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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 000-29089

Agenus Inc.

(exact name of registrant as specified in its charter)

 

 

Delaware

 

06-1562417

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

3 Forbes Road, Lexington, Massachusetts 02421

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code:

(781674-4400

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01

AGEN

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

Number of shares outstanding of the issuer’s Common Stock as of November 5, 2020: 190,149,301 shares

 

 

 

 


 

 

Agenus Inc.

Nine Months Ended September 30, 2020

Table of Contents

 

 

 

 

 

Page

PART I

 

 

ITEM 1.

 

Financial Statements:

 

2

 

 

Condensed Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019

 

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020 and 2019 (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the three and nine months ended September 30, 2020 and 2019 (Unaudited)

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (Unaudited)

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

ITEM 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

20

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

26

ITEM 4.

 

Controls and Procedures

 

26

 

 

 

PART II

 

 

ITEM 1A.

 

Risk Factors

 

27

ITEM 5.

 

Other Information

 

80

ITEM 6.

 

Exhibits

 

82

 

 

Signatures

 

83

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

 

 

 

September 30, 2020

(unaudited)

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

114,144

 

 

$

61,808

 

Accounts receivable

 

 

1,414

 

 

 

16,293

 

Prepaid expenses

 

 

8,232

 

 

 

7,420

 

Other current assets

 

 

1,661

 

 

 

1,015

 

Total current assets

 

 

125,451

 

 

 

86,536

 

Property, plant and equipment, net of accumulated amortization and depreciation of

   $46,065 and $42,861 at September 30, 2020 and December 31, 2019, respectively

 

 

27,106

 

 

 

26,326

 

Operating lease right-of-use assets

 

 

14,596

 

 

 

7,364

 

Goodwill

 

 

24,694

 

 

 

23,188

 

Acquired intangible assets, net of accumulated amortization of $11,138 and

   $9,431 at September 30, 2020 and December 31, 2019, respectively

 

 

11,146

 

 

 

10,504

 

Other long-term assets

 

 

1,490

 

 

 

1,417

 

Total assets

 

$

204,483

 

 

$

155,335

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current portion, long-term debt

 

$

1,182

 

 

$

646

 

Current portion, liability related to sale of future royalties and milestones

 

 

60,661

 

 

 

45,961

 

Current portion, deferred revenue

 

 

40,118

 

 

 

29,174

 

Current portion, operating lease liabilities

 

 

1,813

 

 

 

1,347

 

Accounts payable

 

 

20,543

 

 

 

13,564

 

Accrued liabilities

 

 

21,804

 

 

 

31,332

 

Other current liabilities

 

 

774

 

 

 

185

 

Total current liabilities

 

 

146,895

 

 

 

122,209

 

Long-term debt, net of current portion

 

 

18,845

 

 

 

13,380

 

Liability related to sale of future royalties and milestones, net of current portion

 

 

174,673

 

 

 

175,408

 

Deferred revenue, net of current portion

 

 

8,069

 

 

 

27,705

 

Operating lease liabilities, net of current portion

 

 

14,913

 

 

 

8,020

 

Contingent purchase price considerations

 

 

13,639

 

 

 

8,843

 

Other long-term liabilities

 

 

6,855

 

 

 

4,190

 

Commitments and contingencies

 

 

 

 

 

 

 

 

CONVERTIBLE PREFERRED STOCK

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01 per share; 5,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series C-1 convertible preferred stock; 12,459 shares designated, issued,

   and outstanding at September 30, 2020 and December 31, 2019

 

 

26,917

 

 

 

26,917

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Series A-1 convertible preferred stock; 31,620 shares designated, issued, and

   outstanding at September 30, 2020 and December 31, 2019; liquidation value

   of $33,197 at September 30, 2020

 

 

0

 

 

 

0

 

Common stock, par value $0.01 per share; 400,000,000 shares authorized;

   189,156,970 and 137,818,068 shares issued at September 30, 2020 and

   December 31, 2019, respectively

 

 

1,892

 

 

 

1,378

 

Additional paid-in capital

 

 

1,226,687

 

 

 

1,059,583

 

Accumulated other comprehensive income (loss)

 

 

1,233

 

 

 

(1,324

)

Accumulated deficit

 

 

(1,428,300

)

 

 

(1,284,993

)

Total stockholders’ deficit attributable to Agenus Inc.

 

 

(198,488

)

 

 

(225,356

)

Non-controlling interest

 

 

(7,835

)

 

 

(5,981

)

Total stockholders’ deficit

 

 

(206,323

)

 

 

(231,337

)

Total liabilities, convertible preferred stock and stockholders’ deficit

 

$

204,483

 

 

$

155,335

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

2


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

4,286

 

 

$

5,751

 

 

$

24,283

 

 

$

81,022

 

Service revenue

 

 

1,599

 

 

 

 

 

 

2,621

 

 

 

 

Other revenue

 

 

 

 

 

1,985

 

 

 

52

 

 

 

4,453

 

Non-cash royalty revenue related to the sale of future royalties

 

 

8,947

 

 

 

12,204

 

 

 

29,950

 

 

 

30,073

 

Total revenues

 

 

14,832

 

 

 

19,940

 

 

 

56,906

 

 

 

115,548

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

(911

)

 

 

 

 

 

(1,545

)

 

 

 

Research and development

 

 

(32,134

)

 

 

(46,132

)

 

 

(107,048

)

 

 

(131,506

)

General and administrative

 

 

(14,380

)

 

 

(11,512

)

 

 

(39,188

)

 

 

(33,723

)

Contingent purchase price consideration fair value adjustment

 

 

(2,196

)

 

 

1,781

 

 

 

(4,652

)

 

 

(1,180

)

Operating loss

 

 

(34,789

)

 

 

(35,923

)

 

 

(95,527

)

 

 

(50,861

)

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on modification of debt

 

 

 

 

 

 

 

 

(2,720

)

 

 

 

Non-operating income (expense)

 

 

(648

)

 

 

304

 

 

 

(2,040

)

 

 

(250

)

Interest expense, net

 

 

(16,209

)

 

 

(10,658

)

 

 

(44,874

)

 

 

(29,598

)

Net loss

 

 

(51,646

)

 

 

(46,277

)

 

 

(145,161

)

 

 

(80,709

)

Dividends on Series A-1 convertible preferred stock

 

 

(52

)

 

 

(52

)

 

 

(157

)

 

 

(156

)

Less: net loss attributable to non-controlling interest

 

 

(493

)

 

 

(803

)

 

 

(1,854

)

 

 

(3,107

)

Net loss attributable to Agenus Inc. common stockholders

 

$

(51,205

)

 

$

(45,526

)

 

$

(143,464

)

 

$

(77,758

)

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss attributable to Agenus Inc. common stockholders

 

$

(0.28

)

 

$

(0.33

)

 

$

(0.87

)

 

$

(0.58

)

Weighted average number of Agenus Inc. common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

182,667

 

 

 

137,619

 

 

 

165,682

 

 

 

134,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

864

 

 

$

(204

)

 

$

2,557

 

 

$

257

 

Other comprehensive income (loss)

 

 

864

 

 

 

(204

)

 

 

2,557

 

 

 

257

 

Comprehensive loss

 

$

(50,341

)

 

$

(45,730

)

 

$

(140,907

)

 

$

(77,501

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

 

3


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(Unaudited)

(Amounts in thousands)

 

 

 

 

Series C-1

 

 

 

Series A-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

 

Number of

Shares

 

 

Par

Value

 

 

Number of

Shares

 

 

Par

Value

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Non-controlling

Interest

 

 

Accumulated

Deficit

 

 

Total

 

Balance at December 31, 2019

 

 

12

 

 

$

26,917

 

 

 

 

32

 

 

$

0

 

 

 

137,819

 

 

$

1,378

 

 

$

1,059,583

 

 

$

(1,324

)

 

$

(5,981

)

 

$

(1,284,993

)

 

$

(231,337

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(597

)

 

 

(44,674

)

 

 

(45,271

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,227

 

 

 

 

 

 

 

 

 

1,227

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,397

 

 

 

 

 

 

 

 

 

 

 

 

2,397

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,716

 

 

 

247

 

 

 

64,876

 

 

 

 

 

 

 

 

 

 

 

 

65,123

 

Amendment of 2015 warrants and issuance of 2020 warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,145

 

 

 

 

 

 

 

 

 

 

 

 

3,145

 

Payment of consultant in shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

0

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

12

 

Exercise of stock options and employee share purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

765

 

 

 

8

 

 

 

2,196

 

 

 

 

 

 

 

 

 

 

 

 

2,204

 

Balance at March 31, 2020

 

 

12

 

 

$

26,917

 

 

 

 

32

 

 

$

0

 

 

 

163,304

 

 

$

1,633

 

 

$

1,132,209

 

 

$

(97

)

 

$

(6,578

)

 

$

(1,329,667

)

 

$

(202,500

)

Net loss

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

(764

)

 

$

(47,480

)

 

 

(48,244

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

466

 

 

 

 

 

 

 

 

 

466

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,464

 

 

 

 

 

 

 

 

 

 

 

 

2,464

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,290

 

 

 

73

 

 

 

19,834

 

 

 

 

 

 

 

 

 

 

 

 

19,907

 

Issuance of shares for business acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

405

 

 

 

4

 

 

 

896

 

 

 

 

 

 

 

 

 

 

 

 

900

 

Payment of CEO payroll in shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

0

 

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

88

 

Payment of consultant in shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

0

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

31

 

Exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

290

 

 

 

3

 

 

 

921

 

 

 

 

 

 

 

 

 

 

 

 

924

 

Vesting of nonvested shares