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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Agenus Inc | NASDAQ:AGEN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
3.48 | 41.93% | 11.78 | 11.78 | 11.79 | 12.23 | 8.45 | 8.55 | 3,367,261 | 00:50:44 |
“In the first half of this year, we announced a collaboration with BMS and advanced our flagship clinical candidate AGEN1181 to an important data inflection point,” said Garo Armen, PhD, Chairman and Chief Executive Officer of Agenus. “In the second half, we will disclose this data at a key cancer conference and be ready with our commercial platform in preparation for a balstilimab launch.”
AGEN1181 (Fc-enhanced anti-CTLA-4): Clinical data support superior activity in difficult-to-treat cancers
MiNK Therapeutics: Allogeneic iNKT cell therapy company advances towards IPO
AGEN1777 (Fc-enhanced anti-TIGIT bispecific): Collaboration with BMS provides additional cash resources to advance Agenus’ high value drivers
Balstilimab (anti-PD-1): BLA accepted for Priority Review by U.S. FDA; data updates presented at ASCO
Additional programs
Management appointments
Second Quarter Financial Results
We ended the second quarter of 2021 with a cash balance of $74 million as compared to $100 million at December 31, 2020. Subsequent to the quarter end we received $200 million related to our BMS partnership.
For the second quarter ended June 30, 2021, our cash used in operations was $56 million and we reported a net loss of $84 million or $0.37 per share which included a number of non-cash items. This compares to cash used in operations for the same period in 2020 of $37 million and a net loss of $48 million or $0.28 per share. Non-cash operating expenses for the second quarter ended June 30, 2021 were $30 million compared to $18 million for the second quarter of 2020.
Our cash used in operations for the six months ended June 30, 2021 was $98 million with a net loss of $138 million or $0.65 per share compared to cash used in operations of $72 million and a net loss for the same period in 2020 of $94 million or $0.59 per share.
We recognized revenue of $22 million and $42 million for the six-months ended June 30, 2021 and 2020, respectively, which includes revenue related to non-cash royalties earned, revenue recognized under our collaboration agreements, and in 2020, $14 million from an upfront license fee received.
Select Financial Information | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||
Cash and cash equivalents | $ | 73,543 | * | $ | 99,871 | |||||||||||
*Excludes $200 million received in July 2021 from BMS | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues, research and development | $ | 1,708 | $ | 18,068 | $ | 3,279 | $ | 19,996 | ||||||||
Revenues, non-cash royalty | 7,826 | 7,846 | 16,310 | 21,002 | ||||||||||||
Revenues, other | 1,196 | 1,031 | 2,860 | 1,075 | ||||||||||||
Total Revenue | 10,730 | 26,945 | 22,449 | 42,073 | ||||||||||||
Research and development expenses | 45,508 | 38,550 | 82,184 | 74,913 | ||||||||||||
General and administrative expenses | 16,650 | 14,195 | 33,003 | 24,809 | ||||||||||||
Cost of service revenue | 667 | 634 | 1,772 | 634 | ||||||||||||
Other expense (income) | 1,210 | 623 | (1,369 | ) | 1,865 | |||||||||||
Non-cash interest expense | 16,386 | 14,347 | 31,997 | 28,191 | ||||||||||||
Loss on modification of debt | - | - | - | 2,720 | ||||||||||||
Non-cash contingent consideration fair value adjustment | 14,300 | 6,840 | 13,256 | 2,456 | ||||||||||||
Net loss | $ | (83,991 | ) | $ | (48,244 | ) | $ | (138,394 | ) | $ | (93,515 | ) | ||||
Net loss per share attributable to Agenus Inc. common stockholders | $ | (0.37 | ) | $ | (0.28 | ) | $ | (0.65 | ) | $ | (0.59 | ) | ||||
Cash used in operations | $ | (55,557 | ) | $ | (37,375 | ) | $ | (98,301 | ) | $ | (71,880 | ) | ||||
Non-cash operating expenses | $ | 30,171 | $ | 17,685 | $ | 41,984 | $ | 20,806 | ||||||||
Conference CallMonday August 9, 2021, 8:30am ETDial-in numbers: (833) 614-1394 (US) or (914) 987-7115 (International).Conference ID number: 3686849.
WebcastA live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website at https://investor.agenusbio.com/events-and-presentations and via https://edge.media-server.com/mmc/p/gsbikqz2.
About AgenusAgenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, adoptive cell therapies (through its MiNK Therapeutics subsidiary), adjuvants, and proprietary cancer vaccine platforms. The Company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com and our Twitter handle @agenus_bio. Information that may be important to investors will be routinely posted on our website and Twitter.
Forward-Looking StatementsThis press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding clinical development and regulatory plans and timelines, anticipated corporate milestones, new clinical data and program updates to be presented, and the anticipated commercial launch of balstilimab. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
ContactAgenus Investor RelationsJan Medina, CFAAgenus781-674-4490Jan.Medina@agenusbio.com
Agenus Media RelationsKimberly HaKKH Advisors917-291-5744kimberly.ha@kkhadvisors.com
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