CharlieAJA
Agenus immuno-oncology company (NASDAQ:AGENCY) opened ~10% higher on Tuesday morning for a second straight session of gains after showing significantly superior revenue with its Q4 2022 financial report and the release of targets for 2023.
Quarterly revenue grew ~40% year-over-year to $28.4 million, outpacing ~$17.8 million by consensus, as non-cash royalties grew ~18% YoY to $18.3 million while other revenue more than doubled to $6.3 million.
However, Agenus’ (AGENCY) net loss increased ~10% YoY to USD 74.1 million with a significant increase in non-cash interest expense, up ~12% YoY to USD 18.3 million while cash, cash equivalents and short-term investments fell ~37% YoY to USD193.4 M at the end of the year.
CEO Garo Armen said: “Agenus has entered 2023 with strong momentum in our broad and diverse clinical network of immuno-oncology programs.
For the milestones in 2023, the company looks forward to completing patient enrollment in the ACTIVE study of the CTLA-4 antibody botensilimab in microscopy-stable colorectal cancer (MSS CRC). .
The mid-term trial was designed to compare botensilimab and the botensilimab/balstilimab combination with standard of care.
angel (AGENCY) also aims to end enrollment in the Phase 2 ACTIVATE studies for botensilimab in melanoma and pancreatic cancer this year and plans to launch a Phase 3 validation study for botensilimab /balstilimab in MSS CRC.
Read: Finding Alpha Contributor William Meyers Highlights Botensilimab’s Potential compared with previous CTLA-4 agents.
