UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October
27, 2015
AGENUS
INC.
(Exact
name of registrant as specified in its charter)
DELAWARE
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000-29089
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06-1562417
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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3 Forbes Road
Lexington, MA
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02421
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(Address of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: 781-674-4400
N/A
(Former
name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2015, Agenus Inc. announced its financial results for the
quarter ended September 30, 2015. The full text of the press release
issued in connection with the announcement is being furnished as Exhibit
99.1 to this Current Report on Form 8-K.
The information set forth under Item 2.02 and in Exhibit 99.1 attached
hereto is intended to be furnished and shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934 or
otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act
of 1933, except as expressly set forth by specific reference in such
filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is furnished herewith:
99.1 Press Release dated October 27, 2015
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date:
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October 27, 2015
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AGENUS INC.
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By:
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/s/ C. Evan Ballantyne
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C. Evan Ballantyne
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Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description of Exhibit
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99.1
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Press Release dated October 27, 2015
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Exhibit 99.1
Agenus
Reports Third Quarter 2015 Financial Results
Corporate
Update Conference Call at 11 am ET Today
LEXINGTON, Mass.--(BUSINESS WIRE)--October 27, 2015--Agenus Inc.
(NASDAQ:AGEN), an immunology company discovering and developing
innovative treatments for cancers and other diseases, today announced
its financial results for the third quarter ended September 30, 2015.
“We are rapidly advancing our broad pipeline of potentially
best-in-class therapies and combination therapies for patients with
cancer. We look forward to providing further details on this progress
during our Analyst Day, scheduled for November 19 in New York City,”
said Dr. Garo H. Armen, Chairman and CEO of Agenus. “We have also
strengthened our balance sheet by monetizing a portion of our QS-21
adjuvant royalty stream, which provided us with net proceeds of
approximately $78 million. We also acquired the rights to antibodies
targeting CEACAM1, expanding our portfolio to include powerful
immune-modulators that may be complementary with other checkpoint
modulators, including those in our pipeline.”
Third Quarter 2015 Financial Results
For the third quarter ended September 30, 2015, Agenus reported a net
loss attributable to common stockholders of $13.2 million, or $0.16 per
share, basic and diluted, compared with a net loss attributable to
common stockholders for the third quarter of 2014 of $8.2 million, or
$0.13 per share, basic and diluted.
For the nine months ended September 30, 2015, the company reported a net
loss attributable to common stockholders of $72.4 million, or $0.95 per
share, basic and diluted, compared with a net loss attributable to
common stockholders of $16.7 million, $0.28 per share, basic and
diluted, for the nine months ended September 30, 2014.
The increase in net loss attributable to common stockholders for the
nine-months ended September 30, 2015, compared to the net loss
attributable to common stockholders for the same period in 2014, was
primarily due to the advancement of our check point modulator programs
including the $13.2 million charge for the acquisition of the SECANT
yeast display platform in addition to other license and technology
transfer arrangements. We also recorded a total of $14.2 million in
non-cash expense for fair value adjustments to our contingent
obligations. During the same period in 2014, the company recorded
non-cash non-operating income of $10.7 million related to the fair value
adjustment of our contingent obligations.
Cash, cash equivalents and short-term investments were $199.1 million as
of September 30, 2015.
Third Quarter 2015 and Recent Corporate Highlights
-
In September, Agenus completed a $115 million non-dilutive royalty
transaction pursuant to a Note Purchase Agreement with an investor
group led by Oberland Capital Management, LLC for rights to a portion
of the worldwide royalties on future sales of GlaxoSmithKline’s
shingles (HZ/su) and malaria (RTS,S) prophylactic vaccine products
that contain Agenus’ QS-21 adjuvant. The transaction resulted in net
proceeds of approximately $78 million at closing.
-
Also in September, Agenus presented data at the CRI-CIMT-EATI-AACR
Inaugural International Cancer Immunotherapy Conference from an
exploratory study showing the role of unique tumor neo-epitopes and
immunological responses to Prophage in glioblastoma patients,
highlighting the importance of patient-specific neo-epitopes in
individualized immunotherapy for treating cancer.
-
In July, Agenus acquired rights to antibodies targeting
Carcinoembryonic Antigen Cell Adhesion Molecule 1 (CEACAM1), a
glycoprotein expressed on T cell and NK cell lymphocytes from Diatheva
s.r.l., an Italian biotech company controlled by SOL S.p.A. CEACAM1 is
overexpressed in melanoma, bladder, lung, colon, pancreas, and gastric
cancers, and appears to mediate innate and adaptive immune suppression
allowing tumors to escape immune destruction. Antibodies to CEAMCAM1
should be effective in treating patients with many forms of cancer.
Conference Call and Web Cast Information
Agenus executives will host a conference call at 11:00 a.m. Eastern Time
today. To access the live call, dial 1-888-799-5016 (U.S.) or
1-704-908-0465 (international) and refer to conference ID number
63478685. The call will also be webcast and will be accessible from the
company’s website at www.agenusbio.com/webcast/. A replay
will be available on the company’s website approximately two hours after
the call and will remain available for 60 days. The replay number is
1-855-859-2056 (U.S.) 1-404-537-3406 (international), conference ID
number 63478685.
Analyst Day Information
Agenus will be hosting an Analyst Day on November 19th in New York City
at 4:00pm. The Company intends to provide the financial community with a
detailed update on our R&D efforts, and the progress we are making
toward establishing a deep, promising portfolio of immuno-oncology
therapies focused on checkpoint modulators, vaccines and combination
approaches. The event will also be webcast live and will be accessible
from the company’s website at www.agenusbio.com/webcast/.
About Agenus
Agenus is an immunology company engaged in the discovery and development
of novel checkpoint modulators, vaccines and adjuvants to treat cancer
and other diseases. Using its proprietary platforms Retrocyte Display™
and SECANT®, the Company is discovering and developing novel antibodies
to target GITR, OX40, CTLA-4, LAG-3, TIM-3, PD-1, CEACAM1 and other
undisclosed checkpoints in partnered and internal programs. Agenus’ heat
shock protein vaccine, Prophage, has successfully completed Phase 2
studies in newly diagnosed glioblastoma multiforme. The Company’s QS-21
Stimulon® adjuvant is partnered with GlaxoSmithKline and Janssen
Sciences Ireland UC. For more information, please visit www.agenusbio.com;
information that may be important to investors will be routinely posted
on our website.
Forward-Looking Statement
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the federal securities laws,
including statements regarding the Company’s research and development
and clinical trial activities and the potential application of the
Company’s technologies and product candidates in the prevention and
treatment of diseases. 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 Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission
for the period ended June 30, 2015. 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.
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Summary Consolidated Financial Information
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Condensed Consolidated Statements of Operations Data
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(in thousands, except per share data)
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(unaudited)
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Three months ended September 30,
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Nine months ended September 30,
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2015
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2014
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2015
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2014
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Revenue
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$6,848
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$1,563
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$17,178
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$5,358
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Operating expenses:
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Research and development
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18,502
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5,284
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52,495
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14,980
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General and administrative
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6,408
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4,920
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19,910
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16,209
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Non-cash contingent consideration fair value adjustment
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(6,994)
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(969)
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7,327
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164
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Operating loss
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(11,068)
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(7,672)
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(62,554)
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(25,995)
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Other income (expense), net
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(2,054)
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(437)
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(9,720)
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9,487
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Net loss
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(13,122)
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(8,109)
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(72,274)
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(16,508)
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Dividends on Series A-1 convertible preferred stock
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(51)
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(51)
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(152)
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(153)
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Net loss attributable to common stockholders
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$(13,173)
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$(8,160)
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$(72,426)
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$(16,661)
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Per common share data, basic and diluted:
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Net loss attributable to common stockholders
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$(0.16)
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$(0.13)
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$(0.95)
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$(0.28)
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Weighted average number of common shares outstanding, basic and
diluted
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84,569
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62,832
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75,936
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58,710
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Condensed Consolidated Balance Sheet Data
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(in thousands)
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(unaudited)
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September 30, 2015
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December 31, 2014
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Cash, cash equivalents and short-term investments
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$199,133
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$40,224
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Total assets
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242,608
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74,527
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Total stockholders' equity
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76,976
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23,018
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CONTACT:
Agenus:
Agenus Inc.
Michelle Linn,
774-696-3803
michelle.linn@agenusbio.com
or
Media:
BMC
Communications
Brad Miles, 646-513-3125
bmiles@bmccommunications.com
or
Investors:
Argot
Partners
Andrea Rabney/ Jamie Maarten, 212-600-1902
andrea@argotpartners.com
jamie@argotpartners.com
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