Emily Bodnar

Matthew Phipps

Mayank Mamtani

Colleen Hanley

Kelly Shi

Madeleine Stone

Madison Wynne El-Saadi

- Agenus Inc. entered into a **Promissory Note Agreement** with Zydus Pharmaceuticals (USA) Inc. on **October 8, 2025**, for **up to $10,000,000** at an interest rate of **3.81% per annum**.  **[1098972_0001193125-25-235819_agen-20251008.htm:1]** 
- The Note's maturity is contingent upon the closing of an **Asset Purchase Agreement and Securities Purchase Agreement (APA/SPA)** signed on **June 3, 2025**, between Agenus and Zydus.  **[1098972_0001193125-25-235819_agen-20251008.htm:1]** 
- Proceeds from the Note are designated to fund **operational expenses for the Emeryville and Berkeley facilities for the fourth quarter of 2025** and to make payments related to assets under the APA.  **[1098972_0001193125-25-235819_agen-20251008.htm:1]** 
- A significant term of the Note is that the amount used for Q4 2025 operational expenses will be **forgiven and not repaid if the APA/SPA closes**.  **[1098972_0001193125-25-235819_agen-20251008.htm:1]** 
- As collateral for the Note, Agenus pledged **822,910 shares of common stock of MiNK Therapeutics, Inc.** owned by Agenus.  **[1098972_0001193125-25-235819_agen-20251008.htm:1]**

Agenus Inc. secures $10 million promissory note tied to Zydus M&A

- Agenus is developing its **BotVal** (Botanzilimab and Balstolimab) immunotherapy program for colorectal cancer (CRC), focusing on microsatellite stable (MSS) CRC, which accounts for **85-95%** of CRC cases.  **[1098972_tx_377953_4]** **[1098972_tx_377953_5]** 
- In a phase one study of **123** late-stage MSS CRC patients, **BotVal** demonstrated a **42% two-year survival rate** and a median overall survival of **21 months**, significantly exceeding the **10-14 months** from current standard of care.  **[1098972_tx_377953_5]** 
- A **Phase 3 Batman trial** for **BotVal** in late-line MSS CRC is commencing in collaboration with the Canadian Cancer Trials Group, with patient recruitment projected over **20-24 months**.  **[1098972_tx_377953_13]** **[1098972_tx_377953_21]** 
- Regulatory delays with the FDA, including a year-long insistence on a three-arm trial, impacted the timeline for the Phase 3 study.  **[1098972_tx_377953_21]**

AGENUS (AGEN)