Agenus Inc. Reports Fiscal Year 2025 Results with Focus on Botensilimab and Balstilimab Program

**Agenus Inc. Reports Fiscal Year 2025 Results, Prioritizes Lead Program**

Agenus Inc., a clinical-stage biotechnology company focused on cancer and infectious disease immunotherapies, announced its financial results for the fiscal year ended December 31, 2025. The company reported a net loss of $3.1 million, compared to a net loss of $232.3 million in the previous fiscal year. The company's revenue primarily consisted of $108.6 million in non-cash royalty revenue related to the sale of future royalties, an increase from $101.0 million in 2024, driven by increased net sales of GlaxoSmithKline's (GSK) vaccines containing Agenus' QS-21 STIMULON adjuvant. Additionally, the company recognized $4.2 million in pre-commercial product revenue from sales of botensilimab and balstilimab through early access programs.

Significant changes in operating expenses were also reported. Research and development expenses decreased by 49% to $79.3 million, primarily due to reduced third-party service costs, personnel expenses, and subsidiary activities, partially offset by increased professional fees. General and administrative expenses also decreased by 24% to $54.4 million, mainly due to lower personnel costs and subsidiary expenses. The company also reported a gain from the deconsolidation of MiNK Therapeutics, Inc. of $100.9 million, and a fair value adjustment for its remaining investment in MiNK of negative $26.3 million.

Operationally, Agenus has prioritized its botensilimab and balstilimab program, including a global Phase 3 trial in refractory MSS/pMMR colorectal cancer. The company is also seeking accelerated approval in the United States and conditional approval in the European Union for botensilimab plus balstilimab in refractory microsatellite-stable metastatic colorectal cancer without active liver metastases. Agenus has also entered into a strategic collaboration with Zydus Lifesciences, including the sale of its biologics manufacturing facilities for $91.0 million. As of February 28, 2026, Agenus had 81 employees, including 19 with Ph.D. degrees and 5 with M.D. degrees.

Looking ahead, Agenus intends to focus its capital on the botensilimab/balstilimab program in colorectal cancer and other tumor types. The company plans to advance late-stage development, support patient access programs, and conduct clinical trials. Agenus maintains manufacturing flexibility through strategic collaborations, particularly with Zydus. Based on current plans and projections, Agenus believes its cash resources will be sufficient to satisfy critical liquidity requirements into 2027, contingent on additional capital transactions. The company is actively pursuing financing and strategic alternatives, including corporate transactions, out-licensing arrangements, asset sales, and additional debt or equity financings.