Quarterly ResultMay 11, 2026, 08:57 AM
Agenus Q1 2026 Results; BOT+BAL Phase 3, Zydus Deal, SEC Probe Ends
AI Summary
Agenus Inc. reported its first quarter 2026 financial results, highlighting a significant transition to execution for its lead clinical program, botensilimab plus balstilimab (BOT+BAL). Key operational advancements include the commencement of patient enrollment in the Phase 3 BATTMAN trial for BOT+BAL and the closing of a strategic collaboration with Zydus Lifesciences, which delivered $91 million in upfront capital and secured dedicated U.S. biologics manufacturing capacity. Additionally, the company announced the conclusion of an SEC investigation with no enforcement action and the dismissal of a related securities class action.
Key Highlights
- Zydus collaboration closed, providing $91 million upfront capital and dedicated U.S. manufacturing capacity.
- Phase 3 BATTMAN trial for BOT+BAL commenced patient enrollment in April 2026 for refractory MSS colorectal cancer.
- SEC concluded its investigation into Agenus in May 2026 with no enforcement action recommended.
- Related putative securities class action dismissed in its entirety by U.S. District Court in March 2026.
- Q1 2026 Total revenue was $33.7 million, up from $24.1 million in Q1 2025.
- Q1 2026 Net income was $39.2 million, compared to a net loss of $(26.4) million in Q1 2025.
- Cash and cash equivalents totaled $35.0 million as of March 31, 2026, up from $3.0 million at year-end 2025.
- Pre-commercial product revenue was $4.6 million in Q1 2026 from early access programs.