Executive Summary

Q4 2024 revenue was $26.8M and net loss was $46.8M ($2.04 loss per share), with an operational cash burn of $28.7M; revenue was primarily non‑cash royalty revenue .
Management accelerated cost actions and guided to reduce annualized burn rate to approximately $50M by mid‑2025, prioritizing BOT/BAL and externalizing costs; this is a step‑down from prior ~$100M FY25 burn plans announced in late 2024 .
Clinical momentum for BOT/BAL in MSS colorectal cancer was reinforced by ASCO‑GI 2025 presentations (Phase 2 and neoadjuvant data), supporting durability and potential chemo‑/surgery‑sparing approaches, and ongoing investigator‑sponsored trials (ISTs) .
The company is actively monetizing West Coast manufacturing and real estate assets (Berkeley, Emeryville, Vacaville) and continues to pursue partnerships to fund BOT/BAL registration; a $20M net mortgage was secured in November 2024 .
Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable at time of request; estimate comparisons cannot be assessed (S&P Global data not retrieved due to rate limits).

What Went Well and What Went Wrong

What Went Well

Material cash burn reduction with Q4 operational cash burn of $28.7M; management reiterated plans to reach ~$50M annualized burn by mid‑2025 through externalizing BOT/BAL costs, CMC monetization, and OpEx cuts .
Strong external validation and data continuity for BOT/BAL across refractory and neoadjuvant MSS CRC; Phase 2 showed 19% ORR and durable disease control, while neoadjuvant studies showed high pathological responses, underpinning potential paradigm shift .
Management emphasized resource focus on BOT/BAL, citing “groundbreaking potential” and confidence from leading oncology centers conducting ISTs that bring cost efficiencies and independent validation .

Quote: “We anticipate further reducing our annual burn to an annualized rate of approximately $50 million by mid‑2025…” — Garo Armen, CEO .
Quote: “BOT/BAL continues to demonstrate unprecedented clinical activity… durable responses and prolonged survival in refractory MSS colorectal cancer.” — Garo Armen .

What Went Wrong

Revenue declined meaningfully YoY versus Q4 2023 ($26.8M vs $83.8M), and the company posted a substantial net loss ($46.8M) and continued dependence on non‑cash royalty revenue .
Liquidity tightened: year‑end 2024 cash fell to $40.4M from $76.1M at year‑end 2023; management acknowledged a “tighter” financial position and is relying on asset monetization and partnerships to bolster cash .
Regulatory uncertainty persists in the U.S., with management noting divergent stances across agencies; a registrational path hinges on maturing survival data and external funding, creating timeline risk .

Financial Results

Income Statement Snapshot and Cash Burn (Quarterly)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$23.5	$25.1	$26.8
Net Loss ($USD Millions)	$54.8	$67.2	$46.8
Diluted EPS ($USD)	— (not disclosed)	$(3.08)	$(2.04)
Operational Cash Burn ($USD Millions)	—	$53.3	$28.7

Notes: Q2 EPS not disclosed in transcript; operational burn shown as “cash used in operations” where reported .

Year-over-Year (Q4)

Metric	Q4 2023	Q4 2024
Revenue ($USD Millions)	$83.8	$26.8
Net Loss ($USD Millions)	$48.6	$46.8
Diluted EPS ($USD)	$(2.53)	$(2.04)

Balance Sheet and Non‑GAAP Items

Metric	FY 2023	FY 2024
Cash & Cash Equivalents (Dec 31) ($USD Millions)	$76.1	$40.4
Non‑cash Expenses Included in Net Loss ($USD Millions, Q4)	$56.5	$28.9

Revenue composition: “Revenue primarily includes non‑cash royalty revenue” .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Annualized Cash Burn	FY 2025	~$100M FY25 cash burn (Dec 2024 strategic realignment)	~$50M annualized burn by mid‑2025 via externalization/monetization/OpEx cuts	Lowered
Program Focus	Ongoing	Broad pipeline with realignment	Prioritize BOT/BAL; shelve non‑core programs; reignite later if conditions improve	Refocused
Funding Strategy	H1 2025	Mortgage secured; exploring transactions	Progressing asset monetization and late‑stage partnership funding for registration	Maintained, advancing

No revenue, margin, tax rate, or dividend guidance provided in Q4 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Cost Reductions / Burn	Emphasis on cost discipline; cash used in operations H1 2024 $76.4M	Operational efficiencies; asset monetization progressing	Q4 burn $28.7M; target ~$50M annualized by mid‑2025	Accelerating
Asset Monetization	Exploring monetization; royalty financing; ATM flexibility	EMA alignment; strategic transaction discussions	$20M net mortgage; active sale/monetization of Berkeley/Emeryville/Vacaville	Executing
Regulatory Path (CRC)	FDA Phase 3 design needs more follow‑up; divergent views; positive EMA interactions	EMA alignment on dose and Phase 3 design	Late‑stage partnership to fund registration; neoadjuvant rectal/colon cancer in sight	Clarifying ex‑US; funding-dependent
BOT/BAL Efficacy (MSS CRC)	Phase 1 ~21 mo OS; Phase 2 ~19% ORR; neoadjuvant high pCR in selected cohorts	Reinforced clinical momentum; preparing major congress submissions	ASCO‑GI 2025: 19% ORR Phase 2; neoadjuvant high pCR/pMR; durable responses	Strengthening
Partnerships / Funding	Active discussions across assets	Strategic transaction as bridge to larger deal	Late‑stage partnerships to accelerate registration; external funding under discussion	Advancing

Management Commentary

“We anticipate further reducing our annual burn to an annualized rate of approximately $50 million by mid‑2025 through the externalization of development costs associated with BOT/BAL, monetization of our CMC assets, and other reductions in operating expenses.” — Garo Armen, CEO .
“BOT/BAL continues to demonstrate unprecedented clinical activity… durable responses and prolonged survival in refractory MSS colorectal cancer… encouraging activity with the addition of BOT/BAL to FOLFOX in first‑line MSS CRC.” — Garo Armen .
“For the fourth quarter… we recognized revenue of $26.8 million and incurred a net loss of $46.8 million or $2.04 per share… revenue primarily consists of noncash royalty revenue.” — Christine Klaskin, VP Finance .
“We are engaged in late‑stage partnership discussions to secure funding for BOT/BAL development and registration… with emphasis on neoadjuvant colon and rectal cancer.” — Garo Armen .
“Our high‑value biologics manufacturing facility… and land in Vacaville… are high‑priority monetization projects; we’re in contract discussions with parties.” — Garo Armen .

Q&A Highlights

Cost reductions: Headcount and external advisor cuts prioritized around BOT/BAL; pipeline products “shelved,” not killed, to reignite later as IO cycles turn .
Asset monetization economics: $20M mortgage in ~2 weeks; strong interest in Emeryville/West Coast assets; discussions including contracts are ongoing .
Registrational strategy: Late‑line data maturity supports survival benefit; neoadjuvant rectal/colon path seen as “organ‑sparing”; rectal cancer within near‑term regulatory sights .
Regulatory divergence: EMA interactions “diametrically opposite” to U.S. FDA; more mature data being considered ex‑U.S.; box‑checking requirements indicated but not blocking rapid submission .
Trial design and enrollment: Rapid enrollment expected due to patient demand; exploring subsidized randomized Phase 3 options to meet global regulators’ needs .

Estimates Context

Wall Street consensus (S&P Global) on Q4 2024 EPS and revenue could not be retrieved at time of request due to rate limits; as a result, beat/miss analysis versus consensus is unavailable.
Given non‑cash royalty‑driven revenue and ongoing clinical funding needs, any future estimate revisions will likely hinge on timing and scale of external funding, asset monetization, and registrational trial milestones .

Key Takeaways for Investors

Burn trajectory is improving: Q4 operational cash burn fell to $28.7M, with a credible plan to reach ~$50M annualized by mid‑2025, materially lowering financing risk if asset monetization and partnerships close as outlined .
Clinical de‑risking: ASCO‑GI data and ISTs strengthen BOT/BAL’s profile in MSS CRC across settings; neoadjuvant data suggest potential chemo/radiation/surgery‑sparing strategies — a differentiated value proposition in rectal/colon cancer .
Funding catalysts: Active sale/monetization of West Coast assets plus late‑stage partnership discussions are near‑term liquidity levers; watch for contracts/transactions to reduce cash risk .
Regulatory path: EMA alignment and neoadjuvant strategy offer ex‑U.S. optionality; U.S. path depends on maturing survival data and Phase 3 execution — timeline sensitivity remains .
Near‑term focus: Expect further cost actions, asset monetization updates, and clarity on registrational designs; the narrative that moves the stock is financing progress and registrational momentum .
Risk framing: Tight cash, non‑cash revenue mix, and U.S. regulatory uncertainty persist; execution on funding and trial initiation is critical to sustain momentum .
Trading lens: Headlines on asset sales/partnerships, ASCO/ESMO‑linked data readouts, and regulatory interactions are likely stock catalysts; downside risk if funding slips or survival data fails to meet expectations .

Sources: Q4 2024 8‑K Item 2.02 and Exhibit 99.1 press release ; Q4 2024 earnings call transcript ; Q3 2024 press release ; ASCO‑GI 2025 press release ; Strategic realignment and mortgage press releases .

AGENUS INC (AGEN)·Q4 2024 Earnings Summary