10-Q 1 agen-10q_20220331.htm 10-Q agen-10q_20220331.htm
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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, 2022

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:

(781674-4400

 

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 6, 2022: 270,990,987 shares

 

 

 

 


 

 

Agenus Inc.

Three Months Ended March 31, 2022

Table of Contents

 

 

 

 

 

Page

PART I

 

 

ITEM 1.

 

Financial Statements:

 

2

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021

 

2

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2022 and 2021 (Unaudited)

 

3

 

 

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three months ended March 31, 2022 and 2021 (Unaudited)

 

4

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)

 

6

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

ITEM 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

16

ITEM 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

21

ITEM 4.

 

Controls and Procedures

 

21

 

 

 

PART II

 

 

ITEM 1.

 

Legal Proceedings

 

22

ITEM 1A.

 

Risk Factors

 

22

ITEM 6.

 

Exhibits

 

72

 

 

Signatures

 

73

 

 

 

 


 

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, 2022

(unaudited)

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

247,709

 

 

$

291,931

 

Short-term investments

 

 

14,978

 

 

 

14,992

 

Accounts receivable

 

 

1,286

 

 

 

1,518

 

Prepaid expenses

 

 

21,730

 

 

 

20,362

 

Other current assets

 

 

4,780

 

 

 

3,171

 

Total current assets

 

 

290,483

 

 

 

331,974

 

Property, plant and equipment, net of accumulated amortization and depreciation of

   $51,507 and $50,539 at March 31, 2022 and December 31, 2021, respectively

 

 

75,603

 

 

 

60,029

 

Operating lease right-of-use assets

 

 

30,316

 

 

 

31,054

 

Goodwill

 

 

24,617

 

 

 

24,876

 

Acquired intangible assets, net of accumulated amortization of $14,412 and

   $13,955 at March 31, 2022 and December 31, 2021, respectively

 

 

7,753

 

 

 

8,488

 

Other long-term assets

 

 

12,533

 

 

 

9,537

 

Total assets

 

$

441,305

 

 

$

465,958

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current portion, long-term debt

 

$

14,181

 

 

$

728

 

Current portion, liability related to sale of future royalties and milestones

 

 

59,131

 

 

 

62,040

 

Current portion, deferred revenue

 

 

13,527

 

 

 

12,425

 

Current portion, operating lease liabilities

 

 

2,708

 

 

 

2,627

 

Accounts payable

 

 

34,544

 

 

 

30,486

 

Accrued liabilities

 

 

32,610

 

 

 

42,091

 

Other current liabilities

 

 

6,361

 

 

 

6,546

 

Total current liabilities

 

 

163,062

 

 

 

156,943

 

Long-term debt, net of current portion

 

 

 

 

 

12,823

 

Liability related to sale of future royalties and milestones, net of current portion

 

 

191,899

 

 

 

191,708

 

Deferred revenue, net of current portion

 

 

8,685

 

 

 

11,200

 

Operating lease liabilities, net of current portion

 

 

47,424

 

 

 

42,109

 

Contingent purchase price considerations

 

 

1,153

 

 

 

1,689

 

Other long-term liabilities

 

 

1,432

 

 

 

1,577

 

Commitments and contingencies

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Series A-1 convertible preferred stock; 31,620 shares designated, issued, and

   outstanding at March 31, 2022 and December 31, 2021; liquidation value

   of $33,513 at March 31, 2022

 

 

0

 

 

 

0

 

Common stock, par value $0.01 per share; 400,000,000 shares authorized;

   266,740,045 and 256,897,910 shares issued at March 31, 2022 and

   December 31, 2021, respectively

 

 

2,667

 

 

 

2,569

 

Additional paid-in capital

 

 

1,550,239

 

 

 

1,520,212

 

Accumulated other comprehensive income

 

 

970

 

 

 

1,492

 

Accumulated deficit

 

 

(1,538,158

)

 

 

(1,489,833

)

Total stockholders’ equity attributable to Agenus Inc.

 

 

15,718

 

 

 

34,440

 

Non-controlling interest

 

 

11,932

 

 

 

13,469

 

Total stockholders’ equity

 

 

27,650

 

 

 

47,909

 

Total liabilities and stockholders’ equity

 

$

441,305

 

 

$

465,958

 

 

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,

 

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

Research and development

 

$

6,740

 

 

$

1,571

 

Service revenue

 

 

1,567

 

 

 

1,629

 

Other revenue

 

 

 

 

 

35

 

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

 

 

17,634

 

 

 

8,484

 

Total revenues

 

 

25,941

 

 

 

11,719

 

Operating expenses:

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

(543

)

 

 

(1,105

)

Research and development

 

 

(42,442

)

 

 

(36,677

)

General and administrative

 

 

(18,953

)

 

 

(16,352

)

Contingent purchase price consideration fair value adjustment

 

 

536

 

 

 

1,044

 

Operating loss

 

 

(35,461

)

 

 

(41,371

)

Other income (expense):

 

 

 

 

 

 

 

 

Non-operating income

 

 

56

 

 

 

2,858

 

Interest expense, net

 

 

(15,199

)

 

 

(15,890

)

Net loss

 

 

(50,604

)

 

 

(54,403

)

Dividends on Series A-1 convertible preferred stock

 

 

(53

)

 

 

(53

)

Less: net loss attributable to non-controlling interest

 

 

(2,279

)

 

 

(726

)

Net loss attributable to Agenus Inc. common stockholders

 

$

(48,378

)

 

$

(53,730

)

Per common share data:

 

 

 

 

 

 

 

 

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

 

$

(0.19

)

 

$

(0.27

)

Weighted average number of Agenus Inc. common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

258,310

 

 

 

200,331

 

 

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation loss

 

 

(522

)

 

$

(3,774

)

Other comprehensive loss

 

 

(522

)

 

 

(3,774

)

Comprehensive loss

 

$

(48,900

)

 

$

(57,504

)

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

 

 

3


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

(Amounts in thousands)

 

 

 

 

Series C-1

 

 

 

Series A-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

 

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, 2021

 

 

 

 

$

 

 

 

 

32

 

 

$

0

 

 

 

256,899

 

 

$

2,569

 

 

$

1,520,212

 

 

 

 

 

$

 

 

$

1,492

 

 

$

13,469

 

 

$

(1,489,833

)

 

$

47,909

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,279

)

 

 

(48,325

)

 

 

(50,604

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(522

)

 

 

 

 

 

 

 

 

(522

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,205

 

 

 

 

 

 

 

 

 

 

 

 

 

742

 

 

 

 

 

 

4,947

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,039

 

 

 

70

 

 

 

19,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,182

 

Issuance of director deferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

Issuance of shares for services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

1

 

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

81

 

Vesting of nonvested shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

143

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and employee share purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

136

 

 

 

1

 

 

 

367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

368

 

Issuance of shares for employee bonus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,845

 

 

 

38

 

 

 

6,245

 

 

 

(1,347

)

 

 

(3,380

)

 

 

 

 

 

 

 

 

 

 

 

2,903

 

Retirement of treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,347

)

 

 

(13

)

 

 

 

 

 

1,347

 

 

 

3,380

 

 

 

 

 

 

 

 

 

 

 

 

3,367

 

Balance at March 31, 2022

 

 

 

 

$

 

 

 

 

32

 

 

$

0

 

 

 

266,741

 

 

$

2,667

 

 

$

1,550,239

 

 

 

 

 

$

 

 

$

970

 

 

$

11,932

 

 

$

(1,538,158

)

 

$

27,650

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

4


 

AGENUS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

(Amounts in thousands)

 

 

 

 

 

Series C-1

 

 

 

Series A-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

Convertible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

 

Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

Treasury Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

 

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, 2020

 

 

12

 

 

$

26,917

 

 

 

 

32

 

 

$

0

 

 

 

196,093

 

 

$

1,961

 

 

$

1,257,502

 

 

 

 

 

$

 

 

$

2,772

 

 

$

(7,826

)

 

$

(1,465,907

)

 

$

(211,498

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(726

)

 

 

(53,677

)

 

 

(54,403

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,774

)

 

 

 

 

 

 

 

 

(3,774

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,669

 

 

 

 

 

 

 

 

 

 

 

 

263

 

 

 

 

 

 

3,932

 

Shares sold at the market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,950

 

 

 

190

 

 

 

60,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,859

 

Payment of CEO payroll in shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

 

 

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68

 

Issuance of shares for services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Conversion of series C-1 convertible preferred stock

 

 

(2

)

 

 

(4,321

)