Agenus Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibits
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On December 5, 2024, Agenus Inc. ("Agenus" or the "Company") announced further detail of its strategic realignment to streamline its operations, strengthen its financial position, and focus on advancing its most advanced programs, botensilimab and balstilimab, in preparation of 2025. As part of this effort, Agenus (excluding its independently operating subsidiaries) will be reducing its annual expenditures by 60% targeting a cash burn of $100 million for 2025 through decreased reliance on consultants and vendors while also reducing its workforce. Costs associated with the workforce reduction are primarily severance payments and are estimated at approximately $1.1 million. The Company expects to recognize substantially all charges related to the workforce reduction in the quarter ending March 31, 2025. These estimates are subject to assumptions and actual results may differ.
In connection with the announcement, the Company issued a press release, which is being included as Exhibit 99.1 to this current report on Form 8- K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit
The following exhibit is furnished herewith:
99.1 Press Release dated December 5, 2024
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: |
December 5, 2024 |
By: |
/s/ Christine M. Klaskin |
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Christine M. Klaskin, VP Finance |