Antigenics Inc. (AGEN, Financial) filed Quarterly Report for the period ended 2009-09-30.
Antigenics Inc. has a market cap of $90.98 million; its shares were traded at around $1.02 with and P/S ratio of 34.32. Antigenics Inc. had an annual average earning growth of 0.4% over the past 5 years.
quarter of 2008 and the second quarter of 2009. Interest on our 8% senior secured convertible notes due August 2011 (the 2006 Notes) is payable semi-annually on December 30 and June 30 in cash or, at our option, in additional notes or a combination thereof. During the quarters ended September 30, 2009 and 2008, interest expense included $616,000 and $563,000, respectively, related to the 2006 Notes.
Revenue: We generated revenue of $2.8 million and $2.1 million during the nine months ended September 30, 2009 and 2008, respectively. The increase is primarily due to an increase for the nine months ended September 30, 2009 over the same period in 2008 in revenue earned on shipments of QS-21 to our QS-21 licensees and an increase in royalties earned. In the nine months ended September 30, 2009 and 2008, we recorded revenue of $1.1 million each period from the amortization of deferred revenue.
General and Administrative: General and administrative expenses consist primarily of personnel costs, facility expenses, and professional fees. General and administrative expenses decreased 28% to $11.6 million for the nine months ended September 30, 2009 from $16.1 million for the nine months ended September 30, 2008. This decrease is largely related to our general cost-containment efforts and a decrease in non-cash share-based compensation expense primarily attributable to a general decline in our stock price year over year.
Non-Operating Expense: Non-operating expense of $5.7 million for the nine months ended September 30, 2009 consists of the change in the fair value of our derivative liability since December 31, 2008 of $8.2 million primarily due to an increase in our market value, and a loss of $318,000 from the monetization of the receivable that was received in the 2008 assignment of certain patent applications, partially offset by the net gain of $2.7 million on the extinguishment of a portion of our 2005 Notes.
Interest Expense: Interest expense decreased 13% to $4.1 million for the nine months ended September 30, 2009 from $4.8 million for the nine months ended September 30, 2008. This decrease is related to the repurchase of a portion of our 2005 Notes during the fourth quarter of 2008 and second quarter of 2009. Interest on our 2006 Notes is payable semi-annually on December 30 and September 30 in cash or, at our option, in additional notes or a combination thereof. During the nine months ended September 30, 2009 and 2008, interest expense included $1.8 million and $1.1 million, respectively, related to the 2006 Notes.
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Antigenics Inc. has a market cap of $90.98 million; its shares were traded at around $1.02 with and P/S ratio of 34.32. Antigenics Inc. had an annual average earning growth of 0.4% over the past 5 years.
Highlight of Business Operations:
Revenue: We generated revenue of $896,000 and $685,000 during the quarters ended September 30, 2009 and 2008, respectively. The increase is primarily due to an increase in revenue earned on shipments of QS-21 to our QS-21 licensees in the quarter ended September 30, 2009 as compared to the quarter ended September 30, 2008, primarily due to timing, and an increase in royalties earned. In the quarters ended September 30, 2009 and 2008, we recorded revenue of $387,000 and $361,000, respectively, from the amortization of deferred revenue.quarter of 2008 and the second quarter of 2009. Interest on our 8% senior secured convertible notes due August 2011 (the 2006 Notes) is payable semi-annually on December 30 and June 30 in cash or, at our option, in additional notes or a combination thereof. During the quarters ended September 30, 2009 and 2008, interest expense included $616,000 and $563,000, respectively, related to the 2006 Notes.
Revenue: We generated revenue of $2.8 million and $2.1 million during the nine months ended September 30, 2009 and 2008, respectively. The increase is primarily due to an increase for the nine months ended September 30, 2009 over the same period in 2008 in revenue earned on shipments of QS-21 to our QS-21 licensees and an increase in royalties earned. In the nine months ended September 30, 2009 and 2008, we recorded revenue of $1.1 million each period from the amortization of deferred revenue.
General and Administrative: General and administrative expenses consist primarily of personnel costs, facility expenses, and professional fees. General and administrative expenses decreased 28% to $11.6 million for the nine months ended September 30, 2009 from $16.1 million for the nine months ended September 30, 2008. This decrease is largely related to our general cost-containment efforts and a decrease in non-cash share-based compensation expense primarily attributable to a general decline in our stock price year over year.
Non-Operating Expense: Non-operating expense of $5.7 million for the nine months ended September 30, 2009 consists of the change in the fair value of our derivative liability since December 31, 2008 of $8.2 million primarily due to an increase in our market value, and a loss of $318,000 from the monetization of the receivable that was received in the 2008 assignment of certain patent applications, partially offset by the net gain of $2.7 million on the extinguishment of a portion of our 2005 Notes.
Interest Expense: Interest expense decreased 13% to $4.1 million for the nine months ended September 30, 2009 from $4.8 million for the nine months ended September 30, 2008. This decrease is related to the repurchase of a portion of our 2005 Notes during the fourth quarter of 2008 and second quarter of 2009. Interest on our 2006 Notes is payable semi-annually on December 30 and September 30 in cash or, at our option, in additional notes or a combination thereof. During the nine months ended September 30, 2009 and 2008, interest expense included $1.8 million and $1.1 million, respectively, related to the 2006 Notes.
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