Agenus(US:AGEN)2022-11-08 18:50Financial Data and Key Metrics Changes - The company ended Q3 2022 with cash, cash equivalents, and short-term investments of $218.2 million, down from $238.3 million at the end of Q2 2022 and $306.9 million at the end of 2021 [18] - Revenue for Q3 2022 was $22.8 million, with a net loss of $56.7 million or $0.19 per share. For the nine months ended September 30, 2022, revenue was $69.6 million with a net loss of $156.6 million or $0.54 per share [18] Business Line Data and Key Metrics Changes - The company is advancing multiple clinical programs, including balstilimab, AGEN1571 (ILT2 antagonist), and AGEN2373 (CD137 agonist), with significant progress reported in their Phase 1 and Phase 2 trials [6][14] - Two Phase 2 ACTIVATE trials have been initiated for balstilimab in advanced colorectal cancer and melanoma, with a third trial expected to launch in pancreatic cancer by year-end [11][12] Market Data and Key Metrics Changes - The company is focusing on difficult-to-treat cancers, including advanced colorectal cancer, melanoma, and pancreatic cancer, with promising early data suggesting higher response rates than traditional therapies [26][49] - The company is also exploring the potential of its therapies in platinum-resistant ovarian cancer, where historical response rates for PD-1 therapies are around 10% [26] Company Strategy and Development Direction - The company aims to leverage its robust pipeline of agents to create effective combinations for treating various cancers, emphasizing the unique attributes of its products [19][20] - Strategic partnerships have been highlighted as a key component of the company's funding strategy, with over $900 million raised through partnerships and royalty financing over the past decade [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of their immuno-oncology therapies, particularly balstilimab, to transform cancer treatment [5][6] - The company is committed to advancing its clinical programs and expects to disclose more data in the first half of the following year [19] Other Important Information - The company has made significant clinical advancements in the third quarter, including the initiation of multiple Phase 2 studies and the expansion of its clinical trial programs [10][14] - Recent hires in the clinical and regulatory leadership team are expected to bolster the company's capabilities in advancing its pipeline [16] Q&A Session Summary Question: Can you share any updates from the SITC regarding balstilimab? - Management indicated that additional patient data will be presented at SITC, with a meaningful addition to the previously disclosed data [24][25] Question: What are the thoughts on moving into platinum-resistant ovarian cancer? - Management expressed excitement about the promising response rates observed in this difficult-to-treat population [26][28] Question: When can we expect updates on the AGEN1571 program? - Management noted that data from the AGEN1571 program is progressing well, with potential updates expected by the end of next year [33] Question: What is the comparator arm in the ACTIVATE-Colorectal Phase 2 study? - The comparator arm will be standard of care, which includes regular aflibercept options for patients who have failed previous therapies [55]