1.53 million shares represent a significant potential dilution (≈54 % of current shares) once caps or approvals are cleared.
• Shareholder approval required for 1.49 million warrant shares introduces uncertainty and possible governance friction.

Insights

Equity Research Analyst

TL;DR: 9.95 % holder exited below 5 %; warrants still pose dilution risk.

The filing reveals that Bigger Capital briefly amassed a near-10 % stake but disposed of it within two days. The departure of a sizable shareholder can pressure sentiment and near-term liquidity, particularly for a micro-cap such as APVO with only 2.86 million shares outstanding. While the immediate ownership stake is now immaterial, the group retains warrants representing more than 50 % of the current float. These warrants are subject to low beneficial-ownership caps and, for the bulk of them, shareholder approval, mitigating short-term execution but leaving an overhang that investors must monitor. The filing is moderately negative for equity holders: it removes a potential supporter, signals profit-taking, and highlights latent dilution risk.

Corporate Governance Expert

TL;DR: Loss of large passive holder lessens monitoring; latent warrants complicate governance.

From a governance perspective, the exit of a 10 % passive holder reduces external oversight on management. Although Bigger Capital declared no intention to influence control, sizeable holders often enhance governance transparency. The lingering warrants could result in substantial ownership shifts once exercisable and may require shareholder action, creating future governance friction. For now, the cap limits control concerns, but investors should track any movements to amend the 4.99 % limit or to secure approval for the 1.49 million warrant shares. Overall impact is incrementally negative given the combined effect of reduced oversight and potential future dilution.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Aptevo Therapeutics Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

03835L306

(CUSIP Number)

06/18/2025

(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. 03835L306

1

Names of Reporting Persons

BIGGER CAPITAL FUND L P

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 285,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 285,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

285,000.00

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)

9.95 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 03835L306

1

Names of Reporting Persons

Bigger Capital Fund GP, LLC

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 285,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 285,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

285,000.00

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)

9.95 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 03835L306

1

Names of Reporting Persons

Bigger Michael

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 285,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 285,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

285,000.00

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)

9.95 %

12

Type of Reporting Person (See Instructions)

IN

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: Bigger Capital Fund, LP ("Bigger Capital") Bigger Capital Fund GP, LLC ("Bigger GP") Michael Bigger Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons."
(b)	Address or principal business office or, if none, residence: Bigger Capital Fund, LP 11700 W Charleston Blvd. 170-659 Las Vegas, NV 89135 Bigger Capital Fund GP, LLC 11700 W Charleston Blvd. 170-659 Las Vegas, NV 89135 Michael Bigger 11700 W Charleston Blvd. 170-659 Las Vegas, NV 89135
(c)	Citizenship: Bigger Capital Fund, LP Delaware Bigger Capital Fund GP, LLC Delaware Michael Bigger USA
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP No.: 03835L306
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: As of June 18, 2025, Bigger Capital beneficially owned 285,000 shares of Common Stock. The amount does not include: (i) 12,875 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (ii) 1,532,364 shares of Common Stock issuable upon exercise of Common Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation (1,489,375 shares of which are subject to shareholder approval). Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the Issuer's securities described herein. Mr. Bigger, as the managing member of Bigger GP, the general partner of Bigger Capital, may be deemed to beneficially own the 285,000 shares of Common Stock beneficially owned by Bigger Capital. Does not include: (i) 12,875 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (ii) 1,532,364 shares of Common Stock issuable upon exercise of Common Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation (1,489,375 shares of which are subject to shareholder approval). The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person or any other person. Each of Bigger GP and Mr. Bigger disclaims beneficial ownership of the shares of Common Stock beneficially owned by Bigger Capital. The filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.
(b)	Percent of class: The following percentages are based on 2,864,156 shares of Common Stock outstanding immediately after the offering (assuming no exercise of the Pre-Funded Warrants nor exercise of the Common Warrants), based upon the Issuer's Prospectus filed under Rule 424(b)(4) with the Securities and Exchange Commission on June 20, 2025. As of June 18, 2025, (i) each of Bigger Capital and Bigger GP may be deemed to beneficially own 9.95% of the outstanding shares of Common Stock, and (ii) Mr. Bigger may be deemed to beneficially own approximately 9.95% of the outstanding shares of Common Stock. Does not include: (i) 12,875 shares of Common Stock issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, and (ii) 1,532,364 shares of Common Stock issuable upon exercise of Common Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation (1,489,375 shares of which are subject to shareholder approval). As of the close of business on June 20, 2025, the Reporting Persons sold the Common Stock, including the shares of Common Stock issuable upon exercise of Pre-Funded Warrants, and accordingly, the Reporting Persons as of June 20, 2025, are not the beneficial owners of at least 5.00% of theIssuer's Common Stock. 1,489,375 shares of Common Stock issuable upon exercise of Common Warrants are not exercisable as of the date hereof and are subject to shareholder approval and a 4.99% beneficial ownership limitation.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 99.1.
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.

BIGGER CAPITAL FUND L P

Signature:	/s/ Michael Bigger
Name/Title:	Michael Bigger, Managing Member of Bigger Capital Fund GP, LLC, its general partner
Date:	06/25/2025

Bigger Capital Fund GP, LLC

Signature:	/s/ Michael Bigger
Name/Title:	Michael Bigger, Managing Member
Date:	06/25/2025

Bigger Michael

Signature:	/s/ Michael Bigger
Name/Title:	Michael Bigger
Date:	06/25/2025

Exhibit Information

99.1 - Joint Filing Agreement

FAQ

Why did Bigger Capital file a Schedule 13G for APVO?

The filing discloses that Bigger Capital briefly owned 285,000 shares (9.95 %) of Aptevo as of 18 Jun 2025, triggering the 5 % reporting threshold.

How much APVO stock does Bigger Capital own now?

According to Item 4(b), the group sold the shares by 20 Jun 2025 and now owns less than 5 % of Aptevo’s outstanding stock.

What dilution risk do the outstanding warrants pose to APVO investors?

Bigger Capital holds warrants convertible into 1,545,239 shares; if fully exercised, total outstanding shares could rise by roughly 54 %, subject to ownership caps and shareholder approval.

Are the warrants exercisable immediately?

No. Pre-funded warrants are capped at 9.99 % ownership, and 1,489,375 common-warrant shares cannot be exercised until shareholders approve their issuance and the 4.99 % cap is respected.

Does Bigger Capital intend to influence control of Aptevo?

The certification states the securities were not acquired to change or influence control and the investment is considered passive.