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Mar 31, 2024
Agenus Q1 2024 Earnings Report
Agenus reported first quarter 2024 results, highlighted by a $100M royalty financing agreement with Ligand and progress in BOT/BAL development.
Key Takeaways
Agenus announced a $100 million royalty financing agreement with Ligand to support BOT/BAL development and launch readiness. The company reported positive clinical results from Phase 1 and Phase 2 studies of BOT/BAL in metastatic relapsed/refractory colorectal cancer. Agenus successfully reduced its cash burn rate and regained compliance with Nasdaq listing.
Announced a $100M royalty financing agreement with Ligand to support BOT/BAL development.
Observed notable clinical results in Phase 1 and Phase 2 studies of BOT/BAL in metastatic relapsed/refractory colorectal cancer.
Successfully executed a 20:1 reverse stock split to regain compliance with Nasdaq listing requirements.
Plans to engage with the FDA in the second half of 2024 to commence the submission of a Biologics License Application for BOT/BAL in refractory MSS CRC NLM.
Forward Guidance
Agenus plans to advance BOT/BAL development, engage with the FDA, and prioritize clinical development in neoadjuvant MSS CRC treatment. They also expect to release updated Phase 1 and 2 data in melanoma, lung cancer, sarcoma and pancreatic cancer later this year.
Positive Outlook
- Advancing the development and market readiness of BOT/BAL treatment.
- Planning to engage with the FDA in the second half of 2024.
- Prioritizing clinical development activities in the neoadjuvant MSS CRC treatment setting.
- Releasing updated Phase 1 and 2 data in melanoma, lung cancer, sarcoma and pancreatic cancer later this year.
- Ensuring quality and availability of BOT/BAL supply through CMO partners and Agenus’ cGMP-grade facility.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
- Reliance on forward-looking statements is cautioned due to potential risks described in the company's filings.
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