Agenus Corporate Update and First Quarter 2022 Financial Report
May 10 2022 - 8:00AM
Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an
extensive pipeline of therapeutics designed to activate the immune
response to cancers and infections, today provided a corporate
update and reported financial results for the first quarter 2022.
“In the current challenging environment for the biotech
industry, we are prioritizing our most promising clinical programs,
including botensilimab combinations, as well as preclinical
programs with the highest potential for engagement from
collaborators,” said Garo Armen, PhD, Chairman and Chief Executive
Officer of Agenus. “Needless to say, we are also taking decisive
steps to contain costs across the board despite our reasonable cash
position.”
Botensilimab, Agenus’ innate and adaptive immune
stimulator, to advance to Phase 2
- Present updated data from our ongoing development program in
the 3rd quarter.
- Phase 2 clinical studies to commence in colorectal, melanoma,
and pancreatic cancers.
- All trials designed to demonstrate superiority to other
immunotherapies and/or other standards of care.
- In addition, trials are designed to show benefit in cold tumors
in combination with chemotherapy.
AGEN1571 clinical trials to commence; preclinical data
presented at AACR
- Agenus’ first myeloid-targeting agent.
- Overcomes the suppression of anti-tumor response via the ILT2
pathway which drives resistance to CTLA-4 and PD-1 directed
therapies.
- Rationale is further validated by the durable clinical
responses achieved in PD-1 resistant cancers with an ILT4
antagonist discovered by Agenus and licensed to Merck.
- Provides advantages in enhanced activation of T, NK and NKT
cells and a superior ability to switch myeloid cells to a
pro-inflammatory state.
- Phase 1 study to commence.
Milestone payment received from Gilead for the clinical
advancement of AGEN2373 targeting CD137
- Another key pathway for antitumor immunity with enhancement of
T cell and NK cell proliferation, cytokine secretion, and cellular
cytotoxicity.
- Phase 1b combination study with botensilimab ongoing in
melanoma patients who have relapsed or are refractory to prior
anti-PD-1 therapy.
- Gilead has an exclusive option to license AGEN2373, while
Agenus can opt-in for a 50:50 profit share and US
co-commercialization rights.
- Agenus received $5M milestone payment with up to $570 million
in future potential option fees and milestones.
First Quarter 2022 Financial Results
We ended our first quarter 2022 with a cash and short-term
investment balance of $263 million as compared to $307 million on
December 31, 2021.
We recognized revenue of $26 million for the quarter ended March
31, 2022, which represents an increase of $14 million from the $12
million reported for the same quarter in 2021. Both numbers include
revenue related to non-cash royalties earned, revenue recognized
under our collaboration agreements, and in 2022, milestones
received.
Net loss for the quarter ended March 31, 2022, was $51 million
which includes non-cash expenses of $21 million compared to a net
loss for the same period of 2021 of $54 million which includes
non-cash expenses of $20 million. Per share losses were $0.19 in
the first quarter of 2022 as compared to per share losses of $0.27
in the first quarter of 2021.
Cash used in operations for the three months ended March 31,
2022, was $52 million up from $43 million for the quarter ended
March 31, 2021. The company has initiated cost containment measures
with expected reductions in operating expenses in coming
quarters.
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Select
Financial Information |
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(in thousands,
except per share data) |
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(unaudited) |
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March 31, 2022 |
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December 31, 2021 |
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Cash, cash equivalents and short-term investments |
$ |
262,687 |
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$ |
306,923 |
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Three months ended
March 31, |
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2022 |
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2021 |
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Revenues,
research and development |
$ |
6,740 |
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$ |
1,571 |
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Revenues,
non-cash royalty |
17,634 |
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8,484 |
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Revenues,
other |
1,567 |
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1,664 |
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Total
Revenue |
25,941 |
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11,719 |
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Research and
development expenses |
42,442 |
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36,677 |
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General and
administrative expenses |
18,953 |
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16,352 |
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Cost of
service revenue |
543 |
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1,105 |
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Other
(income) expense |
191 |
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(2,579 |
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Non-cash
interest expense |
14,952 |
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15,611 |
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Non-cash
contingent consideration fair value adjustment |
(536 |
) |
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(1,044 |
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Net
loss |
$ |
(50,604 |
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$ |
(54,403 |
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Net loss per
share attributable to Agenus Inc. common stockholders: |
$ |
(0.19 |
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$ |
(0.27 |
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Cash used in
operations |
$ |
52,391 |
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$ |
42,744 |
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Non-cash
operating expenses |
$ |
21,069 |
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$ |
20,297 |
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Conference CallTuesday, May 10, 2022, 8:30am
ETDial-in numbers: (866) 374-5140 (US Toll-Free) or (404) 400-0571
(US Toll)Conference PIN: 71044045#
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/5nove2tf.
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 and
infections. 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 subsidiary MiNK
Therapeutics), 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 relating to the use of therapeutic candidates
botensilimab, AGEN1571, and AGEN2373, for instance, statements
regarding therapeutic benefit and efficacy, mechanism of action
(including validation of mechanism of action), potency, durability,
and safety profile of the therapeutic candidates, both alone and in
combination with each other and/or other agents (e.g., botensilimab
in combination with balstilimab); statements relating to future
clinical and regulatory development plans for therapeutic
candidates alone and in combination with other agents, including
botensilimab in combination with balstilimab; statements relating
to superiority of our therapeutic candidates over third party
therapeutics and therapeutic candidates; statements relating to
current or future manufacturing capabilities, manufacturing
sustainability and cost-effective manufacturing; statements
relating to planned savings or efficiencies; and any other
statements containing the words "may," "expects," "anticipates,"
"will," “establish,” “potential,” “superiority,” and similar
expressions are intended to identify forward-looking statements.
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
Ethan Lovell339-927-1763ethan.lovell@agenusbio.com
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