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Sep 30, 2023
Agenus Q3 2023 Earnings Report
Agenus reported its Q3 2023 results, highlighting progress with botensilimab and plans for regulatory submissions.
Key Takeaways
Agenus reported a net loss of $64.5 million for Q3 2023, with revenue of $24.3 million. The company is focusing on the development of botensilimab and plans to submit a BLA to the FDA for MSS CRC in mid-2024. Agenus believes it is sufficiently funded through the end of 2024 with a cash, cash equivalent, and short-term investment balance of $106.3 million.
Agenus plans to submit a BLA to the FDA for botensilimab/balstilimab in MSS CRC in mid-2024.
Data readouts for ACTIVATE-Pancreatic, ACTIVATE-Melanoma, and the Phase 1b trial in NSCLC are expected throughout 2024.
Bristol Myers Squibb's BMS-986442, originally developed by Agenus, is in a phase 2 dose expansion study.
Agenus reported a Q3 2023 revenue of $24.3 million and a net loss of $64.5 million.
Forward Guidance
Agenus anticipates several milestones and transactions to bolster its financial position and advance its clinical programs.
Positive Outlook
- Agenus expects a milestone payment from one of its partnered programs by the end of 2023.
- The company is in the process of selling two non-strategic assets.
- Agenus plans the partial sale of milestones and royalties from partnered programs.
- Agenus believes it is sufficiently funded through the end of 2024.
- Agenus is in advanced discussions for potential structured financing for BOT/BAL.
Challenges Ahead
- The current environment in the biotech sector necessitates cost containment measures.
- Agenus is incurring non-cash expenses that impact net loss.
- The company's cash reserves have decreased compared to the end of 2022.
- Agenus is still operating at a net loss.
Historical Earnings Impact
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