Analyst Conference Summary

Biotechnology

press release date: August 6, 2026
for quarter ending: June 30, 2026 (Q2, second quarter 2026)
The conference has been rescheduled for September 10, 2026 at 1:30 PM Pacific Time

Forward-looking statements

Overview: Focus on deal to advance Phase 3 Bot+Bal trial

Basic data (GAAP):

Revenue was $34.5 million, up sequentially from $33.7 million and up from $25.7 million year-earlier.

Net income was negative $0.6 million, down sequentially from $39.2 million, and up from negative $30.0 million year-earlier.

Earnings per share, diluted, (EPS) were negative $na, up sequentially from negative $na and up from negative $na year-earlier.

Guidance:

none

Conference Highlights:

CEO Garo Armen stated: "The financing completed in July gives us a clear path to act on the clinical evidence supporting BOT+BAL in a large, underserved patient population. The previously reported neoadjuvant findings support testing whether BOT+BAL before surgery can reduce recurrence and improve the potential for cure. With capital aligned to ROBBIN development milestones, we are positioned to pursue that opportunity with focus and urgency."

Agenus arranged financing with an oversubscribed $85 million private placement. Could raise up to an additional $225 million from milestone-aligned warrents.

The prior Bot+Bal Phase 3 trial (Battman) was stopped in order to pursue a somewhat different opportunity, tied to the financing, and in line with the FDA. The Robbin Phase 3, global, registrational trial will be for Bot+Bal pre-surgery (neoadjuvant) dosing for patients with high-risk Stage II and Stage III microsatellite-stable (MSS) colon cancer. First patient dosing in Q1 2027. This is based on results from the independent Nest and Unicorn clinical trials, which showed deep responses. Would cover about 38,000 annual cases in the U.S. and 200,000 globally. The market opportunity could be $7 billion per year.

In Q2 2026 durable BOT+BAL activity was reported in checkpoint-refractory melanoma and post-immunotherapy hepatocellular carcinoma, supporting activity across tumors that had resisted prior immunotherapy or multiple lines of treatment.

In Q2 expanded the Fench authorized access program to several additional nations. $6.4 million revenue recognized from the program, up sequentially from $4.6 million.

Manuscripts with longer-term follow-up from NEST and UNICORN anticipated in 2H 2026. Investigator-sponsored BOT+BAL data will be at presented at ESMO 2026

Cost of sales was $0 million. Research and development expense was $ million. General and administrative expense was $ million. Cost of service revenue $ million. Other loss $ million. Non-cash interest expense of $ million. Non-cash fair value adjustment negative $ million.

Cash and equivalents balance ended at $18.7 million, down sequentially from $35 million. $85 million was raised after the quarter ended.

Q&A selective summary:

Agenus web site

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