Shares of the clinical-stage immunotherapy company Agenus (NASDAQ: AGEN) fell by 11.7% during the first three and half days of trading this week, according to data provided by S&P Global Market Intelligence. The biotech's stock has been trending lower ever since it reported fourth-quarter and full-year 2022 financial results last week. 

The key issue that appears to be weighing on Agenus' stock is the company's near-term financial outlook. In its Q4 earnings report, Agenus announced that it had exited the most recent quarter with $193 million in cash, cash equivalents, and short-term investments.

While this amount may seem like a lot in absolute terms, Agenus burned through cash at an alarming rate over the prior year. Speaking to this point, the biotech revealed that it had incurred a net loss of $231 million (including a noncash expense of $96 million) over the whole of 2022. Agenus, in turn, may have to consider a public offering at some point this year.

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Source Fool.com