LEXINGTON, Mass., Nov. 4, 2019 /PRNewswire/ -- Agenus Inc. (NASDAQ:
AGEN), an immuno-oncology (I-O) company with a pipeline of immune
checkpoint antibodies, adoptive cell therapies1, and
cancer vaccines provided a corporate update and reported financial
results for the third quarter of 2019.
"We have made solid progress this year," said Garo H.
Armen, Ph.D., Chairman and CEO of Agenus. "We expect clinical
readouts from six separate antibody programs in 2020 as our robust
pace continues. We expect to commence combo trials of our NexGen
CTLA-4 with our own PD-1 this month. 2020 is expected to be an
important year of data generation, substantial milestone payments
and prudent collaborations for Agenus. We look forward to
discussing these developments in more detail during our call and at
our R&D day on November
15th."
- Achievements
-
- Delivered on partnership programs; received additional cash
milestones
-
- Received $22.5 million from
Gilead as milestone payment for IND acceptances of AGEN1423 (now
GS-1423), AGEN1223, & AGEN2373
- CTLA-4 & PD-1 trials advance
-
- 2L cervical cancer trial designed to support BLA via
accelerated pathway
- Combination trial completes accrual and interim analysis
- Monotherapy trial is on track to complete accrual and interim
analysis by year-end
- AGEN1181 (NexGen CTLA-4) trial advancing; combos with
AGEN2034 (PD-1) to start
- QS-21 Updates
-
- Sales of Shingrix exceed $1Bn;
eliminating HCR debt obligation and nearing milestone triggers of
up to $40M
- AgenTus Cell Therapy Business:
-
- IND for AgenTus allogeneic cell therapy on track by year end;
combos with Agenus check point antibodies planned in 2020
- Partnership and private financing discussions are underway
- Dr. Walter Flamenbaum appointed
CEO of AgenTus
Third Quarter 2019 Financial Results
We ended the third quarter of 2019 with a cash balance of
$93 million as compared to
$53 million at December 31, 2018.
Cash used in operations for the quarter ended September 2019 was $28
million compared to $25
million for the same period in 2018. Cash provided by
operations for the nine months ended September 2019 was $13
million as compared to cash used in operations of
$95 million for the same period in
2018.
For the third quarter ended September 30,
2019, we reported net loss of $46
million or $0.33 per share
compared to a net loss for same period in 2018 of $34 million, or $0.29 per share. For the nine months ended
September 30, 2019, we reported a net
loss of $81 million or $0.58 per share compared to a net loss for the
same period in 2018 of $113 million
or $1.04 per share.
During the nine months ended September
2019 we recognized revenue of $116
million which includes revenue from our transaction with
Gilead and non-cash royalties earned. This compares to
revenue of $30 for the nine months
ended September 2018. Through the third quarter of 2019 we
also recorded $30 million of non-cash
interest expense due to our transaction with HCR related to the
sale of future royalties.
Select Financial
Information
|
|
|
|
|
(in thousands, except
per share data)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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September 30,
2019
|
|
December 31,
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
93,274
|
|
$
53,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, research
and development
|
|
$
5,751
|
|
$
6,276
|
|
$
81,022
|
|
$
18,385
|
Revenues, non-cash
royalty
|
|
|
12,204
|
|
6,526
|
|
30,073
|
|
11,948
|
Revenues,
other
|
|
|
|
1,985
|
|
-
|
|
4,453
|
|
-
|
Total
Revenue
|
|
|
|
19,940
|
|
12,802
|
|
115,548
|
|
30,333
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
46,132
|
|
29,854
|
|
131,506
|
|
88,569
|
General,
administrative, and other expenses, net
|
11,075
|
|
9,520
|
|
33,171
|
|
29,586
|
Non-cash interest
expense
|
|
|
10,791
|
|
7,338
|
|
30,400
|
|
16,063
|
Loss on early
extinguishment of debt
|
|
-
|
|
-
|
|
-
|
|
10,767
|
Non-cash contingent
consideration fair value adjustment
|
(1,781)
|
|
(180)
|
|
1,180
|
|
(1,456)
|
Net loss
|
|
|
|
|
(46,277)
|
|
(33,730)
|
|
(80,709)
|
|
(113,196)
|
Net loss per share
attributable to Agenus Inc. common stockholders
|
$
(0.33)
|
|
$
(0.29)
|
|
$
(0.58)
|
|
$
(1.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash (used in)
provided by operations
|
|
$
(27,785)
|
|
$
(24,502)
|
|
$
13,098
|
|
$
(95,283)
|
Conference Call, Webcast and Prepared Statement
Information
Date: Monday, November 4, 2019
Time: 8:30 a.m. ET
Domestic Dial-in Number: (844) 492-3727
International Dial-in Number: (412) 317-5118
Conference ID: Agenus
Live Webcast: accessible from the Company's website
at http://investor.agenusbio.com/presentation-webcasts or
with this link
https://www.webcaster4.com/Webcast/Page/1556/31794
A replay will be available on the Company's website
approximately two hours after the call and will remain available
for 90 days.
About Agenus
Agenus 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 with
combination approaches that leverage a broad repertoire of antibody
therapeutics, adoptive cell therapies (through its AgenTus
Therapeutics subsidiary) and its proprietary cancer vaccine
platforms. Agenus has a suite of antibody discovery platforms and a
state-of-the-art GMP manufacturing facility with the capacity to
support early phase 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.
About AgenTus Therapeutics, Inc.
AgenTus Therapeutics, a subsidiary of Agenus, is a
preclinical-stage biopharmaceutical company focused on the
discovery, development, and commercialization of breakthrough
"living drugs" to advance potential cures for cancer
patients. AgenTus employs naturally-derived and engineered
receptors, specifically T cell receptors (TCRs) and Chimeric
Antigen Receptors (CARs), designed to supercharge human immune
effector cells to seek and destroy cancer. AgenTus also aims
to advance adoptive cell therapy formats which would enable
off-the-shelf living drugs. AgenTus has locations
in Lexington, MA and Cambridge, UK. For more
information, please visit www.agentustherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding Agenus and AgenTus'
clinical development and regulatory plans and timelines, expected
timing for releasing clinical data, anticipated milestones from
Agenus' royalty transaction with HCR, anticipated goals for 2020
and partnership and financing plans for AgenTus. 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.
Contact:
Agenus Inc.
Jennifer Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
1 Through AgenTus Therapeutics, a subsidiary of
Agenus
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SOURCE Agenus