<span item_type="fundamental" item_id="79816117338de413860991bf69fa3aef" counter_id="ST/US/AGEN" env="prod"></span><span item_type="announcement" item_id="647177571050788225" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 33.7 M, missing the estimate of USD 129.5 M.</p><p></p><h4>Revenue</h4><ul><li>Pre-commercial product revenue for Agenus Inc. was $4.6 million for the first quarter ended March 31, 2026, compared to $0 million for the first quarter ended March 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Non-cash royalty revenue was $29.1 million for Q1 2026, an increase from $23.6 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Service and other revenue was $0 million for Q1 2026, compared to $0.5 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Total revenue for the first quarter of 2026 was $33.7 million, an increase from $24.1 million in the first quarter of 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li></ul><h4>Operating Metrics</h4><ul><li>Operating income for Agenus Inc. was $15.1 million for Q1 2026, significantly improving from an operating loss of - $13.3 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Net income for Q1 2026 was $39.2 million, a substantial improvement from a net loss of - $26.4 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>The company made approximately $51.8 million in cash payments during the first quarter of 2026, primarily for the release of commercial-grade botensilimab supply, generation of clinical data sets, and settlement of obligations related to the Zydus collaboration, which were not representative of recurring operating expenses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Agenus Inc. continues to align its operating expense base with a framework of approximately $50 million in annualized operating expenses to support BOT+BAL development priorities, with Q1 2026 underlying operating performance consistent with this framework.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li></ul><h4>Cash and Investments</h4><ul><li>Cash and cash equivalents totaled $35.0 million as of March 31, 2026, compared with $3.0 million as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Cash, cash equivalents and short-term investments combined were $35.0 million for Q1 2026, compared to $18.5 million for Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Subsequent to quarter-end, Agenus Inc. received an additional $11.7 million in net proceeds from sales of common stock under its at-the-market equity offering program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li></ul><h4>Zydus Collaboration Financials (Unique Metrics)</h4><ul><li>The Zydus collaboration, closed in January 2026, delivered $91 million in upfront capital, which included $75 million in cash consideration for the transfer of manufacturing facilities and a $16 million equity investment in Agenus Inc. common stock; the $7.0 million Zydus Promissory Note was also forgiven.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>The collaboration includes up to $50 million in contingent payments from Zydus tied to BOT and BAL production orders by Agenus Inc., with the first $20.0 million contingent payment triggered in March 2026 based on services provided.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Agenus Inc. is eligible to receive royalties on net sales in India and Sri Lanka under an exclusive license for Zydus to develop and commercialize BOT and BAL in those territories.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li></ul><h4>Outlook / Guidance</h4><ul><li>Agenus Inc. expects to collect outstanding receivables under regulatory-authorized early access programs during the second quarter of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>The company’s 2026 strategic priorities include supporting authorized access, continuing regulatory engagement, advancing global BATTMAN trial enrollment, maintaining disciplined capital allocation, strengthening the balance sheet, and continuing clinical and translational data generation across BOT+BAL programs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li><li>Agenus Inc. will host a webcast in June 2026 to provide strategic updates and discuss progress across the global BOT+BAL development program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1098972/000119312526215838/agen-ex99_1.htm"></span></li></ul>

Agenus | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 33.7 M