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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 June 30, 2021

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 August 4, 2021: 233,114,645 shares

 

 

 

 


 

 

Agenus Inc.

Six Months Ended June 30, 2021

Table of Contents

 

 

 

 

 

Page

PART I

 

 

ITEM 1.

 

Financial Statements:

 

2

 

 

Condensed Consolidated Balance Sheets as of June 30, 2021 (Unaudited) and December 31, 2020

 

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2021 and 2020 (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Deficit for the three and six months ended June 30, 2021 and 2020 (Unaudited)

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (Unaudited)

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

ITEM 2.

 

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

 

18

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

23

ITEM 4.

 

Controls and Procedures

 

24

 

 

 

PART II

 

 

ITEM 1.

 

Legal Proceedings

 

25

ITEM 1A.

 

Risk Factors

 

25

ITEM 6.

 

Exhibits

 

80

 

 

Signatures

 

81

 

 

 

 


 

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)

 

 

 

June 30, 2021

(unaudited)

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,543

 

 

$

99,871

 

Accounts receivable

 

 

1,436

 

 

 

1,157

 

Prepaid expenses

 

 

13,628

 

 

 

10,746

 

Other current assets

 

 

4,247

 

 

 

2,009

 

Total current assets

 

 

92,854

 

 

 

113,783

 

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

   $49,528 and $47,201 at June 30, 2021 and December 31, 2020, respectively

 

 

28,710

 

 

 

26,790

 

Operating lease right-of-use assets

 

 

32,282

 

 

 

33,480

 

Goodwill

 

 

24,706

 

 

 

25,452

 

Acquired intangible assets, net of accumulated amortization of $12,813 and

   $11,841 at June 30, 2021 and December 31, 2020, respectively

 

 

9,594

 

 

 

10,886

 

Other long-term assets

 

 

4,153

 

 

 

4,123

 

Total assets

 

$

192,299

 

 

$

214,514

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current portion, long-term debt

 

$

838

 

 

$

833

 

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

 

 

62,682

 

 

 

57,362

 

Current portion, deferred revenue

 

 

28,153

 

 

 

17,186

 

Current portion, operating lease liabilities

 

 

2,258

 

 

 

1,950

 

Accounts payable

 

 

19,164

 

 

 

17,015

 

Accrued liabilities

 

 

30,203

 

 

 

29,057

 

Other current liabilities

 

 

25,456

 

 

 

6,481

 

Total current liabilities

 

 

168,754

 

 

 

129,884

 

Long-term debt, net of current portion

 

 

18,947

 

 

 

18,879

 

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

 

 

186,562

 

 

 

176,263

 

Deferred revenue, net of current portion

 

 

14,828

 

 

 

28,282

 

Operating lease liabilities, net of current portion

 

 

34,808

 

 

 

34,065

 

Contingent purchase price considerations

 

 

4,127

 

 

 

10,208

 

Other long-term liabilities

 

 

1,750

 

 

 

1,514

 

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; 8,459 and 12,459 shares designated, issued,

   and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

18,275

 

 

 

26,917

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

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

   outstanding at June 30, 2021 and December 31, 2020; liquidation value

   of $33,355 at June 30, 2021

 

 

0

 

 

 

0

 

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

   225,262,889 and 196,090,980 shares issued at June 30, 2021 and

   December 31, 2020, respectively

 

 

2,253

 

 

 

1,961

 

Additional paid-in capital

 

 

1,353,243

 

 

 

1,257,502

 

Accumulated other comprehensive income (loss)

 

 

260

 

 

 

2,772

 

Accumulated deficit

 

 

(1,602,874

)

 

 

(1,465,907

)

Total stockholders’ deficit attributable to Agenus Inc.

 

 

(247,118

)

 

 

(203,672

)

Non-controlling interest

 

 

(8,634

)

 

 

(7,826

)

Total stockholders’ deficit

 

 

(255,752

)

 

 

(211,498

)

Total liabilities, convertible preferred stock and stockholders’ deficit

 

$

192,299

 

 

$

214,514

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

1,708

 

 

$

18,068

 

 

$

3,279

 

 

$

19,996

 

Service revenue

 

 

1,196

 

 

 

1,023

 

 

 

2,825

 

 

 

1,023

 

Other revenue

 

 

 

 

 

8

 

 

 

35

 

 

 

52

 

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

 

 

7,826

 

 

 

7,846

 

 

 

16,310

 

 

 

21,002

 

Total revenues

 

 

10,730

 

 

 

26,945

 

 

 

22,449

 

 

 

42,073

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

(667

)

 

 

(634

)

 

 

(1,772

)

 

 

(634

)

Research and development

 

 

(45,508

)

 

 

(38,550

)

 

 

(82,184

)

 

 

(74,913

)

General and administrative

 

 

(16,650

)

 

 

(14,195

)

 

 

(33,003

)

 

 

(24,809

)

Contingent purchase price consideration fair value adjustment

 

 

(14,300

)

 

 

(6,840

)

 

 

(13,256

)

 

 

(2,456

)

Operating loss

 

 

(66,395

)

 

 

(33,274

)

 

 

(107,766

)

 

 

(60,739

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on modification of debt

 

 

 

 

 

 

 

 

 

 

 

(2,720

)

Non-operating income (expense)

 

 

(920

)

 

 

(340

)

 

 

1,938

 

 

 

(1,392

)

Interest expense, net

 

 

(16,676

)

 

 

(14,630

)

 

 

(32,566

)

 

 

(28,664

)

Net loss

 

 

(83,991

)

 

 

(48,244

)

 

 

(138,394

)

 

 

(93,515

)

Dividends on Series A-1 convertible preferred stock

 

 

(53

)

 

 

(52

)

 

 

(105

)

 

 

(105

)

Less: net loss attributable to non-controlling interest

 

 

(701

)

 

 

(764

)

 

 

(1,427

)

 

 

(1,361

)

Net loss attributable to Agenus Inc. common stockholders

 

$

(83,343

)

 

$

(47,532

)

 

$

(137,072

)

 

$

(92,259

)

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.37

)

 

$

(0.28

)

 

$

(0.65

)

 

$

(0.59

)

Weighted average number of Agenus Inc. common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

222,906

 

 

 

169,130

 

 

 

211,681

 

 

 

157,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

1,262

 

 

$

466

 

 

$

(2,512

)

 

$

1,693

 

Other comprehensive income (loss)

 

 

1,262

 

 

 

466

 

 

 

(2,512

)

 

 

1,693

 

Comprehensive loss

 

$

(82,081

)

 

$

(47,066

)

 

$

(139,584

)

 

$

(90,566

)

 

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

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

 

Number of

Shares

 

 

Par

Value

 

 

Number of

Shares

 

 

Par

Value

 

 

Additional

Paid-In

Capital

 

 

Number

of Shares

 

 

Amount

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Non-controlling

Interest

 

 

Accumulated

Deficit

 

 

Total

 

Balance at December 31, 2020

 

 

12

 

 

$

26,917

 

 

 

 

32

 

 

$

0

 

 

 

196,093

 

 

$

1,961

 

 

$

1,257,502

 

 

 

 

 

$

 

 

$

2,772

 

 

$

(7,826

)

 

$

(1,465,907

)

 

$

(211,498

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(726

)

 

 

(53,677

)

 

 

(54,403

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,774

)

 

 

 

 

 

 

 

 

(3,774

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,669

 

 

 

 

 

 

 

 

 

 

 

 

263

 

 

 

 

 

 

3,932

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,950

 

 

 

190

 

 

 

60,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,859

 

Payment of CEO payroll in shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

Issuance of shares for services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Conversion of series C-1 convertible preferred stock

 

 

(2

)

 

 

(4,321

)

 

 

 

 

 

 

 

 

 

2,000

 

 

 

20

 

 

 

4,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,321

 

Exercise of stock options and employee share purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

796

 

 

 

8

 

 

 

2,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,526

 

Balance at March 31, 2021

 

 

10

 

 

$

22,596

 

 

 

 

32

 

 

$

0

 

 

 

217,863

 

 

$

2,179

 

 

$

1,328,747

 

 

 

 

 

$

 

 

$

(1,002

)

 

$

(8,289

)

 

$

(1,519,584

)

 

$

(197,949

)

Net loss

 

 

 

 

$

 

 

 

 

 

 

$

 

 

 

 

 

$

 

 

$

 

 

 

 

 

$

 

 

$

 

 

$

(701

)

 

$

(83,290

)

 

 

(83,991

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,262

 

 

 

 

 

 

 

 

 

1,262

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,075

 

 

 

 

 

 

 

 

 

 

 

 

356

 

 

 

 

 

 

5,431

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,392

 

 

 

34

 

 

 

9,113

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,147

 

Issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

Payment of CEO payroll in shares