10-Q 1 agen-20240331.htm 10-Q 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-29089

Agenus Inc.

(exact name of registrant as specified in its charter)

 

 

Delaware

 

06-1562417

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

3 Forbes Road, Lexington, Massachusetts 02421

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code:

(781) 674-4400

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01

AGEN

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Number of shares outstanding of the issuer’s Common Stock as of May 3, 2024: 20,999,261 shares.

 

 


 

 

Agenus Inc.

Three Months Ended March 31, 2024

Table of Contents

 

 

 

 

Page

PART I

 

 

ITEM 1.

 

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

 

17

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

22

ITEM 4.

 

Controls and Procedures

 

22

 

 

 

PART II

 

 

ITEM 1.

 

Legal Proceedings

 

24

ITEM 1A.

 

Risk Factors

 

24

ITEM 5.

 

Other Information

 

24

ITEM 6.

 

Exhibits

 

24

 

 

Signatures

 

25

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED 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

 

Common stock, par value $0.01 per share; 800,000,000 shares authorized;
   
20,994,143 and 19,718,662 shares issued and outstanding at
   March 31, 2024 and December 31, 2023, respectively

 

 

210

 

 

 

197

 

Additional paid-in capital

 

 

1,816,985

 

 

 

1,796,095

 

Accumulated other comprehensive loss

 

 

(1,071

)

 

 

(955

)

Accumulated deficit

 

 

(2,017,554

)

 

 

(1,955,668

)

Total stockholders’ deficit attributable to Agenus Inc.

 

 

(201,430

)

 

 

(160,331

)

Non-controlling interest

 

 

11,107

 

 

 

11,949

 

Total stockholders’ deficit

 

 

(190,323

)

 

 

(148,382

)

Total liabilities and stockholders’ deficit

 

$

256,559

 

 

$

313,913

 

See accompanying notes to unaudited condensed consolidated financial statements.

2


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

Research and development

 

$

 

 

$

2,612

 

Service revenue

 

 

238

 

 

 

1,184

 

Non-cash royalty revenue related to the sale of future royalties

 

 

27,767

 

 

 

19,106

 

Total revenues

 

 

28,005

 

 

 

22,902

 

Operating expenses:

 

 

 

 

 

 

Cost of service revenue

 

 

(107

)

 

 

(2,294

)

Research and development

 

 

(43,925

)

 

 

(57,118

)

General and administrative

 

 

(16,855

)

 

 

(18,237

)

Contingent purchase price consideration fair value adjustment

 

 

 

 

 

406

 

Operating loss

 

 

(32,882

)

 

 

(54,341

)

Other income (expense):

 

 

 

 

 

 

Non-operating income (expense)

 

 

(1,106

)

 

 

40

 

Interest expense, net

 

 

(29,466

)

 

 

(16,592

)

Net loss

 

 

(63,454

)

 

 

(70,893

)

Dividends on Series A-1 convertible preferred stock

 

 

(54

)

 

 

(53

)

Less: net loss attributable to non-controlling interest

 

 

(1,568

)

 

 

(2,639

)

Net loss attributable to Agenus Inc. common stockholders

 

$

(61,940

)

 

$

(68,307

)

Per common share data:

 

 

 

 

 

 

Basic and diluted net loss attributable to Agenus Inc. common stockholders

 

$

(3.04

)

 

$

(4.31

)

Weighted average number of Agenus Inc. common shares outstanding:

 

 

 

 

 

 

Basic and diluted

 

 

20,368

 

 

 

15,855

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

Foreign currency translation income (loss)

 

$

(116

)

 

$

2

 

Other comprehensive income (loss)

 

 

(116

)

 

 

2

 

Comprehensive loss

 

$

(62,056

)

 

$

(68,305

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

3


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(Unaudited)

(Amounts in thousands)

 

 

 

Series A-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In
Capital

 

 

Number
of Shares

 

 

Amount

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-controlling
Interest

 

 

Accumulated
Deficit

 

 

Total

 

Balance at December 31, 2023

 

 

32

 

 

$

0

 

 

 

19,718

 

 

$

197

 

 

$

1,796,095

 

 

 

 

 

$

 

 

$

(955

)

 

$

11,949

 

 

$

(1,955,668

)

 

 

(148,382

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,568

)

 

 

(61,886

)

 

 

(63,454

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(116

)

 

 

 

 

 

 

 

 

(116

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,477

 

 

 

 

 

 

 

 

 

 

 

 

719

 

 

 

 

 

 

4,196

 

Shares sold at the market

 

 

 

 

 

 

 

 

1,249

 

 

 

13

 

 

 

17,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,171

 

Payment of CEO payroll in shares

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89

 

Vesting of nonvested shares

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and employee share purchases

 

 

 

 

 

 

 

 

12

 

 

 

 

 

 

166

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

173

 

Balance at March 31, 2024

 

 

32

 

 

$

0

 

 

 

20,994

 

 

$

210

 

 

$

1,816,985

 

 

 

 

 

$

 

 

$

(1,071

)

 

$

11,107

 

 

$

(2,017,554

)

 

$

(190,323

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

4


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(Unaudited)

(Amounts in thousands)

 

 

 

 

Series A-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In
Capital

 

 

Number
of Shares

 

 

Amount

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

 

Non-controlling
Interest

 

 

Accumulated
Deficit

 

 

Total

 

Balance at December 31, 2022

 

 

32

 

 

$

0

 

 

 

15,278

 

 

$

153

 

 

$

1,647,561

 

 

 

 

 

$

 

 

$

915

 

 

$

6,376

 

 

$

(1,709,907

)

 

$

(54,902

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,639

)

 

 

(68,254

)

 

 

(70,893

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,566

 

 

 

 

 

 

 

 

 

 

 

 

919

 

 

 

 

 

 

5,485

 

Shares sold at the market

 

 

 

 

 

 

 

 

1,689

 

 

 

17

 

 

 

60,566

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,583

 

Issuance of director deferred shares

 

 

 

 

 

 

 

 

13

 

 

 

1

 

 

 

982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

983

 

Issuance of shares for services

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

318

 

Vesting of nonvested shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and employee share purchases

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

329

 

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

374

 

Issuance of subsidiary shares for employee bonus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

726

 

 

 

 

 

 

726

 

Issuance of shares for employee bonus

 

 

 

 

 

 

 

 

136

 

 

 

1

 

 

 

4,224

 

 

 

(1

)

 

 

(2,429

)

 

 

 

 

 

 

 

 

 

 

 

1,796

 

Retirement of treasury shares

 

 

 

 

 

 

 

 

(50

)

 

 

(1

)

 

 

(9

)

 

 

1

 

 

 

2,429

 

 

 

 

 

 

 

 

 

 

 

 

2,419

 

Balance at March 31, 2023

 

 

32

 

 

$

0

 

 

 

17,083

 

 

$

171

 

 

$

1,718,537

 

 

 

 

 

$

 

 

$

917

 

 

$

5,427

 

 

$

(1,778,161

)

 

$

(53,109

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

5


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in thousands, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(63,454

)

 

$

(70,893

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,374

 

 

 

2,562

 

Share-based compensation

 

 

4,152

 

 

 

5,485

 

Non-cash royalty revenue

 

 

(27,767

)

 

 

(19,106

)

Non-cash interest expense

 

 

29,595

 

 

 

17,273

 

Loss disposal of assets, net

 

 

9

 

 

 

21

 

Other, net

 

 

1,125

 

 

 

(406

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

25,341

 

 

 

1,291

 

Prepaid expenses

 

 

4,202

 

 

 

2,965

 

Accounts payable

 

 

(10,733

)

 

 

2,032

 

Deferred revenue

 

 

(4

)

 

 

(2,382

)

Accrued liabilities and other current liabilities

 

 

(3,622

)

 

 

5,158

 

Other operating assets and liabilities

 

 

(409

)

 

 

(2,526

)

Net cash used in operating activities

 

 

(38,191

)

 

 

(58,526

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of plant and equipment

 

 

(35

)

 

 

(1,842

)

Sale of long-term investment

 

 

264

 

 

 

 

Purchases of available-for-sale securities

 

 

 

 

 

(14,647

)

Proceeds from sale of available-for-sale securities

 

 

 

 

 

5,000

 

Net cash provided by (used in) investing activities

 

 

229

 

 

 

(11,489

)

Cash flows from financing activities:

 

 

 

 

 

 

Net proceeds from sale of equity

 

 

17,171

 

 

 

60,583

 

Proceeds from employee stock purchases and option exercises

 

 

173

 

 

 

374

 

Purchase of treasury shares to satisfy tax withholdings

 

 

 

 

 

(2,819

)

Payment of finance lease obligation

 

 

(2,514

)

 

 

(1,888

)

Net cash provided by financing activities

 

 

14,830

 

 

 

56,250

 

Effect of exchange rate changes on cash

 

 

(122

)

 

 

(90

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(23,254

)

 

 

(13,855

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

79,779

 

 

 

181,343

 

Cash, cash equivalents and restricted cash, end of period

 

$

56,525

 

 

$

167,488

 

Supplemental cash flow information:

 

 

 

 

 

 

Cash paid for interest

 

$

667

 

 

$

830

 

Supplemental disclosures - non-cash activities:

 

 

 

 

 

 

Purchases of plant and equipment in accounts payable and
   accrued liabilities

 

$

 

 

$

3,893

 

Issuance of common stock, $0.01 par value, in connection with payment for services

 

 

 

 

 

318

 

Insurance financing agreement

 

 

612

 

 

 

707

 

Issuance of common stock, $0.01 par value, for payment of certain employee bonuses

 

 

 

 

 

4,215

 

Issuance of subsidiary options for payment of certain employee bonuses

 

 

133

 

 

 

 

Issuance of subsidiary shares for certain employee bonuses

 

 

 

 

 

726

 

Lease right-of-use assets obtained in exchange for new operating lease liabilities

 

 

105

 

 

 

250

 

Lease right-of-use assets obtained in exchange for new finance lease liabilities

 

 

122

 

 

 

3,630

 

See accompanying notes to unaudited condensed consolidated financial statements.

6


 

AGENUS INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

 

Note A – Business, Liquidity and Basis of Presentation

Agenus Inc. (including its subsidiaries, collectively referred to as “Agenus,” the “Company,” “we,” “us,” and “our”) is a leading clinical-stage biotechnology company developing therapies targeting cancer with a robust pipeline of immunological agents. Our mission is to expand patient populations benefiting from cancer immunotherapy through combination approaches, using a broad repertoire of antibody therapeutics, adoptive cell therapies (through our subsidiary MiNK Therapeutics, Inc. (“MiNK”)), and vaccine adjuvants (through our subsidiary SaponiQx, Inc. (“SaponiQx”)). We believe that combination therapies and a deep understanding of each patient’s cancer will significantly expand the patient population benefiting from immuno-oncology (“I-O”) treatments.

In addition to our diverse pipeline, we have established fully integrated capabilities encompassing novel target discovery, antibody generation, cell line development, and current good manufacturing practice ("cGMP") manufacturing. We believe these integrated capabilities enable us to develop and, if approved, commercialize novel candidates on accelerated timelines compared to industry standards. Through independent development and strategic partnerships, we leverage our scientific expertise and capabilities to drive innovation in the I-O field.

Our I-O portfolio is driven by several platforms and programs, which we plan to utilize individually and in combination:

Multiple antibody discovery platforms, including proprietary display technologies, to identify future antibody candidates.
Antibody candidate programs, including our lead assets, botensilimab (a multifunctional immune cell activator and human Fc-enhanced cytotoxic T-lymphocyte antigen 4 (CTLA-4) blocking antibody, also known as AGEN1811) and balstilimab (a programmed death receptor-1 (PD-1) blocking antibody).
Our saponin-based vaccine adjuvant platform, primarily centered around our STIMULON™ cultured plant cell (“cpc”) QS-21 adjuvant (“STIMULON cpcQS-21”).
A pipeline of novel allogeneic invariant natural killer T cell therapies for treating cancer and other immune-mediated diseases, controlled by MiNK.

Our business activities include product research, preclinical and clinical development, intellectual property prosecution, manufacturing, regulatory and clinical affairs, corporate finance and development activities, and support of our collaborations. Our product candidates require successful clinical trials and approvals from regulatory agencies, as well as acceptance in the marketplace. Part of our strategy is to develop and commercialize some of our product candidates by continuing our existing arrangements with academic and corporate collaborators and licensees and by entering into new collaborations.

Our cash and cash equivalents at March 31, 2024 were $52.9 million, a decrease of $23.3 million from December 31, 2023. Cash and cash equivalents of our subsidiary, MiNK, at December 31, 2023, were $3.4 million. MiNK cash can only be accessed by Agenus through a declaration of a dividend by the MiNK Board of Directors or through settlement of intercompany balances.

As of March 31, 2024, we had an accumulated deficit of $2.0 billion and $13.0 million of subordinated notes maturing in February 2025. Since our founding we have financed our operations principally through income and revenues generated from corporate partnerships, advance royalty sales and proceeds from equity issuances. Based on our current plans and projections, we believe that our cash resources of $52.9 million at March 31, 2024, plus the $75.0 million to be received from Ligand Pharmaceuticals and the exercise at their option of an additional $25.0 million under a Purchase and Sale Agreement (see Note P), plus additional funding we may receive from multiple other sources, including out-licensing and/or partnering opportunities, and the repayment of our subordinated notes, will be sufficient to satisfy our liquidity requirements through the end of the year and into 2025. Potential partnership and collaboration transactions along with potential accelerated approval of our lead products, botensilimab and balstilimab, and potential commercial revenues from these products, can extend our runway and allow us to be cash flow positive from our operations.

We are also in discussions with several other parties to participate in the Purchase and Sale Agreement for up to an additional $125.0 million under the same structure as the Ligand transaction. In addition, we are also in discussions with several potential corporate collaborators. These transactions could also extend our cash resources. However, because the completion of such transactions is not entirely within our control, in accordance with accounting guidance we are required to disclose that substantial doubt exists about our ability to continue as a going concern for a period of one year after the date of filing of this Quarterly Report on Form 10-Q. The financial statements have been prepared on a basis that assumes Agenus will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

Management continues to address the Company’s liquidity needs and can exercise its flexibility to adjust spending as needed in order to preserve liquidity. In August 2023, we prioritized and focused our resources to accelerate the development, registration, and commercialization of our lead asset postponing all preclinical and other clinical programs and reducing our workforce by

7


 

approximately 25%. Our CEO, Dr. Garo Armen has elected to receive his base salary and any potential bonus payments in stock rather than cash. We continuously evaluate the likelihood of success of our programs. As such, our decisions to continue to fund or eliminate funding of each of our programs are predicated on these determinations, on an ongoing basis. We expect our sources of funding to include payments from current collaborations which include milestones and royalty payments from companies, including Bristol-Myers Squibb Company, UroGen Pharma Ltd., Gilead Sciences, Inc., Merck Sharpe & Dohme and Incyte Corporation; out-licensing and/or partnering opportunities for our portfolio programs and product candidates with multiple parties; additional third-party agreements; asset sales; further royalty monetization; project financing, and/or sales of equity securities.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual consolidated financial statements. In the opinion of our management, the condensed consolidated financial statements include all normal and recurring adjustments considered necessary for a fair presentation of our financial position and operating results. All significant intercompany transactions and accounts have been eliminated in consolidation. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to our consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”).

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ materially from those estimates.

For our foreign subsidiaries, the local currency is the functional currency. Assets and liabilities of our foreign subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates during the period. The cumulative translation adjustment resulting from changes in exchange rates are included in the consolidated balance sheets as a component of accumulated other comprehensive income (loss) in total stockholders’ deficit.

On April 4, 2024, we executed a reverse stock split of our issued and outstanding common stock, par value $0.01, at a ratio of 1-for-20 with a record date of April 12, 2024 (the “Reverse Stock Split”). All common share, per share and related information included in the accompanying financial statements and footnote disclosures have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. See Note P for further details.

Note B – Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Amended and Restated Directors’ Deferred Compensation Plan, or “DDCP”). Diluted loss per common share is calculated by dividing loss attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our DDCP) plus the dilutive effect of outstanding instruments such as warrants, stock options, non-vested shares and convertible preferred stock. Because we reported a net loss attributable to common stockholders for all periods presented, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. The following securities (listed on an as-if-converted-to-Common-Stock basis) have been excluded from the computation of diluted weighted average shares outstanding as of March 31, 2024 and 2023, as they would be anti-dilutive (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Warrants

 

 

99

 

 

 

99

 

Stock options

 

 

2,205

 

 

 

2,184

 

Non-vested shares

 

 

26

 

 

 

127

 

Series A-1 convertible preferred stock

 

 

17

 

 

 

17

 

 

8


 

Note C – Investments

Cash equivalents and short-term investments consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

Cost

 

 

Estimated
Fair Value

 

 

Cost

 

 

Estimated
Fair Value

 

Institutional money market funds

 

$

49,220

 

 

$

49,220

 

 

$

70,485

 

 

$

70,485

 

Total

 

$

49,220

 

 

$

49,220

 

 

$

70,485

 

 

$

70,485

 

As a result of the short-term nature of these investments, there were minimal unrealized holding gains or losses for the three months ended March 31, 2024 and 2023.

As of both March 31, 2024 and December 31, 2023, all of the investments listed above were classified as cash equivalents on our condensed consolidated balance sheets.

Note D – Goodwill and Acquired Intangible Assets

The following table sets forth the changes in the carrying amount of goodwill for the three months ended March 31, 2024 (in thousands):

Balance, December 31, 2023

 

$

24,723

 

Effect of foreign currency

 

 

(25

)

Balance, March 31, 2024

 

$

24,698

 

 

Acquired intangible assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

As of March 31, 2024

 

 

 

Amortization
period
 (years)

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

Intellectual property

 

7-15 years

 

$

16,841

 

 

$

(15,268

)

 

$

1,573

 

Trademarks

 

4-4.5 years

 

 

1,199

 

 

 

(1,193

)

 

 

6

 

Other

 

2-7 years

 

 

1,932

 

 

 

(1,338

)

 

 

594

 

In-process research and development

 

Indefinite

 

 

2,057

 

 

 

 

 

 

2,057

 

Total

 

 

 

$

22,029

 

 

$

(17,799

)

 

$

4,230

 

 

 

 

As of December 31, 2023

 

 

 

Amortization
period
 (years)

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Net carrying
amount

 

Intellectual property

 

7-15 years

 

$

16,841

 

 

$

(15,184

)

 

$

1,657

 

Trademarks

 

4-4.5 years

 

 

1,213

 

 

 

(1,185

)

 

 

28

 

Other

 

2-7 years

 

 

1,988

 

 

 

(1,319

)

 

 

669

 

In-process research and development

 

Indefinite

 

 

2,057

 

 

 

 

 

 

2,057

 

Total

 

 

 

$

22,099

 

 

$

(17,688

)

 

$

4,411

 

 

The weighted average amortization period of our finite-lived intangible assets is 9 years. Amortization expense related to acquired intangibles is estimated at $0.4 million for the remainder of 2024, $0.5 million for the years ending December 31, 2025 and 2026, $0.4 million for the year ending December 31, 2027 and $0.3 million for the year ending December 31, 2028.

 

9


 

Note E – Debt

Debt obligations consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

 

Debt instrument

 

Balance at
March 31,
2024

 

Current Portion:

 

 

 

Debentures

 

$

146

 

2015 Subordinated Notes

 

 

12,817

 

Other

 

 

612

 

Total

 

$

13,575

 

 

Debt instrument

 

Balance at
December 31,
2023

 

Current Portion:

 

 

 

Debentures

 

$

146

 

Long-term Portion:

 

 

 

2015 Subordinated Notes

 

 

12,768

 

Total

 

$

12,914

 

 

As of March 31, 2024 and December 31, 2023, the principal amount of our outstanding debt balance was $13.8 million and $13.1 million, respectively.

 

Note F – Liability Related to the Sale of Future Royalties and Milestones

 

The following table shows the activity within the liability account in the three months ended March 31, 2024 (in thousands):

 

 

 

Period from
December 31, 2023 to
March 31, 2024

 

Liability related to sale of future royalties and milestones - beginning balance

 

$

257,296

 

Non-cash royalty revenue

 

 

(27,767

)

Non-cash interest expense recognized

 

 

29,531

 

Liability related to sale of future royalties and milestones - ending balance

 

 

259,060

 

Less: unamortized transaction costs

 

 

(223

)

Liability related to sale of future royalties and milestones, net

 

$

258,837

 

 

Healthcare Royalty Partners

In January 2018, we, through our wholly-owned subsidiary Antigenics, LLC (“Antigenics”), entered into a Royalty Purchase Agreement (the “HCR Royalty Purchase Agreement”) with Healthcare Royalty Partners III, L.P. and certain of its affiliates (collectively, “HCR”). Pursuant to the terms of the HCR Royalty Purchase Agreement, we sold to HCR 100% of Antigenics’ worldwide rights to receive royalties from GlaxoSmithKline (“GSK”) on sales of GSK’s vaccines containing our STIMULON QS-21 adjuvant. At closing, we received gross proceeds of $190.0 million from HCR. Although we sold all of our rights to receive royalties on sales of GSK’s vaccines containing QS-21, as a result of our obligation to HCR, we are required to account for the $190.0 million in proceeds from this transaction as a liability on our condensed consolidated balance sheet that will be recognized into revenue in proportion to the royalty payments from GSK to HCR over the estimated life of the HCR Royalty Purchase Agreement. The liability is classified between the current and non-current portion of liability related to sale of future royalties and milestones in the condensed consolidated balance sheets based on the estimated royalty payments to be received by HCR in the next 12 months from the financial statement reporting date.

During the three months ended March 31, 2024, we recognized $27.8 million of non-cash royalty revenue, and we recorded $29.5 million of related non-cash interest expense related to the HCR Royalty Purchase Agreement.

As royalties are remitted to HCR from GSK, the balance of the recorded liability will be effectively repaid over the life of the HCR Royalty Purchase Agreement. To determine the amortization of the recorded liability, we are required to estimate the total

10


 

amount of future royalty payments to be received by HCR. The sum of these amounts less the $190.0 million proceeds we received will be recorded as interest expense over the life of the HCR Royalty Purchase Agreement. Periodically, we assess the estimated royalty payments to be paid to HCR from GSK, and to the extent the amount or timing of the payments is materially different from our original estimates, we will prospectively adjust the amortization of the liability, and the related recognition of interest expense. During the three months ended March 31, 2024, our estimate of the effective annual interest rate over the life of the agreement decreased to 48.0%, which results in a life of contract interest rate of 26.5%.

 

Note G – Accrued and Other Current Liabilities

Accrued liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

March 31, 2024

 

 

December 31, 2023

 

Payroll

 

$

18,514

 

 

$

14,512

 

Professional fees

 

 

6,195

 

 

 

7,101

 

Contract manufacturing costs

 

 

5,334

 

 

 

7,613

 

Research services

 

 

6,274

 

 

 

10,807

 

Other

 

 

4,974

 

 

 

5,250

 

Total

 

$

41,291

 

 

$

45,283

 

 

Other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

 

 

 

March 31, 2024

 

 

December 31, 2023

 

Finance lease liabilities

 

$

10,738

 

 

$

10,457

 

Other

 

 

3,293

 

 

 

3,458

 

Total

 

$

14,031

 

 

$

13,915

 

 

Note H – Fair Value Measurements

Assets and liabilities measured at fair value are summarized below (in thousands):

Description