Agenus Inc (NASDAQ:AGEN) issued a corporate update and posted financial report for fourth quarter of 2017. Cash/cash equivalents came at $60.2 million at the close of December 31, 2017. Subsequent to the close of the year, the company recorded net proceeds of around $28.1 million from their royalty bond restructuring.
For Q4 2017, Agenus reported cash used in operating activities was around $25.8 million versus around $26.2 million in during the third quarter. Reported net loss for Q4 2017 came at $35 million versus a net loss for Q4 2016 at $26.1 million. For FY2017, cash used in operating activities came at $94.2 million versus $80 million for the year closed 2016. The firm recorded a net loss of $120.7 million for the year closed December 31, 2017 versus a net loss of $127.0 million, in the comparable period in 2016.
Garo H. Armen, Ph.D., the CEO and Chairman of Agenus, expressed that speed and innovation are major drivers of success in I-O. With their current capabilities and their extensive portfolio of unique I-O approaches, they have positioned company to advance combination treatments for more people and more cancers.
Their ability to rapidly develop clinical studies with their CTLA-4 (AGEN1884) and Keytruda and studies using their own proprietary combinations with PD-1 (AGEN2034) and AGEN1884 could lead to their BLA submission as soon as the close of 2019.
They recently made commercial grade CTLA-4 to guarantee their commercial readiness. This year, they will also submit several INDs for their unique I-O antibodies. Along with the release of the fourth quarter results, the company updated on GMP manufacturing process. Agenus has upgraded and expanded its antibody manufacturing capabilities. It has produced GMP grade PD1 and CTLA-4 antibodies for its clinical trials and bought commercial grade AGEN1884 and anticipating commercial grade AGEN2034 by mid-year.