Agenus (AGEN) Investor update summary

Strategic Focus and Financing

• Secured up to $340 million in private placement financing, with $85 million upfront and up to $255 million via warrant exercise, to fully fund the pivotal Phase 3 ROBBIN trial and operations through 2031.

• The ROBBIN trial is a global, randomized, registration-enabling phase III study targeting approximately 850 high-risk Stage II/III MSS colon cancer patients.

• PIPE funding tranches are tied to major trial milestones, aligning capital deployment with value creation.

• Company resources are being redirected, discontinuing support for the BATTMAN Phase 3 study to focus on the neoadjuvant opportunity.

• Board expansion to nine directors, with two new seats designated by Commodore Capital.

Clinical Rationale, Evidence, and Trial Design

• MSS colon cancer represents 85% of early-stage CRC cases and is largely unresponsive to conventional immunotherapy; BOT/BAL aims to address this unmet need.

• NEST and UNICORN phase II studies showed deep, rapid pathologic responses, with up to 30-32% pathologic complete response rates and no recurrences to date.

• Early ctDNA clearance observed, correlating with high disease-free survival rates.

• Favorable safety profile with low incidence of high-grade immune-related adverse events, no surgery delays, and minimal surgical complications.

• ROBBIN trial design and endpoints are FDA-aligned, focusing on event-free survival, with interim and final analyses planned between 2027 and 2030.

Market Opportunity and Commercial Outlook

• The addressable U.S. market for high-risk Stage II/III MSS colon cancer is approximately 38,000 patients annually, translating to a potential >$7 billion opportunity at an illustrative $200,000 treatment course.

• The neoadjuvant setting offers a larger patient population and greater impact on long-term survival compared to late-line metastatic programs.

• Target product profile aims for improved 3-year EFS (from 75% to 82%) and reduced oxaliplatin-induced neuropathy.

• Patent runway is sufficient to complete the study and reach market with exclusivity.

• No new curative-intent therapies approved in over 20 years for this population.