Agenus Provides Corporate Update and Second Quarter 2022 Financial Report
August 09 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 second quarter of
2022.
“Agenus’ presentation of botensilimab/balstilimab combination
data in MSS colorectal cancer at ESMO GI was received with great
enthusiasm by many thought leaders and clinicians in the fields of
GI cancers and immuno-oncology,” said Garo Armen, PhD, Chairman and
Chief Executive Officer of Agenus. “Treatment-resistant MSS CRC
patients lack effective options, with the standard of care offering
only a 1-2% response rate and an expected median survival ranging
from 6 to 7 months. Our results could potentially change the
treatment paradigm and offer hope to a significant number of
patients with limited options. We are working closely with
regulators and advisors to expedite botensilimab’s development in
pursuit of global registrations across multiple cancers.”
Botensilimab/balstilimab data to drive rapid enrollment
in randomized trials
- Combination delivered 24% overall response rate (ORR) and 73%
disease control rate (DCR) in 41 heavily pretreated MSS CRC
patients at ESMO GI.
- Treated population verified to be unlikely to respond – low
mutational burden, no prior IO responses, largely PD-L1
negative.
- Safety profile manageable, with no grade 4 or 5 toxicities and
no hypophysitis.
- Strong enthusiasm generated amongst many leading oncologists,
given strong data and high unmet need.
- Agenus initiating Phase 2 randomized trials in MSS colorectal
cancer, melanoma, and pancreatic cancer later this year.
Clinical-stage pipeline continues to
advance
- Company to present additional Phase 1b botensilimab expansion
cohort data with longer follow-up at a major medical conference
later this year.
- Dosing underway in Phase 1 study to evaluate AGEN1571 as a
monotherapy and in combination with botensilimab and/or balstilimab
in participants with advanced solid tumors.
- Enrollment continues in Agenus directed trials, such as a
combination study involving AGEN2373 (CD137 agonist) and
botensilimab.
Company ends Q2 in a strong financial
position
- $238 million in net cash and short-term investments reflects
prudent prioritization of key programs along with capital
management strategy.
- $25 million of QS-21 STIMULON™ sales-based milestone achieved,
payments to be received in the second half of 2022 based on
royalties owed on Shingrix sales1.
- Additional potential milestone payments and business
development or financing activities may significantly enhance cash
position.
Second Quarter 2022 Financial Results
We ended our second quarter 2022 with a cash and short-term
investment balance of $238 million as compared to $263 million and
$307 million on March 31, 2022, and December 31, 2021,
respectively.
We recognized revenue of $21 million for the second quarter
ended June 30, 2022, which represents an increase of $10 million
from the $11 million reported for the same period in 2021. Revenue
for the six months ended June 30, 2022, was $47 million, an
increase of $25 million from the same period in 2021. Amounts
include revenue under our collaboration agreements, in 2022
milestones earned, and revenue related to non-cash royalties
earned. Non-cash royalties represent royalties from Shingrix sales
which are passed to HCR under our royalty purchase agreement.
For the second quarter ended June 30, 2022, our cash used in
operations was $43 million compared to $56 million for the same
period in 2021. Our net loss for the quarter ended June 30, 2022,
was $49 million or $0.17 per share compared a net loss of $84
million or $0.37 per share for the quarter ended June 30, 2021.
Non-cash operating expenses for the second quarter ended June 30,
2022, were $19 million compared to $30 million for the second
quarter of 2021.
Our cash used in operations for the six months ended June 30,
2022, was $96 million with a net loss of $100 million or $0.35 per
share compared to cash used in operations of $98 million and a net
loss for the same period in 2021 of $138 million or $0.65 per
share.
Select Financial Information |
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(in thousands, except per share data) |
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(unaudited) |
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June 30, 2022 |
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December 31, 2021 |
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Cash, cash equivalents and short-term investments |
$ |
238,330 |
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$ |
306,923 |
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Three months ended June 30, |
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Six months ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenues, royalty sales milestone |
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$ |
17,316 |
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$ |
- |
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$ |
17,316 |
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$ |
- |
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Revenues, non-cash royalty |
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144 |
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7,826 |
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17,778 |
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16,310 |
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Revenues, research and development |
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1,907 |
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1,708 |
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8,647 |
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|
3,279 |
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Revenues, other |
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|
1,559 |
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|
|
1,196 |
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3,126 |
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2,860 |
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Total Revenue |
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20,926 |
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10,730 |
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46,867 |
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22,449 |
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Research and development expenses |
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44,960 |
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|
45,508 |
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87,404 |
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82,184 |
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General and administrative expenses |
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18,914 |
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16,650 |
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37,866 |
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33,003 |
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Cost of service revenue |
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|
2,024 |
|
|
|
667 |
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|
2,567 |
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|
1,772 |
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Other (income) expense |
|
|
(8,966 |
) |
|
|
1,210 |
|
|
|
(8,776 |
) |
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(1,369 |
) |
Non-cash interest expense |
|
|
13,636 |
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|
16,386 |
|
|
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28,588 |
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31,997 |
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Non-cash contingent consideration fair value adjustment |
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(407 |
) |
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|
14,300 |
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|
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(943 |
) |
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|
13,256 |
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Net loss |
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$ |
(49,235 |
) |
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$ |
(83,991 |
) |
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$ |
(99,839 |
) |
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$ |
(138,394 |
) |
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Net loss per share attributable to Agenus Inc. common
stockholders: |
$ |
0.17 |
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$ |
(0.37 |
) |
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$ |
(0.35 |
) |
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$ |
(0.65 |
) |
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Cash used in operations |
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$ |
(43,453 |
) |
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$ |
(55,557 |
) |
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$ |
(95,844 |
) |
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$ |
(98,301 |
) |
Non-cash operating expenses |
|
$ |
19,407 |
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$ |
30,171 |
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$ |
22,842 |
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$ |
41,984 |
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Conference CallTuesday, August 9, 2022, 8:30am
ETDial-in numbers: (646) 307-1963 (US-NY) or (800) 715-9871 (US
& CA)Event ID: 6683845
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/xh3u6boi.
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 (through its subsidiary SaponiQx), 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, balstilimab, AGEN1571, and AGEN2373, and QS-21
STIMULON, 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); future clinical and regulatory development plans and
commercialization plans for botensilimab, balstilimab, AGEN1571,
and AGEN2373, and QS-21 STIMULON; and any other statements
containing the words "may," "believes," "expects," "anticipates,"
"hopes," "intends," "plans," "will" 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 Lovell
Chief External Affairs & Communications Officer
339-927-1763
ethan.lovell@agenusbio.com
1 Shingrix trade-mark is owned by or licensed to the GSK group
of companies. QS-21 STIMULON trade-mark is owned by Agenus,
Inc.
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