Financial Data and Key Metrics Changes - The company ended Q1 2025 with a consolidated cash balance of $18.5 million, down from $40.4 million at the end of 2024 [24] - Cash used in operations for Q1 2025 was $25.6 million, reduced from $38.2 million for the same period in 2024 [24] - Revenue for Q1 2025 was $24.1 million, compared to $28 million in Q1 2024, with a net loss of $26.4 million or $1.03 per share, down from a net loss of $63.5 million or $3.04 per share in Q1 2024 [24] Business Line Data and Key Metrics Changes - The company is focusing on operational efficiencies to cut annualized cash burn to below $50 million in the second half of 2025 [21] - Four formal near-term transaction proposals have been received, including a facility sale and significant equity investment, aimed at strengthening the balance sheet [22] Market Data and Key Metrics Changes - Colorectal cancer incidences have doubled in U.S. adults aged 55 from 1995 to 2019, with projections indicating it will become the leading cause of cancer-related death in men by 2030 [8][9] - The company is addressing the urgent need for alternative treatments for colorectal cancer, particularly for younger patients [9][10] Company Strategy and Development Direction - The company is pursuing a regulatory path for its immunotherapy agents, particularly focusing on colorectal cancer and other difficult-to-treat solid tumors [11][19] - The new leadership is committed to accelerating the development of transformative therapies in response to the changing regulatory environment [10][19] - The company is exploring both global and geography-specific licensing agreements to support its development strategy [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new regulatory environment at the FDA, which may favor rapid approval of innovative therapies [10] - The company is confident in the curative potential of its therapies and is focused on delivering breakthrough treatments to patients [27][28] Other Important Information - The company has received proposals that could inject substantial new capital, which would help in monetizing its Emeryville facility [22] - A Type B meeting with the FDA has been formally requested to discuss the potential accelerated approval of its therapies [27] Q&A Session Summary Question: What is the long-term follow-up data from the phase two study? - The median follow-up for the phase one study is 18 months, while the phase two trial has over 12 months of median follow-up, which will be significant for the FDA review [32][33] Question: Are there any updates on the development plan in light of recent data? - The focus remains on colorectal cancer, particularly in refractory disease and the neoadjuvant setting, with plans to expand indications based on emerging data [48][49] Question: What is the status of interactions with the new FDA? - The company has not yet engaged with the new FDA leadership but views the upcoming Type B meeting as an opportunity to present comprehensive data [68][69] Question: How much focus will be on metastatic CRC versus other tumor types? - The primary focus will be on colorectal cancer due to the significant unmet need, but there is also potential in the neoadjuvant setting for other tumor types [70][72] Question: What is the strategy for sharing phase two data with the market? - The company plans to share phase two data in conjunction with the FDA meeting, highlighting the acceptable safety profile observed in recent studies [74]

Financial Data and Key Metrics Changes - The company ended Q1 2025 with a consolidated cash balance of $18.5 million, down from $40.4 million at the end of 2024 [23] - Cash used in operations for Q1 2025 was $25.6 million, reduced from $38.2 million for the same period in 2024 [23] - Revenue for Q1 2025 was $24.1 million, compared to $28 million in Q1 2024, with a net loss of $26.4 million or $1.03 per share, down from a net loss of $63.5 million or $3.04 per share in Q1 2024 [23] Business Line Data and Key Metrics Changes - The company is focusing on operational efficiencies to cut annualized operational cash burn to below $50 million in the second half of 2025 [20] - Four formal near-term transaction proposals have been received, including a facility sale and significant equity investment, aimed at strengthening the balance sheet [21][22] Market Data and Key Metrics Changes - Colorectal cancer incidences have doubled in U.S. adults aged 55 from 1995 to 2019, with projections indicating it will become the leading cause of cancer-related death in men by 2030 [7][8] - The company is addressing the urgent need for alternative treatments for colorectal cancer, particularly for younger patients who are increasingly affected [7][8] Company Strategy and Development Direction - The company is pursuing a Type B meeting with the FDA to discuss the potential accelerated approval of its product, BotBal, based on data from over 1,200 patients [25] - The new leadership, including Dr. Richard Goldberg, is expected to enhance the company's regulatory strategy and development focus on colorectal cancer and other solid tumors [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new regulatory environment under the current administration, which is expected to favor rapid approval of transformative therapies [10][11] - The company is committed to delivering meaningful treatments for patients, particularly in light of the increasing prevalence of colorectal cancer among younger demographics [19][20] Other Important Information - The company has received proposals for significant equity investments at a premium to the current share price, which could materially strengthen its financial position [21][22] - The company is also exploring licensing agreements that could provide upfront cash and royalties, further supporting its operational needs [59] Q&A Session Summary Question: What is the status of the Phase II study and overall survival endpoint? - Management indicated that they have approximately one more year of data from both Phase I and Phase II studies, with significant follow-up indicating potential survival benefits [31][34] Question: Are there any updates on the development plan in light of recent data? - The focus remains on colorectal cancer, particularly in refractory disease and the neoadjuvant setting, with plans to present data at an upcoming conference [46][47] Question: What is the strategy for sharing Phase II data with the market? - Management is open to sharing Phase II data in conjunction with the FDA meeting, emphasizing the importance of demonstrating safety and efficacy [72]

Financial Performance - Agenus reported Q1 2025 revenue of $24.1 million, a decrease of 13.6% from $28.0 million in Q1 2024[10] - The net loss for Q1 2025 was $26.4 million, or $1.03 per share, compared to a net loss of $63.5 million, or $3.04 per share in Q1 2024[10] - Cash used in operations decreased to $25.6 million in Q1 2025 from $38.2 million in the same period of 2024, reflecting a reduction of 32.9%[9] - Agenus ended Q1 2025 with a cash balance of $18.5 million, down from $40.4 million at the end of 2024[9] Clinical Developments - The BOT/BAL combination demonstrated breakthrough response rates in microsatellite stable (MSS) cancers, showing potential in previously hard-to-treat tumors[5] - 100% of dMMR CRC patients given a higher dose of BOT/BAL achieved pathological complete response (pCR)[12] - New data from the NEOASIS study indicated that BOT/BAL can induce pathological responses in various solid tumors beyond colorectal cancer[6] Strategic Initiatives - Agenus is on track to reduce its annualized operating cash burn below $50 million starting in the second half of 2025[8] - Dr. Richard Goldberg joined Agenus as Chief Development Officer to lead the advancement of BOT/BAL towards regulatory engagement[7] - A near-term capital transaction is expected to bolster the company's liquidity significantly[5]

Financial Performance - Research and development revenue decreased to approximately $0.5 million in 2024 from $38.8 million in 2023, primarily due to a $25.0 million milestone earned in 2023 under the BMS License Agreement [440]. - Non-cash royalty revenue related to the sale of future royalties from GSK decreased by $13.6 million to approximately $101.0 million in 2024, down from $114.6 million in 2023, attributed to decreased net sales of GSK's vaccines containing the QS-21 STIMULON adjuvant [441][442]. - The accumulated deficit as of December 31, 2024, reached $2.18 billion, indicating significant losses since inception [438]. - R&D expenses decreased by 34% to $155.5 million for the year ended December 31, 2024, down from $234.6 million in 2023, primarily due to a $52.7 million decrease in third-party services and a $11.4 million decrease in personnel-related expenses [443]. - G&A expenses decreased by 9% to $71.9 million for the year ended December 31, 2024, from $78.7 million in 2023, mainly due to a $4.6 million decrease in personnel-related expenses and a $3.3 million decrease in subsidiary-related expenses [444]. - Non-operating income increased to $5.8 million for the year ended December 31, 2024, from $37,000 in 2023, primarily due to a $5.3 million gain on early lease terminations [446]. - Interest expense, net increased to $117.6 million for the year ended December 31, 2024, from $97.9 million in 2023, mainly due to increased non-cash interest related to the Royalty Purchase Agreement [447]. - The accumulated deficit reached $2.18 billion as of December 31, 2024, with significant losses expected to continue over the next several years [457]. - Cash, cash equivalents, and short-term investments decreased to $40.4 million as of December 31, 2024, down $35.7 million from the previous year [459]. - Net cash used in operating activities was $158.3 million for the year ended December 31, 2024, compared to $224.2 million in 2023 [465]. Debt and Financing - Long-term debt amounts to $37.459 billion, with $3.660 billion due in less than 1 year and $33.799 billion due in 1-3 years [467]. - The company raised approximately $2.01 billion through various financing activities since inception, including common and preferred stock sales [457]. - The company is in discussions for funding to support operations through the planned registration and launch strategy for its product candidates [462]. Clinical Development and Collaborations - The lead program, BOT, received Fast Track designation from the FDA in April 2023 for treating non-MSI-H and/or dMMR metastatic colorectal cancer [422]. - The company has established collaborations with several firms, including BMS, Gilead, and Merck, resulting in over a dozen antibody pre-clinical or clinical development programs [423]. - In 2024, Merck limited further clinical development of MK-4830 to a neoadjuvant ovarian study in combination with pembrolizumab and chemotherapy [426]. - The company is eligible to receive up to approximately $136.3 million and $49.4 million in potential development, regulatory, and commercial milestones from UroGen and Merck, respectively [432]. - MiNK Pharmaceuticals, a subsidiary, completed its IPO in October 2021 and is focused on developing allogeneic iNKT cell therapies, with a Phase 2 trial for agenT-797 actively enrolling [436]. - The company has entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals, selling a portion of future milestone payments and royalties from various collaborations [432]. - The company aims to advance innovation in vaccine adjuvant discovery through its subsidiary SaponiQx, focusing on saponin-based adjuvants [433]. Operational and Investment Policies - Total payments estimated for third-party agreements related to clinical studies are projected to be $660.7 million, with $616.5 million expensed through December 31, 2024 [464]. - Cash and cash equivalents as of December 31, 2024, stand at $40.4 million, exposed to interest and foreign currency exchange rate changes [477]. - Approximately 2.1% of cash used in operations for the year ended December 31, 2024, was from foreign subsidiaries, indicating exposure to foreign currency exchange rate fluctuations [476]. - The company does not currently employ specific strategies to manage foreign currency exchange rate risks, such as derivatives or hedging [476]. - The investment policy aims to preserve principal, maintain liquidity, and maximize yields, prohibiting investments in structured vehicles and asset-backed commercial paper [478]. - Non-cash interest expense related to royalty financing transactions is recorded based on estimated royalty payments, which may vary due to several factors [473]. - The company is exposed to fluctuations in interest rates as it seeks debt financing and invests excess cash [477]. - The company periodically reviews and amends its investment policy as necessary to mitigate credit risk [478]. - The company has identified critical accounting policies that require complex judgments and estimates, which may differ from actual results [469].

Financial Performance - Agenus Inc. reported financial results for Q4 and the year ended December 31, 2024[6] - The company issued a press release on March 11, 2025, detailing its financial performance[6] - Specific financial metrics and user data were not provided in the available content[6]

Financial Data and Key Metrics Changes - Ligand reported total revenue of $167 million for 2024, a 27% increase from $131.3 million in 2023 [25] - Royalty revenue grew by 28% to $108.8 million from $85 million in 2023, primarily driven by FilSpari and CarXiva [25] - Core adjusted EPS increased by over 40% to $5.74 per share [6][25] - Operating cash flow exceeded $100 million in 2024 [7] - GAAP net loss for 2024 was $4 million, compared to a net income of $53.8 million in 2023 [27] - Adjusted net income for 2024 was $156 million or $8.25 per diluted share, compared to $107.4 million or $6.09 per diluted share in 2023 [28] Business Line Data and Key Metrics Changes - Royalty revenue in Q4 2024 increased by 55% to $34.8 million from $22.5 million in Q4 2023 [28] - FilSpari sales totaled $132 million in 2024, generating approximately $12 million in royalty proceeds for Ligand [26] - Captisol sales were $30.9 million in 2024, up from $28.4 million in 2023 [26] Market Data and Key Metrics Changes - Recordati reported sales of Carceba at EUR 227 million in 2024, a 13% increase from 2023 [33] - Filspari's sales in Q4 2024 reached $50 million, a 40% increase compared to Q3 2024 [36] - Otuvare sales in Q4 were $36 million, significantly surpassing consensus estimates [37] Company Strategy and Development Direction - Ligand is focused on acquiring differentiated royalty assets and maintaining a low operating expense structure [6][12] - The company aims for a long-term royalty revenue growth rate of 20% CAGR from 2024 to 2029 [14] - Ligand's strategy includes investing in high-growth, low OpEx assets, with a strong emphasis on risk-reward opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future prospects, citing a robust business development pipeline and strong financial position [15][44] - The company anticipates continued growth in royalty revenue, particularly from FilSpari and Otuvare [36][38] - Management highlighted the significant unmet need in the COPD market and the potential for Otuvare to capture a large share [85] Other Important Information - Ligand ended 2024 with $256 million in cash and investments, with access to a $125 million revolving credit facility [7][25] - The company has restructured its business model to focus on profitable and compounding growth, reducing cash operating expenses by over 50% [11] Q&A Session Summary Question: Is the recent investment into Castle Creek Ligand's first move into cell and gene therapies? - Yes, it is Ligand's first cell and gene therapy investment, and the company is open to more opportunities in this area [48] Question: What is the expected impact of the SQ Innovations, Lasix launch on Captisol sales? - Captisol will see some sales from SQ Innovations, but it will not be a major contributor [53] Question: How does the DeFi deal signal Ligand's ability to do more syndicated deals? - Ligand will syndicate deals when necessary, focusing on maintaining a diversified risk portfolio [56] Question: What is the expected financial impact of the termination letter to Kasi on Ligand? - There is no expected material impact for 2025, as the licensing agreement with Acrotech will continue [106] Question: How has the opportunity set changed since the last update? - There has been an uptick in the pipeline, with a disciplined approach to selecting high-value opportunities [110]

Financial Performance - Research and development revenue for Q3 2024 was $0, down from approximately $3.4 million in Q3 2023, primarily due to the absence of deferred revenue recognition from Gilead Collaboration Agreements[101]. - Non-cash royalty revenue from GSK increased by $4.3 million to approximately $24.7 million in Q3 2024, compared to $20.4 million in Q3 2023, driven by increased net sales of GSK's vaccines[101]. - Research and development expenses decreased by 20% to $41.1 million in Q3 2024 from $51.4 million in Q3 2023, attributed to reductions in third-party services, personnel-related expenses, and subsidiary activities[102]. - General and administrative expenses decreased by 9% to $17.3 million in Q3 2024 from $18.9 million in Q3 2023, mainly due to lower personnel costs and professional fees[103]. - For the nine months ended September 30, 2024, research and development revenue was approximately $0.3 million, down from $8.5 million in the same period of 2023[104]. - Non-cash royalty revenue for the nine months ended September 30, 2024 increased by $13.5 million to approximately $75.0 million, compared to $61.5 million in the same period of 2023[104]. - Research and development expenses for the nine months ended September 30, 2024 decreased by 27% to $121.8 million from $167.8 million in the same period of 2023[105]. - General and administrative expenses for the nine months ended September 30, 2024 decreased by 11% to $50.9 million from $57.6 million in the same period of 2023[106]. - The company had an accumulated deficit of $2.1 billion as of September 30, 2024, and expects to incur significant losses over the next several years[111]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $129.7 million, compared to $183.8 million for the same period in 2023[121]. Stock and Financing - The company sold 1,763,025 shares of common stock, generating net proceeds of approximately $7.1 million between October 1, 2024, and November 8, 2024[78]. - The company received a non-refundable upfront cash payment of $200.0 million from Bristol-Myers Squibb for the exclusive worldwide license of AGEN1777[92]. - The company is eligible to receive up to $315.0 million in potential milestone payments plus royalties from Incyte under their collaboration agreement[87]. - The company is eligible to receive up to approximately $136.3 million, $49.4 million, and $183.1 million in potential development, regulatory, and commercial milestones from UroGen, Merck, and Incyte, respectively[94]. - The company received milestone payments of $15.1 million and $25.25 million based on GSK's vaccine sales reaching $2.0 billion and $2.75 billion, respectively[98]. Research and Development - The lead program, botensilimab, is progressing through multiple clinical programs, with enrollment completed for a Phase 1 trial (n~150) and a randomized Phase 2 trial (n~230) in October 2023[85]. - MiNK Therapeutics, a subsidiary, is expanding its clinical programs, including a Phase 2 trial in second-line gastric cancer and a randomized Phase 2 study for viral ARDS[100]. - The company has a robust pipeline of immunological agents targeting cancer, with a focus on combination therapies to expand patient populations benefiting from immunotherapy[81]. - The company has collaborations with several firms, including Bristol-Myers Squibb and Merck, resulting in over a dozen antibody pre-clinical or clinical development programs[86]. Cash Management and Investment Policy - Cash and cash equivalents at September 30, 2024, amounted to $44.8 million, which are exposed to interest rate changes[123]. - The company does not currently employ specific strategies to manage foreign currency exchange rate fluctuations[122]. - The investment policy prohibits investing in structured investment vehicles and asset-backed commercial paper[124]. - The company aims to preserve principal, maintain liquidity, and maximize yields through its investment policy[124]. - There has been no material change to interest rate exposure since the Annual Report for the year ended December 31, 2023[123]. - The company does not invest in derivative financial instruments, indicating no material market risk exposure from such instruments[124]. Future Outlook - Future cash generation will depend on achieving regulatory approval and market acceptance of product candidates[121]. - The company is focused on entering new collaborations to enhance cash generation capabilities[121].

Financial Data and Key Metrics Changes - Agenus ended Q3 2024 with a consolidated cash balance of $44.8 million, down from $76.1 million on December 31, 2023 [22] - Cash used in operations for the nine months ended September 2024 was $129.7 million, a reduction from $183.8 million for the same period in 2023 [22] - Revenue for the three and nine months ended September 30, 2024, was $25 million and $77 million respectively, compared to $24 million and $7 million for the same periods in 2023 [23] - Net loss for the three and nine months ended September 30, 2024, was $67 million and $186 million respectively, compared to $65 million and $290 million for the same periods in 2023 [24] Business Line Data and Key Metrics Changes - BOT/BAL is showing unprecedented results in cancers that have resisted previous therapies, particularly in MSS colorectal cancer, which accounts for over 85% of all colorectal cancer cases [6][7] - Ongoing trials in Italy and the Netherlands are expected to provide further insights with data anticipated early next year [8] Market Data and Key Metrics Changes - The financial environment has improved following the U.S. elections, which has positively impacted the value of Agenus' real estate assets [12][20] - The company is in advanced discussions on several strategic transactions aimed at delivering substantial value and resources [13][20] Company Strategy and Development Direction - The company is focused on operational discipline, asset monetization, and strategic transactions to support its mission and optimize long-term value for shareholders [20] - Agenus is actively engaged in discussions with pharmaceutical partners and regional collaborators to ensure BOT/BAL reaches its full potential [18] Management Comments on Operating Environment and Future Outlook - Management acknowledges significant financial challenges but is taking deliberate actions to reduce costs and monetize assets [10][28] - The company is committed to advancing BOT/BAL as a transformative therapy for cancer treatment, emphasizing the importance of patient outcomes [25][26] Other Important Information - The company raised an additional $7.1 million through sales of common stock since the end of Q3 2024 [22] - The company is advancing compassionate use and named patient programs globally to ensure broader access to BOT/BAL [19] Q&A Session Summary Question: Summary of Phase 3 design and next steps - Management confirmed that they have received guidance from the FDA and EMA, allowing them to proceed with the Phase 3 study once a strategic partnership is established [33] Question: Details on neoadjuvant studies - Management clarified that the neoadjuvant studies are ongoing and that data from these studies will be presented in early 2025 [36][38] Question: Data from other tumor types - Management indicated that data from Phase 2 trials in pancreatic and melanoma settings is expected in the first half of next year [43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Delaware 000-29089 06-1562417 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share AGEN The Nasdaq Global Market FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November ...

Exhibit 99.1 Agenus Reports Second Quarter 2024 Operational and Financial Results • Robust Phase 2 Data Validate Consistent Clinical Activity of BOT/BAL in Metastatic MSS CRC • Maturing Data Across BOT/BAL Program Demonstrate Broad Solid Tumor Activity in the Late Stage, First-Line with Chemo Combinations, and Neoadjuvant disease • Commenced Interactions with Global Regulatory Authorities for BOT/BAL Approval Pathways • Data from ESMO GI Demonstrate Pathologic Complete Responses with BOT/BAL Therapy in Neoa ...