On August 8, 2019 Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of immune checkpoint antibodies, adoptive cell therapies1, and cancer vaccines provided corporate updates and reported financial results for the second quarter of 2019 (Press release, Agenus, AUG 8, 2019, View Source [SID1234538379]).

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"In the second quarter our progress continued at a rapid pace," said Garo H. Armen, Ph.D., Chairman and CEO of Agenus. "This year we delivered 2 INDs, initiated the interim analysis in our CTLA-4 & PD-1 trials, triggered cash milestones in our Gilead collaboration, advanced our next generation CTLA-4 in the clinic, and brought on board our head of commercial operations. We look forward to discussing all of these in more detail during our call and at our global R&D days in the next few months."

Achievements
Delivered on partnership programs; triggering additional cash milestones
Triggered $15 million from Gilead as milestone payment for IND acceptance of AGEN1423 (now GS-1423) & AGEN2373
CTLA-4 and PD-1 trials advancing – interim analysis underway
Trials in 2L cervical cancer designed to support BLA via accelerated pathway
Interim analysis underway; data readouts expected 2H2019
PD-1 market expansion planned through project-based financing
Enrollment proceeding in next-gen CTLA-4 trial
Clinical trial underway; combinations and early data expected this year
Advanced new discoveries towards the clinic
AGEN2373 IND accepted by FDA
Off-the shelf phosphorylated neoantigen vaccine advanced to IND
QS-21 Updates
Sales of Shingrix, containing our QS-21 Stimulon, continue to increase; GSK projects 2019 sales will exceed $1.3Bn
AgenTus Cell Therapy Business:
IND for allogeneic cell therapy on track for 2H2019
IND for autologous NYESO-1 planned for 2H2019; proprietary combinations with Agenus check point antibodies planned in 1H2020
Partnership and private financing discussions are underway
Second Quarter 2019 Financial Results

We ended the second quarter of 2019 with a cash balance of $122 million as compared to $53 million at December 31, 2018.

For the six months ended June 30, 2019, we reported a net loss of $34 million or $0.24 per share compared to a net loss for the same period in 2018 of $79 million or $0.76 per share. During the first half of the year we recognized revenue of $96 million which includes revenue from our transaction with Gilead and non-cash royalties earned and recorded $20 million of non-cash interest expense due to our liability related to the sale of future royalties. Our operating expenses for the first half of 2019 increased by $29 million as a result of the advancement of our programs.

For the second quarter ended June 30, 2019, we reported net loss of $52 million or $0.38 per share compared to a net loss for same period in 2018 of $25 million, or $0.24 per share.

Both periods results include one time and non-cash items.

Conference Call, Webcast and Prepared Statement Information

Date: Thursday, August 8, 2019
Time: 8:30 a.m. ET
Domestic Dial-in Number: (844) 492-3727
International Dial-in Number: (412) 317-5118
Conference ID: Agenus

Live Webcast: accessible from the Company’s website at View Source or with this 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.