Antigenics Inc. (AGEN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Antigenics Inc. is engaged in the discovery and development of a family of novel immunotherapeutics for the treatment of life threatening and chronic medical conditions. Immunotherapeutics are drugs that work by modulating the immune system to fight disease. The company is evaluating the lead immunotherapeutic Oncophage in six separate phase II or phase I/II clinical trials in four different cancers. The company is also developing immunotherapeutics to treat infectious diseases such as genital herpes and autoimmune disorders such as diabetes and multiple sclerosis. Antigenics Inc. has a market cap of $157.3 million; its shares were traded at around $2.16 with and P/S ratio of 59.3. Antigenics Inc. had an annual average earning growth of 0.4% over the past 5 years.
Non-Operating Expense: Non-operating expense of $2.8 million for the quarter ended June 30, 2009 consists primarily of the change in the fair value of our derivative liability since March 31, 2009 of $5.0 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 $2.5 million on the extinguishment of a portion of our 5.25% convertible senior notes due February 2025 (the 2005 Notes).
Interest Expense: Interest expense decreased to $1.4 million for the quarter ended June 30, 2009 from $1.6 million for the quarter ended June 30, 2008. This decrease is related to the repurchase of a portion of our 2005 Notes during the fourth 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 June 30, 2009 and 2008, interest expense included $593,000 and $548,000, respectively, on the 2006 Notes.
Revenue: We generated revenue of $1.9 million and $1.4 million during the six months ended June 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 June 30, 2009 as compared to the quarter ended June 30, 2008 and an increase in royalties earned. In the six months ended June 30, 2009 and 2008, we recorded $761,000 and $717,000, respectively, from the amortization of deferred revenue.
Non-Operating Expense: Non-operating expense of $2.6 million for the six months ended June 30, 2009 consists of the change in the fair value of our derivative liability since December 31, 2008 of $4.8 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 $2.5 million on the extinguishment of a portion of our 2005 Notes.
Interest Expense: Interest expense decreased 8% to $2.9 million for the six months ended June 30, 2009 from $3.2 million for the six months ended June 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 June 30 in cash or, at our option, in additional notes or a combination thereof. During the six months ended June 30, 2009 and 2008, interest expense included $1.2 million and $1.1 million, respectively, that was paid in the form of additional 2006 Notes.
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Antigenics Inc. is engaged in the discovery and development of a family of novel immunotherapeutics for the treatment of life threatening and chronic medical conditions. Immunotherapeutics are drugs that work by modulating the immune system to fight disease. The company is evaluating the lead immunotherapeutic Oncophage in six separate phase II or phase I/II clinical trials in four different cancers. The company is also developing immunotherapeutics to treat infectious diseases such as genital herpes and autoimmune disorders such as diabetes and multiple sclerosis. Antigenics Inc. has a market cap of $157.3 million; its shares were traded at around $2.16 with and P/S ratio of 59.3. 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 $1.3 million and $595,000 during the quarters ended June 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 June 30, 2009 as compared to the quarter ended June 30, 2008, primarily due to timing, and an increase in royalties earned. In the quarters ended June 30, 2009 and 2008, we recorded $381,000 and $359,000, respectively, from the amortization of deferred revenue.Non-Operating Expense: Non-operating expense of $2.8 million for the quarter ended June 30, 2009 consists primarily of the change in the fair value of our derivative liability since March 31, 2009 of $5.0 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 $2.5 million on the extinguishment of a portion of our 5.25% convertible senior notes due February 2025 (the 2005 Notes).
Interest Expense: Interest expense decreased to $1.4 million for the quarter ended June 30, 2009 from $1.6 million for the quarter ended June 30, 2008. This decrease is related to the repurchase of a portion of our 2005 Notes during the fourth 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 June 30, 2009 and 2008, interest expense included $593,000 and $548,000, respectively, on the 2006 Notes.
Revenue: We generated revenue of $1.9 million and $1.4 million during the six months ended June 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 June 30, 2009 as compared to the quarter ended June 30, 2008 and an increase in royalties earned. In the six months ended June 30, 2009 and 2008, we recorded $761,000 and $717,000, respectively, from the amortization of deferred revenue.
Non-Operating Expense: Non-operating expense of $2.6 million for the six months ended June 30, 2009 consists of the change in the fair value of our derivative liability since December 31, 2008 of $4.8 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 $2.5 million on the extinguishment of a portion of our 2005 Notes.
Interest Expense: Interest expense decreased 8% to $2.9 million for the six months ended June 30, 2009 from $3.2 million for the six months ended June 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 June 30 in cash or, at our option, in additional notes or a combination thereof. During the six months ended June 30, 2009 and 2008, interest expense included $1.2 million and $1.1 million, respectively, that was paid in the form of additional 2006 Notes.
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