On October 29, 2020 Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with an extensive pipeline of checkpoint antibodies, cell therapies, adjuvants, and vaccines designed to activate and optimize immune response to cancers and infections, reported financial results for the third quarter of 2020 (Press release, Agenus, OCT 29, 2020, View Source [SID1234569372]).
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Balstilimab BLA filing initiated and FDA review is underway; data presented at ESMO (Free ESMO Whitepaper)
Balstilimab (PD-1) monotherapy trial achieves response rates of 19% in PD-L1 positive tumors and 14% in PD-L1 positive and negative tumors combined
Balstilimab (PD-1) + zalifrelimab (CTLA-4) combination trial achieves response rates of 27% in PD-L1 positive tumors and 22% in PD-L1 positive and negative tumors combined
Median duration of response of 15.4 months demonstrated for monotherapy; median duration of response in the combination trial has not yet been reached
Allogeneic iNKT cell therapy: patients with COVID-19 in screening
iNKT cells have unique properties to combat cancer and infections
iNKT cells regulate harmful inflammation while also preventing reinfection
iNKT cancer clinical trial expected to commence in 4Q2020
Seven AGEN programs to be presented at SITC (Free SITC Whitepaper)
AGEN1181: new data and responses of AGEN1181 alone and with balstilimab
Zalifrelimab: clinical activity in refractory rare tumors
Balstilimab +/- zalifrelimab: improving treatment of cervical cancer patients with pseudo-progression
AGEN2373: anti-CD137 antibody designed for optimal safely and efficacy
AGEN1777: Fc-enhanced TIGIT bispecific for optimal anti-tumor action
iNKT cell therapy: cancer killing with unmodified iNKTs as well as CAR-iNKTs
AGEN VISION platform: identification of biomarkers and new targets, prediction of responders
Partnered program MK-4830 presented at ESMO (Free ESMO Whitepaper)
MK-4830 (ILT4 agonist licensed to Merck) shows benefit as a monotherapy and in combo with anti-PD-1 with 11 responses (2CR, 9PRs)
Agenus already received $10M in milestones and is eligible to receive an additional $85M
Launch of balstilimab access program with Rottapharm
Agenus provides balstilimab to Rottapharm for clinical testing with CR6086, a potent and selective prostaglandin EP4 receptor antagonist, in patients with advanced metastatic colorectal cancer; trial expected to commence by end of 2020
Third Quarter Financial Results
We ended the third quarter of 2020 with a cash balance of $114 million as compared to $62 million at December 31, 2019.
For the third quarter ended September 30, 2020, our cash used in operations was $32 million. Net loss for the quarter was $52 million or $0.28 per share which includes non-cash expenses of $18 million. This compares to cash used in operations for the same period in 2019 of $28 million and a net loss of $46 million, or $0.33 per share, which included $9 million of non-cash expenses.
Our cash used in operations for the nine months ended September 30, 2020 was $104 million with a net loss of $145 million or $0.87 per share compared to cash provided by operations of $13 million and a net loss for the same period in 2019 of $81 million or $0.58 per share.
For the nine-month period ended September 30, 2020, we recognized revenue of $57 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 $116 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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