Agenus provided a corporate update and reported financial results for the third quarter ended September 30, 2017.
Agenus to host conference call and webcast today at 11am ET |
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LEXINGTON, Mass., Nov. 7, 2017 /PRNewswire/ -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies and cancer vaccines, provided a corporate update and reported financial results for the third quarter ended September 30, 2017. "We are pleased with the substantial progress Agenus has made in the third quarter. We have initiated a combination trial with our anti-CTLA-4 antibody. Additionally, we are accruing patients with our CTLA-4 and PD-1 programs for trials designed for BLA filing," said Garo H. Armen, Ph.D., Chairman and CEO of Agenus "We are committed to continuing to innovate having generated several first-in-class and best-in-class immuno-oncology agents; Our partnering discussions are maturing on multiple fronts and we expect to close on several business development transactions across our portfolio between now and the end of the first quarter of 2018." Anticipated Milestones for 4Q 2017
Tracking to deliver with recent highlights:
Third Quarter 2017 Financial Results Cash, cash equivalents and short-term investments were $70.1 million at September 30, 2017 compared to $76.4 million as of December 31, 2016. On November 2, 2017, we exercised our option to issue additional notes under our existing note agreement which will add $15 million of cash proceeds. Cash used in operating activities for the three months ended September 30, 2017 was $26.2 million compared to $23.8 million for the same period in 2016. For the third quarter ended September 30, 2017, Agenus reported a net loss of $36.8 million, or $0.37 per share, compared with a net loss for the third quarter of 2016 of $40.8 million, or $0.47 per share. The decrease in net loss for the three months ended September 30, 2017, compared to the net loss for the same period in 2016, was due to the decrease in the value or our contingent considerations offset by an increase in our research and development expenses. For the nine months ended September 30, 2017, Agenus reported a net loss of $85.7 million, or $0.88 per share, compared with a net loss for the same period in 2016 of $100.9 million or $1.16 per share. The decrease in net loss for the nine months ended September 30, 2017, compared to the net loss for the same period in 2016, was primarily due to the accelerated milestone payment received from Incyte during the first quarter of 2017. Our operating expenses increased $3.5 million over the same period in 2016. Cash used in operating activities for the nine months ended September 30, 2017 was $68.4 million compared to $63.8 million for the same period in 2016. Conference Call, Webcast and Prepared Statement Information Agenus executives will host a conference call on Tuesday, November 7, 2017 at 11:00 a.m. Eastern Time. To access the live call, dial 1-844-492-3727 (U.S.) or 1-412-317-5118 (international) and ask to be joined into the Agenus call. The call will also be webcast and will be accessible from the Company's website at http://investor.agenusbio.com/presentation-webcasts or via the following link: https://www.webcaster4.com/Webcast/Page/1556/23075. A replay will be available on the Company's website approximately two hours after the call and will remain available for 90 days. About Agenus Agenus 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. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing a number of combination approaches that leverage a broad repertoire of antibody therapeutics 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 early phase clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com; information that may be important to investors will be routinely posted on our website. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding Agenus' clinical trial plans and activities, and anticipated milestones, including the expected closing of several business development transaction, and upcoming corporation presentations. 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:
Summary Consolidated Financial Information
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
Three months ended September 30, Nine months ended September 30,
2017 2016 2017 2016
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Revenue $3,360 $4,446 $34,523 $16,997
Operating expenses:
Research and development 25,789 21,588 84,253 68,988
General and administrative 8,051 8,107 23,957 24,456
Non-cash contingent consideration fair value adjustment 1,184 10,975 123 11,354
Operating loss (31,664) (36,224) (73,810) (87,801)
Other expense, net (5,178) (4,550) (11,848) (13,071)
Net loss (36,842) (40,774) (85,658) (100,872)
Dividends on Series A-1 convertible preferred stock (51) (51) (154) (153)
Net loss attributable to common stockholders $(36,893) $(40,825) $(85,812) $(101,025)
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Per common share data, basic and diluted:
Net loss attributable to common stockholders $(0.37) $(0.47) $(0.88) $(1.16)
Weighted average number of common shares outstanding, basic and diluted 99,892 87,207 97,557 86,954
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September 30, 2017 December 31, 2016
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Cash, cash equivalents and short-term investments $70,051 $76,437
Total assets 149,270 156,986
Total stockholders' deficit (51,594) (39,126)
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Company Codes: NASDAQ-SMALL:AGEN |
