Agenus Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing a modest increase in total revenues but continued significant net losses. Total revenues for the third quarter reached $25.1 million, up from $24.3 million in the same period last year. For the nine months, revenues increased to $76.6 million from $72.5 million, primarily driven by non-cash royalty revenue related to GlaxoSmithKline (GSK) vaccines, which amounted to $75.0 million, an increase of $13.5 million year-over-year.

Despite the revenue growth, the company reported a net loss of $67.2 million for the third quarter, compared to a loss of $64.5 million in the prior year. For the nine months, the net loss narrowed to $185.5 million from $208.9 million in the same period of 2023. The basic and diluted net loss per share improved to $(3.08) for the third quarter from $(3.29) a year earlier.

Agenus' cash and cash equivalents decreased significantly to $44.8 million as of September 30, 2024, down from $76.1 million at the end of 2023. The company also reported a total stockholders’ deficit of $271.8 million, an increase from $148.4 million at the end of the previous fiscal year. The accumulated deficit rose to $2.1 billion, reflecting ongoing operational challenges.

In response to financial pressures, Agenus implemented a workforce reduction of approximately 25% to preserve liquidity and has engaged in discussions with potential partners for additional funding. The company is also facing a substantial doubt about its ability to continue as a going concern within the next year.

Strategically, Agenus has been active in restructuring its partnerships and agreements. In May 2024, it entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals, generating $75.0 million in gross proceeds. However, the company has also seen the termination of several agreements, including those with Gilead for various product candidates, which has impacted revenue generation.

Research and development expenses for the third quarter decreased by 20% to $41.1 million, attributed to reduced third-party services and personnel-related costs. General and administrative expenses also fell by 9% to $17.3 million. The company continues to prioritize its lead assets while postponing other clinical programs.

Agenus is navigating a complex landscape of funding needs, operational adjustments, and strategic partnerships as it seeks to advance its pipeline of cancer therapies.