Antigenics Inc. (New York) Reports First Quarter 2006 Financial Results

NEW YORK--(BUSINESS WIRE)--May 3, 2006--Antigenics Inc. (NASDAQ: AGEN - News) reported results today for the quarter ended March 31, 2006. The company incurred a net loss attributable to common stockholders of $16.3 million, or $0.36 per share, basic and diluted, for the first quarter of 2006, compared with a net loss attributable to common stockholders in the first quarter of 2005 of $18.2 million, or $0.40 per share, basic and diluted. Reflecting continued activity and shifting emphasis in the company's product candidate portfolio, Antigenics incurred reduced research and development costs of $9.7 million for the quarter ended March 31, 2006, compared with $11.3 million for the quarter ended March 31, 2005. General and administrative expenses decreased to $6.3 million in the quarter ended March 31, 2006, from $6.8 million in the comparable period last year. Cash, cash equivalents and short-term investments amounted to $44.5 million on March 31, 2006. As a result of the adoption, effective January 1, 2006, of Statement of Financial Accounting Standards No. 123R, related to the expensing of stock-based compensation, Antigenics incurred a non-cash charge of $0.9 million, or $0.02 per share, basic and diluted, in the first quarter of 2006. Of this charge, $0.3 million was included in research and development costs, and $0.6 million was included in general and administrative expenses.