For the full investment case on APVO, please refer to my original write-up:

In this post, I wanted to share a few thoughts on APVO’s current portfolio of commercial products and then its pipeline.

Current Commercial Products

I view the current portfolio of approved products in two buckets. Bucket 1: the legacy products. Bucket 2: XINITY. The legacy products consist of Winrho SDF ($14mm in 2015 sales), HepGam B ($10mm in 2015 sales), and Varizag ($2mm in 201