Agenus Inc. · NASDAQ:AGEN
Agenus — Investor Presentation (April 2026)
24 slides from Agenus's investor presentation, April 2026
Slide 1: Botensilimab & Balstilimab: Redefining Immunotherapy in Cold Tumors
Botensilimab & Balstilimab: Redefining Immunotherapy in Cold Tumors Agenus Corporate Overview | April 2026
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding Agenus’ clinical development and regulatory plans (including the scope of any regulatory approval and th
Slide 3: BOT+BAL is a Differentiated ICI Combo with Multiple Value Drivers
Botensilimab + Balstilimab ("BOT+BAL") is a Differentiated ICI Combo with Multiple Value Drivers Across Development, Registration, and Expansion Opportunities Late-Line BLA Expansion in Early Phase 3 Underway Submission Planned Disease Settings Accelerated approval potential based on Registrational,
Slide 4: Colorectal Cancer Faces Two Urgent Challenges: Rising Burden and Limited Innovation
Colorectal Cancer (CRC) Faces Two Urgent Challenges: Rising Burden of Disease and Limited Innovation – Especially in Microsatellite Stable (MSS) Disease Most CRC lacks effective 1 Rising CRC Burden 2 immunotherapy options • Colorectal cancer (CRC) is now the • Microsatellite stable (MSS) accounts le
Slide 5: Immunotherapy: A Proven Path to Long-Term Survival with Curative Potential
Immunotherapy: A Proven Path to Long-Term Survival with Curative Potential Long-term survival “tails” have been observed Immunotherapy Approach with dual checkpoint blockade Long-term survival “tails” have been Immunotherapy can enable durable, treatment- observed with dual checkpoint blockade free
Slide 6: Botensilimab: A Differentiated Anti–CTLA-4 Designed to Overcome Resistance
Botensilimab (BOT): A Differentiated Anti–CTLA-4 Designed to Overcome Resistance and Activate Anti-Cancer Immunity1-5 Botensilimab APCs Complement X Factors T Cell Treg NK Cell Activates Reduces Avoids Difficult- Fc-Enhanced APCs/Myeloid Cells Intratumoral To-Treat Immune- Regulatory T cells Related
Slide 7: BOT+BAL Converting Tumors from Cold to Hot
BOT+BAL Is Uniquely Effective in Driving Durable Anti-Cancer Immunity and Converting Tumors from “Cold” (Immune Evading) to “Hot” (Immune Activated) “Cold” Tumors1 “HOT” Tumors2 • Hidden from the immune system • Detectable by the immune system • Poor/no response to approved immunotherapy • Sensitive
Slide 8: Examples of 100% tumor regression
Examples of 100% tumor regression After 1 dose of BOT + 2 doses of BAL with no concurrent nor prior therapy; from ongoing neoadjuvant Phase 2 trials (NEST and NEOASIS) BOT + BAL Potential of Immunotherapy MSS Colorectal Approach with BOT+BAL Cancer5 7 weeks Chemotherapy-free option Manageable sa
Slide 9: BOT+BAL Represents a Large and Growing Market Opportunity
BOT+BAL Represents a Large and Growing Market Opportunity, with ~$10B+ in Peak Annual Global Revenue Potential in MSS CRC $>25B $8–10B $2–3B Initial Entry Near-Term Expansion Long-Term Value Relapsed/Refractory Neoadjuvant Pan Tumor MSS mCRC MSS CRC Data in 9+ tumor types Annual patients Annual pati
Slide 10: Durable Survival with BOT+BAL Beyond Historical Expectations in MSS mCRC
Durable Survival with BOT+BAL Beyond Historical Expectations in MSS mCRC, where ≥2 yr Survival is Rare BOT+BAL R/R MSS mCRC1 BOT + BAL Benchmarks 100 3L+ Standard of Carea 90 Median OS: 20.9 months Median OS: 10-14 months 80 2-Year Survival Rate: 42% Long-term survival uncommon 70 Best Supportive Ca
Slide 11: Pan-Tumor Phase 1b: Expanded Safety Dataset Shows Manageable Tolerability
Pan-Tumor Phase 1b: Expanded Safety Dataset Shows Manageable Tolerability Profile Selected BATTMAN (Ph3) Dose Safety event, n (%) 1 mg/kg (n=228) 2 mg/kg (n=183) Overall (N=411) Any grade TRAE 85% 86% 85% Grade 1-2 TRAEs 57% 48% 53% Grade ≥3 TRAEs 28% 38% 32% Grade 1 or 2 Grade ≥3 Grade 1 or 2 Grade
Slide 12: BATTMAN: Phase 3 RCT Designed to Confirm Survival Benefit in R/R MSS mCRC
BATTMAN: Phase 3 RCT Designed to Confirm Survival Benefit in R/R MSS mCRC; FDA Aligned to Support Registration (NCT07152821) Primary Endpoint: BOT + BAL BOT: 75 mg IV Q6W x 4 doses • Overall Survival Patients with pMMR (MSS) BAL: 450 mg IV Q3W Advanced CRC (N=834) Select Secondary Endpoints: Randomi
Slide 13: Strong Clinical Activity Compares Favorably to BSC Benchmarks
Strong Clinical Activity Observed Previously with BOT+BAL Compares Favorably to BSC Benchmarks, Supporting High Probability of Success for Phase 3 BATTMAN Trial R/R MSS Metastatic CRC BATTMAN Primary Endpoint: Overall Survival (N=834) Best Supportive Care (BSC) Population BOT+BAL Phase 1b Data Bench
Slide 14: Expanding Into the Earlier Disease Neoadjuvant Setting
Expanding From Late-Line R/R MSS mCRC into the Earlier Disease Neoadjuvant Setting with Curative Intent with BOT+BAL NEST Study UNICORN Study (Cornell Univ.)1 (11 Centers, Italy)2 BOT+BAL BOT+BAL BOT + BAL BOT ~4 weeks to surgery ~8 weeks to surgery 5 weeks to surgery 5 weeks to surgery 0% 0% -25% -
Slide 15: Favorable Safety Profile in Neoadjuvant CRC with No Impact on Surgery
Consistently Favorable Safety Profile with BOT+BAL in Neoadjuvant CRC and No Impact on Surgical Feasibility NEST1 UNICORN2 NEST-1 NEST-2 Total population (n=10) (n=14) (n=56) Any Grade ≥3 2 (20%) 1 (7%) Grade ≥3 imAEs 2 (4%) No delays in surgery due to imAEs 1 surgery delay <4 weeks Among 70 Patient
Slide 16: Neoadjuvant Activity Supports Rationale for Expansion into Phase 3 Trial
Strong BOT+BAL Neoadjuvant Activity Supports Rationale for Expansion into Phase 3 Trial Rational for Phase 3 RCT Neoadjuvant Trial in Stage III, Resectable, Locally Advanced MSS CRC Primary Endpoint: Event-Free Survival Prior BOT+BAL Historical Population Phase 2 Data1-2 Benchmark Data 0% recurrence
Slide 17: BOT+BAL Clinical Activity Across Multiple Metastatic Solid Tumor Types
BOT+BAL Clinical Activity Observed Across Multiple Metastatic Solid Tumor Types Pan Tumor Previously Reported MSS mCRC NLM Population Late-Line R/R >9 tumor types R/R Patients2 (Efficacy Evaluable)1 Patients2 with activity Clinical Outcome n=123 n=339 n=37b 24-month OS 39% 42% 43% (95% CI) (33–45) (
Slide 18: Zydus Partnership Strengthens Balance Sheet and Manufacturing Readiness
Zydus Partnership Strengthens Balance Sheet, Reduces Burn, and Supports Manufacturing Readiness $91M upfront cash payment from Zydus to Agenus for California-based BioCDMO facilities including equity investment completed in January, 20261 First $20M of $50M in contingent payments triggered in March
Slide 19: $4.2M in Initial BOT+BAL Paid Access Income in FY 2025
$4.2M in Initial BOT+BAL Paid Access Income in FY 2025, $3.2M Q4 2025 Demonstrates Early Interest From Physicians and Patients Program Expansion High Interest Regulatory context AAC Expanded to 3 Tumor Documented HCP and Patient Unmet Need Remains Evident Types, NPP to New Markets Interest The Frenc
Slide 20: Efficacy and Unmet Need Support BLA Submission for Accelerated Approval
Compelling Efficacy and Unmet Need Support BLA Submission for Accelerated Approval in R/R MSS mCRC NLM Large Safety Database Efficacy Benefit Regulatory Context >1,200 patients treated with Consistent long-term efficacy Rapidly evolving FDA; focus BOT+BAL combo in R/R MSS mCRC NLM setting on patient
Slide 21: Clinical Momentum, Early Interest, and Long-term Durability Reinforce Opportunity
Clinical Momentum, Early Interest, and Long-term Durability Reinforce BOT+BAL Opportunity Clinical Market Interest & Long-Term Value Momentum Commercial Readiness & Durability • Early HCP and patient interest • Expansion opportunities across multiple • Phase 3 BATTMAN trial is underway with demonstr
Slide 22: Recent and Upcoming 2026 Catalysts
Recent and Upcoming 2026 Catalysts Zydus transaction closure: GOAL: Start Phase 3 RCT, BLA filing in R/R first $20M contingent BOT+BAL in Neoadjuvant MSS mCRC NLM payment triggered MSS CRC 1H 2026 2H 2026 BLA 1 1 BOT+BAL Publication Data Updates (FY 2026): AAC Program • Pan-tumor biomarker data (AAC
Slide 23: Expanding the Possibility of a Treatment Path Less Dependent on Chemotherapy
Expanding the Possibility of a Treatment Path for Metastatic Disease Less Dependent on Chemotherapy and Surgery • Patient testimony underscores what a potential alternative to chemotherapy can mean for patients and their families • The goal is to expand the possibility of a treatment approach that m
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