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LEXINGTON, Mass. - Agenus Inc . (NASDAQ:AGEN) reported a significant decline in fourth quarter revenue, sending shares down 2.5% in trading following the earnings release. The immuno-oncology company posted Q4 revenue of $26.84 million, a steep drop from $83.8 million in the same quarter last year.
Agenus reported a net loss of $2.04 per share for the fourth quarter, compared to a loss of $2.53 per share in Q4 2023. The company ended 2024 with $40.4 million in cash and cash equivalents, down from $76.1 million at the end of 2023.
Despite the revenue decline, Agenus highlighted progress in reducing its cash burn rate. The company reported Q4 2024 operational cash burn of $28.7 million, a significant reduction from previous quarters. Management aims to further lower annual burn to approximately $50 million by mid-2025 through cost-cutting measures and asset monetization.
"We significantly reduced our annualized operational burn rate," said Garo Armen, Ph.D., Chairman and CEO of Agenus. "We anticipate further reducing our annual burn to an annualized rate of approximately $50 million by mid-2025 through the externalization of development costs associated with BOT/BAL, monetization of our CMC assets, and other reductions in operating expenses."
The company is focusing resources on its botensilimab/balstilimab (BOT/BAL) program, which has shown promising clinical outcomes in resistant tumor types. Agenus is in discussions for potential partnerships to accelerate BOT/BAL clinical registration in key cancer indications, particularly colorectal cancer.
For the full year 2024, Agenus recognized revenue of $103.5 million and incurred a net loss of $232.3 million, or $10.59 per share. Cash used in operations for 2024 was $158.3 million, down from $224.2 million in 2023.
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