SECURITIES AND EXCHANGE COMMISSION
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On October 29, 2020, Agenus Inc. announced its financial results for the quarter ended September 30, 2020. The full text of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this current report on Form 8-K.
The information set forth under this Item 2.02 and in Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: October 29, 2020||By:||/s/ Christine M. Klaskin|
|Christine M. Klaskin|
Agenus R&D Update & Third Quarter Financial Report
LEXINGTON, Mass., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an extensive pipeline of checkpoint antibodies, cell therapies, adjuvants, and vaccines designed to activate and optimize immune response to cancers and infections, today provided a corporate update and reported financial results for the third quarter of 2020.
Third Quarter Financial Results
We ended the third quarter of 2020 with a cash balance of $114 million as compared to $62 million at December 31, 2019.
For the third quarter ended September 30, 2020, our cash used in operations was $32 million. Net loss for the quarter was $52 million or $0.28 per share which includes non-cash expenses of $18 million. This compares to cash used in operations for the same period in 2019 of $28 million and a net loss of $46 million, or $0.33 per share, which included $9 million of non-cash expenses.
Our cash used in operations for the nine months ended September 30, 2020 was $104 million with a net loss of $145 million or $0.87 per share compared to cash provided by operations of $13 million and a net loss for the same period in 2019 of $81 million or $0.58 per share.
For the nine-month period ended September 30, 2020, we recognized revenue of $57 million which includes revenue related to the upfront license fee from our transaction with Betta in addition to non-cash royalties earned. For the same period in 2019 we recorded revenue of $116 million which includes revenue related to the upfront license fee from our transaction with Gilead in addition to non-cash royalties earned.
|(in thousands, except per share data)|
|Cash and cash equivalents||$||114,144||$||61,808|
|Three months ended September 30,||Nine months ended September 30,|
|Revenues, research and development||$||4,287||$||5,751||$||24,284||$||81,022|
|Revenues, non-cash royalty||8,947||12,204||29,950||30,073|
|Research and development expenses||32,134||46,132||107,047||131,506|
|General and administrative expenses||14,380||11,512||39,188||33,723|
|Cost of service revenue||911||-||1,545||-|
|Other expense (income)||940||(437||)||2,806||(552||)|
|Non-cash interest expense||15,918||10,791||44,109||30,400|
|Loss on modification of debt||-||-||2,720||-|
|Non-cash contingent consideration fair value adjustment||2,196||(1,781||)||4,652||1,180|
|Net loss per share attributable to Agenus Inc. common stockholders||$||(0.28||)||$||(0.33||)||$||(0.87||)||$||(0.58||)|
|Cash (used in) provided by operations||$||(31,626||)||$||(27,785||)||$||(103,506||)||$||13,098|
To access the live call, dial (833) 614-1394 (US) or (914) 987-7115 (International)
The call will also be webcast and will be accessible from the Company website’s Events & Presentations page at https://investor.agenusbio.com/events-and-presentations or via https://edge.media-server.com/mmc/p/mbkjgw8w. A replay will be available after the call.
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 combination approaches that leverage a broad repertoire of antibody therapeutics, adoptive cell therapies (through its AgenTus Therapeutics subsidiary), 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 clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com and our Twitter handle @agenus_bio. Information that may be important to investors will be routinely posted on our website and Twitter.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding clinical development and regulatory plans and timelines, anticipated corporate milestones, new clinical data and program updates to be presented at SITC and the anticipated commencement of Agenus’ clinical collaboration with Rottapharm. 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.