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Agenus' CEO Discusses Q4 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 these risks and uncertainties is made in today’s press release and they are disclosed in more detail in our more recent filings with the U.S. Securities and Exchange Commission.

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. While evaluating Agenus’ business and securities, investors should give a careful consideration to these risks and uncertainties. As a reminder, this call is being recorded for audio replay.

With that, I will now turn the call over to Shalini to review our financial results for the fourth quarter and year ended 2011.

S halini Sharp

Thank you, Jonae. Good morning everyone and thank you for joining us on today’s call. By now we hope you have had a chance to review this morning’s press release. For the fourth quarter of 2011 the company reported a net loss attributable to common stock holders of $6.2 million or $0.29 per share compared to the net loss attributable to common stock holders in the fourth quarter of 2010 of $2.6 million or $0.16 per share.

The key reason to the increase in reported loss for the fourth quarter of 2011 was that in 2010 our net loss included non-cash non-recurring gains totaling $4.7 million. For the year ended December 31, 2011 the company incurred a net loss attributable to common stock holders $24.1 million or $1.21 per share compared with the net loss attributable to common stock holders of $22.7 million or $1.41 per share for the comparable period in 2010.

The company’s net cash burn for the year ended December 31, 2011 was $17.1 million compared to $15.7 million for the same period in 2010. The 2011 net cash burn figure reflects primarily the company’s efforts to support the Prophage Series vaccine. Our 2010 cash burn figure it met the non-recurring business development payments and tax credit totaling $2.7 million.

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