AGEN · Agenus Inc.

Agenus Inc. delivered a transformative Q1 2026, swinging to profitability with $33.7 million in total revenue, including first-ever $4.6 million from pre-commercial BOT+BAL sales via regulatory-authorized access in France and named-patient programs elsewhere. Non-cash royalty revenue of $29.1 million contributed significantly, leading to $15.1 million operating income and $39.2 million net income, a stark reversal from prior-year losses. Cash position strengthened to $35.0 million from $3.0 million at year-end 2025, bolstered by Zydus collaboration proceeds and post-quarter ATM sales, despite $51.8 million in payments for supply release, clinical data generation, and deal closing costs. CEO Garo Armen highlighted physician engagement, Phase 3 BATTMAN enrollment start in April for refractory MSS colorectal cancer, and Zydus deal delivering $91 million upfront ($75 million facilities transfer, $16 million equity) plus up to $50 million contingents and India/Sri Lanka rights. The deal secures U.S. manufacturing without capex, triggered $20 million contingent in March. Strategic priorities focus on access expansion with BAP Pharma, trial advancement via CCTG networks, disciplined $50 million annualized opex, and regulatory paths in U.S./EU. Legal resolutions—SEC no-action in May, class action dismissal in March (appeal pending)—remove overhangs. Approximately 1,300 patients treated with BOT+BAL across nine cancers underscore immune activation in cold tumors, positioning Agenus for pivotal data and commercialization.