Slide 1: Neoadjuvant BOT+BAL in MSS Colon Cancer: Agenus PIPE Financing Announcement
Neoadjuvant BOT+BAL in MSS Colon Cancer Agenus PIPE Financing Announcement July 13, 2026
Slide 2: Agenus Speakers
Agenus Speakers Garo H. Armen, PhD Robin Taylor, PhD Steven O’Day, MD Zack Armen Founder, Chairman & CEO Chief Commercial Officer Chief Medical Officer VP, Corporate Dev & IR 2
Slide 3: Industry Thought Leaders
Industry Thought Leaders Professor Myriam Chalabi, MD Pashtoon Kasi, MD, MS Medical Oncologist Medical Oncologist Netherlands Cancer Institute, Amsterdam NL Rad Family Chair in Gastrointestinal Oncology 2026 Innovators in Science Award City of Hope, Irvine CA 3
Slide 4: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws. These forward- looking statements include, but are not limited to, express or implied statements relating to the Company’s expectation
Slide 5: Welcome
Welcome Garo Armen, Ph.D. Founder, Chairman & CEO 5
Slide 6: Fully Funded, FDA-aligned Phase 3 Trial Testing Neoadjuvant BOT+BAL in MSS Colon Cancer
Fully Funded, FDA-aligned Phase 3 Trial Testing Neoadjuvant BOT+BAL in MSS Colon Cancer, a Multi Billion-Dollar Opportunity in the US • Financing of $85M upfront and up to $340M in total, focused on BOT+BAL opportunity in high-risk Stage II and Stage III MSS Colon Cancer, >$7 Billion TAM in the US1
Slide 7: Full PIPE Funding Expected to Cover 100% of ROBBIN Costs
Full PIPE Funding Expected to Cover 100% of ROBBIN Costs and All Ongoing Agenus OpEx Through EOY 2031; Transaction Structure Aligns with Key Value Inflections across ROBBIN Trial Share Price / New Shares Proceeds Anticipated Funds Agenus Funding Tranche Exercise Issued Value Inflection Point ($M) Ti
Slide 8: Colorectal Cancer Faces Two Urgent Challenges
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 9: Example of 100% tumor regression from Neoadjuvant BOT+BAL in MSS Colon Cancer
Novel Immunotherapy Example of 100% tumor regression from Approach with BOT+BAL Neoadjuvant BOT+BAL in MSS Colon Cancer After 1 dose of BOT + 2 doses of BAL with no concurrent nor prior therapy; from NEST1 Phase 2 trial ▪ Chemotherapy-free option ▪ Manageable safety profile ▪ Organ-sparing potential
Slide 10: Rationale for Strategic Pivot From Metastatic CRC to Neoadjuvant MSS Colon Cancer
Rationale for Strategic Pivot From Metastatic CRC to Neoadjuvant MSS Colon Cancer FROM TO Late-line, refractory metastatic CRC High-risk Stage II & Stage III MSS colon cancer BOT provides a significant benefit, but in a smaller and more No advances in treatment of this patient population in over 20
Slide 11: Pathologic Complete Response Rates Correlate with EFS
Pathologic Complete Response Rates (pCR) Correlate with EFS: pCR Rates with BOT+BAL in NEST & UNICORN Provide a Strong Signal for Success in ROBBIN pCR Rate Projected EFS METHODOLOGY: Delta Hazard Ratio Expected pCR rate in Control arm for ROBBIN = 0% • 21 neoadjuvant/perioperative trials evaluated
Slide 12: Significant Market Opportunity for BOT+BAL in Locally Advanced MSS Colon Cancer
Significant Market Opportunity for BOT+BAL in Locally Advanced MSS Colon Cancer ~85,000 people are diagnosed with Stage I-III colon cancer in the US every year Exclude Stage I and • Stage I colon cancer is excluded from ROBBIN low-risk Stage II ; • 15-20% of Stage I and II Patients are MSI-H, and 8-
Slide 13: Prior Neoadjuvant Studies in CRC: FOxTROT & NICHE
Prior Neoadjuvant Studies in CRC: FOxTROT & NICHE Myriam Chalabi, MD Netherlands Cancer Institute, Amsterdam, NL 13
Slide 14: Current Treatment Landscape for Stage I to Stage III MSS Colon Cancer
Current Treatment Landscape for Stage I to Stage III MSS Colon Cancer Adjuvant Therapy1-4 T1-2,N0 Observation T3,N0 Observation or 6m 5FU/LV or Capecitabine Resectable Colon Surgery & 6m 5FU/LV or Capecitabine ROBBIN T4,N0 Eligible Cancer Pathologic Staging or FOLFOX/CAPEOX T3,N1 CAPEOX or cT4a,N0 F
Slide 15: Precedent: FOxTROT Neoadjuvant Chemotherapy Study
Precedent: FOxTROT Prior Neoadjuvant Chemotherapy Study for Stage II/III Colon Cancer • FOxTROT (N=1,053) established that the depth of pathologic regression is associated with improved recurrence rates (notably no recurrences in patients with complete tumor regression in colon cancer)1 • However, t
Slide 16: Precedent: NICHE Ipilimumab + Nivolumab Neoadjuvant Treatment
Precedent: NICHE pMMR/MSS Colon Cancer Cohort of Ipilimumab + Nivolumab Neoadjuvant Treatment • The NICHE study evaluated neoadjuvant ipilimumab + nivolumab ± celecoxib in 31 patients with MSS Colon Cancer • 30 patients underwent surgery and were assessable for pathologic response1 • 10% of patients
Slide 17: NEST & UNICORN Phase 2 Studies of Neoadjuvant BOT + BAL
NEST & UNICORN Phase 2 Studies of Neoadjuvant BOT + BAL Pashtoon Kasi, MD, MS City of Hope, Irvine, CA 17
Slide 18: BOT±BAL Evaluated Across Multiple Pre-Surgical Treatment Schedules
Neoadjuvant CRC: BOT±BAL Evaluated Across Multiple Pre-Surgical Treatment Schedules NEST (N=24)1 UNICORN (N=56)2 NEST 1 (~4 weeks to surgery) ~5 weeks to surgery BOT (75mg) BOT (75mg) BAL BAL Surgery Surgery 0 2 0 2 WEEKS WEEKS NEST 2 (~8 weeks to surgery) ~5 weeks to surgery BOT (75mg) BOT (75mg) B
Slide 19: NEST Trial: Marked Tumor Reductions with BOT + BAL
NEST Trial: Marked Tumor Reductions with 1 BOT Dose + 2-4 BAL Doses Stage II/III (Pre-Surgery and/or Chemo or “Neoadjuvant”) Patients Treated with BOT+BAL MSS/pMMR (“Cold”) MSI-H/ Topline Results dMMR (1 dose BOT + 2-4 doses BAL) NEST-1 NEST-2a (“Hot”) ~4 weeks to surgery ~8 weeks to surgery 0% MSS
Slide 20: UNICORN Trial: Consistent Demonstration of Benefit with BOT+BAL
UNICORN Trial: Consistent Demonstration of Benefit with BOT+BAL 56 Patients Treated with BOT Mono (n=28) and BOT+BAL Combo (n=28) ; Further Support for Contribution of Components MSS/pMMR (“Cold”) MSI-H/dMMR (“Hot”) BOT+BAL BOT BOT+BAL BOT 0% Pathologic tumor regression (%) −25% Pathological Respons
Slide 21: No Disease Recurrence Reported Across NEST and UNICORN
No Disease Recurrence Reported in 38 BOT+BAL Treated Patients Across NEST and UNICORN NEST1 UNICORN2 Event-Free Survival Event-Free Survival (N=24) (N=14) 100% 100% BOT + BAL (MSS/pMMR) 75% NEST-1 Median follow-up: 75% 18.2 months (IQR 16.9–19.2 mo) Median follow-up: EFS Probability EFS Probability
Slide 22: No ctDNA Recurrences Observed in NEST
No ctDNA Recurrences Observed in NEST NEST ctDNA Levels 100% 75% pre-surgical sample ctDNA (MTM/ml) post-surgical sample 50% 25% 0% 0 100 200 300 400 500 Time post treatment (days) 1. Hissong E, et al. Neoadjuvant Botensilimab (BOT) Plus Balstilimab (BAL) in Resectable Mismatch Repair Proficient (pM
Slide 23: NEST and UNICORN Safety Summary
NEST and UNICORN Safety Summary: Favorable Toxicity Profile with Low Incidence of High-Grade irAEs and No Significant Surgical Delays NEST1 UNICORN2 BOT+BAL BOT+BAL Treatment-Related Grade 3 (n=24) Immune-mediated AE Grade ≥3 (N=28) Fatigue 1 (4%) Hyperthyroidism 1 (2%) Colitis/Diarrhea 3 (13%) No d
Slide 24: ROBBIN: Phase 3 Randomized Study of Neoadjuvant BOT+BAL
ROBBIN*: Phase 3, Randomized Controlled Study of Neoadjuvant BOT+BAL in High-Risk Stage II and Stage III MSS Colon Cancer Steven O’Day, MD Chief Medical Officer, Agenus *A Phase 3 Randomized, Open-Label Study of Botensilimab Plus Balstilimab In the Neoadjuvant Setting followed by Standard of Care Ve
Slide 25: Setting the Stage for ROBBIN: Deep and Durable Responses in MSS CRC
Setting the Stage for the ROBBIN Phase 3 Study: Neoadjuvant BOT+BAL Demonstrates Deep and Durable Responses in Stage II/III MSS CRC No Disease Recurrence Depth of Pathologic Response in MSS CRC Reported with BOT+BAL BOT+BAL Neoadj Chemo IPI/NIVO (NEST1) (UNICORN2) (FOxTROTa) (NICHEb) BOT+BAL1,2 Adju
Slide 26: ROBBIN Phase 3: Neoadjuvant BOT+BAL in High-Risk Stage II and Stage III MSS Colon Cancer
ROBBIN Phase 3: Neoadjuvant BOT+BAL in High-Risk Stage II and Stage III MSS Colon Cancer ~ 8 weeks Trial Size • N=850 BOT (1 dose; 75 mg) + SOC adjuvant chemotherapy BAL (3 doses; 240 mg Q2W) S or observation† Patient • High Risk Stage II (cT4aN0M0) and Stage III U Population (cT3-T4Na+M0) resectabl
Slide 27: ROBBIN Phase 3 Trial Aligned with FDA Feedback
ROBBIN Phase 3 Trial Aligned with FDA Feedback The following key elements of the Phase 3 study are aligned with FDA feedback: • The proposed patient population of Stage II (cT4aN0M0) and Stage III (cT3-T4Na+M0) Colon Cancer that is not MSI-H/dMMR • The proposed experimental arm of neoadjuvant BOT an
Slide 28: Projected Timeline for ROBBIN Phase 3 Study
Projected Timeline for ROBBIN Phase 3 Study 2026 2027 2028 2029 2030 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ROBBIN Phase 3 RCT N = 850 (R 1:1) IA (EFS) FA (EFS) 2H’29 2H’30 FDA FPI Q1’27 50 patients LPI Meeting BOT/BAL treated 2H’28 (for interim path response) Interim Readout (P
Slide 29: Fully Funded, FDA-aligned Phase 3 Trial Testing Neoadjuvant BOT+BAL in MSS Colon Cancer
Fully Funded, FDA-aligned Phase 3 Trial Testing Neoadjuvant BOT+BAL in MSS Colon Cancer, a Multi Billion-Dollar Opportunity in the US • Financing of $85M upfront and up to $340M in total, focused on BOT+BAL opportunity in high-risk Stage II and Stage III MSS Colon Cancer, >$7 Billion TAM in the US •
Slide 30: Q&A
Q&A 30
Slide 31: agenusbio.com
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