LEXINGTON, Mass., Aug. 6, 2020 /PRNewswire/ -- Agenus Inc.
(NASDAQ: AGEN), an immuno-oncology company with an extensive
pipeline of checkpoint antibodies, cell therapy, adjuvants, and
vaccines designed to activate immune response to cancers and
infections, today provided an R&D and business update and
reported financial results for the second quarter of 2020.
- Balstilimab BLA filing to be initiated in current
quarter
-
- Balstilimab granted FTD and eligible for priority review
- Combo trial with zali completes accrual & required
follow-up; BLA planning underway
- Zalifrelimab actives responses in PD-1 refractory tumors
(1CR, 3PRs)
-
- Ph2 expansion trial in angiosarcoma underway; additional
cancers to follow
- AGEN1181 combo w bali achieves CR with both primary
and metastatic tumors confirmed by PET scan
-
- Updated Ph1 achieves a total of 2 CRs & clinical benefit
(CR/PR/SD) in ~65% patients
- Expansion cohorts in NSCLC, MSS tumors, melanoma, and RCC
launched
- AGEN2373 achieves durable SD in ovarian, lung,
sarcoma
-
- No liver toxicity observed
- AGEN2373 advancing to combo with balstilimab
- Production of QS-21 from a renewable source achieved and
equivalence to QS-21 Saponin demonstrated
-
- High-yield process development underway
- Bioequivalence to first-generation demonstrated
- Enhanced antibody responses achieved in SARS-CoV-2 models
- Completed partnership with Betta Pharmaceuticals;
$15M upfront, $20M equity investment, $100M in milestones & royalties
-
- Rights to balstilimab and zalifrelimab for Greater China
- Clinical development in major cancers being planned
First Quarter Financial Results
We ended the second
quarter of 2020 with a cash balance of $79
million as compared to $62
million at December 31, 2019.
Subsequent to the quarter end we received $35 million related to our Betta
partnership. With this and other anticipated cash inflows,
based on our current plans and projections our cash position will
be sufficient to support our operations into the third quarter of
2021.
For the second quarter ended June 30,
2020, our cash used in operations was $37 million and we reported a net loss of
$48 million or $0.28 per share. This compares to cash used
in operations for the same period in 2019 of $36 million and a net loss of $52 million or $0.38 per share.
Our cash used in operations for the six months ended
June 30, 2020 was $72 million with a net loss of $94 million or $0.59 per share compared to cash provided by
operations of $41 million and a net
loss for the same period in 2019 of $34
million or $0.24 per
share.
For the six-month period ended June 30,
2020, we recognized revenue of $42
million which includes revenue related to the upfront
license fee from our transaction with Betta in addition to non-cash
royalties earned. For the same period in 2019 we recorded
revenue of $96 million which includes
revenue related to the upfront license fee from our transaction
with Gilead in addition to non-cash royalties earned.
Select Financial
Information
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(in thousands, except
per share data)
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(unaudited)
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June 30,
2020
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December 31,
2019
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Cash and cash
equivalents
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$
79,171
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$
61,808
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Three months ended
June 30,
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Six months ended June
30,
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2020
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2019
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2020
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2019
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Revenues, research
and development
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$
18,068
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$
4,399
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$
19,996
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$
75,271
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Revenues, non-cash
royalty
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7,846
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9,263
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21,002
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17,869
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Revenues,
other
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1,031
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|
2,053
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|
1,075
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2,468
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Total
Revenue
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26,945
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15,715
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42,073
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95,608
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Research and
development expenses
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38,550
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45,243
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74,913
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85,374
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General and
administrative expenses
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14,195
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11,405
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24,809
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22,211
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Cost of service
revenue
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634
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-
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634
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-
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Other expense
(income)
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623
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540
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1,865
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(115)
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Non-cash interest
expense
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14,347
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10,181
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28,191
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19,609
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Loss on modification
of debt
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-
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-
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2,720
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-
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Non-cash contingent
consideration fair value adjustment
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6,840
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213
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2,456
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2,961
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Net loss
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$
(48,244)
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$
(51,867)
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$ (93,515)
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$ (34,432)
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Net loss per share
attributable to Agenus Inc. common stockholders
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$
(0.28)
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$
(0.38)
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$
(0.59)
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$
(0.24)
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Cash (used in)
provided by operations
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$
(37,375)
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$
(35,704)
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$ (71,880)
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$
40,883
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Call Access
To access the live call, dial 1-844-492-3727 (U.S.) or
1-412-317-5118 (International) and ask to be joined into the Agenus
call. The call will also be webcast and will be accessible from the
Company's website at
http://investor.agenusbio.com/presentation-webcasts or via
https://www.webcaster4.com/Webcast/Page/1556/35715. A replay will
be available approximately two hours after the call and will remain
available until November 7, 2020.
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 by pursuing combination approaches that
leverage a broad repertoire of antibody therapeutics, adoptive cell
therapies (through its AgenTus Therapeutics subsidiary), 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 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 clinical
development and regulatory plans and timelines and anticipated
corporate milestones. 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.
Investor Contact:
Jennifer S. Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
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SOURCE Agenus Inc.