Analyst Conference Summary

Biotechnology

conference date: March 11, 2025 @ 5:30 AM Pacific Time
for quarter ending: December 31, 2024 (Q4, fourth quarter 2024)

Forward-looking statements

Overview: No funding for further Bot/Bal development yet. Cash crisis.

Basic data (GAAP):

Revenue was $26.8 million, up sequentially from $25.1 million and down from $83.8 million year-earlier.

Net income was negative $46.8 million, up sequentially from negative $67.2 million, and up from negative $48.6 million year-earlier.

Earnings per share, diluted, (EPS) were negative $2.04, up sequentially from negative $3.08 and up from negative $2.53 year-earlier.

Guidance:

none

Conference Highlights:

CEO Garo Armen stated: "Delivered on commitment to significantly reduce our burn rate. Executing on next stage of cost reduction to $50 million annualized rate." Facing significant financial strain, needs substantial funds to pursue Bot/Bal Phase 3. Is reducing costs by externalizing development by mid-2025. Believes Bot/Bal has groundbreaking or even revolutionary potential.

Agenus is pursuing potential out-licensing transactions for Bot/Bal and several of its other pipeline assets. Includes AGEN1777 (Tigit), previously licensed to Bristol Myers Squibb, and AGEN2373 (CD137), for which the Gilead option period expired. The cash is needed for getting through the Phase 3 Bot trial. Will likely partner Bot/Bal.

In Q1 2025 more data for Bot/Bal was presented as ASCO-GI in January 2025. Analyses presented at the ESMO October 2024 meeting highlighted BOT/BAL activity in metastatic CRC across challenging sites of metastatic disease, including MSS CRC, sarcomas and other difficult cancers. Data was also published recently in major journals. Particularly good data in microsatelite stable metastatic colorectal cancer. Believes also active in microsatelite instable crc. Several trials by independent investigators are underway or planned.

Agenus has engaged with the European Medicines Authority and has agreed to the protocol for the Phase 3 pivotal study in MSS CRC.

Agenus is receiving many compassionate use requests for Bot/Bal.

Agenus is prepared to issue and sell stock, if necessary, to finance it until Bot/Bal approval. May also sell its real estate, soon, possibly worth $70 million.

Bot/Bal is advancing in 3 ISTs in MSS CRC. Results from European trials expected in early 2025.

Trying to minimize expenses to conserve cash.

Revenue mainly consisted of non-cash royalty from (QS-21).

Not stated in press release, should be on 10-Q. Cost of sales was $0 million. Research and development expense was $ million. General and administrative expense was $ million. Cost of service revenue $ million. Other loss $ million. Non-cash interest expense of $ million. Non-cash fair value adjustment negative $ million.

Cash and equivalents balance ended at $40.4 million, down sequentially from $45 million. Cash used in operations was $28.7 million. $7.1 million was raised in Q4 under the stock issuance agreement.

Q&A selective summary:

Cost reductions, which programs targetted? Headcount reductions, non-Bot/Bal. Reduced external advisors. Completed registration work for accelerated approval, can use for global registration. Shelved other products in pipeline, but can resume later. Right now IO is cold in the investment community.

Monetization of non-core assets? Obtained $20 million mortgage on our property. We also have the Emeryville manufacturing facility, have seen interest in that.

Registrational program strategy? We have a lot of late-stage data for msscrc. But we have not done a randomized trial. Patients are living much longer, double the standard of care. Hoping for interest from global regulators. Neoadjuvant study, only treated with bot/bal, we are seeing complete pathological responses in more than half of patients. Believe clear path for potential approval in rectal cancer. 350 patients from Phase 1 and Phase 2 trials data is now mature.

Agenus web site

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages: