Agenus Inc Reports Financial Results for Second Quarter of 2024
Intellectia.AI Updated: 1970-01-01
Agenus Inc. Reports Financial Results for Second Quarter of 2024
Agenus Inc. ("Agenus") (NASDAQ:AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, today reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Q1 2024 | Quarter-over-Quarter Change | Consensus Estimates | Actual vs Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue | $23.5M | $25.3M | -7.1% | $28M | -16% | $61.48M (annual projected) | Below |
| Net Loss | -$54.8M | N/A | N/A | -$63.5M | -14% | N/A | N/A |
Interpretation: Agenus reported a decline in revenue compared to both the previous quarter and the same period last year. The reported revenue fell significantly short of the consensus estimate for annual projected revenue. The company experienced a net loss, which, though not directly comparable, suggests ongoing financial pressures.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change | Previous Guidance |
|---|---|---|---|---|
| Total Revenue | $23.5M | $25.3M | -7.1% | N/A |
Interpretation: A breakdown of revenue performance indicates a year-over-year decline of 7.1%. There were no detailed segments provided to further dissect the revenue, and no previous guidance was available for comparison.
Operational Achievements
Agenus highlighted significant milestones in its BOT/BAL clinical program, demonstrating robust activity across various cancers and stages of disease. Notable achievements include:
- Durable tumor reductions observed in patients with refractory metastatic and neoadjuvant CRC.
- Positive data from Phase 2 trials consistent with Phase 1 results.
- Engagements with global regulatory authorities to expedite BOT/BAL approval pathways.
- Partnership discussions and financial strategies to support ongoing clinical programs.
Comments from Company Officers
Dr. Garo Armen, Chairman and CEO of Agenus, commented on the robust response rates and significant tumor reductions achieved in the BOT/BAL trials. Robin Taylor, Chief Commercial Officer, emphasized the strategic focus on securing a global partnership for BOT/BAL, highlighting recent FDA interactions providing clarity on the phase 3 trial design.
Dividends or Share Repurchase Program
No dividends or share repurchase programs were announced.
Forward Guidance
Agenus anticipates releasing further data later this year across the BOT/BAL program and has aligned with the FDA on the design for its upcoming Phase 3 study in r/r MSS CRC.
Stock Price Movement
Following the earnings release, Agenus' stock price experienced a change of +3.66%.
Further details and a live webcast of the earnings conference call can be accessed on the company's website.
Note: The above information has been compiled based on the provided earnings release data. Any sections without sufficient data from the release have been omitted.