Company Performance - Agenus (AGEN) has returned approximately 27.7% year-to-date, significantly outperforming the average return of 5.6% for the Medical sector [4] - The Zacks Consensus Estimate for Agenus's full-year earnings has increased by 33.3% over the past three months, indicating improved analyst sentiment and a more positive earnings outlook [3] Industry Comparison - Agenus is part of the Medical - Biomedical and Genetics industry, which includes 512 stocks and currently ranks 73 in the Zacks Industry Rank. This industry has gained about 5% year-to-date, showing that Agenus is performing better than its peers [5] - In contrast, another Medical stock, Concentra Group (CON), has returned 18.8% year-to-date and belongs to the Medical Services industry, which is ranked 178 and has moved up by 2% this year [4][6] Zacks Rank - Agenus holds a Zacks Rank of 2 (Buy), which is indicative of its potential to outperform the market in the near term [3] - The Zacks Rank system emphasizes earnings estimates and revisions, highlighting stocks that are likely to beat the market over the next one to three months [3]

Core Viewpoint - Agenus (AGEN) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years [1][2]. - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Agenus indicate an improvement in the company's underlying business, which is expected to drive the stock price higher [5][10]. Zacks Rank System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell) [7]. - Historically, Zacks Rank 1 stocks have generated an average annual return of +25% since 1988, demonstrating the effectiveness of the system [7]. Recent Performance of Agenus - For the fiscal year ending December 2024, Agenus is expected to earn -$12.84 per share, reflecting a year-over-year change of 7% [8]. - Over the past three months, the Zacks Consensus Estimate for Agenus has increased by 13.3%, indicating positive sentiment among analysts [8][10]. Conclusion - The upgrade of Agenus to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks based on estimate revisions, suggesting potential for market-beating returns in the near term [9][10].

Group 1 - Agenus (AGEN) is a stock that has returned 27% year-to-date, significantly outperforming the Medical sector, which has lost an average of 4.6% [4] - The Zacks Rank for Agenus is 2 (Buy), indicating a positive earnings outlook with a 13.3% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Agenus belongs to the Medical - Biomedical and Genetics industry, which has 512 companies and is currently ranked 66 in the Zacks Industry Rank, while the industry has lost an average of 13.6% this year [5] Group 2 - Abbott (ABT) is another stock in the Medical sector that has shown positive performance with a year-to-date return of 0.3% [4] - Abbott is part of the Medical - Products industry, which consists of 82 stocks and is currently ranked 77, with the industry having moved up by 14.4% this year [5] - Both Agenus and Abbott are highlighted as stocks to watch in the Medical sector due to their solid performance [6]

Core Viewpoint - Agenus (AGEN) has experienced significant selling pressure, resulting in a 41.6% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) for AGEN is currently at 16.18, indicating that the heavy selling may be exhausting, suggesting a potential rebound [5]. - AGEN's RSI reading of 32.579 as of November 8, 2023, indicates it is approaching oversold territory, which typically signals a possible price reversal [6]. Group 2: Earnings Estimates - There has been a strong consensus among sell-side analysts to raise earnings estimates for AGEN, leading to a 38.9% increase in the consensus EPS estimate over the last 30 days [7]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term [7]. Group 3: Analyst Ratings - AGEN currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a potential turnaround [8].

Core Viewpoint - Agenus (AGEN) has experienced a significant decline of 41.1% over the past four weeks, but it is now positioned for a potential trend reversal as it is in oversold territory, supported by analysts predicting better earnings than previously expected [1]. Group 1: Stock Performance and Indicators - AGEN shares have been under heavy selling pressure, with an RSI reading of 17.89 indicating that the stock is oversold and may soon experience a trend reversal [3]. - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with a reading below 30 typically signaling oversold conditions [2]. Group 2: Earnings Estimates and Analyst Consensus - Over the last 30 days, the consensus EPS estimate for AGEN has increased by 38.9%, indicating strong agreement among analysts regarding improved earnings for the current year [4]. - AGEN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, suggesting a favorable outlook for the stock [4].

Group 1 - Agenus (AGEN) has experienced a significant downtrend, with a stock decline of 39.4% over the past four weeks due to excessive selling pressure [1] - The stock is currently in oversold territory, indicated by an RSI reading of 17.56, suggesting a potential reversal in trend [3] - Wall Street analysts have raised earnings estimates for Agenus, with a 38.9% increase in the consensus EPS estimate over the last 30 days, indicating a positive outlook for the company's earnings [4] Group 2 - The Zacks Rank for Agenus is 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [4]

Financial Performance - Research and development revenue for Q3 2024 was $0, down from approximately $3.4 million in Q3 2023, primarily due to the absence of deferred revenue recognition from Gilead Collaboration Agreements[101]. - Non-cash royalty revenue from GSK increased by $4.3 million to approximately $24.7 million in Q3 2024, compared to $20.4 million in Q3 2023, driven by increased net sales of GSK's vaccines[101]. - Research and development expenses decreased by 20% to $41.1 million in Q3 2024 from $51.4 million in Q3 2023, attributed to reductions in third-party services, personnel-related expenses, and subsidiary activities[102]. - General and administrative expenses decreased by 9% to $17.3 million in Q3 2024 from $18.9 million in Q3 2023, mainly due to lower personnel costs and professional fees[103]. - For the nine months ended September 30, 2024, research and development revenue was approximately $0.3 million, down from $8.5 million in the same period of 2023[104]. - Non-cash royalty revenue for the nine months ended September 30, 2024 increased by $13.5 million to approximately $75.0 million, compared to $61.5 million in the same period of 2023[104]. - Research and development expenses for the nine months ended September 30, 2024 decreased by 27% to $121.8 million from $167.8 million in the same period of 2023[105]. - General and administrative expenses for the nine months ended September 30, 2024 decreased by 11% to $50.9 million from $57.6 million in the same period of 2023[106]. - The company had an accumulated deficit of $2.1 billion as of September 30, 2024, and expects to incur significant losses over the next several years[111]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $129.7 million, compared to $183.8 million for the same period in 2023[121]. Stock and Financing - The company sold 1,763,025 shares of common stock, generating net proceeds of approximately $7.1 million between October 1, 2024, and November 8, 2024[78]. - The company received a non-refundable upfront cash payment of $200.0 million from Bristol-Myers Squibb for the exclusive worldwide license of AGEN1777[92]. - The company is eligible to receive up to $315.0 million in potential milestone payments plus royalties from Incyte under their collaboration agreement[87]. - The company is eligible to receive up to approximately $136.3 million, $49.4 million, and $183.1 million in potential development, regulatory, and commercial milestones from UroGen, Merck, and Incyte, respectively[94]. - The company received milestone payments of $15.1 million and $25.25 million based on GSK's vaccine sales reaching $2.0 billion and $2.75 billion, respectively[98]. Research and Development - The lead program, botensilimab, is progressing through multiple clinical programs, with enrollment completed for a Phase 1 trial (n~150) and a randomized Phase 2 trial (n~230) in October 2023[85]. - MiNK Therapeutics, a subsidiary, is expanding its clinical programs, including a Phase 2 trial in second-line gastric cancer and a randomized Phase 2 study for viral ARDS[100]. - The company has a robust pipeline of immunological agents targeting cancer, with a focus on combination therapies to expand patient populations benefiting from immunotherapy[81]. - The company has collaborations with several firms, including Bristol-Myers Squibb and Merck, resulting in over a dozen antibody pre-clinical or clinical development programs[86]. Cash Management and Investment Policy - Cash and cash equivalents at September 30, 2024, amounted to $44.8 million, which are exposed to interest rate changes[123]. - The company does not currently employ specific strategies to manage foreign currency exchange rate fluctuations[122]. - The investment policy prohibits investing in structured investment vehicles and asset-backed commercial paper[124]. - The company aims to preserve principal, maintain liquidity, and maximize yields through its investment policy[124]. - There has been no material change to interest rate exposure since the Annual Report for the year ended December 31, 2023[123]. - The company does not invest in derivative financial instruments, indicating no material market risk exposure from such instruments[124]. Future Outlook - Future cash generation will depend on achieving regulatory approval and market acceptance of product candidates[121]. - The company is focused on entering new collaborations to enhance cash generation capabilities[121].

Financial Data and Key Metrics Changes - Agenus ended Q3 2024 with a consolidated cash balance of $44.8 million, down from $76.1 million on December 31, 2023 [22] - Cash used in operations for the nine months ended September 2024 was $129.7 million, a reduction from $183.8 million for the same period in 2023 [22] - Revenue for the three and nine months ended September 30, 2024, was $25 million and $77 million respectively, compared to $24 million and $7 million for the same periods in 2023 [23] - Net loss for the three and nine months ended September 30, 2024, was $67 million and $186 million respectively, compared to $65 million and $290 million for the same periods in 2023 [24] Business Line Data and Key Metrics Changes - BOT/BAL is showing unprecedented results in cancers that have resisted previous therapies, particularly in MSS colorectal cancer, which accounts for over 85% of all colorectal cancer cases [6][7] - Ongoing trials in Italy and the Netherlands are expected to provide further insights with data anticipated early next year [8] Market Data and Key Metrics Changes - The financial environment has improved following the U.S. elections, which has positively impacted the value of Agenus' real estate assets [12][20] - The company is in advanced discussions on several strategic transactions aimed at delivering substantial value and resources [13][20] Company Strategy and Development Direction - The company is focused on operational discipline, asset monetization, and strategic transactions to support its mission and optimize long-term value for shareholders [20] - Agenus is actively engaged in discussions with pharmaceutical partners and regional collaborators to ensure BOT/BAL reaches its full potential [18] Management Comments on Operating Environment and Future Outlook - Management acknowledges significant financial challenges but is taking deliberate actions to reduce costs and monetize assets [10][28] - The company is committed to advancing BOT/BAL as a transformative therapy for cancer treatment, emphasizing the importance of patient outcomes [25][26] Other Important Information - The company raised an additional $7.1 million through sales of common stock since the end of Q3 2024 [22] - The company is advancing compassionate use and named patient programs globally to ensure broader access to BOT/BAL [19] Q&A Session Summary Question: Summary of Phase 3 design and next steps - Management confirmed that they have received guidance from the FDA and EMA, allowing them to proceed with the Phase 3 study once a strategic partnership is established [33] Question: Details on neoadjuvant studies - Management clarified that the neoadjuvant studies are ongoing and that data from these studies will be presented in early 2025 [36][38] Question: Data from other tumor types - Management indicated that data from Phase 2 trials in pancreatic and melanoma settings is expected in the first half of next year [43]

Agenus (AGEN) came out with a quarterly loss of $3.17 per share versus the Zacks Consensus Estimate of a loss of $2.10. This compares to loss of $3.20 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -50.95%. A quarter ago, it was expected that this biotechnology company would post a loss of $1.33 per share when it actually produced a loss of $2.52, delivering a surprise of -89.47%.Over the last four quarters, the company has s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Delaware 000-29089 06-1562417 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AGEN The Nasdaq Global Market FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November ...