[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the first quarter of 2024 [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Agenus Inc. for the quarter ended March 31, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Agenus reported total assets of **$256.6 million**, a decrease from **$313.9 million**, with a widening stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $52,856 | $76,110 | | Total current assets | $60,352 | $112,416 | | Total assets | $256,559 | $313,913 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $256,002 | $255,897 | | Total liabilities | $446,336 | $462,295 | | Total stockholders' deficit | $(190,323) | $(148,382) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Total revenues increased to **$28.0 million**, and the net loss narrowed to **$61.9 million** for Q1 2024 Q1 2024 vs. Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $28,005 | $22,902 | | Research and development expense | $(43,925) | $(57,118) | | General and administrative expense | $(16,855) | $(18,237) | | Operating loss | $(32,882) | $(54,341) | | Net loss attributable to Agenus Inc. common stockholders | $(61,940) | $(68,307) | | Basic and diluted net loss per share | $(3.04) | $(4.31) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **$38.2 million**, with a **$23.3 million** decrease in cash balance Q1 2024 vs. Q1 2023 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(38,191) | $(58,526) | | Net cash provided by (used in) investing activities | $229 | $(11,489) | | Net cash provided by financing activities | $14,830 | $56,250 | | Net decrease in cash, cash equivalents and restricted cash | $(23,254) | $(13,855) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes include going concern disclosure, a **$75 million** subsequent financing, and a **1-for-20 reverse stock split** - The company disclosed **substantial doubt** about its ability to continue as a going concern for one year, despite plans to secure additional funding[23](index=23&type=chunk)[118](index=118&type=chunk) - On May 6, 2024, Agenus entered a Purchase and Sale Agreement with Ligand Pharmaceuticals for **$75.0 million upfront** in exchange for future milestones and royalties, with an option for an additional **$25.0 million** investment[78](index=78&type=chunk)[80](index=80&type=chunk) - A **1-for-20 reverse stock split** became effective on April 12, 2024, with all share and per-share data retroactively adjusted[29](index=29&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - In Q1 2024, the company received net proceeds of approximately **$17.2 million** from the sale of **1.2 million shares** through its at-the-market (ATM) offering facility[64](index=64&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, cost controls, and liquidity, highlighting the **$75 million** Ligand financing - The company is pursuing a global regulatory strategy for its lead program, botensilimab in combination with balstilimab, aiming to initiate a Biologics License Application (BLA) submission to the FDA by the end of 2024 for potential accelerated approval[89](index=89&type=chunk) - In August 2023, the company prioritized resources to accelerate its lead asset, postponing other programs and reducing its workforce by approximately **25%** to preserve liquidity[24](index=24&type=chunk)[119](index=119&type=chunk) - Agenus received a **$25.0 million milestone payment** from Bristol-Myers Squibb (BMS) in January 2024 for the dosing of the first patient in a Phase 2 clinical trial for AGEN1777[97](index=97&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Revenues increased due to non-cash royalties, while R&D and G&A expenses decreased due to cost-control measures - Non-cash royalty revenue from GSK's vaccines increased by **$8.7 million** to **$27.8 million** in Q1 2024 compared to Q1 2023[105](index=105&type=chunk) - R&D expenses decreased by **23%** year-over-year, driven by a **$7.4 million** decrease in third-party services, a **$2.1 million** decrease in personnel costs, and a **$4.4 million** decrease in subsidiary expenses[106](index=106&type=chunk) - G&A expenses decreased by **8%** year-over-year, primarily due to a **$1.5 million** decrease in subsidiary activities[107](index=107&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 2024 with **$52.9 million** in cash, with management expecting the Ligand financing to extend liquidity into 2025 - The company had **$52.9 million** in cash and cash equivalents as of March 31, 2024, a decrease of **$23.3 million** from December 31, 2023[116](index=116&type=chunk) - Management believes existing cash plus the **$75.0 million** from the Ligand agreement and other potential funding will satisfy liquidity needs into 2025, despite the formal 'going concern' disclosure[117](index=117&type=chunk)[118](index=118&type=chunk) - Net cash used in operating activities for Q1 2024 was **$38.2 million**, compared to **$58.5 million** for Q1 2023, indicating improved operational cash management[122](index=122&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include foreign currency fluctuations and interest rate changes, with no material changes reported - The company's main market risk is foreign currency exchange rate risk related to transactions denominated in British Pounds and Euros[123](index=123&type=chunk) - The company does not currently use derivative instruments or hedging to manage its currency or interest rate exposures[123](index=123&type=chunk)[126](index=126&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[127](index=127&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2024 that materially affected, or are reasonably likely to materially affect, internal controls[129](index=129&type=chunk) [PART II - OTHER INFORMATION](index=40&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other information, and exhibits filed with the report [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) Agenus reports no material legal proceedings currently involving the company - The company is not currently involved in any material legal proceedings[132](index=132&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors have occurred since the 2023 Annual Report - No material changes to the risk factors previously disclosed in the 2023 Form 10-K have occurred[133](index=133&type=chunk) [Item 5. Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans in Q1 2024 - During the quarter ended March 31, 2024, no directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement[134](index=134&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) The exhibits include officer certifications and XBRL data files filed with the Form 10-Q - The exhibits filed with the report include officer certifications pursuant to SEC rules and the Sarbanes-Oxley Act, along with XBRL data files[136](index=136&type=chunk)

This small-cap biotech stock is surging. Time to buy?Last Friday, Agenus (AGEN 40.84%), an immuno-oncology player, saw its shares soar by a staggering 40.8%. This remarkable rally occurred seemingly without a clear catalyst. The company is set to announce its first-quarter earnings for 2024 before the market opens on Tuesday, May 7. However, there's no certainty that the company will release any information that justifies this significant surge in its shares.So, what's causing all the excitement? Investors ...

Loading...Loading...The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.Here's the latest list of maj ...

Agenus (AGEN) shares rallied 6.8% in the last trading session to close at $5.31. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 55.8% loss over the past four weeks.Earlier this month, the company announced updated data from its phase I study evaluating the BOT/BAL combination therapy in patients with metastatic colorectal cancer that is not microsatellite instability-high (MSS) or deficient mismatch repair ( ...

Wall Street analysts who watch the cancer drug developer closely think it could rocket higher.The past nine months have been rough ones to be an Agenus (AGEN -0.43%) shareholder. The stock has collapsed by about 75% from the peak it set last June.Investment bank analysts on Wall Street who follow the Massachusetts-headquartered cancer drug developer think it's been underappreciated. For example, B. Riley recently reiterated a buy rating for Agenus with a $5 price target.Agenus shares could deliver an enormo ...

These stocks could rocket higher, but they also present significant risks.Investors looking for stocks that can produce dramatic gains over the next 12 months want to turn their attention to the biotechnology industry. Wall Street analysts tasked with following a synthetic biology company called Ginkgo Bioworks (DNA -6.25%) think it can more than double your money.Investment bankers also have high hopes for Agenus (AGEN -12.85%). The latest price targets on the cancer drug developer suggest it can shoot mor ...

Here’s the deal with stocks to turn $1,000 into $1 million: if you want to play, you gotta pay. I’m not just talking about the price of the securities themselves. Indeed, these lesser-known enterprises are relatively low priced.No, the cost comes in the fact that extreme speculation such as this involves an inverse relationship. For maximum potential upside, you typically need to absorb the minimal amount of predictability. Let’s consider blue-chip stocks. Generally, you can be profitable with these securit ...

Agenus Inc. (NASDAQ:AGEN) Q4 2023 Results Conference Call March 14, 2024 8:30 AM ET Company Participants Zack Armen - Head of Investor Relations Garo Armen - Chairman and Chief Executive Officer Steven O'Day - Chief Medical Officer Christine Klaskin - VP, Finance and Principal Financial and Accounting Officer Todd Yancy - Chief Strategic Advisor Conference Call Participants Emily Bodnar - H.C. Wainright Mayank Mamtani - B. Riley Securities Colleen Kusy - Baird Matthew Phipps - William Blair Operator Good mo ...

LEXINGTON, Mass.--(BUSINESS WIRE)--Agenus Inc. (“Agenus”) (Nasdaq: AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, today provided a corporate update and reported financial results for the fourth quarter and full year 2023. “In 2023, Agenus made significant advances across our BOT/BAL development program. Our first target indication is metastatic, refractory colorectal cancer that is not MSI-H/dMMR, for which we are focused on pursuing accelerated approva ...

Financial Performance - Research and development revenue increased to approximately $38.8 million in 2023 from $17.0 million in 2022, primarily due to a $25.0 million milestone under the BMS License Agreement[410]. - Non-cash royalty revenue related to GSK increased by $69.3 million to approximately $114.6 million in 2023, driven by increased net sales of GSK's vaccines containing the QS-21 STIMULON adjuvant[411]. - The accumulated deficit as of December 31, 2023, reached $1.96 billion, indicating significant losses since inception[408]. - Non-operating income decreased by $12.5 million to $37,000 for the year ended December 31, 2023, compared to $12.6 million in 2022, primarily due to minimal activity in 2023[415]. - Interest expense, net increased to $97.9 million for the year ended December 31, 2023, from $61.9 million in 2022, mainly due to increased non-cash interest related to the Royalty Purchase Agreement[416]. - The accumulated deficit reached $1.96 billion as of December 31, 2023, with expectations of significant losses continuing over the next several years[426]. - Cash, cash equivalents, and short-term investments decreased to $76.1 million as of December 31, 2023, down by $117.2 million from the previous year[431]. - Net cash used in operating activities was $224.2 million for the year ended December 31, 2023, compared to $175.4 million in 2022[437]. Research and Development - The company’s research and development expenses for 2023 were $234.6 million, up from $186.7 million in 2022[408]. - R&D expenses increased by 26% to $234.6 million for the year ended December 31, 2023, up from $186.7 million in 2022, primarily due to a $44.6 million increase in third-party services and other expenses[413]. - Total research and development expenses for 2023 amounted to $234.6 million, with significant costs associated with antibody programs[419]. - The company launched SaponiQx to innovate in adjuvant discovery and vaccine design, focusing on the next-generation QS-21 STIMULON[404]. - Botensilimab, the lead program, received Fast Track designation from the FDA for treating patients with dMMR metastatic colorectal cancer, with plans to submit a BLA by the end of 2024[395]. - The company completed enrollment of approximately 150 patients in a Phase 1 trial and 230 patients in a randomized Phase 2 trial for botensilimab by October 2023[395]. - The company is pursuing a global regulatory strategy for botensilimab, aiming for accelerated approval in the U.S. and Europe[395]. Collaborations and Agreements - The company has established collaborations with several firms, including BMS and Merck, resulting in potential milestone payments exceeding $1.32 billion from BMS alone[403][396]. - The Gilead Collaboration Agreements could yield up to $520.0 million in milestone payments and royalties on future sales[400]. - The company plans to enter into additional agreements with third-party providers, estimating total payments of $645.4 million over the term of related activities[435]. Financial Obligations and Risks - Long-term debt totals $14.384 billion, with less than $1.242 billion due in the next year[439]. - Operating leases amount to $119.297 million, with payments due between 2025 and 2036[439]. - Finance leases total $16.559 million, with $11.669 million due in the next year[439]. - The company is in discussions for potential structured financing and corporate collaborations to extend cash resources[433]. - The company is exposed to fluctuations in interest rates as it seeks debt financing and invests excess cash[448]. - Approximately 1.0% of cash used in operations for 2023 was from foreign subsidiaries, indicating exposure to foreign currency exchange rate fluctuations[447]. - The company does not currently employ hedging strategies to manage foreign currency exchange rate risks[447]. - The investment policy prohibits investing in structured investment vehicles and asset-backed commercial paper, focusing on preserving principal and maximizing yields[449]. - Non-cash interest expense related to the HCR Royalty Purchase Agreement is recorded based on estimated royalty payments from GSK, which could vary significantly[443]. - The company periodically reviews and amends its investment policy as necessary to manage credit risk and maintain liquidity[449].