Agenus Inc. Files Q3 2024 10-Q with Financial Details
Ticker: AGEN · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 1098972
Sentiment: neutral
Topics: 10-Q, financials, royalty-revenue, agreements
TL;DR
AGENUS Q3 10-Q FILED: Financials out, check royalty revenue & GSK/HCR deals.
AI Summary
Agenus Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details various financial components, including common stock, preferred stock, and accumulated other comprehensive income. Specific financial activities mentioned relate to non-cash royalty revenue and royalty purchase agreements, with references to GSK Agreements and HCR.
Why It Matters
This filing provides investors with a quarterly update on Agenus Inc.'s financial health and operational activities, crucial for understanding the company's performance and future prospects.
Risk Assessment
Risk Level: medium — The filing contains detailed financial information, including various stock types and agreements, which requires careful analysis to assess the company's financial health and associated risks.
Key Numbers
- 0.05 — Common Stock Price (Indicates a low per-share price at the time of filing.)
- 0.05 — Common Stock Price (Repeated value, likely a placeholder or specific reporting detail.)
Key Players & Entities
- AGENUS INC (company) — Filer
- GSK Agreements (company) — Royalty Agreement
- HCR (company) — Royalty Agreement
- 2024-09-30 (date) — Reporting Period End Date
- 2024-11-12 (date) — Filing Date
FAQ
What was the total non-cash royalty revenue for the nine months ended September 30, 2024?
The filing indicates 'NonCashRoyaltyRevenueMember' for the period 2024-01-01 to 2024-09-30, but a specific dollar amount is not provided in the extracted text.
What is the significance of the 'GSKAgreementsMember' and 'HCRMember' mentioned in the filing?
These likely refer to specific royalty purchase agreements or other collaborations Agenus Inc. has with GSK and HCR, impacting royalty revenue streams.
What was the company's retained earnings as of March 31, 2023?
The filing mentions 'us-gaap:RetainedEarningsMember' for the period 2023-01-01 to 2023-03-31, but the specific dollar amount is not present in the provided text.
What is the nature of 'NonCashRoyaltyRevenueRelatedToTheSaleOfFutureRoyaltiesMember'?
This likely represents revenue recognized from the sale of rights to future royalty payments, which is accounted for as non-cash revenue.
What was the accumulated other comprehensive income as of June 30, 2024?
The filing lists 'us-gaap:AccumulatedOtherComprehensiveIncomeMember' for 2024-06-30, but the specific value is not detailed in the provided text.
Filing Stats: 4,573 words · 18 min read · ~15 pages · Grade level 18.4 · Accepted 2024-11-12 16:58:19
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 AGEN The Nasdaq Capital Market In
Filing Documents
- agen-20240930.htm (10-Q) — 2193KB
- agen-ex31_1.htm (EX-31.1) — 15KB
- agen-ex31_2.htm (EX-31.2) — 15KB
- agen-ex32_1.htm (EX-32.1) — 10KB
- 0000950170-24-125608.txt ( ) — 9179KB
- agen-20240930.xsd (EX-101.SCH) — 1453KB
- agen-20240930_htm.xml (XML) — 1557KB
Financial Statements
Financial Statements: 2 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 2 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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 20 ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 26 ITEM 4.
Controls and Procedures
Controls and Procedures 26 PART II ITEM 1.
Legal Proceedings
Legal Proceedings 28 ITEM 1A.
Risk Factors
Risk Factors 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 29
- 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) September 30, 2024 (unaudited) December 31, 2023 ASSETS Cash and cash equivalents $ 44,784 $ 76,110 Accounts receivable 207 25,836 Prepaid expenses 2,352 8,098 Other current assets 2,811 2,372 Total current assets 50,154 112,416 Property, plant and equipment, net of accumulated amortization and depreciation of $ 71,109 and $ 61,943 at September 30, 2024 and December 31, 2023, respectively 124,472 133,421 Operating lease right-of-use assets 28,612 29,606 Goodwill 24,694 24,723 Acquired intangible assets, net of accumulated amortization of $ 18,063 and $ 17,688 at September 30, 2024 and December 31, 2023, respectively 3,955 4,411 Other long-term assets 6,595 9,336 Total assets $ 238,482 $ 313,913 LIABILITIES AND STOCKHOLDERS' DEFICIT Current portion, long-term debt $ 13,401 $ 146 Current portion, liability related to sale of future royalties and milestones 159,647 132,502 Current portion, deferred revenue 10 18 Current portion, operating lease liabilities 2,427 2,587 Accounts payable 45,899 61,446 Accrued liabilities 36,695 45,283 Other current liabilities 12,565 13,915 Total current liabilities 270,644 255,897 Long-term debt, net of current portion — 12,768 Liability related to sale of future royalties and milestones, net of current portion 182,558 124,556 Deferred revenue, net of current portion 1,143 1,143 Operating lease liabilities, net of current portion 55,164 62,511 Other long-term liabilities 777 5,420 Commitments and contingencies STOCKHOLDERS' DEFICIT Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at September 30, 2024 and December 31, 2023; liquidation value of $ 34,047 at September 30,