Agenus Inc. Files Q2 2024 10-Q
Ticker: AGEN · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1098972
Sentiment: neutral
Topics: 10-Q, financials, biotech
TL;DR
Agenus Q2 10-Q filed. Financials and R&D updates out.
AI Summary
Agenus Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures related to revenue recognition, research and development services, and intangible assets are presented.
Why It Matters
This filing provides investors with a detailed look at Agenus Inc.'s financial health and operational progress during the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The company operates in the biotechnology sector, which is inherently high-risk due to long development cycles and regulatory hurdles.
Key Numbers
- 0.05 — Stock Price (Reported stock price at the time of filing.)
- 17.30 — Stock Price (Reported stock price at the time of filing.)
Key Players & Entities
- AGENUS INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240808 (date) — Filing Date
- 0000950170-24-093937 (document_id) — Accession Number
- LEXINGTON, MA (location) — Business Address
FAQ
What were the key revenue recognition activities for Agenus Inc. in the first half of 2023?
Agenus Inc. reported activities related to 'RecognitionOfDeferredRevenueMember' for the period of January 1, 2023, to June 30, 2023.
What is the nature of the 'A2009EIPMember' for Agenus Inc. in the first half of 2024?
The filing indicates activities related to 'A2009EIPMember' for Agenus Inc. during the period of January 1, 2024, to June 30, 2024.
What disclosures are made regarding fair value for Agenus Inc. as of June 30, 2024?
Agenus Inc. provided disclosures related to 'EstimateOfFairValueFairValueDisclosureMember' as of June 30, 2024.
What specific R&D services were highlighted for Agenus Inc. in the first half of 2023?
Agenus Inc. reported 'ResearchAndDevelopmentServicesMember' for the period of January 1, 2023, to June 30, 2023.
What are the details on 'SeriesA1ConvertiblePreferredStockMember' for Agenus Inc. in Q2 2024?
The filing shows activities related to 'SeriesA1ConvertiblePreferredStockMember' for Agenus Inc. during the period of April 1, 2024, to June 30, 2024, and as of June 30, 2024.
Filing Stats: 4,538 words · 18 min read · ~15 pages · Grade level 17.8 · Accepted 2024-08-08 16:08:46
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 AGEN The Nasdaq Capital Market In
Filing Documents
- agen-20240630.htm (10-Q) — 2016KB
- agen-ex10_1.htm (EX-10.1) — 739KB
- agen-ex31_1.htm (EX-31.1) — 15KB
- agen-ex31_2.htm (EX-31.2) — 15KB
- agen-ex32_1.htm (EX-32.1) — 10KB
- 0000950170-24-093937.txt ( ) — 9725KB
- agen-20240630.xsd (EX-101.SCH) — 1434KB
- agen-20240630_htm.xml (XML) — 1519KB
Financial Statements
Financial Statements: 2 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 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 21 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 27 ITEM 4.
Controls and Procedures
Controls and Procedures 27 PART II ITEM 1.
Legal Proceedings
Legal Proceedings 29 ITEM 1A.
Risk Factors
Risk Factors 29 ITEM 5. Other Information 30 ITEM 6. Exhibits 31
- 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) June 30, 2024 (unaudited) December 31, 2023 ASSETS Cash and cash equivalents $ 93,723 $ 76,110 Accounts receivable 719 25,836 Prepaid expenses 2,207 8,098 Other current assets 3,355 2,372 Total current assets 100,004 112,416 Property, plant and equipment, net of accumulated amortization and depreciation of $ 68,137 and $ 61,943 at June 30, 2024 and December 31, 2023, respectively 127,569 133,421 Operating lease right-of-use assets 28,964 29,606 Goodwill 24,748 24,723 Acquired intangible assets, net of accumulated amortization of $ 18,032 and $ 17,688 at June 30, 2024 and December 31, 2023, respectively 4,136 4,411 Other long-term assets 6,994 9,336 Total assets $ 292,415 $ 313,913 LIABILITIES AND STOCKHOLDERS' DEFICIT Current portion, long-term debt $ 13,425 $ 146 Current portion, liability related to sale of future royalties and milestones 146,549 132,502 Current portion, deferred revenue 9 18 Current portion, operating lease liabilities 2,296 2,587 Accounts payable 50,843 61,446 Accrued liabilities 41,208 45,283 Other current liabilities 16,336 13,915 Total current liabilities 270,666 255,897 Long-term debt, net of current portion — 12,768 Liability related to sale of future royalties and milestones, net of current portion 184,169 124,556 Deferred revenue, net of current portion 1,143 1,143 Operating lease liabilities, net of current portion 55,786 62,511 Other long-term liabilities 1,490 5,420 Commitments and contingencies STOCKHOLDERS' DEFICIT Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at June 30, 2024 and December 31, 2023; liquidation value of $ 33,993 at June 30, 2024 0 0 Common