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ARGOS THERAPEUTICS INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Nov 19, 2018. Its latest SEC filing is a 8-K from May 3, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Develops individualized immunotherapies for cancer and HIV patients using its Arcelis platform.

How Did They Make Money?

The NIH and NIAID reimburse research costs as they are incurred and pay for milestones when achieved. Collaborators provide upfront license fees, milestone payments when achieved, and royalties when licensed products are sold.

FY2017 revenue

Who Were Their Customers?

The NIH and NIAID fund development under a research contract. Pharmaceutical and biotechnology collaborators take licenses to product rights in specific markets, including Pharmstandard, Green Cross, Medinet and Lummy HK.

Did Revenues Turn Into Profits?

No. It lost $40.6M in FY2017.

Operating income, FY2017
−3288% of revenue
▲ +19% (Loss) vs FY2016 (−$52.3M, −5532%)
Net income, FY2017
−2136% of revenue
▼ −23% (Loss) vs FY2016 (−$53M, −5609%)
Free cash flow, FY2017
−2059% of revenue
▼ −30% (Loss) vs FY2016 (−$56M, −5924%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q3 FY2018, the three months to Sep 30, 2018
Revenue
▲ +2231%
vs $53.5K in Q3 FY2017
Net income
▼ −18% (Loss)
vs −$6.1M in Q3 FY2017
  • May 3, 2019 PwC resigned as the company’s independent auditor PwC’s 2017 audit report included an explanatory paragraph about substantial doubt over the company’s ability to continue as a going concern.
  • Dec 3, 2018 Argos filed for Chapter 11 and agreed to sell substantially all non-cash assets It terminated its CEO and CFO; the proposed asset sale was subject to court approval.
  • Apr 24, 2018 Nasdaq decided to delist Argos’s common stock The company said trading would move to the OTCQB Venture Market.

Shrank. Revenue fell 57% in 4 years, from $4.4M in FY2013 to $1.9M in FY2017, about 19% a year.

Who Did They Compete With?

Competes with Bayer Healthcare Pharmaceuticals, Onyx Pharmaceuticals, Pfizer, Genentech, Novartis Pharmaceuticals, Bristol-Myers Squibb, Exelixis, and Merck

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