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Agenus Inc (AGEN) Reports Q3 2023 Results: Revenue of $24.3 Million and Net Loss of $64.5 Million

  • Agenus Inc (NASDAQ:AGEN) reported Q3 2023 results with revenue of $24.3 million and a net loss of $64.5 million.

  • The company's botensilimab (BOT) and balstilimab (BAL) showed broad effectiveness in treating advanced solid tumors.

  • A Biologics License Application (BLA) is expected to be submitted to the FDA for metastatic colorectal cancer (CRC) in mid-2024.

  • Agenus ended Q3 2023 with a consolidated cash, cash equivalent, and short-term investment balance of $106.3 million.

On November 7, 2023, Agenus Inc (NASDAQ:AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, announced its third quarter 2023 results. The company reported revenue of $24.3 million and a net loss of $64.5 million for the quarter.

Key Highlights and Clinical Data

Recent data shows that botensilimab (BOT), with or without balstilimab (BAL), is broadly effective in treating five advanced solid tumors: colorectal, pancreatic, lung, melanoma, and sarcoma. Over the past 12 months, clinical data on BOT/BAL has been featured in six oral or plenary sessions at major cancer conferences and published in peer-reviewed medical and scientific journals.

CEO Garo Armen, Ph.D., stated,

The botensilimab franchise, after treating more than 750 patients, has demonstrated consistent tumor responses across a diverse range of nine tumor types, showcasing its potential for significant impact in oncology."

Financial Overview

The company closed the third quarter 2023 with a consolidated cash, cash equivalent, and short-term investment balance of $106.3 million, compared to $193.4 million at the end of 2022. For the three and nine months ended September 30, 2023, Agenus recognized revenue, which includes non-cash revenue, of $24.3 million and $72.5 million, respectively. The company incurred a net loss of $64.5 million for the third quarter and $208.9 million for the first nine months of 2023.

Future Outlook

Agenus is actively pursuing immediate prospects for additional cash infusion that doesnt involve stock issuances, including a milestone payment from one of its partnered programs, expected by the end of 2023. In addition to this expected milestone, the company is in the process of selling two non-strategic assets and the partial sale of other milestones and royalties due to Agenus from its partnered programs. These three sales are expected to close by the end of the first half of 2024. With these planned transactions, Agenus believes it is sufficiently funded through the end of 2024.

Explore the complete 8-K earnings release (here) from Agenus Inc for further details.

This article first appeared on GuruFocus.