On May 10, 2022 Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an extensive pipeline of therapeutics designed to activate the immune response to cancers and infections, reported financial results for the first quarter 2022 (Press release, Agenus, MAY 10, 2022, View Source [SID1234614108]).

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"In the current challenging environment for the biotech industry, we are prioritizing our most promising clinical programs, including botensilimab combinations, as well as preclinical programs with the highest potential for engagement from collaborators," said Garo Armen, PhD, Chairman and Chief Executive Officer of Agenus. "Needless to say, we are also taking decisive steps to contain costs across the board despite our reasonable cash position."

Botensilimab, Agenus’ innate and adaptive immune stimulator, to advance to Phase 2

Present updated data from our ongoing development program in the 3rd quarter.
Phase 2 clinical studies to commence in colorectal, melanoma, and pancreatic cancers.
All trials designed to demonstrate superiority to other immunotherapies and/or other standards of care.
In addition, trials are designed to show benefit in cold tumors in combination with chemotherapy.
AGEN1571 clinical trials to commence; preclinical data presented at AACR (Free AACR Whitepaper)

Agenus’ first myeloid-targeting agent.
Overcomes the suppression of anti-tumor response via the ILT2 pathway which drives resistance to CTLA-4 and PD-1 directed therapies.
Rationale is further validated by the durable clinical responses achieved in PD-1 resistant cancers with an ILT4 antagonist discovered by Agenus and licensed to Merck.
Provides advantages in enhanced activation of T, NK and NKT cells and a superior ability to switch myeloid cells to a pro-inflammatory state.
Phase 1 study to commence.
Milestone payment received from Gilead for the clinical advancement of AGEN2373 targeting CD137

Another key pathway for antitumor immunity with enhancement of T cell and NK cell proliferation, cytokine secretion, and cellular cytotoxicity.
Phase 1b combination study with botensilimab ongoing in melanoma patients who have relapsed or are refractory to prior anti-PD-1 therapy.
Gilead has an exclusive option to license AGEN2373, while Agenus can opt-in for a 50:50 profit share and US co-commercialization rights.
Agenus received $5M milestone payment with up to $570 million in future potential option fees and milestones.
First Quarter 2022 Financial Results

We ended our first quarter 2022 with a cash and short-term investment balance of $263 million as compared to $307 million on December 31, 2021.

We recognized revenue of $26 million for the quarter ended March 31, 2022, which represents an increase of $14 million from the $12 million reported for the same quarter in 2021. Both numbers include revenue related to non-cash royalties earned, revenue recognized under our collaboration agreements, and in 2022, milestones received.

Net loss for the quarter ended March 31, 2022, was $51 million which includes non-cash expenses of $21 million compared to a net loss for the same period of 2021 of $54 million which includes non-cash expenses of $20 million. Per share losses were $0.19 in the first quarter of 2022 as compared to per share losses of $0.27 in the first quarter of 2021.

Cash used in operations for the three months ended March 31, 2022, was $52 million up from $43 million for the quarter ended March 31, 2021. The company has initiated cost containment measures with expected reductions in operating expenses in coming quarters.

Webcast
A live webcast and replay of the conference call will be accessible from the Events & Presentations page of the Company’s website at View Source and via View Source