Agenus (AGEN) investor relations material

Company overview and business model

• Clinical-stage biotechnology company focused on immunotherapies for cancer and infectious disease, with a primary emphasis on immuno-oncology antibody programs.

• Lead clinical program is botensilimab, alone and in combination with balstilimab, targeting activation of innate and adaptive immunity and overcoming tumor immune evasion.

• Holds equity in MiNK Therapeutics, Inc. and majority ownership of vaccine adjuvant business SaponiQx, Inc.

• Strategic realignment in December 2024 prioritized core programs and paused certain non-core activities pending partnerships or targeted funding.

Financial performance and metrics

• Audit report for year ended December 31, 2025, notes recurring losses from operations and net capital deficiency, raising substantial doubt about ability to continue as a going concern.

• $85 million raised in July 2026 private placement, with potential for up to $255 million in additional gross proceeds upon full warrant exercise.

Use of proceeds and capital allocation

• Proceeds from warrant exercises will be used for general corporate and working capital purposes.

• Net proceeds from the private placement are restricted from use in business development, equity repurchases, or early debt repayment.