Agenus Inc. Q4 FY2024 earnings call

• Garo Armen stated the company reduced annualized operational burn and is on track to achieve an annualized burn of approximately $50 million by mid-2024. - BOT/BAL is demonstrating significant clinical activity in oncology, with presentations at major forums and publications in top journals, showing transformative outcomes in colorectal cancer. - Strategic cost reductions are focused on directing resources to BOT/BAL development. - Christine Klaskin provided financial details, including cash balance and cash used in operations. - The company is monitoring and monetizing non-core assets, such as the high value biologics manufacturing facility in Emeryville and land in Vacaville. - External validation of BOT/BAL through independent trials at leading oncology centers is noted.

For the year ended December 31, 2024, Agenus recognized revenue of $103.5 million and incurred a net loss of $232.3 million or $10.59 per share. For the fourth quarter ended December 31, 2024, revenue was $26.8 million and net loss was $46.8 million or $2.04 per share. Revenue primarily consists of non-cash royalty revenue. The cash balance at year-end 2024 was $40.4 million, compared to $76.1 million at December 31, 2023. Cash used in operations for 2024 was $168 million, reduced from $224 million in the prior year.

• The company reduced annualized burn rate to guided level and aims for an annualized burn of ~$50 million by mid-2024. - Intends to direct resources to BOT/BAL development and registration. - Utilizing completed registration work for potential global approval. - Non-core pipeline products are shelved with intent to reignite when market conditions are favorable.

• Uncertainties in the pharmaceutical industry trend affecting product interest. - Dependence on successful clinical outcomes and regulatory approvals for BOT/BAL. - Risks associated with monetization of non-core assets, including timing and market conditions. - Potential differences between forward-looking statements and actual results due to various uncertainties.

Q: Could you frame the cost reductions, particularly on R&D side, and expected catalysts for 2025?

A: Cost reductions center on headcount reductions of non-essential roles, focusing on BOT/BAL development. Non-core pipeline products are shelved with intent to reignite; stay tuned for 2025 regulatory updates.

Q: Comment on monetization of non-core assets and thoughts on registrational program?

A: First stage of monetization included a $20 million mortgage on Vacaville and Berkeley. Ongoing discussions for Emeryville facility. Registrational programs in late stage, neoadjuvant with BOT/BAL showing significant data in late stage and neoadjuvant settings with transformative outcomes