Agenus Inc. reported a net loss of $232.3 million for the year ended December 31, 2024, compared to a net loss of $257.4 million in 2023. Research and development revenue decreased significantly to $0.5 million in 2024 from $38.8 million in 2023, primarily due to a decrease in milestone payments received. Non-cash royalty revenue, related to a prior agreement with GlaxoSmithKline, decreased by $13.6 million to $101 million in 2024, reflecting lower sales of GSK's vaccines containing Agenus's QS-21 STIMULON adjuvant. Research and development expenses decreased by 34% to $155.5 million in 2024, primarily due to reduced third-party services and lower personnel expenses resulting from headcount reductions.
The company's general and administrative expenses also decreased by 9% to $71.9 million in 2024. Non-operating income increased to $5.8 million in 2024, primarily due to gains on lease terminations and the recognition of R&D tax credits. Net interest expense increased to $117.6 million in 2024, mainly due to increased non-cash interest expense related to royalty and milestone agreements. As of December 31, 2024, Agenus had $40.4 million in cash and cash equivalents, and anticipates that its current resources, along with anticipated funding, will be sufficient to meet critical liquidity requirements through the second quarter of 2025. The company's accumulated deficit as of December 31, 2024, was $2.18 billion.
Significant developments during the year included the termination of several collaboration agreements with Bristol Myers Squibb, Incyte, and Gilead. Incyte's termination of its collaboration agreement is effective February 2026. Bristol Myers Squibb terminated its agreement in January 2025, returning AGEN1777 to Agenus. Agenus also entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals, receiving $75 million in gross proceeds for the sale of a portion of its future milestone payments and royalties. The company's subsidiary, MiNK Therapeutics, completed a private placement financing of $5.8 million in May 2024. Agenus also noted that its subsidiary, SaponiQx, announced the availability of STIMULON cpcQS-21 on InvivoGen's international retail infrastructure in August 2024.
Agenus's lead clinical program focuses on the botensilimab/balstilimab combination for the treatment of colorectal cancer. In April 2023, this combination received Fast Track designation from the FDA. The company presented positive Phase 2 trial results at the ASCO GI Annual Meeting in January 2025, meeting primary endpoints. Agenus plans to launch registration-enabling trials in multiple colorectal cancer settings upon completion of strategic transactions, which may include partnerships, licensing, or joint ventures. The company's clinical pipeline also includes other antibody candidates in various stages of development.
The company's 10-K filing also highlighted several risk factors, including its historical net losses and the need for additional capital, the uncertainties inherent in clinical drug development, the intense competition in the immuno-oncology market, manufacturing and supply chain risks, reliance on third parties, regulatory uncertainties, intellectual property risks, and risks related to its common stock. The filing also disclosed several ongoing legal proceedings, including a securities class action lawsuit and derivative actions. As of February 28, 2025, Agenus employed 316 people, including 68 with PhDs and 17 with MDs.
About AGENUS INC
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