Agenus (AGEN) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Strategic overview and financing

• Lead asset BOT/BAL targets cold tumors in prevalent solid cancers, showing unprecedented results in MSS populations and driving recent $340M PIPE financing, with $85M upfront and two warrant tranches tied to trial milestones.

• Phase III trial in stage II/III MSS colon cancer is aligned with FDA and fully funded through 2031 if both warrant tranches are triggered.

• The opportunity in earlier-stage settings is significant, with a focus on delivering curative outcomes to a large patient population.

Mechanism of action and clinical rationale

• BOT is a next-generation CTLA-4 antibody engineered for tighter Fc receptor binding and improved safety, while BAL is a PD-1 comparable to existing agents.

• Combination therapy amplifies immune response and depletes Tregs, converting cold tumor microenvironments, as shown in preclinical and clinical studies.

Clinical data and trial design

• Neoadjuvant studies (NEST, UNICORN) in MSS CRC showed 29-32% complete pathologic response rates, far exceeding historical controls (4-10%).

• No relapses observed in patients with complete response over 24-32 months follow-up; historical relapse rate is 25% at three years.

• Phase III ROBBIN study will randomize 850 patients, with primary endpoint of event-free survival and interim analyses planned.