Analyst Conference Summary

Biotechnology

Conference date: 4:30 AM Pacific Time, November 5, 2026
for quarter ending: September 30, 2026 (Q3, third quarter 2026)
But Agenus failed to repost the report, so summary is incomplete

Forward-looking statements

Overview: Continuing progress in BOT + BAL program.

Basic data (GAAP):

Revenue was $31.5 million, down 8% sequentially from $34.5 million and up 4% from $30.2 million year-earlier.

Net income was $1.5 million, up sequentially from negative $0.6 million, and down from $64 million year-earlier. Year earlier included a one-time $101 million gain from deconsolidation.

Earnings per share, diluted, (EPS) were negative $0.02, up sequentially from negative $na and down from $1.94 year-earlier.

Guidance:

none

Conference Highlights:

CEO Garo Armen stated: "We have moved beyond planning the Robbin trial to mobilizing investigators and activating sites around the world in preparation for patient enrollment. The strong investigator engagement in Madrid and Sao Paulo, together with the peer-reviewed Nest and Unicorn publications, strengthens our confidence in the potential of BOT+BAL to change outcomes for patients with MSS colon cancer. We have a clear registrational path and financing aligned with key development milestones anticipated in 2027. Our priority is to bring BOT+BAL earlier in the treatment of cancer, before surgery and other systemic therapies, with the goal of preventing recurrence and increasing the potential for cure. At the same time, patients with advanced cancer need better options today. We continue to see growing international demand for BOT+BAL through France’s AAC program and physician-initiated named-patient programs. Armenia’s decision to grant the first marketing authorizations for BOT and BAL anywhere in the world marks an important step in bringing treatment options to patients with advanced disease who need it today"

At the beginning of Q4, 2026, Armenia granted marketing authorizations for Botvymo (botensilimab) and Evamplix (balstilimab), each for use in combination with the other in adult patients with microsatellite stable (MSS) metastatic colorectal cancer without active liver metastases who have previously received standard therapies. Agenus is pursuing marketing authorizations in other Eurasian Economic Union nations (which could include Belarus, Russia, Kazakhstan, or Kyrgyzstan).

In Q3 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. In Q2 expects to reach 60 patients enrolled, which would trigger the Series A Warrants milestone. Interim patholic response data could be assessed before the end of 2027. If approved 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 Q3 the French authorized access program, with several additional nations, generated $6.0 million revenue, down sequentially from $6.4 million. Non-cash royalty revenue was $25.4 million.

In Q4, November 2026 the long=term servivor and translational research data for Bot/Bal will be presented at SITC.

Total operating expenses wer $20.1 million. Cost of sales was $0 million. Research and development expense was $12 million. General and administrative expense was $8 million. Operating income $11.4 million. Non-cash interest expense of $14.5 million. Non-cash fair value adjustment negative $2 million. Other expense $4 million. Net income $2.7 million, expenses to others $1.2 million, so net income attributable to shareholders $1.5 million.

Cash and equivalents balance ended at $35 million, up sequentially from $18.7 million. $85 million was raised Q3 with a private stock sale..

Q&A selective summary:

Agenus failed to repost the report.

Agenus web site

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