Agenus extends gains after Q4 2022 results
CharlieAJA
The immuno-oncology company Agenus (NASDAQ:AGEN) opened ~10% higher on Tuesday morning to rise for the second straight session after indicating a sizable topline beat with its Q4 2022 financials and issuing its 2023 objectives.
The quarterly revenue jumped ~40% YoY to $28.4M, well ahead of ~$17.8M in the consensus, as revenue from non-cash royalties climbed ~18% YoY to $18.3M while other revenue more than doubled to $6.3M.
However, Agenus' (AGEN) net loss widened ~10% YoY to $74.1M with a notable gain in the non-cash interest expense, which climbed ~12% YoY to $18.3M while its cash, cash equivalents and short-term investments fell ~37% YoY to $193.4M at the year-end.
"Agenus has entered 2023 with strong momentum across our extensive and diverse clinical pipeline of immuno-oncology programs," Chief Executive Garo Armen said.
As for 2023 milestones, the company looks forward to completing patient enrollment in its ACTIVATE study for CTLA-4 antibody botensilimab in microsatellite stable colorectal cancer (MSS CRC).
The mid-stage trial is designed to compare botensilimab and the botensilimab/balstilimab combination against the standard of care.
Agenus (AGEN) also targets to conclude enrollment in Phase 2 ACTIVATE studies for botensilimab in melanoma and pancreatic cancer this year and plans to launch a Phase 3 confirmatory study for botensilimab/balstilimab in MSS CRC.
Read: Seeking Alpha contributor William Meyers highlights the potential of botensilimab compared to earlier CTLA-4 agents.