Analyst Summary:
Agenus Inc. has reported its financial results for Q4 2022 and the full year, as well as a corporate update for 2023. The company has shown strong momentum across its diverse clinical pipeline of immuno-oncology programs, with anchor programs botensilimab and balstilimab demonstrating exciting potential in combination to treat treatment-resistant cancers. The development program for balstilimab in MSS CRC and other priority indications is underway. Data from the program has generated considerable interest from experts worldwide, with significant benefits compared to standard care and other investigational therapies in patients with treatment-resistant tumors. The company expects to complete dosing of the Phase 1b study for AGEN2373 (anti-CD137) and botensilimab in melanoma in H1 2023, with the potential launch of a design randomized phase 3 study if response rates persist. The company also expects to initiate combination cohorts of AGEN1571 (anti-ILT2) with botensilimab and balstilimab in 2023. The company's existing collaborations evaluating combinations of external agents with its PD-1 and CTLA-4 antibodies sponsored and executed by partners will also advance. The company reported a cash balance of $307 million as of December 31, 2021, and its revenue per share for the full year was $0.78. The company holds a suite of antibody discovery platforms and state-of-the-art GMP manufacturing facility. However, investors should be cautious as forward-looking statements included in the official release are subject to risks and uncertainties that could cause actual results to differ materially.