AGENUS INC. Files 8-K on Exit Costs and Financials
Ticker: AGEN · Form: 8-K · Filed: Dec 5, 2024 · CIK: 1098972
Sentiment: neutral
Topics: 8-K, restructuring, financials
TL;DR
AGENUS INC. filing 8-K on exit costs & financials. Watch for restructuring.
AI Summary
On December 5, 2024, AGENUS INC. filed an 8-K report detailing costs associated with exit or disposal activities. The filing also includes financial statements and exhibits. AGENUS INC. is incorporated in Delaware and its principal executive offices are located at 3 Forbes Road, Lexington, Massachusetts.
Why It Matters
This filing indicates potential restructuring or divestiture activities within AGENUS INC., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Filings related to exit or disposal activities often signal significant business changes that carry inherent risks.
Key Numbers
- 000-29089 — SEC File Number (Identifies the company's filing history with the SEC.)
- 06-1562417 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- AGENUS INC. (company) — Registrant
- December 05, 2024 (date) — Date of earliest event reported
- 3 Forbes Road, Lexington, Massachusetts 02421 (address) — Principal Executive Offices
- 781 674-4400 (phone_number) — Registrant's Telephone Number
- ANTIGENICS INC /DE/ (company) — Former Company Name
- 19991115 (date) — Date of Former Company Name Change
FAQ
What specific exit or disposal activities are being reported by AGENUS INC.?
The filing indicates 'Cost Associated with Exit or Disposal Activities' as an item of information, but the specific details of these activities are not elaborated in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated December 05, 2024.
What is the principal business address of AGENUS INC.?
The principal executive offices are located at 3 Forbes Road, Lexington, Massachusetts 02421.
Has AGENUS INC. operated under a different name previously?
Yes, the company was formerly known as ANTIGENICS INC /DE/, with a name change date of November 15, 1999.
What is the SIC code for AGENUS INC.?
The Standard Industrial Classification (SIC) code is 2836, categorized under BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES).
Filing Stats: 523 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-12-05 07:35:11
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share AGEN The Nasdaq
- $100 million — ditures by 60% targeting a cash burn of $100 million for 2025 through decreased reliance on
- $1.1 million — ents and are estimated at approximately $1.1 million. The Company expects to recognize subst
Filing Documents
- agen-20241205.htm (8-K) — 39KB
- agen-ex99_1.htm (EX-99.1) — 16KB
- 0000950170-24-133532.txt ( ) — 167KB
- agen-20241205.xsd (EX-101.SCH) — 23KB
- agen-20241205_htm.xml (XML) — 4KB
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities. On December 5, 2024, Agenus Inc. ("Agenus" or the "Company") announced further detail of its strategic realignment to streamline its operations, strengthen its financial position, and focus on advancing its most advanced programs, botensilimab and balstilimab, in preparation of 2025. As part of this effort, Agenus (excluding its independently operating subsidiaries) will be reducing its annual expenditures by 60% targeting a cash burn of $100 million for 2025 through decreased reliance on consultants and vendors while also reducing its workforce. Costs associated with the workforce reduction are primarily severance payments and are estimated at approximately $1.1 million. The Company expects to recognize substantially all charges related to the workforce reduction in the quarter ending March 31, 2025. These estimates are subject to assumptions and actual results may differ. In connection with the announcement, the Company issued a press release, which is being included as Exhibit 99.1 to this current report on Form 8- K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibit The following exhibit is furnished herewith: 99.1 Press Release dated December 5, 2024
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 5, 2024 By: /s/ Christine M. Klaskin Christine M. Klaskin, VP Finance