In Q3 2024 Agenus continued to build the clinical case for its lead asset BOT/BAL (botensilimab + balstilimab), highlighting groundbreaking neoadjuvant results in microsatellite-stable colorectal cancer and newly received Phase 3 design feedback from both the FDA and EMA. The dominant story, however, was financial: the company ended the quarter with just $44.8M in cash (down from $76.1M at year-end 2023), raised $7.1M more post-quarter, and cut nine-month operating cash use to $129.7M from $183.8M a year earlier. Management laid out a three-part survival-and-growth plan — operational cost cuts (including internalizing CRO/CDMO work), monetizing West Coast real estate (Vacaville appraised over $45M, Berkeley at $25M), and one or more transformative strategic transactions under active discussion. Multiple neoadjuvant and Phase 2 refractory readouts (CRC, pancreatic, melanoma) were guided to early-to-first-half 2025, but starting the registrational Phase 3 remains gated on securing a partner or financing.
Thank you, Operator, and thank you all for joining us today. Today's call is being webcast and will be available on our website for replay. I'd like to remind you that this call will include forward-looking statements, including statements regarding our clinical development, regulatory and commercial plans and timelines, as well as timelines for data releases and partnership opportunities, among other updates. These statements are subject to risks and uncertainties, and we refer you to our SEC filings available on our website for more details on these risks. Joining me today are Dr. Garo Armen, Chairman and Chief Executive Officer, Dr. Robin Taylor, Chief Commercial Officer, and Christine Klaskin, Vice President of Finance. Dr. Steven O'Day, Chief Medical Officer, will be participating in the question-and-answer session. Now I'd like to turn the call over to Garo to highlight our progress in the Q3.
Thank you, Alexa, and good morning, everyone, and thank you all for joining us today. At Agenus, we are driven by the belief that we can redefine what is possible in cancer treatment. This belief is embodied in the progress we've made with bot/bal. bot/bal is showing unprecedented results in cancers that have resisted all previous therapies, as well as in patients with earlier stages of disease who face morbidities associated with conventional treatment options such as chemotherapy, radiation, and radical, and sometimes debilitating or even mutilating surgeries. bot/bal represents a paradigm shift in how we approach cancer treatment. In the neoadjuvant setting, for example, bot/bal has demonstrated the potential to address diseases such as MSS colorectal cancer, which do not typically respond to immunotherapy and which account for more than 85% of all colorectal cancers.
The initial data we presented at ESMO GI in 2024, just a few months ago, from the Cornell study highlights this potential. These results in a tumor type historically resistant to immunotherapy are absolutely groundbreaking. Ongoing trials in Italy and the Netherlands will further expand on these results and provide insights with data anticipated early next year. We believe these studies will reinforce the strength and breadth of botensilimab and balstilimab's impact, not just in colorectal cancer, but across multiple cancers which generally respond poorly to other treatments. While the science is advancing, the financial challenges we face are significant. Developing therapies with this level of promise requires significant resources, and we're operating under financial constraints. For example, we ended the quarter with just $44.8 million in cash and subsequently raised another $7 million and change. These figures underscore the need for decisive action.
Let me give you a glimpse of what we're doing. First, we've implemented measures that have significantly reduced cash outflow, ensuring we remain focused on our highest priorities and internalizing as many expensive functions as possible, such as CRO and CDMO services, for which we have spent a significant amount of money in the first nine months of this year. Second, by the way, these were necessary expenditures. But now we are internalizing this as we wind down some of these activities as trials are maturing. Secondly, for the first time in almost a year, the window is opening up for us to monetize on our real estate assets. Remarkably, this effort has gained momentum with the improved financial environment following the U.S. elections just a week ago, and the assets that we're talking about are valued, or they are appraised at, our Vacaville property at over $45 million.
That's an appraisal about a year ago. And our Berkeley facility, which was our first manufacturing facility, which is appraised at $25 million. And thirdly, and most importantly, we are in advanced discussions on several strategic transactions designed to deliver substantial value and resources. We see one or more, or a combination of these transactions, as key to our long-term growth, enabling us to sustain and accelerate our progress with Buck Valve. These steps reflect our commitment to building a strong foundation for Agenus, one that allows us to deliver on the extraordinary promise of Buck Valve while meeting the needs of our patients and shareholders. The progress we've made thus far is a testament to the strength of our science and the dedication of our team. With that, I'll now turn it over to Dr. Robin Taylor, our Chief Commercial Officer, to provide further insights into our business strategy and patient access initiatives. Robin?
Thank you, Garo, and good morning, everyone. Building on Garo's remarks, I'd like to provide more detail on the strategic initiatives that are driving our progress. First, let's start with the clinical data. Bot/Bal's results are reshaping expectations for immunotherapy, especially in microsatellite stable colorectal cancer, a setting that has been resistant to treatment with prior immunotherapy approaches. These unprecedented outcomes, combined with data across multiple tumor types, are driving significant interest in Bot/Bal from key stakeholders, including the medical community, patient advocates, and potential collaborators. From a business development perspective, we are actively engaged in discussions with pharmaceutical partners, regional collaborators, and other stakeholders to ensure Bot/Bal reaches its full potential. These discussions are focused on optimizing value creation for both patients and shareholders.
We are also advancing our compassionate use and named patient programs globally, ensuring that patients with limited options will have broader access to botensilimab and balstilimab outside of clinical trials. These initiatives are critical for addressing the urgent needs of patients around the world. On the financial front, our strategy is built on a combination of operational discipline, asset monetization, and strategic transactions. The recent uptick in market conditions, particularly following the U.S. elections, has bolstered the value of our real estate and operational assets. We expect to close on these monetization opportunities soon, which will provide a bridge to a transformative transaction currently under active discussion. This transaction, which we anticipate finalizing in the near term, is expected to bring in significant resources to support our mission while optimizing long-term value for our shareholders.
In summary, we are making significant strides in advancing botensilimab and balstilimab and positioning Agenus for long-term success. I'll now hand it over to Christine to discuss the financials.
Thank you, Robin. Agenus entered the Q3 2024 with a consolidated cash balance of $44.8 million, compared to $76.1 million on December 31, 2023. As Garo mentioned, we have raised $7.1 million through sales of common stock under our market issuance sales agreement since the end of the Q3. Cash used in operations for the nine months ended September 2024 was $129.7 million. This is a reduction from spend of $183.8 million for the same period in 2023. For the three and nine months ended September 30, 2024, we recognize revenue, which includes non-cash revenue, of $25 million and $77 million, respectively. This compares to $24 million and $7 million for the same periods in 2023. Net loss for the three and nine months ended September 30, 2024, is $67 million and $186 million, respectively.
This net loss includes non-cash operating expenses of $41 million for the Q3 and $112 million for the nine months ended September. This compares to a net loss for the three and nine months ended September 30, 2023, of $65 million and $20 million, respectively. Oh, sorry, $209 million, respectively. I'll now turn the call back to Garo.
Thank you, Robin and Christine. As we close, I want to leave you with a sense of what we are striving for at Agenus. Botensilimab and balstilimab is not just a new therapy. It is an opportunity to redefine the future of cancer treatment, and these are the sentiments of not just Agenus team members, but the sentiments of scores of clinicians around the world. Botensilimab and balstilimab is an opportunity to redefine cancer treatment in ways that we think will benefit patients in an unprecedented manner. In MSS colorectal cancer and other hard-to-treat cancers, botensilimab and balstilimab is showing that it's possible to intervene earlier, more effectively, and with outcomes that could preserve not just the survival, but the quality of life that patients deserve.
You will see significant evidence of that at conference presentations very early next year, two separate presentations representing two separate trials in the neoadjuvant setting, one in colorectal cancer, one in cancers that are across the board. This is why we are so committed to advancing this therapy. We know the financial challenges we face, and we are addressing them with deliberate and focused action. By reducing costs, monetizing assets, and advancing discussions on strategic transactions, we are laying the foundation for sustained progress. This is a critical moment for our company and for patients. The science is strong, the clinical momentum is real, and the opportunities ahead of us are extraordinary. But above all, this is about the patients, those who are counting on us to deliver hope and a path forward. I want to thank you for your continued support and belief in our vision.
We remain committed to realizing the full potential of botensilimab and balstilimab for the benefit of patients, shareholders, and the broader medical community. With that, we'll now open the call for questions. Operator?