AGENUS INC SEC 10-Q Report

Agenus Inc., a leading biotechnology company specializing in immuno-oncology therapies, has released its latest Form 10-Q report, showcasing significant improvements in both financial and operational performance. The report highlights the company's strategic advancements in its clinical programs and collaborations, as well as a notable turnaround in its financial metrics.

Financial Highlights

• Total Revenues: $79.992 million, reflecting an increase from $76.626 million in the same period last year, driven by higher non-cash royalty revenue.
• Operating Loss: $(34.567) million, showing an improvement from $(94.579) million in the prior year, primarily due to reduced research and development expenses.
• Net Income: $7.529 million, a significant turnaround from a net loss of $(185.465) million in the previous year, largely attributed to a gain from the deconsolidation of MiNK Therapeutics, Inc.
• Net Income (Loss) Attributable to Agenus Inc. Common Stockholders: $10.531 million, compared to a loss of $(181.514) million in the prior year, indicating improved financial performance.
• Basic Net Income (Loss) Per Common Share: $0.37, compared to $(8.65) in the previous year, reflecting the positive net income achieved in the current period.
• Diluted Net Income (Loss) Per Common Share: $0.37, compared to $(8.65) in the previous year, consistent with the basic net income per share.

Business Highlights

• Revenue Segments: The company reported revenue from clinical product sales and non-cash royalties. Clinical product revenue was generated entirely in the United States, while non-cash royalties were also primarily from the U.S. market.
• Geographical Performance: The company's operations are primarily based in the United States, with some service revenue generated from the rest of the world. The U.S. remains the dominant market for the company's clinical product revenue.
• New Product Launches: The company is advancing its lead assets, botensilimab (BOT) and balstilimab (BAL), in multiple clinical programs. BOT in combination with BAL received Fast Track designation from the FDA for specific cancer treatments, indicating a focus on expanding its product offerings in the oncology space.
• Future Outlook: The company plans to launch registration-enabling trials for BOT/BAL in colorectal cancer upon completion of strategic transactions. These trials are part of a broader strategy to expand the patient population benefiting from immuno-oncology therapies.
• Collaborations and Partnerships: The company has entered into collaborations with several major pharmaceutical companies, including Bristol-Myers Squibb, Merck, and Gilead, to advance its pipeline of immuno-oncology therapies. These partnerships are expected to support the development and commercialization of its product candidates.
• Operational Strategy: The company is focusing on leveraging its in-house capabilities, including cGMP manufacturing and clinical operations, to support its diverse pipeline of immune-modulatory antibodies and cell therapies. This strategy aims to enhance innovation and speed in the development of cancer treatments.
• Strategic Transactions: The company is considering partnerships, licensing, or joint ventures to support the launch of its registration-enabling trials for BOT/BAL. These strategic transactions are crucial for advancing its clinical programs and achieving its business objectives.

SEC Filing: AGENUS INC [ AGEN ] - 10-Q - Nov. 10, 2025