AGENUS INC
For the period ended Mar 31, 2024. Filed May 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
AGEN$7.150.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023
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 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(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) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
(Amounts in thousands)
| Convertible | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock · Treasury Stock | |||||||||||
| Number ofShares | ParValue | Number ofShares | ParValue | AdditionalPaid-InCapital | Numberof Shares | Amount | AccumulatedOtherComprehensiveIncome (Loss) | Non-controllingInterest | AccumulatedDeficit | 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) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
(Amounts in thousands)
| Convertible | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Stock · Common Stock · Treasury Stock | |||||||||||
| Number ofShares | ParValue | Number ofShares | ParValue | AdditionalPaid-InCapital | Numberof Shares | Amount | AccumulatedOtherComprehensiveIncome (Loss) | Non-controllingInterest | AccumulatedDeficit | 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) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.