Overview

• US immuno-oncology developer's Q1 revenue grew yr/yr, driven by BOT+BAL program

• Company reported positive net income for Q1, compared to loss in prior yr

• Agenus closed Zydus collaboration, strengthening capital and securing U.S. manufacturing capacity

Outlook

• Company continues to align operating expenses with approximately $50 mln in annualized spending

• Agenus plans to advance regulatory submissions for BOT+BAL in the US and EU

• Company expects continued expansion of BOT+BAL access through regulatory-authorized pathways in select countries

Result Drivers

• EARLY ACCESS PROGRAMS - Pre-commercial product revenue in Q1 came from BOT+BAL provided to hospitals and physicians under regulatory-authorized early access pathways, including France's AAC framework and paid named-patient programs in other countries

• ZYDUS COLLABORATION - Closing of Zydus collaboration in January delivered upfront capital, contingent payments, and dedicated U.S. manufacturing capacity, supporting clinical and commercial readiness

• PHYSICIAN ENGAGEMENT - Expanded physician requests and engagement for BOT+BAL through regulatory-authorized access pathways in multiple regions

Company press release: ID:nBw3q6DCba

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$33.7 mln	$129.50 mln (1 Analyst)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Agenus Inc is $15.50, about 305.8% above its May 8 closing price of $3.82

• The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 2 three months ago

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