05/06/2021 | Press release | Distributed by Public on 05/06/2021 05:47
LEXINGTON, Mass., May 06, 2021 (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 immune response to cancers and infections, today provided a corporate update and reported financial results for the first quarter of 2021.
'We have delivered on multiple key initiatives since our last update and expect to achieve additional impactful milestones during the remainder of the second quarter and the rest of 2021,' said Garo Armen, PhD, Chief Executive Officer of Agenus. 'Among important developments are the continuing clinical responses we are seeing with AGEN1181. We intend to advance AGEN1181 in combination with balstilimab in cancers for which current immunotherapies have shown no activity given AGEN1181's positive clinical responses in these tumors. Treating these cancers successfully will be of substantial value to patients while potentially representing large commercial opportunities for Agenus.'
Balstilimab (anti-PD-1): BLA submitted to U.S. FDA for recurrent/metastatic cervical cancer
AGEN1181 (anti-CTLA-4): Data demonstrate continued strong activity, including in tumors unresponsive to immunotherapy, as presented at AACR 2021
AGEN1777 (anti-TIGIT bispecific): Phase 1 anticipated 2021
Intelligent cell platform: Phase 1 study ongoing with iNKT cell therapy in patients with cancer and ARDS secondary to COVID-19
Additional programs and initiatives continue to advance
First Quarter Financial Results
We ended our first quarter 2021 with a cash balance of $119 million as compared to $100 million at December 31, 2020.
Cash used in operations for the three months ended March 31, 2021 was $43 million compared to $35 million for the quarter ended March 31, 2020. Net loss for the quarter ended March 31, 2021 was $54 million or $0.27 per share which includes non-cash expenses of $12 million compared to a net loss for the same period in 2020 of $45 million, or $0.31 per share which includes non-cash expenses of $3 million.
We recognized revenue of $12 million and $15 million for the quarters ended March 31, 2021 and 2020, respectively, which includes revenue related to non-cash royalties earned and revenue recognized under our collaboration agreements.
Select Financial Information | ||||||
(in thousands, except per share data) | ||||||
(unaudited) | ||||||
March 31, 2021 | December 31, 2020 | |||||
Cash and cash equivalents | $ | 119,366 | $ | 99,871 | ||
Three months ended March 31, | ||||||
2021 | 2020 | |||||
Revenues, research and development | $ | 1,571 | $ | 1,928 | ||
Revenues, non-cash royalty | 8,484 | 13,156 | ||||
Revenues, other | 1,664 | 44 | ||||
Total Revenue | 11,719 | 15,128 | ||||
Research and development expenses | 36,677 | 36,363 | ||||
General and administrative expenses | 16,352 | 10,613 | ||||
Cost of service revenue | 1,105 | - | ||||
Other expense (income) | (2,579) | 1,243 | ||||
Non-cash interest expense | 15,611 | 13,844 | ||||
Loss on modification of debt | - | 2,720 | ||||
Non-cash contingent consideration fair value adjustment | (1,044) | (4,384) | ||||
Net loss | $ | (54,403) | $ | (45,271) | ||
Net loss per share attributable to Agenus Inc. common stockholders: | $ | (0.27) | $ | (0.31) | ||
Cash used in operations | $ | 42,744 | $ | 34,505 | ||
Conference Call
Dial-in numbers: (800) 446-1671 (US) or (847) 413-3362 (International); Confirmation Number: 50150591
Webcast
A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company's website at https://investor.agenusbio.com/events-and-presentations and via https://edge.media-server.com/mmc/p/dbt4fxyo.
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 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.
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 clinical development and regulatory plans and timelines, anticipated corporate milestones, new clinical data and program updates to be presented, and the anticipated commercial launch of balstilimab. 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
Agenus Investor Relations
Jan Medina, CFA
Agenus
781-674-4490
[email protected]
Agenus Media Relations
Kimberly Ha
KKH Advisors
917-291-5744
[email protected]