First Quarter Financial Results
We ended the second quarter of 2020 with a cash balance of $79 million as compared to $62 million at December 31, 2019. Subsequent to the quarter end we received $35 million related to our Betta partnership. With this and other anticipated cash inflows, based on our current plans and projections our cash position will be sufficient to support our operations into the third quarter of 2021.
For the second quarter ended June 30, 2020, our cash used in operations was $37 million and we reported a net loss of $48 million or $0.28 per share. This compares to cash used in operations for the same period in 2019 of $36 million and a net loss of $52 million or $0.38 per share.
Our cash used in operations for the six months ended June 30, 2020 was $72 million with a net loss of $94 million or $0.59 per share compared to cash provided by operations of $41 million and a net loss for the same period in 2019 of $34 million or $0.24 per share.
For the six-month period ended June 30, 2020, we recognized revenue of $42 million which includes revenue related to the upfront license fee from our transaction with Betta in addition to non-cash royalties earned. For the same period in 2019 we recorded revenue of $96 million which includes revenue related to the upfront license fee from our transaction with Gilead in addition to non-cash royalties earned.
Select Financial Information
(in thousands, except per share data)
(unaudited)
| | | | | | | | |
| | | June 30, 2020 | | | December 31, 2019 | |
Cash and cash equivalents | | $ | 79,171 | | | $ | 61,808 | |
| | | | | | | | | | | | | | | | |
| | | Three months ended June 30, | | | Six months ended June 30, | |
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | |
Revenues, research and development | | $ | 18,068 | | | $ | 4,399 | | | $ | 19,996 | | | $ | 75,271 | |
Revenues, non-cash royalty | | | 7,846 | | | | 9,263 | | | | 21,002 | | | | 17,869 | |
Revenues, other | | | 1,031 | | | | 2,053 | | | | 1,075 | | | | 2,468 | |
| | | | | | | | | | | | | | | | |
Total Revenue | | | 26,945 | | | | 15,715 | | | | 42,073 | | | | 95,608 | |
| | | | |
Research and development expenses | | | 38,550 | | | | 45,243 | | | | 74,913 | | | | 85,374 | |
General and administrative expenses | | | 14,195 | | | | 11,405 | | | | 24,809 | | | | 22,211 | |
Cost of service revenue | | | 634 | | | | — | | | | 634 | | | | — | |
Other expense (income) | | | 623 | | | | 540 | | | | 1,865 | | | | (115 | ) |
Non-cash interest expense | | | 14,347 | | | | 10,181 | | | | 28,191 | | | | 19,609 | |
Loss on modification of debt | | | — | | | | — | | | | 2,720 | | | | — | |
Non-cash contingent consideration fair value adjustment | | | 6,840 | | | | 213 | | | | 2,456 | | | | 2,961 | |
| | | | | | | | | | | | | | | | |
Net loss | | $ | (48,244 | ) | | $ | (51,867 | ) | | $ | (93,515 | ) | | $ | (34,432 | ) |
| | | | |
Net loss per share attributable to Agenus Inc. common | | $ | (0.28 | ) | | $ | (0.38 | ) | | $ | (0.59 | ) | | $ | (0.24 | ) |
| | | | |
Cash (used in) provided by operations | | $ | (37,375 | ) | | $ | (35,704 | ) | | $ | (71,880 | ) | | $ | 40,883 | |
Call Access
To access the live call, dial 1-844-492-3727 (U.S.) or 1-412-317-5118 (International) and ask to be joined into the Agenus call. The call will also be webcast and will be accessible from the Company’s website at http://investor.agenusbio.com/presentation-webcasts or via https://www.webcaster4.com/Webcast/Page/1556/35715. A replay will be available approximately two hours after the call and will remain available until November 7, 2020.
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body’s immune system to fight cancer. The Company’s vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics,
