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Agenus' CEO Discusses Q2 2011 Results - Earnings Call Transcript

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Reference to risks and uncertainties is made in today’s press release and they are disclosed in more detail in our more recent filing – in most recent filings with the U.S. SEC.

These statements speak only as of the date of this call and Agenus undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. When evaluating Agenus’ business and securities, investors should give careful consideration to these risks and uncertainties. As a reminder, this call is being recorded for audio replay.

With that, I will now review our financial results for the second quarter and first half of 2011. The company reported net loss attributable to common stockholders of $6 million or $0.05 per share basic and diluted for the second quarter of 2011, compared to a net loss attributable to common stockholders in the second quarter of 2010 of $5.2 million or $0.05 per share basic and diluted.

For the six months ended June 30, 2011, the company incurred a net loss attributable to common stockholders of $12.1 million or $0.11 per share basic and diluted, compared with a net loss attributable to common stockholders of $14.2 million or $0.15 per share basic and diluted for the comparable period in 2010.

The company’s net cash burn, which is cash used in operating activities plus capital expenditures and dividend payments for the second quarter of 2011 and 2010 was $4.2 million and $3.5 million, respectively. The 2011 net cash burn figure primarily reflects the company’s efforts to support the Prophage Series of cancer vaccines.

Cash, cash equivalents and short-term investments were $12 million as of June 30, 2011.

This concludes the financial portion of the call. Garo will now provide a brief corporate update.

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