Agenus Q1 2025 Earnings Report
Key Takeaways
Agenus delivered $24.1 million in revenue during Q1 2025, driven primarily by non-cash royalty revenue, and reduced its net loss to $26.4 million. The company emphasized progress in its BOT/BAL immunotherapy programs and improved financial efficiency with reduced cash burn.
Revenue reached $24.1 million, primarily from non-cash royalties.
Net loss improved to $26.4 million compared to $63.5 million in Q1 2024.
Cash used in operations was $25.6 million, down from $38.2 million in Q1 2024.
Company expects to reduce annualized operating cash burn below $50 million in H2 2025.
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Agenus Revenue by Segment
Forward Guidance
Agenus plans to lower operating cash burn below $50 million annually starting in H2 2025 and anticipates a capital transaction to improve liquidity, supporting continued clinical development.
Positive Outlook
- Planned operating cash burn reduction below $50 million.
- Cost optimization measures implemented.
- Upcoming substantial cash infusion from a near-term capital transaction.
- Focus on advancing BOT/BAL programs with expanded datasets.
- Leadership strengthened with key new appointments.
Challenges Ahead
- Cash and cash equivalents declined to $18.5 million.
- Ongoing net losses despite reduced expenses.
- Revenue decline from $28.0 million in Q1 2024 to $24.1 million.
- Dependence on non-cash revenue sources.
- Continued requirement for external funding to support operations.