On August 6, 2020 Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an extensive pipeline of checkpoint antibodies, cell therapy, adjuvants, and vaccines designed to activate immune response to cancers and infections, reported financial results for the second quarter of 2020 (Press release, Agenus, AUG 6, 2020, View Source [SID1234563131]).
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Balstilimab BLA filing to be initiated in current quarter
Balstilimab granted FTD and eligible for priority review
Combo trial with zali completes accrual & required follow-up; BLA planning underway
Zalifrelimab actives responses in PD-1 refractory tumors (1CR, 3PRs)
Ph2 expansion trial in angiosarcoma underway; additional cancers to follow
AGEN1181 combo w bali achieves CR with both primary and metastatic tumors confirmed by PET scan
Updated Ph1 achieves a total of 2 CRs & clinical benefit (CR/PR/SD) in ~65% patients
Expansion cohorts in NSCLC, MSS tumors, melanoma, and RCC launched
AGEN2373 achieves durable SD in ovarian, lung, sarcoma
No liver toxicity observed
AGEN2373 advancing to combo with balstilimab
Production of QS-21 from a renewable source achieved and equivalence to QS-21 Saponin demonstrated
High-yield process development underway
Bioequivalence to first-generation demonstrated
Enhanced antibody responses achieved in SARS-CoV-2 models
Completed partnership with Betta Pharmaceuticals; $15M upfront, $20M equity investment, $100M in milestones & royalties
Rights to balstilimab and zalifrelimab for Greater China
Clinical development in major cancers being planned
First Quarter Financial Results
We ended the second quarter of 2020 with a cash balance of $79 million as compared to $62 million at December 31, 2019. Subsequent to the quarter end we received $35 million related to our Betta partnership. With this and other anticipated cash inflows, based on our current plans and projections our cash position will be sufficient to support our operations into the third quarter of 2021.
For the second quarter ended June 30, 2020, our cash used in operations was $37 million and we reported a net loss of $48 million or $0.28 per share. This compares to cash used in operations for the same period in 2019 of $36 million and a net loss of $52 million or $0.38 per share.
Our cash used in operations for the six months ended June 30, 2020 was $72 million with a net loss of $94 million or $0.59 per share compared to cash provided by operations of $41 million and a net loss for the same period in 2019 of $34 million or $0.24 per share.
For the six-month period ended June 30, 2020, we recognized revenue of $42 million which includes revenue related to the upfront license fee from our transaction with Betta in addition to non-cash royalties earned. For the same period in 2019 we recorded revenue of $96 million which includes revenue related to the upfront license fee from our transaction with Gilead in addition to non-cash royalties earned.
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