Q3 2024 Agenus Inc Earnings Call Transcript
Key Points
- Agenus Inc (AGEN) is showing unprecedented results in treating cancers that have resisted previous therapies, particularly in the neoadjuvant setting.
- The company has demonstrated potential in treating microsatellite stable colorectal cancer, which typically does not respond to immunotherapy.
- Ongoing trials in Italy and the Netherlands are expected to provide further insights and data early next year, reinforcing the strength of their treatments.
- Agenus Inc (AGEN) is actively engaged in discussions with pharmaceutical partners and regional collaborators to optimize value creation for patients and shareholders.
- The company has implemented measures to significantly reduce cash output, focusing on high-priority areas and internalizing expensive functions to manage financial constraints.
- Agenus Inc (AGEN) is facing significant financial challenges, with a cash balance of only $44.8 million at the end of the quarter.
- The company has raised only $7.1 million through sales of common stock, highlighting the need for more substantial financial resources.
- There is a reliance on strategic partnerships or collaborations to finance the phase three study, which is still under discussion.
- The company has experienced a reduction in cash used in operations, but it still remains high at $129.7 million for the nine months ended September 2024.
- Net losses for the company remain substantial, with $67 million for the third quarter and $186 million for the nine months ended September 2024.
Good morning and welcome to Agenus' third quarter, 2024 conference call and webcast. All participants will be in a listen-only mode until the question-and-answer session. Please note this event is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to turn the conference over to Alexa buffet from corporate communications. Alexa. Please go ahead.
Thank you, operator, and thank you all for joining us today. Today's call is being webcast and will be available on our website for replay. I'd like to remind you that this call will include forward-looking statements including statements regarding our clinical development, regulatory and commercial plans and timelines as well as timelines for data release and partnership opportunities among other updates. These statements are subject to risks and uncertainties, and we refer you to our FEC filings available on our website for more details on these risks.
Joining me today are Dr Garo Armen, Chairman and Chief Executive
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