Agenus (AGEN) investor relations material

Executive summary

• Achieved net income of $39.2 million for Q1 2026, reversing a prior loss, driven by a $40.4 million gain from the Zydus asset sale and increased non-cash royalty revenue from GSK vaccine royalties.

• Closed a strategic collaboration with Zydus Lifesciences in January 2026, securing $91.0 million in cash, a $16.0 million equity investment, and up to $50.0 million in contingent payments, plus U.S. manufacturing capacity.

• Expanded early access and regulatory-authorized programs for lead immuno-oncology assets (botensilimab/balstilimab), with global distribution and Phase 3 BATTMAN trial enrollment underway.

• SEC investigation concluded with no enforcement action; related securities class action dismissed, though an appeal is pending.

Financial highlights

• Total revenue for Q1 2026 was $33.7 million, up from $24.1 million in Q1 2025, primarily from non-cash royalty revenue ($29.1 million) and pre-commercial product revenue ($4.6 million).

• Operating expenses decreased 50% year-over-year to $18.7 million, reflecting lower R&D and G&A costs after the Zydus transaction and MiNK deconsolidation.

• Operating income was $15.1 million in Q1 2026, compared to a loss of $13.3 million in Q1 2025.

• Net income per diluted share was $1.02, compared to a loss of $1.03 per share in Q1 2025.

• Cash and cash equivalents rose to $35.0 million at March 31, 2026, from $3.0 million at year-end 2025, excluding $7.5 million in escrow.

Outlook and guidance

• Current cash, anticipated early access revenues, and capital transactions are expected to support liquidity into 2027; additional capital will be needed for commercialization and profitability.

• Focus remains on advancing regulatory submissions for botensilimab/balstilimab in the US and EU, with continued investment in clinical and manufacturing readiness.

• Operating expense base aligned with $50 million annualized framework to support development priorities.