Jamieson Wellness Inc. Reports First Quarter 2025 Results
'Our team delivered solid results in Q1 that continued to demonstrate the power of our strategy in action,' said Mike Pilato, President and CEO of Jamieson Wellness. 'Consolidated revenue growth in the quarter was 14%, and branded revenue growth of 13.9% exceeded our expectations. We also grew Adjusted EBITDA ahead of revenue, reflecting both sustained global demand for our products and our team's precise execution in meeting that opportunity.
"Our China business grew over 50% in Q1 as we capitalized on our strategic investments and tailored approach to this key region. In the U.S, we are on track to meet our growth expectations as we are actively expanding the youtheory brand with our new e-commerce partner. Our strategic initiatives in Canada and International markets reflected both category strength and our continued ability to outpace market growth.
"2025 is off to a great start. We're executing on our innovation roadmap, expanding channel reach, and enhancing operational efficiency to maintain this momentum. This focused strategy will continue to drive revenue, EBITDA, and cash flow growth in the coming year. We're grateful for our team's unwavering dedication and the loyalty of our customers and consumers as we continue to deliver innovative natural health solutions and build on our foundation of profitable growth."
First Quarter Highlights
Strong consumer consumption in Canada led by continued growth in club and e-commerce channels
Revenue growth in China exceeded expectations, driven by strengthening brand awareness, focus on social commerce, retail, and cross-border strategies
Elevated consumer consumption of the youtheory brand across all channels, impacted by timing of innovations in the same quarter prior year
Immunity and women's health focused campaigns drove demand in the Middle East and Asia
Published second annual sustainability impact report, detailing progress towards the Company's 2030 and 2050 sustainability goals
First Quarter Financial Results Consolidated Summary
All comparisons are with the first quarter of 2024
Consolidated revenue increased 14.0% to $146.0 million, driven by 13.9% growth in Jamieson Brands and 14.9% growth in Strategic Partners
Gross profit increased by $12.4 million to $55.2 million; normalized gross profit increased by $10.4 million largely driven by higher revenues and increased margins
Gross profit margin 3 increased by 440 basis points; normalized gross profit margin increased 270 basis points due to volume driven efficiencies and favourable channel mix
EBITDA 1 increased by $0.6 million to $7.8 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA 1 increased by $3.0 million or 18.4% to $19.1 million, reflecting the impact of higher sales volumes and gross profit margins, partially offset by investments in SG&A
Net loss was $2.5 million; Adjusted net earnings 1 was $5.9 million, or $2.0 million higher, reflecting higher normalized earnings from operations
Diluted earnings per share was ($0.06); Adjusted diluted earnings per share 2 was $0.14
Summary of Segment Results
All comparisons are with the first quarter of 2024
Jamieson Brands
Revenue increased 13.9% or $16.0 million to $131.4 million
Canada revenue increased by 14.3% to $69.5 million, driven by continued strong consumer consumption and pricing while lapping lower shipments prior year due to the labour disruption
China revenue increased 52.1% to $28.5 million, driven by strengthening of brand awareness and growth in social e-commerce that continues to outpace the market
youtheory revenue declined by 13.0% to $26.5 million as expected. Strong consumption driving shipment growth of 16.5% in traditional channels in the quarter was offset by the impact of lapping innovation pipefill in Q1 2024. Q1 2025 revenue growth increased by 19.3% vs Q1 2023.
International revenue increased by 28.8% to $6.9 million, driven by growth in key markets while lapping lower shipments prior year due to the labour disruption
Gross profit increased by $12.7 million to $53.8 million; normalized gross profit increased by $10.4 million mainly due to higher revenues and increased margins
Gross profit margin 3 increased by 520 basis points to 40.9%; normalized gross profit margin increased by 320 basis points to 41.7%, mainly due to volume driven efficiencies and favourable channel mix
Adjusted EBITDA 1 increased by $3.1 million to $18.3 million, driven by higher gross profit partially offset by increased investments in SG&A to support growth and brand awareness in China; Adjusted EBITDA margin 2 was 13.9%, an increase of 80 basis points mainly due to higher normalized gross profit
Strategic Partners
Revenue increased 14.9% or $1.9 million to $14.6 million, driven by shipments of new customer contracts awarded in the fourth quarter of the prior year and timing of customer orders
Gross profit was $1.4 million, a decrease of $0.2 million; gross profit margin 3 was 9.8%, a decrease of 320 basis points; normalized gross profit margin decreased by 160 basis points to 11.4% driven mainly by customer mix
Adjusted EBITDA 1 was $0.8 million, a decrease of $0.2 million; Adjusted EBITDA margin 2 was 5.4%, a decrease of 230 basis points
Balance Sheet and Cash Flow from Operations
All comparisons are with the first quarter of 2024
As at March 31, 2025, the Company had approximately $246.1 million in cash and available revolving and swingline facilities and net debt 1 of $253.9 million
The Company generated $31.6 million in cash from operations compared to $7.3 million used in Q1 2024
Cash from operating activities before working capital considerations of $4.7 million was consistent with prior year
Cash generated from working capital increased by $38.8 million driven by lower accounts receivable due to the timing of customer collections
During the period ended March 31, 2025, the Company purchased for cancellation 348,160 Common Shares under its NCIB program for an aggregate consideration of $10.0 million
1 This is a non-IFRS financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS financial measure.
2 This is a non-IFRS ratio. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each non-IFRS ratio.
3 This is a supplementary financial measure. See the 'Non-IFRS and Other Financial Measures' section of this press release for more information on each supplementary financial measure.
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Maintaining Fiscal 2025 Outlook
The Company is maintaining its outlook for the 2025 fiscal year and continues to anticipate the following:
Revenue to range between $800.0 to $840.0 million (+9.0% to +14.5% growth)
Adjusted EBITDA to range from $157.0 to $163.0 million (+11.0% to +15.5% growth)
Adjusted diluted earnings per share to range from $1.82 to $1.93 (+13.0% to +20.0% growth)
Based on the currently announced tariff framework, which the Company recognizes is constantly evolving, no material impact is expected in 2025. For additional details on the Company's fiscal 2025 outlook, including guidance for the second quarter of 2025, refer to the 'Outlook' section in the management's discussion and analysis of financial condition and results of operations ('MD&A') for the three months ended March 31, 2025.
Declaration of First Quarter Dividend
The board of directors of the Company declared a cash dividend for the first quarter of 2025:
$0.21 per common share, or approximately $8.8 million in the aggregate
Paid on June 13, 2025 to all common shareholders of record at the close of business on May 30, 2025
The Company has designated this dividend as an 'eligible dividend' for the purposes of the Income Tax Act (Canada)
Consolidated Financial Statements and Management's Discussion and Analysis
The Company's unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three months ended March 31, 2025 and related MD&A are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Investor Relations section of the Company's website at https://investors.jamiesonwellness.com.
Conference Call
Management will host a conference call to discuss the Company's first quarter 2025 results at 5:00 p.m. ET today, May 8, 2025. To access:
By phone: 1-844-763-8274 from Canada and the U.S. or 1-647-484-8814 from international locations
Online: https://investors.jamiesonwellness.com or https://www.gowebcasting.com/14031
About Jamieson Wellness
Jamieson Wellness is dedicated to Inspiring Better Lives Every Day with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada's #1 vitamins, minerals and supplements ('VMS') brand. The Company's youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The Company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit jamiesonwellness.com.
Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2024 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as 'expect', 'anticipate', 'intend', 'may', 'will', 'estimate' and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under 'Risk Factors' in the Company's Annual Information Form dated March 31, 2025 and under the 'Risk Factors' section in the MD&A filed today, May 8, 2025. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.
The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See 'Forward-looking Information' and 'Risk Factors' within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.
Jamieson Wellness Inc.
Consolidated Statements of Financial Position
In thousands of Canadian dollars
December 31,
2024
Assets
Current assets
Cash
41,113
44,787
Accounts receivable
128,113
228,031
Inventories
177,947
154,658
Derivatives
1,441
2,661
Prepaid expenses and other current assets
8,757
6,803
Income taxes recoverable
4,037
-
361,408
436,940
Non-current assets
Property, plant and equipment
102,294
103,591
Goodwill
287,454
287,503
Intangible assets
375,684
377,214
Deferred income tax
3,855
3,545
Total assets
1,130,695
1,208,793
Liabilities
Current liabilities
Accounts payable and accrued liabilities
97,284
137,653
Income taxes payable
990
4,373
Derivatives
2,688
2,982
Current portion of other long-term liabilities
27,740
27,673
128,702
172,681
Long-term liabilities
Long-term debt
295,000
308,285
Post-retirement benefits
1,238
1,209
Deferred income tax
62,601
64,467
Redeemable preferred shares
100,410
98,138
Other long-term liabilities
14,334
15,633
Total liabilities
602,285
660,413
Equity
Share capital
325,426
326,219
Warrants
14,705
14,705
Contributed surplus
24,029
23,835
Retained earnings
80,521
99,109
Accumulated other comprehensive income
40,576
41,313
Total shareholders' equity
485,257
505,181
Non-controlling interests
43,153
43,199
Total equity
528,410
548,380
Total liabilities and equity
1,130,695
1,208,793
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Non-IFRS and Other Financial Measures
This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses the following non-IFRS financial measures: 'EBITDA', 'Adjusted EBITDA' and 'Adjusted net earnings', the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, 'normalized gross profit', 'normalized SG&A', 'normalized earnings from operations', 'cash from operating activities before working capital considerations' and 'net debt', the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: 'Adjusted EBITDA margin', 'Adjusted diluted earnings per share', 'normalized gross profit margin', 'normalized operating margin', and the following supplementary financial measures: 'gross profit margin' and 'operating margin' to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the 'How we Assess the Performance of our Business' section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company's financial statements to which the measure relates.
The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the 'Non-IFRS and Other Financial Measures' of this press release for further information on each non-IFRS financial measure) for the three months ended March 31, 2025.
Reconciliation of Non-IFRS Financial Measures
In thousands of Canadian dollars
Three months ended
March 31
2025
2024
Net loss:
(2,514
)
(3,719
)
Add:
Recovery of income taxes
(1,624
)
(1,124
)
Interest expense and other financing costs
4,908
4,873
Accretion on preferred shares
2,272
2,219
Depreciation of property, plant, and equipment
3,255
3,516
Amortization of intangible assets
1,500
1,384
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
7,797
7,149
Share-based compensation (3)
2,087
1,749
Foreign exchange loss/(gain)
504
(771
)
Labour relations costs (1)
-
4,693
IT system implementation (2)
5,535
2,980
Donations (4)
3,118
-
Legal and other
25
297
Adjusted EBITDA
19,066
16,097
Recovery of income taxes
1,624
1,124
Interest expense and other financing costs
(4,908
)
(4,873
)
Depreciation of property, plant, and equipment
(3,255
)
(3,516
)
Amortization of intangible assets
(1,500
)
(1,384
)
Share-based compensation (3)
(1,965
)
(1,627
)
Tax deduction from vesting of certain share-based awards
(689
)
-
Tax effect of normalization adjustments
(2,425
)
(1,906
)
Adjusted net earnings
5,948
3,915
Three months ended
March 31
2025
2024
Gross profit
55,220
42,785
Labour relations costs (1)
-
3,253
IT system implementation (2)
1,249
-
Normalized gross profit
56,469
46,038
Normalized gross profit margin
38.7
%
36.0
%
Selling, general and administrative expenses
49,587
39,558
Donations (4)
(3,118
)
-
IT system implementation (2)
(4,286
)
(2,980
)
Labour relations costs (1)
-
(1,440
)
Legal and other
(25
)
(297
)
Normalized selling, general and administrative expenses
42,158
34,841
Earnings from operations
3,546
1,478
IT system implementation (2)
5,535
2,980
Labour relations costs (1)
-
4,693
Donations (4)
3,118
-
Legal and other
25
297
Normalized earnings from operations
12,224
9,448
Normalized operating margin
8.4
%
7.4
%
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(1)
Prior year expenses are comprised of third party legal, security fees and unavoidable facility expenditures. All expenses are directly related to the facility closure and collective bargaining process with unionized employees at a manufacturing and warehousing facility in Windsor, Canada.
(2)
Mainly pertains to development and post implementation start-up costs associated with our IT system implementation to augment our system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly.
(3)
Our share-based compensation expense pertains to our long-term incentive plan, with stock options, performance-based share units, time-based restricted share units, and deferred share units expenses, along with associated payroll taxes.
(4)
Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires.
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Adjusted EBITDA adjusts EBITDA for stock-based compensation expense, transactional gains and losses, acquisition related costs, finance and other income, recovery on settlement of contingent consideration, asset impairment charges, and the impact of unrealized gains or losses on foreign exchange contracts. 2 Total Operating Expenses refer to the measure reported in accordance with IFRS.3 Capital Expenditure is defined as Additions to property, plant and equipment and Investment in other intangible assets as disclosed in the Consolidated Statements of Cash Flows.4 We report our results in the single operating segment of Fuel Cell Products and Services. Our Fuel Cell Products and Services segment consists of the sale of PEM fuel cell products and services for a variety of applications including Heavy-Duty Mobility (consisting of bus, truck, rail, and marine applications), Stationary Power, and Emerging and Other Markets (consisting of material handling, off-road, and other applications). Revenues from the delivery of Services, including technology solutions, after sales services and training, are included in each of the respective markets. (Expressed in thousands of U.S. dollars) Three months ended June 30, Cash Operating Costs 2025 2024 $ Change Total Operating Expenses $ 31,705 $ 36,228 $ (4,523) Stock-based compensation expense (2,289) (2,568) 279 Impairment recovery (losses) on trade receivables (491) (21) (470) Acquisition related costs - - - Restructuring and related (costs) recovery (5,851) (161) (5,690) Impact of unrealized gains (losses) on foreign exchange contracts 249 (126) 375 Depreciation and amortization (659) (2,436) 1,777 Cash Operating Costs $ 22,664 $ 30,916 $ (8,252) (Expressed in thousands of U.S. dollars) Three months ended June 30, EBITDA and Adjusted EBITDA 2025 2024 $ Change Net loss from continuing operations $ (24,280) $ (31,463) $ 7,183 Depreciation and amortization 963 3,749 (2,786) Finance expense 495 590 (95) Income taxes (recovery) 24 68 (44) EBITDA $ (22,798) $ (27,056) $ 4,258 Stock-based compensation expense 2,289 2,568 (279) Acquisition related costs - - - Finance and other (income) loss (10,819) (11,015) 196 Impairment charge on property, plant and equipment 939 - 939 Gain on sale of property, plant and equipment (3) - (3) Impact of unrealized (gains) losses on foreign exchange contracts (249) 126 (375) Adjusted EBITDA $ (30,641) $ (35,377) $ 4,736 View original content to download multimedia: SOURCE Ballard Power Systems Inc. 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Business Wire
15 minutes ago
- Business Wire
Agenus Announces Second Quarter 2025 Financial Results and Virtual Meeting to Discuss Strategic Progress
LEXINGTON, Mass.--(BUSINESS WIRE)--Agenus Inc. ('Agenus' or the 'Company') (Nasdaq: AGEN), an immuno-oncology company focused on innovation, today reports financial results for the second quarter of 2025 and highlighted major clinical, regulatory, and operational milestones supporting the advancement of its botensilimab (BOT) and balstilimab (BAL) immunotherapy combination. Botensilimab is a next-generation, multifunctional, Fc enhanced, CTLA-4 antibody and BAL is a proprietary PD-1 antibody; together they are designed to trigger robust and durable immune attacks against 'cold,' treatment-resistant tumors, offering new hope where standard therapies have failed. 'Our team is committed to advancing BOT/BAL to deliver meaningful benefits to patients with treatment-resistant cancers, and we are working with regulatory agencies to expedite access through a streamlined Phase 3 trial,' said Garo Armen, Ph.D., Chairman and Chief Executive Officer of Agenus. 'With significant clinical progress, strategic partnerships, and prudent financial management, we are well-positioned to execute our vision of transforming cancer care.' Regulatory Highlights Breakthrough Survival in Refractory MSS CRC – At the 2025 ESMO Gastrointestinal Cancers Congress, BOT + BAL reported a 42% two-year survival rate and median overall survival of ~21 months in a trial of 123 patients with refractory no liver met MSS metastatic colorectal cancer (mCRC). Regulatory Alignment on Registrational Phase 3 Trial (BATTMAN) – Following an End-of-Phase 2 meeting on July 1, 2025, the FDA agreed to a streamlined two-arm BATTMAN Phase 3 design, having agreed to BOT/BAL's contribution of components. This agreement also marks a shift from a three-arm trial previously proposed by regulators and enables trial initiation in Q4 2025. Expanding Evidence Across Tumor Types – New data from a neoadjuvant pan-cancer trial (NEOASIS study) showed robust pathological responses across MSS and MSI-H solid tumors, including triple-negative breast cancer, with no dose-limiting toxicities. Translational data from ASCO confirmed BOT/BAL's ability to activate T cells and address resistance in MSS tumors, supporting its potential across cancers. 'The BOT/BAL combination is delivering durable responses and survival outcomes in refractory MSS colorectal cancer,' said Richard M. Goldberg, M.D., Chief Development Officer of Agenus. 'With regulatory clarity and a focused development team, we are poised to execute the BATTMAN trial and explore earlier treatment settings to maximize patient impact.' Strategic Partnerships Zydus Lifesciences Collaboration – The collaboration for U.S. manufacturing and commercialization in India/Sri Lanka is progressing toward a Q3 2025 closing, delivering $91M in upfront capital and equity investment upon closing to support development and regulatory activities. Noetik AI Biomarker Collaboration using AI algorithms – Agenus commenced a partnership with Noetik AI to refine patient selection, enhancing BOT/BAL's clinical impact and unlocking potential future revenue streams through precision oncology. Broader Portfolio Synergies – Agenus continues to leverage its significant ownership of MiNK Therapeutics and SaponiQx, to advance combination treatments with adoptive cell therapies and adjuvants, broadening its immuno-oncology pipeline. Key 2H 2025 Catalysts— Building on recent clinical, regulatory, and partnership momentum, Agenus anticipates several significant milestones in the second half of 2025: Registrational Trial Launch – In Q4 2025, initiate the global BATTMAN Phase 3 trial of BOT/BAL in refractory MSS CRC in partnership with the Canadian Clinical Trials Group (CCTG), committed to executing with speed and precision. Significant Clinical Data Generation – Expand evidence for BOT/BAL's activity in earlier-line and neoadjuvant MSS colorectal cancer and other tumors through strategic collaborations and investigator-sponsored trials. Upcoming Data Presentations – Share new BOT/BAL clinical results in colorectal and other solid tumors at major oncology congresses in Q4 2025, reinforcing its therapeutic potential. Financial Highlights— Agenus continues to strengthen its financial position through prudent cost management and strategic capital-raising efforts in addition to Zydus collaboration, positioning the company to execute its clinical and regulatory objectives. Key financial metrics for Q2 2025 are summarized below: Revenue and Net Loss – Agenus reported revenue of $25.7 million for Q2 2025 and $49.8 million for Q2 YTD 2025, primarily from non-cash royalty revenue, compared to $51.5 million in Q2 YTD 2024. The net loss Q2 YTD 2025 was $56.4 million, or $2.03 per share, a significant improvement from $118.3 million, or $5.56 per share, for Q2 YTD 2024. Reduced Cash Burn – Cash used in operations decreased to $45.8 million for Q2 YTD 2025 from $76.4 million for Q2 YTD 2024. These reductions are a consequence of prudent cost management and are expected to continue into the second half of 2025. Agenus is also in active negotiations for collaborations that could result in additional significant infusions of cash resources. Liquidity and Future Outlook – With the $91 million Zydus infusion expected upon closing, combined with its current cash balance, Agenus expects to fund the launch of its Phase 3 trial. Further, the company is in negotiations to secure additional funding streams from partnerships currently under negotiation and BOT/BAL's commercial prospects in geographies beyond North America, Europe and Japan. Webcast and Conference Call Information The Company will host a webcast and Stakeholder Briefing on August 27, 2025, to review Q2 financial results, anticipated data milestones, and the global BOT/BAL development program. About Agenus Agenus is a leading immuno-oncology company targeting cancer with a comprehensive pipeline of immunological agents. Founded in 1994, Agenus is advancing antibody therapeutics, adoptive cell therapies through MiNK Therapeutics, and adjuvants through SaponiQx, leveraging robust end-to-end development capabilities, including commercial and clinical cGMP manufacturing facilities and a global clinical operations footprint. Agenus is headquartered in Lexington, MA. For more information, visit or @agenus_bio. Agenus' Commitment to Patient Access Agenus is dedicated to making investigational medicines available to patients with cancer at the appropriate time and in the correct manner. For more information, visit About Botensilimab (BOT) Botensilimab (AGEN1181) is a next-generation, multifunctional, Fc-enhanced CTLA-4 antibody engineered to boost both innate and adaptive anti-tumor immune responses. Its unique design aims to overcome the limitations of first-generation CTLA-4 inhibitors (like ipilimumab) and extend immunotherapy benefits to 'cold' tumors that typically respond poorly or not at all to standard immune checkpoint blockade. Botensilimab's Fc-enhanced structure allows it to robustly engage activating Fc receptors on key immune cells, thereby priming and activating T cells, depleting immunosuppressive regulatory T cells in the tumor microenvironment, activating myeloid cells, and inducing long-term immune memory. Through these mechanisms, botensilimab has demonstrated the ability to ignite immune responses across a range of solid tumors, including those resistant to conventional PD-1 or CTLA-4 therapies. To date, approximately 1,200 patients have been treated with botensilimab and/or balstilimab in Phase 1 and 2 trials. Botensilimab alone or in combination with Agenus' investigational PD-1 antibody balstilimab has shown clinical responses in nine different metastatic cancers in late-line settings. For more information on ongoing botensilimab trials, please visit About Balstilimab (BAL) Balstilimab (AGEN2034) is a novel, fully human monoclonal IgG4 antibody that blocks PD-1 (programmed cell death-1) from interacting with its ligands PD-L1 and PD-L2. By inhibiting the PD-1 checkpoint pathway, balstilimab aims to restore T-cell activity against tumors. It has been evaluated in over 900 patients to date and has demonstrated clinical activity with a favorable tolerability profile in several tumor types. Balstilimab is being studied both as a monotherapy and in combination with other agents (such as botensilimab) to expand its therapeutic impact. Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding the botensilimab and balstilimab clinical programs, expected trial initiations, regulatory plans, and potential benefits of the combination therapy. These statements are subject to risks and uncertainties described in Agenus' most recent Annual Report on Form 10-K for 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. Agenus cautions investors not to place undue reliance on these statements, which speak only as of the date of this announcement. The company undertakes no obligation to update or revise these statements, except as required by law.
Business Wire
15 minutes ago
- Business Wire
Real Luxury Tapped to Lead Sales and Marketing for Bozeman Yards—Bozeman's Boldest New Luxury Condo Development
MIAMI--(BUSINESS WIRE)--The Real Brokerage Inc. (NASDAQ: REAX), a leading real estate technology platform redefining the industry through innovation and culture, today announced that Real Luxury, the company's elite division focused on high-end real estate, has been selected to lead sales and marketing for Bozeman Yards, a landmark new luxury condominium development in Bozeman, Mont. Expected to surpass $100 million in total sales, Bozeman Yards is poised to set a new standard for amenities and quality of life in Bozeman's growing luxury real estate market. 'This project perfectly blends urban luxury living, nature, design and lifestyle. It's an embodiment of modern luxury in one of the most dynamic emerging markets in the West,' said Kofi Nartey, Executive Director of Real Luxury. Leading the effort are Kofi Nartey, Executive Director of Real Luxury, and Amelia Turbyfill, Real Luxury Regional Director for the Northwest. In collaboration with Bozeman Realty Group, Nartey and Turbyfill will oversee the full sales strategy and marketing campaign, bringing together national prestige, global reach and deep local market expertise to attract a new wave of luxury buyers. 'We are thrilled to bring Bozeman Yards to market,' Nartey said. 'This project perfectly blends urban luxury living, nature, design and lifestyle. It's an embodiment of modern luxury in one of the most dynamic emerging markets in the West.' Redefining Mountain Luxury Living Phase One of Bozeman Yards will include 39 thoughtfully designed residences, featuring premium penthouses, a state-of-the-art wellness center, full gym, plunge pool and stunning views of the Bridger Mountains. The project offers a unique lifestyle proposition for affluent buyers who desire high-design, access to nature and community without the density or saturation of traditional luxury hubs. With the private Yellowstone Club nearby and the highly anticipated One & Only Moonlight Basin coming to Big Sky, Bozeman is quickly becoming a preferred alternative to conventional high-end resort towns, offering exclusivity, authenticity and lifestyle. 'Today's buyers want experience, privacy, nature and a strong sense of place,' Turbyfill said. 'Bozeman Yards is more than a development. It's a destination for those seeking to live well, breathe deep and invest in a lifestyle as much as a property. It embodies everything Bozeman stands for and everything discerning buyers are looking for.' Strong Early Interest With full delivery projected for Fall 2027, Bozeman Yards is already drawing strong demand, with over 25% of residences reserved during the pre-launch phase. Interest spans regional second-home buyers to national investors seeking long-term lifestyle and equity upside in Montana's fastest-growing market. To learn more or schedule a private appointment, please email Turbyfill at a@ or Nartey at kofi@ About Real Real (NASDAQ: REAX) is a real estate experience company working to make life's most complex transaction simpler. The fast-growing company combines essential real estate, mortgage and closing services with powerful technology to deliver a single seamless end-to-end consumer experience, guided by trusted agents. With a presence in all 50 states throughout the U.S. and Canada, Real supports over 29,000 agents who use its digital brokerage platform and tight-knit professional community to power their own forward-thinking businesses. Additional information can be found on its website at Forward-Looking Statements Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding agent growth. These forward-looking statements are subject to risks, uncertainties and assumptions, including the risk of slowdowns in real estate markets, economic and industry downturns and Real's ability to attract new agents and retain current agents. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements. They include the risks discussed under the heading 'Risk Factors' in the Company's Annual Information Form dated March 6, 2025, and 'Risks and Uncertainties' in the Company's Quarterly Management's Discussion and Analysis for the period ended June 30, 2025, copies of which are available under the Company's SEDAR+ profile at It is not possible for management to predict all the possible risks that could affect Real or to assess the impact of all possible risks on Real's business.
