Agenus Inc. Reports Q1 2025 Financial Results with Revenue Decline and Reduced Operating Loss

Agenus Inc. reported its financial results for the first quarter of 2025, revealing total revenues of $24.1 million, a decrease from $28.0 million in the same period last year. The decline was primarily attributed to a reduction in non-cash royalty revenue related to the sale of future royalties, which fell to $23.6 million from $27.8 million. The company’s service revenue, however, increased to $510, up from $238 in the prior year. Despite the revenue drop, Agenus managed to reduce its operating loss significantly to $13.3 million, compared to $32.9 million in the first quarter of 2024.

In terms of expenses, Agenus reported a 51% decrease in research and development costs, totaling $21.5 million, down from $43.9 million. This reduction was largely due to decreased spending on third-party services and a reduction in personnel-related expenses. General and administrative expenses also saw a slight decline, totaling $15.7 million, down from $16.9 million. The company’s net loss attributable to common stockholders was $25.3 million, or $1.03 per share, compared to a net loss of $61.9 million, or $3.04 per share, in the same quarter last year.

Agenus's cash and cash equivalents stood at $18.5 million as of March 31, 2025, a decrease of $21.9 million from the end of 2024. The company has indicated that it expects its current cash resources, along with anticipated funding in 2025, will be sufficient to meet its liquidity needs through the second quarter of 2026. However, it also noted the necessity for additional funding to support ongoing operations and development efforts, particularly for its lead programs, botensilimab and balstilimab.

Strategically, Agenus has been active in its collaborations and partnerships, including a recent agreement with Ligand Pharmaceuticals, which involved the sale of a portion of future milestone payments and royalties. The company is also in discussions with various entities to secure additional funding. Furthermore, it has been adjusting its spending to preserve liquidity while continuing to advance its clinical programs. The company remains focused on its immuno-oncology pipeline, which includes multiple antibody programs and cell therapies.

Looking ahead, Agenus is preparing for potential registration-enabling trials for its lead assets and is exploring various strategic options, including partnerships and licensing agreements. The company continues to face challenges, including a significant accumulated deficit of $2.2 billion and ongoing legal proceedings, but it remains committed to its goal of developing innovative therapies to enhance cancer treatment outcomes.