Agenus Reports Q4 2024 Results, Strengthens BOT/BAL Program
Agenus Reports Q4 and Full-Year 2024 Financial and Operational Results, Implements Strategic Cost Reductions to Enhance Sustainability of BOT/BAL Program
Agenus Inc. (“Agenus” or the “Company”) (Nasdaq: AGEN), a leading immuno-oncology company focused on advancing innovative cancer therapies, has announced its financial and operational results for the fourth quarter (Q4) and full-year 2024. The report highlights the company’s strategic initiatives to significantly reduce operational expenses while maintaining and advancing its most promising clinical program, BOT/BAL.
Strategic Cost Reduction Measures to Ensure Long-Term Sustainability
In alignment with its strategic objectives, Agenus has successfully implemented a series of cost-cutting measures to reduce its annualized operational burn rate. The company anticipates further lowering its annual burn rate to approximately $50 million by mid-2025 through various initiatives, including the externalization of development costs associated with BOT/BAL, monetization of manufacturing assets, and additional reductions in operating expenses.
“These steps reflect our commitment to prioritizing resources for BOT/BAL—our most promising clinical asset—while maintaining its development trajectory,” stated Garo Armen, Ph.D., Chairman and CEO of Agenus.
Key Operational Highlights
- Reduced Operational Expenses: Achieved Q4 2024 operational cash burn of $28.7 million, significantly lowering annualized expenditures.
- Further Cost Reductions in Progress: Initiated additional operational cost-cutting measures expected to decrease the company’s annual burn to $50 million by mid-2025.
- Asset Monetization: Continued efforts to monetize non-core assets, including manufacturing infrastructure located in Emeryville, Berkeley, and Vacaville, CA. This move aims to strengthen Agenus’ financial position while reducing long-term operating expenses.
Clinical Progress and Strategic Validation
Agenus’ lead clinical program, botensilimab/balstilimab (BOT/BAL), continues to demonstrate highly promising results, particularly in resistant tumor types. The program has received strong validation through external clinical trials and support from global oncology experts.
Key clinical milestones include:
- Breakthrough Clinical Outcomes: BOT/BAL has shown potential to deliver significant, durable responses across multiple tumor types, particularly in colorectal cancer (CRC) patients who are unresponsive to existing checkpoint inhibitors.
- Presentations at Major Medical Conferences: Throughout 2024, Agenus presented preclinical and clinical data at major oncology congresses, including ASCO-GI, AACR, ASCO, ESMO, ESMO-GI, and SITC, further validating the efficacy and potential of BOT/BAL.
- Investigator-Sponsored Trials (ISTs): Agenus has continued generating BOT/BAL data through ISTs, led by top-tier global oncology centers. These trials provide independent validation of the therapy’s effectiveness while offering substantial cost efficiencies.
- Partnership and External Funding Discussions: Agenus is actively engaged in discussions with potential partners to secure external funding. These partnerships would accelerate the registration and commercialization of BOT/BAL in key oncology indications, particularly colorectal cancer.
Financial Performance Highlights
Agenus ended fiscal year 2024 with a consolidated cash balance of $40.4 million, down from $76.1 million as of December 31, 2023. The company successfully reduced its cash used in operations from $224.2 million in 2023 to $158.3 million in 2024, reflecting its commitment to financial discipline and sustainability.
For the year ended December 31, 2024, Agenus reported revenue of $103.5 million. Despite strategic cost reductions, the company incurred a net loss of $232.3 million ($10.59 per share). For Q4 2024, Agenus recognized revenue of $26.8 million and reported a net loss of $46.8 million ($2.04 per share). Revenue was primarily attributed to non-cash royalty revenue.
Key Financial Metrics (Unaudited)
| Financial Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Cash Used in Operations | $28.7M | $40.4M | $158.3M | $224.2M |
| Revenue (Including Non-Cash Royalties) | $26.8M | $83.8M | $103.5M | $156.3M |
| Net Loss | $46.8M | $48.6M | $232.3M | $257.4M |
| Non-Cash Expenses Included in Net Loss | $28.9M | $56.5M | $141.2M | $138.5M |
| Net Loss Per Share | $2.04 | $2.53 | $10.59 | $13.75 |
Path Forward: Commitment to Innovation and Financial Sustainability
Agenus’ decisive financial and operational strategies position the company for long-term sustainability while ensuring the continued advancement of BOT/BAL, a therapy with the potential to redefine treatment options in oncology. By focusing resources on its highest-value clinical assets and implementing aggressive cost management strategies, Agenus is well-positioned to navigate the evolving biotech landscape while maximizing value for both patients and shareholders.
The company remains committed to driving scientific innovation, expanding clinical validation efforts, and pursuing strategic collaborations to accelerate the development and commercialization of its immuno-oncology therapies.
For further information, investors and stakeholders are encouraged to visit Agenus’ website and review upcoming financial disclosures and scientific presentations at leading oncology conferences throughout 2025.
About Agenus
Agenus Inc. is a clinical-stage immuno-oncology company dedicated to developing novel therapies that engage the body’s immune system to combat cancer. With a strong focus on antibody-based and cell therapy approaches, Agenus is leveraging its expertise to develop innovative treatments aimed at improving patient outcomes. The company’s lead program, BOT/BAL, represents a next-generation checkpoint inhibitor combination with the potential to address significant unmet medical needs in oncology.
For more information, visit www.agenusbio.com.
