Grant Agreement	6 Months Ended
Jun. 30, 2026
Government Assistance [Abstract]
Grant Agreement	Note 7. Grant Agreement On June 29, 2026, we entered into a grant award agreement with the Andy Hill Cancer Research Endowment (CARE) Fund, a grantmaking entity of the State of Washington, to support IND-enabling studies for APVO451, the Company’s novel trispecific antibody for solid tumor immunotherapy. Under the agreement, the Company is eligible to receive reimbursement of allowable costs up to approximately $1.5 million during the grant period, which extends from June 2026 through June 2028. Payments under the agreement are made on a reimbursement basis for eligible costs incurred during the grant period and are subject to the Company’s continued compliance with the agreement, including progress toward agreed-upon milestones, submission of annual progress and financial reports, documentation of eligible expenditures, and satisfaction of non-state matching contribution requirements. The agreement requires the Company to demonstrate at least a one-to-one use of non-state matching contributions in relation to grant payments. Reimbursement requests are subject to documentation requirements and review by the grantor or its administrator. We assessed the grant award agreement in accordance with ASC 832 – Government Assistance (“ASC 832”) and ASC 606 and determined that the arrangement is a grant related to income, as the grantor is not a customer and the grant arrangement does not involve the transfer of goods or services that are outputs of the Company’s ordinary activities in exchange for consideration. The Company recognizes reimbursable amounts when the applicable grant conditions have been satisfied and receipt of the reimbursement is probable. Such amounts are recorded as reductions of research and development expense over the periods in which the related qualifying costs are incurred, with a corresponding receivable recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet. For the six months ended June 30, 2026, we did not incur qualifying costs under the grant award agreement and, accordingly, did not recognize any grant reimbursements as a reduction of research and development expense or record a related receivable.

Grant Agreement

6 Months Ended

Jun. 30, 2026

Note 7. Grant Agreement

On June 29, 2026, we entered into a grant award agreement with the Andy Hill Cancer Research Endowment (CARE) Fund, a grantmaking entity of the State of Washington, to support IND-enabling studies for APVO451, the Company’s novel trispecific antibody for solid tumor immunotherapy. Under the agreement, the Company is eligible to receive reimbursement of allowable costs up to approximately $1.5 million during the grant period, which extends from June 2026 through June 2028. Payments under the agreement are made on a reimbursement basis for eligible costs incurred during the grant period and are subject to the Company’s continued compliance with the agreement, including progress toward agreed-upon milestones, submission of annual progress and financial reports, documentation of eligible expenditures, and satisfaction of non-state matching contribution requirements. The agreement requires the Company to demonstrate at least a one-to-one use of non-state matching contributions in relation to grant payments. Reimbursement requests are subject to documentation requirements and review by the grantor or its administrator.

We assessed the grant award agreement in accordance with ASC 832 – Government Assistance (“ASC 832”) and ASC 606 and determined that the arrangement is a grant related to income, as the grantor is not a customer and the grant arrangement does not involve the transfer of goods or services that are outputs of the Company’s ordinary activities in exchange for consideration. The Company recognizes reimbursable amounts when the applicable grant conditions have been satisfied and receipt of the reimbursement is probable. Such amounts are recorded as reductions of research and development expense over the periods in which the related qualifying costs are incurred, with a corresponding receivable recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet.

For the six months ended June 30, 2026, we did not incur qualifying costs under the grant award agreement and, accordingly, did not recognize any grant reimbursements as a reduction of research and development expense or record a related receivable.