On August 9, 2018 Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies, cancer vaccines and adoptive cell therapies1, reported financial results for the second quarter of 2018 (Press release, Agenus, AUG 9, 2018, View Source [SID1234528647]).
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"Innovation and speed are core to our strategy. We have delivered eight new discoveries over the past 2 years. This year alone, 3 INDs from our discovery engines have been filed and 3 additional INDs will be filed by year end; they include our NexGen CTLA-4 and our first-in-class bispecifics. We have delivered on our partnership commitments with Merck and Incyte with 2 programs in the clinic this year and a third expected before the end of the year, each triggering a cash milestone," said Garo H. Armen, Ph.D., Chairman and CEO of Agenus. "In addition, our proprietary CTLA-4 and PD-1 programs are advancing in three trials designed to take advantage of accelerated pathways for a BLA filing as early as 2020. Our partnership discussions have advanced towards potential closure. With these developments, we expect to deliver value to our shareholders and partners."
Key clinical and business updates
Operational Achievements:
New discoveries advance to clinic
Three INDs filed and 3 more to be filed by the end of 2018, including Next-Gen CTLA-4 and two first-in-class bispecifics
Lead CTLA-4 (AGEN1884) & PD-1 (AGEN2034) trials advance towards BLA as early as 2020
ASCO reported data show 31-42% benefit
New data in 2018 anticipated to show expanded benefit
Three trials ongoing designed to leverage accelerated pathways
Payment milestones triggered in partnerships with Incyte, Merck
LAG-3 (INCAGN02385) in the clinic
TIM-3 (INCAGN02390) expected to enter clinic in 2018
Undisclosed target with Merck entered clinic
Sales of GSK’s Shingrix, containing QS-21 Stimulon, have exceeded projections
Manufacturing Speed and Innovation:
Completed clinical & pivotal grade material for AGEN1884 & AGEN2034 3-5x faster than industry standards
First-in-class bispecific, AGEN1223, manufactured at scale in <2 months; setting industry records
AgenTus Cell Therapy Business:
Lead identified for IND filing; private financing and plans for IPO underway
Second Quarter 2018 Financial Results
Cash and cash equivalents were $43.2 million and $60.2 million at June 30, 2018 and December 31, 2017 respectively.
For the second quarter ended June 30, 2018, we reported a net loss of $25.2 million, or $0.24 per share, compared to a net loss for same period in 2017 of $31.7 million, or $0.32 per share. We recognized revenue during the current quarter of $16 million which includes milestone achievements and non-cash royalties earned.
For the six months ended June 30, 2018, we reported a net loss of $79.5 million or $0.76 per share compared to a net loss for the same period in 2017 of $48.8 million or $0.51 per share. The increased net loss reflects reduced revenue due to an accelerated milestone received during 2017 from Incyte and the loss on early extinguishment of debt.
Conference Call, Webcast and Prepared Statement Information
Agenus executives will host a conference call on Thursday, August 9, 2018 at 8:30 a.m. Eastern Time. To access the live call, dial (844) 492-3727 (domestic) and (412) 317-5118 (international). Ask to be joined into the Agenus call. The call will also be webcast and will be accessible from the Company’s website at View Source or via the following link: View Source A replay will be available on the Company’s website approximately two hours after the call and will remain available for 90 days.