Agenus Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Agenus Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and business operations.</b>

AI Summary

AGENUS INC (AGEN) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Agenus Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing includes financial data and business updates for the specified period. Key financial items such as revenue, net income, and debt are detailed within the report. The company's business address is 3 Forbes Road, Lexington, MA. Agenus Inc. was formerly known as ANTIGENICS INC /DE/ until November 15, 1999.

Why It Matters

For investors and stakeholders tracking AGENUS INC, this filing contains several important signals. This filing provides investors with the latest financial health and operational status of Agenus Inc. for Q1 2024. It contains crucial information regarding revenue, expenses, and any significant business developments or agreements entered into during the quarter.

Risk Assessment

Risk Level: medium — AGENUS INC shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks of the biotechnology sector, including clinical trial success, regulatory approvals, and market competition, as indicated by the detailed risk factors in SEC filings.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to assess Agenus Inc.'s current financial position and future growth potential.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 2836 — Standard Industrial Classification (BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES))
• DE — State of Incorporation (STATE OF INCORPORATION)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 000-29089 — SEC File Number (SEC FILE NUMBER)
• 781-674-4410 — Business Phone (BUSINESS PHONE)
• 19991115 — Date of Name Change (DATE OF NAME CHANGE)

Key Players & Entities

• AGENUS INC (company) — FILER
• 0000950170-24-053951 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240507 (date) — FILED AS OF DATE
• 3 FORBES ROAD (address) — BUSINESS ADDRESS
• LEXINGTON (location) — CITY
• MA (location) — STATE
• ANTIGENICS INC /DE/ (company) — FORMER COMPANY

FAQ

Industry Context

Agenus Inc. operates in the biotechnology sector, focusing on biological products.

Regulatory Implications

The company is subject to regulations governing the biotechnology and pharmaceutical industries.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review any disclosed business developments or strategic agreements.
3. Assess the company's overall financial health and risk profile.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 AGEN The Nasdaq Capital Market In
• $75.0 million — 2.9 million at March 31, 2024, plus the $75.0 million to be received from Ligand Pharmaceutic
• $25.0 million — ercise at their option of an additional $25.0 million under a Purchase and Sale Agreement (se
• $125.0 million — Sale Agreement for up to an additional $125.0 million under the same structure as the Ligand

Filing Documents

• agen-20240331.htm (10-Q) — 1474KB
• agen-ex31_1.htm (EX-31.1) — 14KB
• agen-ex31_2.htm (EX-31.2) — 15KB
• agen-ex32_1.htm (EX-32.1) — 10KB
• 0000950170-24-053951.txt (&nbsp;) — 7539KB
• agen-20240331.xsd (EX-101.SCH) — 1368KB
• agen-20240331_htm.xml (XML) — 1230KB

Financial Statements

Financial Statements: 2 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 ITEM 4.

Controls and Procedures

Controls and Procedures 22 PART II ITEM 1.

Legal Proceedings

Legal Proceedings 24 ITEM 1A.

Risk Factors

Risk Factors 24 ITEM 5. Other Information 24 ITEM 6. Exhibits 24

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AGENUS INC. AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS (Amounts in thousands, except share and per share amounts) March 31, 2024 (unaudited) December 31, 2023 ASSETS Cash and cash equivalents $ 52,856 $ 76,110 Accounts receivable 476 25,836 Prepaid expenses 3,895 8,098 Other current assets 3,125 2,372 Total current assets 60,352 112,416 Property, plant and equipment, net of accumulated amortization and depreciation of $ 65,080 and $ 61,943 at March 31, 2024 and December 31, 2023, respectively 130,330 133,421 Operating lease right-of-use assets 29,340 29,606 Goodwill 24,698 24,723 Acquired intangible assets, net of accumulated amortization of $ 17,799 and $ 17,688 at March 31, 2024 and December 31, 2023, respectively 4,230 4,411 Other long-term assets 7,609 9,336 Total assets $ 256,559 $ 313,913 LIABILITIES AND STOCKHOLDERS' DEFICIT Current portion, long-term debt $ 13,575 $ 146 Current portion, liability related to sale of future royalties and milestones 133,588 132,502 Current portion, deferred revenue 13 18 Current portion, operating lease liabilities 2,811 2,587 Accounts payable 50,693 61,446 Accrued liabilities 41,291 45,283 Other current liabilities 14,031 13,915 Total current liabilities 256,002 255,897 Long-term debt, net of current portion — 12,768 Liability related to sale of future royalties and milestones, net of current portion 125,249 124,556 Deferred revenue, net of current portion 1,143 1,143 Operating lease liabilities, net of current portion 61,756 62,511 Other long-term liabilities 2,732 5,420 Commitments and contingencies STOCKHOLDERS' DEFICIT Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at March 31, 2024 and December 31, 2023; liquidation value of $ 33,940 at March 31, 2024 0 0 Co

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View this 10-Q filing on SEC EDGAR