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Athenex, Inc.

athenex.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2022 10-K, filed Mar 20, 2023. Its latest SEC filing is a SC 13D/A from Oct 18, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Develops NKT cell therapies and other cancer drug candidates, licenses drug rights to pharmaceutical companies, and distributes specialty medicines to wholesalers.

How Did They Make Money?

Drug companies pay for rights to use licensed drug IP, with upfront fees and milestone payments when development or sales goals are reached, plus royalties as licensed products sell. Athenex also distributes specialty medicines through independent pharmaceutical wholesalers.

FY2022 revenue

Who Were Their Customers?

Pharmaceutical companies can license Athenex's drug rights. For specialty medicines, Athenex sells through independent pharmaceutical wholesalers, which resell to hospitals, other health facilities and independent pharmacies.

Did Revenues Turn Into Profits?

No. It lost $103.4M in FY2022.

Operating income, FY2022
−68% of revenue
▼ −53% (Loss) vs FY2021 (−$150.4M, −158%)
Net income, FY2022
−101% of revenue
▼ −48% (Loss) vs FY2021 (−$199.8M, −209%)

How Were They Changing?

Since the FY2022 annual report
  • Oct 2, 2023 Liquidation plan took effect and cancelled all equity interests The common stock and other equity interests ceased to exist, and holders would receive no distributions.
  • Aug 17, 2023 Chief Financial Officer Joe Annoni left the company Annoni and Athenex agreed to his immediate separation.
  • Jul 18, 2023 Sold Orascovery and pharmaceutical division assets The sales transferred the Orascovery assets and APD business assets to buyers.
  • May 22, 2023 Filed for Chapter 11 and faced Nasdaq delisting The bankruptcy filing led Nasdaq to determine that the common stock would be delisted.

Grew. Revenue grew 15% in 4 years, from $89.1M in FY2018 to $102.8M in FY2022, about 4% a year.

Cell therapy focus The earlier report described several oncology technologies, including Orascovery, Src kinase, TCR-T and arginine deprivation. The latest report centers development on NKT cell therapies while continuing selected Oral Paclitaxel studies.

Supply-chain operations The earlier report described a Global Supply Chain Platform alongside oncology and commercial operations; the latest report describes only the Oncology Innovation and Commercial platforms, after supply-chain components were sold or discontinued.

Who Did They Compete With?

Competes with Adicet Bio, Allogene Therapeutics, Appia Bio, Arovella Therapeutics, Atara Bio, Autolus, BrightPath Biotherapeutics, Caribou Biosciences, Cellectis, Celyad, Century Therapeutics, Crispr Therapeutics, Cytovia Therapeutics, Editas Medicine, Fate Therapeutics, GammaDelta Therapeutics, Immatics, In8bio, Kiromic, and Lava Therapeutics

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