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Jun 30, 2025
Agenus Q2 2025 Earnings Report
Agenus reported Q2 2025 revenue of $25.7M, primarily from non-cash royalties, with a net loss of $30.0M and cash used in operations of $20.2M.
Key Takeaways
Revenue for Q2 2025 was $25.7M, mainly driven by non-cash royalty income. The company posted a net loss of $30.0M, or $1.00 per share, and used $20.2M in cash for operations. Cash and cash equivalents totaled $9.5M at quarter-end, with an additional $5.2M raised post-quarter and $91.0M expected in Q3 from the Zydus collaboration.
Revenue of $25.7M was primarily from non-cash royalties.
Net loss was $30.0M, or $1.00 per share.
Cash used in operations totaled $20.2M, reflecting reduced cash burn versus prior periods.
Cash balance of $9.5M at quarter-end, with $96.2M additional cash expected from post-Q2 activities and Zydus deal.
Forward Guidance
Agenus expects to use the $91M Zydus infusion and current cash to fund the launch of its Phase 3 BATTMAN trial in Q4 2025, while pursuing additional partnerships for funding.
Positive Outlook
- Planned initiation of BATTMAN Phase 3 trial in Q4 2025 with FDA alignment.
- Strong clinical data for BOT/BAL showing 42% two-year survival in refractory MSS CRC.
- Zydus collaboration expected to provide $91M in Q3 2025.
- Expanded evidence of BOT/BAL activity across multiple solid tumor types.
- Active negotiations for additional funding and commercialization partnerships.
Challenges Ahead
- Continued net losses and negative operating cash flow.
- Dependence on successful execution of Phase 3 trial for future revenue growth.
- Reliance on non-cash royalty revenue as a significant portion of income.
- Need to secure additional funding for long-term operations.
Historical Earnings Impact
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