AGENUS INC — Call Transcript 2026

Morning, everyone. I'd like to call to order Agenus' 2026 virtual annual meeting for stockholders. I'm Garo Armen, Chairman and CEO of Agenus. With me today in person or virtually are Stefanie Nacar, Chief Communications and Government Relations Officer, and the following members of our Board of Directors: Brian Corvese, Susan Hirsch, Tom Harrison, and Tim Wright. The other members of senior management of the company on the call today are Dr. Steven O'Day, our Chief Medical Officer, Dr. Jennifer Buell, Director and Chair of our Executive Council, among others. I'd like to thank them and thank each one of you, whether participating by proxy in advance of the meeting or online today, for your time and commitment to Agenus, Now I'd like to turn things over to Stefanie to conduct the formal portion of our meeting, after which I will come back with some brief remarks and answer any questions that you may have. Stefanie. Good morning. Thank you, Garo, welcome to all of our stockholders. We will now begin the formal portion of the annual meeting as set forth in the notice of annual meeting and proxy statement. I have received an affidavit of distribution from Broadridge Financial Solutions, Inc., that notice of this meeting was furnished by the company on or about April 30th, 2026, to every holder of record of common stock as of the close of business on April 22nd, 2026, the record date for this meeting. The Board of Directors has appointed Terrence Hassett as the Inspector of Elections for this meeting. Mr. Hassett has taken and subscribed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of this meeting. Mr. Hassett's function is to decide upon the qualifications of the voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. I have been informed by the Inspector of Elections that proxies and votes have been received representing at least 51% of the outstanding shares of common stock entitled to vote at this meeting. Under the company's Amended and Restated Bylaws, a quorum requires the presence, in person or by proxy, of holders representing a majority of the outstanding shares entitled to vote. Accordingly, a quorum is present, this annual meeting is duly constituted for the transaction of business. A list of stockholders as of the record date is available for inspection by our stockholders by first clicking on the button labeled Materials, and then using the link entitled Registered Shareholders List at the bottom right-hand side of your screen. During the meeting, stockholders may access the Q&A feature by clicking on the button labeled Q+A in the bottom right-hand corner of the screen. Questions pertinent to meeting matters will be answered following the formal portion of the meeting, subject to time constraints. We are now ready to proceed with the business of the meeting. The matters to be voted on at today's meeting are set forth in the company's proxy statement. The company has not received notice from any of its stockholders of any additional matters to be considered at today's meeting. Therefore, no additional matters will be voted on. Let me briefly describe the voting procedures. You may vote your shares during the meeting through the web portal by following the instructions listed. If you have previously voted by proxy, you do not need to vote again unless you wish to change your vote. If you have not already voted or you wish to change your vote, please follow the instructions on the web portal for how to submit your vote. No votes, ballots or proxies or revocation of, or changes to votes, ballots, or proxies will be accepted after the polls are closed. I now declare the polls open for each matter to be voted on at this annual meeting. Proposal one. The first item on the agenda is to elect Garo Armen and Jennifer Buell as Class 2 directors for a term of three years expiring at the 2029 annual meeting of stockholders. Both Dr. Garo Armen and Dr. Buell's qualifications are described on pages 10 through 13 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of both Dr. Armen and Dr. Buell's election. Proposal number two. The second item on the agenda is a proposal to approve an amendment to our 2019 Employee Stock Purchase Plan, as amended, to increase the number of shares of common stock authorized for issuance thereunder from 150,000 shares to 200,000 shares. A detailed description of the proposal can be found on pages 40 through 43 of the proxy statement. The board of directors unanimously recommends that the stockholders vote in favor of this proposal. Proposal number three. The third item on the agenda is a proposal to approve an amendment to our amended and restated 2019 Equity Incentive Plan to increase the aggregate shares available for issuance by 5 million shares. A detailed description of the proposal can be found on pages 44 through 50 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number four. The fourth item on the agenda is a proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock prices applicable to director and executive officer replacement options. A detailed description of the proposal can be found on pages three through eight of the supplemental proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number five. The fifth item on the agenda is a proposal to approve, in a non-binding advisory vote, the compensation of the company's named executive officers for 2025, otherwise known as say on pay. A detailed description of the proposal can be found on page 56 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number six. The sixth item on the agenda is to ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026. A detailed description of the proposal can be found on page 57 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. If you are entitled to vote, if you were a stockholder of record on April 22, 2026. I will now keep the voting open for a few moments before closing the polls. The polls are now closed. I will now deliver the report on the results of the vote obtained from the Inspector of Elections. The report of the Inspector of Election covering the proposals presented at this meeting is as follows. Proposal number one, the proposal to elect Garo Armen and Jennifer Buell as class 2 directors of the company is carried. Proposal number two, the proposal to amend the company's Amended and Restated 2019 Equity Incentive Plan is carried. Proposal number three, the proposal to amend the 2019 Employee Stock Purchase Plan to increase the aggregate shares of common stock available for issuance thereunder by 5 million shares is carried. Proposal number four, the proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock strike prices applicable to director and executive officer replacement options is carried. Proposal number five, the proposal to approve in a non-binding advisory vote the compensation of the company's named executive officers for 2025, otherwise known as say on pay, is carried. Proposal number six, the proposal to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2026 is carried. We expect to report our preliminary voting results, or if available to us on a timely basis, our final voting results on a current report on Form 8-K to be filed with the SEC within four business days after the end of the meeting. If not earlier reported, we expect to report our final voting results in an amendment to our Form 8-K within four business days after the final results are known to us. That concludes with the formal portion of the meeting. Before I turn things back over to Garo, I would like to note that the remainder of this meeting will include forward-looking statements, including statements regarding clinical development and regulatory plans, timelines and strategy. These statements are subject to risks and uncertainties. We refer you to our SEC filings for more details on these risks. Garo. Thank you very much, Stefanie. And once again, thank you everyone for joining us for our 2026 annual meeting of stockholders. I want to use our time together to speak directly about where Agenus stands today, what we set out to accomplish over the past year, what we have delivered, and where we are focused for the remainder of 2026 and beyond. The past year has been one of the most important periods in Agenus' history. It has also been one of the most difficult. We have had to make hard decisions, sharpen our focus, take important steps to strengthen our balance sheet, and align the company around the opportunity we believe has the greatest potential to benefit patients and create value for our shareholders. Those are botensilimab and balstilimab, widely known as BOT/BAL. Our objectives have remained clear throughout even the most challenging times. To build on the clinical evidence for Bot/Bal in cancers that have historically resisted immunotherapy, including, very importantly, MSS or microsatellite stable colorectal cancer. Second, to support responsible patient access where permitted through authorized access programs, and we'll talk some more about that in a bit. Third, to move Bot/Bal into randomized phase III development. Fourth, to advance Bot/Bal towards regulatory pathways in the United States and Europe. And fifth, to strengthen Agenus' financial position and continue building the manufacturing, medical affairs, and operational foundation required to support the next stage of our advancements. We've made tangible progress in each one of these areas, and I'll talk about them in more detail just now. Let me start with the first item I just mentioned, the clinical evidence. Bot/Bal is our multifunctional Fc engineered CTLA-4 and PD-1 immunotherapy combination. It is important to understand that we do not view Bot plus Bal as simply another CTLA-4 and PD-1 doublet. Bot/Bal was designed to be more than just binding to CTLA-4 receptor. It is designed to help activate a broader immune response by priming and activating T-cells, reducing bad actors like suppressive regulatory T-cells, engaging myeloid cells that can help convert cold tumors into more inflamed or hot tumors, and supporting immune memory, which we believe is critically important to achieving durable benefit, which we talk about frequently. These attributes matter because many of the tumors we are studying are not hot tumors, and where conventional immuno-oncology treatments have historically failed. These are cold or treatment-refractory tumors where the immune system has often been excluded, exhausted, or suppressed. Bot plus Bal was designed to help reengage immunity in a way that can produce durable benefit over time. Across our clinical development programs, approximately 1,300 patients have now been treated with Bot and Bal across phase I and phase II trials. With clinical activity observed in more than nine metastatic late-line cancer settings. Our most mature data remain in refractory MSS metastatic colorectal cancer. And CRC remains our lead regulatory development focus. That discipline is important for us. In heavily pretreated MSS metastatic colorectal cancer patients without active liver metastases, Bot plus Bal has demonstrated 42% two-year overall survival and median overall survival of approximately 21 months. This is a setting where treatment options are limited and where immunotherapy has historically shown no benefit. At the same time, the broader data set, of course, matters. Across multiple difficult-to-treat tumors, including colorectal cancer, ovarian cancer, sarcoma, lung cancer, hepatocellular cancer, and refractory or resistant melanoma, we continue to see a pattern of durability, survival, and immune activity that supports our belief in BOT/BAL and its mechanism, and that it may offer a pan-tumor approach and have relevance beyond a single cancer type. Importantly, that broader vision is not based simply on combining CTLA-4 and PD-1. It is based on bot's Fc enhance design, the biology we believe it can deliver and drive in tumor microenvironments, and consistency of clinical activity we have observed across cold and immunotherapy-refractory tumors, as well as warm or hot tumors. The melanoma data presented at ASCO this year were useful in this context. In patients whose disease was refractory or resistant to prior anti-PD-L1 or PD-1 therapy, including patients previously treated with anti-CTLA-4 therapy, BOT/BAL showed durable activity. For us, that supports the view that Bot is designed to perform different than earlier generation CTLA-4 approaches, and that Bot plus Bal is not simply operating as a conventional checkpoint combination. It's beyond that. Our focus is clear. Disciplined execution, first in colorectal cancer, with a broader body of evidence that may inform future development over time in cancers beyond colorectal. Our next objective is patient access. Until BOT/BAL receives marketing authorization, patient access is available only through clinical trials or through authorized access mechanisms where permitted under local regulation. In France, for example, Bot plus Bal is available through the national Autorisation d'accès compassionnel, or AAC framework, for eligible French patients with MSS metastatic colorectal cancer without active liver metastases. In addition, platinum-resistant or platinum-refractory ovarian cancer has been approved, and certain advanced soft tissue sarcomas are allowed under the French AAC program. Once again, for eligible patients treated in the hospital setting under the AAC framework, Agenus is reimbursed through the French National Health System. Outside of France, Bot plus Bal may be also available in select countries through paid name patient programs, where permitted by local regulation. These programs are initiated by physicians and managed through treating physicians in participating countries across Europe and South America, including the United Kingdom, Switzerland, Belgium, France, Spain, Brazil, and Argentina. It's important to realize that these programs are physician-driven. They are not promotional. They reflect physicians reviewing the data, assessing the needs of individual patients, and seeking access where appropriate and where local regulatory systems permit in the countries that I had just mentioned. In 2025, we recognized initial income associated with BOT/BAL supplied through authorized access pathways. In the fourth quarter of 2025, that amounted to $3.2 million. In the first quarter of 2026, pre-commercial product revenue was $4.6 million, representing realized income from BOT/BAL provided to hospitals and treating physicians under regulatorily accessed programs. These are early pre-commercial revenues from authorized access pathways. They do not make us a commercial company, and they should not be viewed the same way as product revenue following approval with promotional efforts. They do reflect something meaningful. Physicians are reviewing the data, identifying patients with limited or no options, and seeking access where local regulations permit. For U.S. patients, access remains more limited while BOT/BAL is investigational, as these pathways that I just described are not available in the U.S. Eligible U.S. patients may seek access through clinical trials or, where appropriate, may work with treating physicians to explore lawful access pathways for treatment outside of the United States. We recognize the burden that this creates for patients, and it reinforces the importance of continuing our efforts to advance BOT/BAL through formal regulatory pathways. Our role in these programs is to support compliant access. Medical information, pharmacovigilance, logistics, and responsible data collection were applicable to support the responsibility we have. It's the moral responsibility we have as well. We have expanded with our medical affairs team and infrastructure. We also named BAP through this process as our global access partner to support access requests, case coordination, regulatory navigation, distribution, logistics, and related processes. This is done on a global basis. This is a disciplined way to support patients and physicians while regulatory pathways continue. Our third objective is to advance BOT/BAL into phase III development, which we have. The global phase III BATMAN trial began enrolling patients in April. BATMAN is evaluating BOT/BAL versus best supportive care in patients with refractory unresectable MSS or pMMR metastatic colorectal cancer. This, by the way, is a population with high unmet need. It is also a setting where immuno-oncology has historically shown limited or no benefit. The clinical activity observed in our phase I and phase II studies supports the rationale for evaluating BOT/BAL in a randomized phase III trial, which BATMAN represents. BATMAN is being conducted as an international cooperative group study led by the Canadian Cancer Trials Group, which we call CCTG, with participating academic networks in Canada, France, Australia, and New Zealand. The study is designed to support potential regulatory submission for BOT/BAL in this difficult-to-treat patient population. This is an important milestone for us. It moves BOT/BAL into randomized clinical evaluation and gives us a rigorous path to further define the contribution of these regimens in refractory MSS colorectal cancer. Our fourth area of emphasis has been regulatory readiness. We're preparing for regulatory engagement in the United States and Europe, including potential accelerated approval and conditional marketing authorization pathways. These efforts are supported by the maturing clinical data generated to date throughout the U.S., Europe, and beyond, ongoing clinical and translational work, and where applicable, real-world experience generated through authorized access pathways that we spoke about earlier. We know the regulatory path will require rigor. We also know that it will require a clear articulation of why durability, survival, and immune-mediated benefit matters in evaluating this class of therapy, which is immunotherapy. We will continue to make these cases carefully, scientifically, and with appropriate humility. Regulators will make their own decisions. Our responsibility is to provide the strongest, clearest, and most complete package we can for patients, physicians, and shareholders. The fifth objective is strengthening Agenus' financial condition. At the end of 2025, Agenus had approximately $3 million in cash and cash equivalents. That was a very difficult position for us to be in, and I do not want to minimize the challenge of operating in that kind of a condition. Since then, we've taken meaningful steps to improve the company's financial and operational footing. In January, we closed our strategic collaboration with Zydus Lifesciences. This transaction provided upfront capital, strengthened the balance sheet, and secured dedicated U.S. biologics manufacturing capacity to support clinical development, authorized access programs, and potential future commercial supply for BOT/BAL. After closing this transaction and addressing several important payment obligations, we ended the first quarter 2026 with approximately $35 million in cash and cash equivalents. Subsequent to the quarter, we received approximately $11.7 million in net proceeds from sales of common stock under our ATM program. That program has helped us navigate difficult financial periods, although we recognize it comes at a cost of shareholder dilution. While addressing these important matters, we have continued to align our operating expense base at around BOT/BAL priorities. Our previously communicated framework is approximately $50 million in annualized ongoing operating expenses to support BOT/BAL. Our first quarter underlying operating performance was consistent with that framework. It is also important to distinguish our ongoing operating expenses profile from certain cash payments made in the first quarter. Those payments included obligations associated with Zydus closing, the release of commercial grade BOT/BAL supply, clinical data generation in support of planned regulatory submissions, also settlement obligations accrued in prior periods. Those payments were substantial, they are not representative of the company's recurring operating ongoing expense profile. We are not yet where we need to be financially, we recognize that, we are in material stronger position than we were at year-end, we are managing the business with discipline. That means prioritizing BOT/BAL controlled spend, strengthening the balance sheet further, and evaluating financing and partnering opportunities as appropriate. For the remainder of 2026, our priorities are straightforward. We will continue supporting responsible authorized access programs such as the French AAC framework and out-of-pocket named patient programs in select countries that we have talked about. We will continue regulatory engagement in the U.S. and Europe. We will advance enrollment in global BATTMAN phase III trial and CCTG and participating academic networks. We will continue to mature and analyze the clinical and translational evidence across BOT/BAL programs, which we believe strongly support the product's activity. We will maintain disciplined capital allocation and continue strengthening the balance sheet, we will continue building the capabilities required for the next stage of BOT/BAL development, including clinical execution, medical affairs, manufacturing readiness, and commercial planning upon approval. Agenus also has a broader pipeline of immunological agents and scientific capabilities built over many years of our operations. That remains an important part of the company's long-term value. Our near-term focus is clear. BOT/BAL is the priority, we will not divert resources from work that is required to advance this particular program. Let me close with this. This has not been an easy period for Agenus, nor has it been easy for our shareholders. Over the past year, we have delivered meaningful progress. We expanded authorized access. We recognized initial income from those access pathways. We strengthened manufacturing readiness through Zydus. We moved BOT/BAL into phase III. We presented additional data, including melanoma data at ASCO just a couple of weeks ago, that further support BOT/BAL mechanistic differentiation and durable activity across difficult-to-treat tumors in patients that have no other options left. We sharpened our operating focus around the program and believe that we can make the greatest difference for patients. There's still significant work ahead. We need to execute clinically. We need to continue regulatory engagement. We need to manage the balance sheet very carefully and strengthen it. We need to continue earning the confidence of physicians, patients, regulators, partners, and shareholders. That is the work in front of us. On behalf of Agenus, I thank you for your continued support, your patience, and your commitment to patients we serve as we do. This concludes my prepared remarks, and I am happy to take your questions. Please. Thank you, Garo. We will now open it up for live question and answers. Our first question is related to the status of the collaboration talks with Big Pharma that Agenus has been having for the past few years. Garo, if you could answer the question about some progress that we're able to share today. Is for partnering. As you know, at least for the last two years, the interest in IO has been, for the lack of a better term, in a drought. The reasons for these, we can speculate, of course, and say a number of the new molecules and new protocols that were being pursued by big companies after the success of the initial storm with KEYTRUDA, ipilimumab, and nivolumab subsided, that level of interest sort of dried up. Big pharma and big biotech wrongfully assumed that IO treatments had no longer been of interest to patients and physicians. Of course, our BOT/BAL program is a testament to the fact that a new generation of IO is here. We have demonstrated that in trials of over 1,300 patients that have been treated so far. We believe that the results that we've generated from a patient's and physician perspective is nothing short of a very, very profound benefit to patients. Also, as you know, or at least some of you that follow us closely know, that the physician interest in BOT/BAL is at an unprecedented level. We just came back from ASCO a couple of weeks ago. We had 83 KOL engagements on various trials and outcomes, and the level of conviction by physicians that there is a substantial benefit to their patients, and their desire to have access to BOT/BAL for the benefit of their patients is at an all-time high. Now, having said this, I was delighted that at ASCO for the first time in the last several years, we started having some inbound inquiries from companies, including some regional companies, regional companies meaning major regions, Asian regions, otherwise. We are now renewing our efforts to engage companies for potential collaboration with an emphasis on regional collaboration. Thank you, Garo. The next question will be for Dr. Steven O'Day. There is a question here on the status of the phase III BATMAN study, and if we have begun dosing and when we could anticipate a data release or further data information. Thank you, Stefanie. As Garo said earlier, the BATMAN study continues to ramp up, and there are currently 21 active sites in Canada. It will get to 30 sites very shortly. We also have Australia, New Zealand that should open with first patient in within the next month, and then France to follow over the summer. In terms of data, this is an event-driven OS analysis, and we would expect the first reporting of that survival analysis probably in the second half of 2028. Thank you, Dr. O'Day. Garo, could you answer the question and clarify a bit for our audience is what is Agenus waiting for as it relates to accelerated approval and potential filing with the FDA and EMA? Is there certain milestones or things that we are waiting for in order to enable that event? As our shareholders and others that have followed us closely know, we have encountered two separate attempts with the FDA. Certainly the old regime, in some ways, of the agency, some of them are no longer there. As a result of their guidance, and remember, the first time our data was relatively immature. Second time, it was more mature. While they didn't prohibit us from going for accelerated approval, they can't, of course, they guided us not to do it. The data is now more mature, three years mature, and it's compelling. As Dr. O'Day says, the flattening of the curve, which means patients experiencing so-called durable benefit. Remember, the durable benefit is a hallmark of the design of our molecule, botensilimab. That is very unusual, but it's not unusual in the context of immunotherapy, or at least IO. We have made a strategic decision to now, having the data mature for another year, and the data durability demonstrated, that we are putting together a package, and that package will be submitted both to the FDA and subsequently to the EMA for conditional approval. Or perhaps, as our chief commercial officer would say, perhaps we will do the submission simultaneously. How is that, Dr. Taylor? He's nodding. That's the plan, and I know that one may ask, why wouldn't you submit tomorrow? I cannot tell you the enormous amount of work that it entails to submit an accelerated approval application. It is, of course, validating data from more mature data sets and also providing the safety data set on nearly 1,300 or over 1,300 patients. It's an enormous amount of work. It'll take some time. It will not take years, we hope that it will take a reasonable few quarters for us to be able to submit the data for accelerated approval. Thank you, Garo. The next question here I think is appropriate for Dr. Jennifer Buell. There is a question here about, are there any additional or new trials planned with BOT/BAL along with potential MiNK products like agenT-797? Thank you so much, Stefanie. Yes, of course. This is based on some exceptional data that we presented at AACR earlier this year, showing what the combination of iNKT cells and BOT/BAL can do together. In patients who were treated through Dr. Yelena Janjigian, the Chief of Gastrointestinal Oncology at Memorial Sloan Kettering Cancer Center, and her colleague, Sam Taneja, we demonstrated and reported that when you combine iNKTs plus BOT/BAL in patients with relapse refractory gastric cancer. This is second-line gastric cancer after they failed chemo as well as anti-PD-1 product. These patients progress, and their expected survival is about six months. What we observed in patients who received the induction, so an immune priming, before follow-on chemo, we saw a nearly 80% disease control rate and significant progression-free survival improvement and durable survival beyond 20 months in those patients. These data have now underscored what's possible for this combination. What we also observed in these patients that had metastatic disease to their liver, when you induced with iNKT cell therapy, you actually saw a profound change in disease status in patients with metastatic disease to their liver. What you can expect is an obvious next step, and we will be communicating this shortly, an opportunity to complement the profound efficacy observed with BOT/BAL in patients with MSS-CRC and expanding that benefit to patients with metastatic disease to their liver and adding invariant natural killer T-cells, which will naturally home to the liver and what we believe will expand the benefit for patients with that disease setting. Yes, there is more to come, and we'll be continuing to communicate this as we advance these combinations. Thank you, Dr. Buell. We have a few more questions. The next question is for Dr. Steven O'Day. This shareholder is looking for an update on the pancreatic trial and if there's any information that you might potentially be able to share related to that study. Thanks, Stefanie. We had two phase II trials that we've allowed to mature. One is the melanoma trial, and the second is pancreas. I want to highlight the melanoma first, and then I'll address the pancreas. The melanoma trial was presented at ASCO. We looked at refractory patients to PD-1 and CTLA-4 and BRAF. This is sort of very refractory metastatic patients. In 36 patients, we saw an overall response rate of 22% confirmed RECIST. More importantly, in the subgroup that had failed CTLA-4 and PD-1, it was 29%. There were survival plateaus between 40% and 60%. We allowed that data to mature out to two and a half years minimum at the time of the ASCO presentation to really capture the durability and plateau. In terms of pancreas, the same with pancreas in the sense that we have allowed this data to mature, and we are waiting for final look at any evidence of survival plateaus. However, the data to date, and this was with botensilimab alone with chemotherapy, not with balstilimab, does not support moving forward with this program in the late stage setting. We are very focused in moving to earlier lines that could include pancreas in the future, but certainly other diseases, and are focused on CRC and, obviously in late stage and early stage, as has been outlined previously. Thank you, Dr. O'Day. The last question in the queue is related to BOT/BAL and the neoadjuvant setting and when we will hear additional progress on that study. Dr. Garo Armen, would you like to answer that question, please? Thank you, Stefanie. As you know, based on published data, neoadjuvant setting has produced the most compelling results for BOT/BAL. Most compelling results in the sense that, as you would expect with immunotherapy, as you go from patients who have exhausted all treatments and their systems have been exhausted as well to an earlier stage setting, not early stage, but earlier, which we term as neoadjuvant stage patients. When you go to that, the results, as many of you have seen and have been presented at major conferences and published, are quite remarkable, because with one dose of BOT and two doses of BAL, we're seeing, in many patients, as many as 50%-plus patients, complete eradication of their tumors within seven to eight weeks. This is true primarily with the data generated for neoadjuvant CRC. At the Netherlands Cancer Institute, it's also being demonstrated across multiple tumors, including triple-negative breast cancer, hormone-positive breast cancer, Merkel cell carcinoma, sarcoma, and so on. These compelling results, of course, compel us to think about the next steps. Those next steps will be unveiled shortly. As you know, for the last year or so, we have been preoccupied, it's the exact term, managing our finances, because, as I said earlier, we have gone through some very difficult times with cash constraints. Which is unthinkable given the fact that BOT/BAL has generated such compelling data. Perhaps I would personally determine, and I think my team concurs, the most compelling data in the context of oncology and certainly in the context of IO treatments that show benefit in cold tumors. Stay tuned. We will be unveiling our plans on the next step for neoadjuvant, because neoadjuvant shows compelling data, number one, and as our Chief Commercial Officer would concur, it is a very large market, very large commercial market, and it provides a significant benefit to patients. If you take CRC, for example, with the demographics of CRC changing and affecting younger and younger patients, it is something that is our moral responsibility to bring to fruition. The same thing is true, by the way, with trials that will be articulated, the results of will be articulated at some point in the not-too-distant future in rectal cancer. That is an area of major unmet need because patients undergo mutilating procedures to treat rectal cancer. We're moving on all of these fronts. Please stay tuned. Please bring in your capabilities to make sure that the appropriate interest and resources are mobilized for us to be able to bring some of these very compelling treatments to fruition. Thank you, Dr. Armen. Thank you all for your participation in today's annual shareholder meeting and for submitting your questions. This now concludes the live question and answer portion of our meeting. The meeting has now concluded. Thank you for joining. Have a pleasant day.

Speaker 1: Morning, everyone. I'd like to call to order Agenus' 2026 virtual annual meeting for stockholders. I'm Garo Armen, Chairman and CEO of Agenus. With me today in person or virtually are Stefanie Nacar, Chief Communications and Government Relations Officer, and the following members of our Board of Directors: Brian Corvese, Susan Hirsch, Tom Harrison, and Tim Wright. The other members of senior management of the company on the call today are Dr. Steven O'Day, our Chief Medical Officer, Dr. Jennifer Buell, Director and Chair of our Executive Council, among others. I'd like to thank them and thank each one of you, whether participating by proxy in advance of the meeting or online today, for your time and commitment to Agenus, Morning, everyone. morning everyone I'd like to call to order Agenus' 2026 virtual annual meeting for stockholders. i'd like to call to order agenus' 2026 virtual annual meeting for stockholders I'm Garo Armen, Chairman and CEO of Agenus. i'm garo armen chairman and ceo of agenus With me today in person or virtually are Stefanie Nacar, Chief Communications and Government Relations Officer, and the following members of our Board of Directors: Brian Corvese, Susan Hirsch, Tom Harrison, and Tim Wright. with me today in person or virtually are stefanie nacar chief communications and government relations officer and the following members of our board of directors brian corvese susan hirsch tom harrison and tim wright The other members of senior management of the company on the call today are Dr. Steven O'Day, our Chief Medical Officer, Dr. Jennifer Buell, Director and Chair of our Executive Council, among others. the other members of senior management of the company on the call today are dr steven o'day our chief medical officer dr jennifer buell director and chair of our executive council among others I'd like to thank them and thank each one of you, whether participating by proxy in advance of the meeting or online today, for your time and commitment to Agenus, i'd like to thank them and thank each one of you whether participating by proxy in advance of the meeting or online today for your time and commitment to agenus Now I'd like to turn things over to Stefanie to conduct the formal portion of our meeting, after which I will come back with some brief remarks and answer any questions that you may have. Stefanie. Now I'd like to turn things over to Stefanie to conduct the formal portion of our meeting, after which I will come back with some brief remarks and answer any questions that you may have. now i'd like to turn things over to stefanie to conduct the formal portion of our meeting after which i will come back with some brief remarks and answer any questions that you may have Stefanie. stefanie

Speaker 4: Good morning. Thank you, Garo, welcome to all of our stockholders. We will now begin the formal portion of the annual meeting as set forth in the notice of annual meeting and proxy statement. I have received an affidavit of distribution from Broadridge Financial Solutions, Inc., that notice of this meeting was furnished by the company on or about April 30th, 2026, to every holder of record of common stock as of the close of business on April 22nd, 2026, the record date for this meeting. The Board of Directors has appointed Terrence Hassett as the Inspector of Elections for this meeting. Mr. Hassett has taken and subscribed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of this meeting. Good morning. good morning Thank you, Garo, welcome to all of our stockholders. thank you garo welcome to all of our stockholders We will now begin the formal portion of the annual meeting as set forth in the notice of annual meeting and proxy statement. we will now begin the formal portion of the annual meeting as set forth in the notice of annual meeting and proxy statement I have received an affidavit of distribution from Broadridge Financial Solutions, Inc., that notice of this meeting was furnished by the company on or about April 30th, 2026, to every holder of record of common stock as of the close of business on April 22nd, 2026, the record date for this meeting. i have received an affidavit of distribution from broadridge financial solutions inc that notice of this meeting was furnished by the company on or about april 30th 2026 to every holder of record of common stock as of the close of business on april 22nd 2026 the record date for this meeting The Board of Directors has appointed Terrence Hassett as the Inspector of Elections for this meeting. the board of directors has appointed terrence hassett as the inspector of elections for this meeting Mr. Hassett has taken and subscribed the customary oath of office to execute his duties with strict impartiality. mr hassett has taken and subscribed the customary oath of office to execute his duties with strict impartiality We will file this oath with the records of this meeting. we will file this oath with the records of this meeting Mr. Hassett's function is to decide upon the qualifications of the voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. I have been informed by the Inspector of Elections that proxies and votes have been received representing at least 51% of the outstanding shares of common stock entitled to vote at this meeting. Under the company's Amended and Restated Bylaws, a quorum requires the presence, in person or by proxy, of holders representing a majority of the outstanding shares entitled to vote. Accordingly, a quorum is present, this annual meeting is duly constituted for the transaction of business. A list of stockholders as of the record date is available for inspection by our stockholders by first clicking on the button labeled Materials, and then using the link entitled Registered Shareholders List at the bottom right-hand side of your screen. Mr. Hassett's function is to decide upon the qualifications of the voters, accept their votes, and when balloting on all matters is completed, to tally the final votes. mr hassett's function is to decide upon the qualifications of the voters accept their votes and when balloting on all matters is completed to tally the final votes I have been informed by the Inspector of Elections that proxies and votes have been received representing at least 51% of the outstanding shares of common stock entitled to vote at this meeting. i have been informed by the inspector of elections that proxies and votes have been received representing at least 51% of the outstanding shares of common stock entitled to vote at this meeting Under the company's Amended and Restated Bylaws, a quorum requires the presence, in person or by proxy, of holders representing a majority of the outstanding shares entitled to vote. under the company's amended and restated bylaws a quorum requires the presence in person or by proxy of holders representing a majority of the outstanding shares entitled to vote Accordingly, a quorum is present, this annual meeting is duly constituted for the transaction of business. accordingly a quorum is present this annual meeting is duly constituted for the transaction of business A list of stockholders as of the record date is available for inspection by our stockholders by first clicking on the button labeled Materials, and then using the link entitled Registered Shareholders List at the bottom right-hand side of your screen. a list of stockholders as of the record date is available for inspection by our stockholders by first clicking on the button labeled materials and then using the link entitled registered shareholders list at the bottom right-hand side of your screen During the meeting, stockholders may access the Q&A feature by clicking on the button labeled Q+A in the bottom right-hand corner of the screen. Questions pertinent to meeting matters will be answered following the formal portion of the meeting, subject to time constraints. We are now ready to proceed with the business of the meeting. The matters to be voted on at today's meeting are set forth in the company's proxy statement. The company has not received notice from any of its stockholders of any additional matters to be considered at today's meeting. Therefore, no additional matters will be voted on. Let me briefly describe the voting procedures. You may vote your shares during the meeting through the web portal by following the instructions listed. If you have previously voted by proxy, you do not need to vote again unless you wish to change your vote. During the meeting, stockholders may access the Q&A feature by clicking on the button labeled Q+A in the bottom right-hand corner of the screen. during the meeting stockholders may access the q&a feature by clicking on the button labeled q+a in the bottom right-hand corner of the screen Questions pertinent to meeting matters will be answered following the formal portion of the meeting, subject to time constraints. questions pertinent to meeting matters will be answered following the formal portion of the meeting subject to time constraints We are now ready to proceed with the business of the meeting. we are now ready to proceed with the business of the meeting The matters to be voted on at today's meeting are set forth in the company's proxy statement. the matters to be voted on at today's meeting are set forth in the company's proxy statement The company has not received notice from any of its stockholders of any additional matters to be considered at today's meeting. the company has not received notice from any of its stockholders of any additional matters to be considered at today's meeting Therefore, no additional matters will be voted on. therefore no additional matters will be voted on Let me briefly describe the voting procedures. let me briefly describe the voting procedures You may vote your shares during the meeting through the web portal by following the instructions listed. you may vote your shares during the meeting through the web portal by following the instructions listed If you have previously voted by proxy, you do not need to vote again unless you wish to change your vote. if you have previously voted by proxy you do not need to vote again unless you wish to change your vote If you have not already voted or you wish to change your vote, please follow the instructions on the web portal for how to submit your vote. No votes, ballots or proxies or revocation of, or changes to votes, ballots, or proxies will be accepted after the polls are closed. I now declare the polls open for each matter to be voted on at this annual meeting. Proposal one. The first item on the agenda is to elect Garo Armen and Jennifer Buell as Class 2 directors for a term of three years expiring at the 2029 annual meeting of stockholders. Both Dr. Garo Armen and Dr. Buell's qualifications are described on pages 10 through 13 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of both Dr. Armen and Dr. Buell's election. Proposal number two. If you have not already voted or you wish to change your vote, please follow the instructions on the web portal for how to submit your vote. if you have not already voted or you wish to change your vote please follow the instructions on the web portal for how to submit your vote No votes, ballots or proxies or revocation of, or changes to votes, ballots, or proxies will be accepted after the polls are closed. no votes ballots or proxies or revocation of or changes to votes ballots or proxies will be accepted after the polls are closed I now declare the polls open for each matter to be voted on at this annual meeting. i now declare the polls open for each matter to be voted on at this annual meeting Proposal one. proposal one The first item on the agenda is to elect Garo Armen and Jennifer Buell as Class 2 directors for a term of three years expiring at the 2029 annual meeting of stockholders. the first item on the agenda is to elect garo armen and jennifer buell as class 2 directors for a term of three years expiring at the 2029 annual meeting of stockholders Both Dr. Garo Armen and Dr. Buell's qualifications are described on pages 10 through 13 of the proxy statement. both dr garo armen and dr buell's qualifications are described on pages 10 through 13 of the proxy statement The board of directors unanimously recommends that stockholders vote in favor of both Dr. Armen and Dr. Buell's election. the board of directors unanimously recommends that stockholders vote in favor of both dr armen and dr buell's election Proposal number two. proposal number two The second item on the agenda is a proposal to approve an amendment to our 2019 Employee Stock Purchase Plan, as amended, to increase the number of shares of common stock authorized for issuance thereunder from 150,000 shares to 200,000 shares. A detailed description of the proposal can be found on pages 40 through 43 of the proxy statement. The board of directors unanimously recommends that the stockholders vote in favor of this proposal. Proposal number three. The third item on the agenda is a proposal to approve an amendment to our amended and restated 2019 Equity Incentive Plan to increase the aggregate shares available for issuance by 5 million shares. A detailed description of the proposal can be found on pages 44 through 50 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number four. The second item on the agenda is a proposal to approve an amendment to our 2019 Employee Stock Purchase Plan, as amended, to increase the number of shares of common stock authorized for issuance thereunder from 150,000 shares to 200,000 shares. the second item on the agenda is a proposal to approve an amendment to our 2019 employee stock purchase plan as amended to increase the number of shares of common stock authorized for issuance thereunder from 150,000 shares to 200,000 shares A detailed description of the proposal can be found on pages 40 through 43 of the proxy statement. a detailed description of the proposal can be found on pages 40 through 43 of the proxy statement The board of directors unanimously recommends that the stockholders vote in favor of this proposal. the board of directors unanimously recommends that the stockholders vote in favor of this proposal Proposal number three. proposal number three The third item on the agenda is a proposal to approve an amendment to our amended and restated 2019 Equity Incentive Plan to increase the aggregate shares available for issuance by 5 million shares. the third item on the agenda is a proposal to approve an amendment to our amended and restated 2019 equity incentive plan to increase the aggregate shares available for issuance by 5 million shares A detailed description of the proposal can be found on pages 44 through 50 of the proxy statement. a detailed description of the proposal can be found on pages 44 through 50 of the proxy statement The board of directors unanimously recommends that stockholders vote in favor of this proposal. the board of directors unanimously recommends that stockholders vote in favor of this proposal Proposal number four. proposal number four The fourth item on the agenda is a proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock prices applicable to director and executive officer replacement options. A detailed description of the proposal can be found on pages three through eight of the supplemental proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number five. The fifth item on the agenda is a proposal to approve, in a non-binding advisory vote, the compensation of the company's named executive officers for 2025, otherwise known as say on pay. A detailed description of the proposal can be found on page 56 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. Proposal number six. The fourth item on the agenda is a proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock prices applicable to director and executive officer replacement options. the fourth item on the agenda is a proposal to approve a one-time stock option exchange program under our 2019 eip our amended and restated 2009 equity incentive plan and our 2015 inducement equity plan with premium stock prices applicable to director and executive officer replacement options A detailed description of the proposal can be found on pages three through eight of the supplemental proxy statement. a detailed description of the proposal can be found on pages three through eight of the supplemental proxy statement The board of directors unanimously recommends that stockholders vote in favor of this proposal. the board of directors unanimously recommends that stockholders vote in favor of this proposal Proposal number five. proposal number five The fifth item on the agenda is a proposal to approve, in a non-binding advisory vote, the compensation of the company's named executive officers for 2025, otherwise known as say on pay. the fifth item on the agenda is a proposal to approve in a non-binding advisory vote the compensation of the company's named executive officers for 2025 otherwise known as say on pay A detailed description of the proposal can be found on page 56 of the proxy statement. a detailed description of the proposal can be found on page 56 of the proxy statement The board of directors unanimously recommends that stockholders vote in favor of this proposal. the board of directors unanimously recommends that stockholders vote in favor of this proposal Proposal number six. proposal number six The sixth item on the agenda is to ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026. A detailed description of the proposal can be found on page 57 of the proxy statement. The board of directors unanimously recommends that stockholders vote in favor of this proposal. If you are entitled to vote, if you were a stockholder of record on April 22, 2026. I will now keep the voting open for a few moments before closing the polls. The polls are now closed. I will now deliver the report on the results of the vote obtained from the Inspector of Elections. The report of the Inspector of Election covering the proposals presented at this meeting is as follows. The sixth item on the agenda is to ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2026. the sixth item on the agenda is to ratify the appointment of kpmg llp as our independent registered public accounting firm for the fiscal year ending december 31 2026 A detailed description of the proposal can be found on page 57 of the proxy statement. a detailed description of the proposal can be found on page 57 of the proxy statement The board of directors unanimously recommends that stockholders vote in favor of this proposal. the board of directors unanimously recommends that stockholders vote in favor of this proposal If you are entitled to vote, if you were a stockholder of record on April 22, 2026. if you are entitled to vote if you were a stockholder of record on april 22 2026 I will now keep the voting open for a few moments before closing the polls. i will now keep the voting open for a few moments before closing the polls The polls are now closed. the polls are now closed I will now deliver the report on the results of the vote obtained from the Inspector of Elections. i will now deliver the report on the results of the vote obtained from the inspector of elections The report of the Inspector of Election covering the proposals presented at this meeting is as follows. the report of the inspector of election covering the proposals presented at this meeting is as follows Proposal number one, the proposal to elect Garo Armen and Jennifer Buell as class 2 directors of the company is carried. Proposal number two, the proposal to amend the company's Amended and Restated 2019 Equity Incentive Plan is carried. Proposal number three, the proposal to amend the 2019 Employee Stock Purchase Plan to increase the aggregate shares of common stock available for issuance thereunder by 5 million shares is carried. Proposal number four, the proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock strike prices applicable to director and executive officer replacement options is carried. Proposal number five, the proposal to approve in a non-binding advisory vote the compensation of the company's named executive officers for 2025, otherwise known as say on pay, is carried. Proposal number one, the proposal to elect Garo Armen and Jennifer Buell as class 2 directors of the company is carried. proposal number one the proposal to elect garo armen and jennifer buell as class 2 directors of the company is carried Proposal number two, the proposal to amend the company's Amended and Restated 2019 Equity Incentive Plan is carried. proposal number two the proposal to amend the company's amended and restated 2019 equity incentive plan is carried Proposal number three, the proposal to amend the 2019 Employee Stock Purchase Plan to increase the aggregate shares of common stock available for issuance thereunder by 5 million shares is carried. proposal number three the proposal to amend the 2019 employee stock purchase plan to increase the aggregate shares of common stock available for issuance thereunder by 5 million shares is carried Proposal number four, the proposal to approve a one-time stock option exchange program under our 2019 EIP, our Amended and Restated 2009 Equity Incentive Plan, and our 2015 Inducement Equity Plan with premium stock strike prices applicable to director and executive officer replacement options is carried. proposal number four the proposal to approve a one-time stock option exchange program under our 2019 eip our amended and restated 2009 equity incentive plan and our 2015 inducement equity plan with premium stock strike prices applicable to director and executive officer replacement options is carried Proposal number five, the proposal to approve in a non-binding advisory vote the compensation of the company's named executive officers for 2025, otherwise known as say on pay, is carried. proposal number five the proposal to approve in a non-binding advisory vote the compensation of the company's named executive officers for 2025 otherwise known as say on pay is carried Proposal number six, the proposal to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2026 is carried. We expect to report our preliminary voting results, or if available to us on a timely basis, our final voting results on a current report on Form 8-K to be filed with the SEC within four business days after the end of the meeting. If not earlier reported, we expect to report our final voting results in an amendment to our Form 8-K within four business days after the final results are known to us. That concludes with the formal portion of the meeting. Before I turn things back over to Garo, I would like to note that the remainder of this meeting will include forward-looking statements, including statements regarding clinical development and regulatory plans, timelines and strategy. Proposal number six, the proposal to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2026 is carried. proposal number six the proposal to ratify the appointment of kpmg llp as the company's independent registered public accounting firm for the year ending december 31 2026 is carried We expect to report our preliminary voting results, or if available to us on a timely basis, our final voting results on a current report on Form 8-K to be filed with the SEC within four business days after the end of the meeting. we expect to report our preliminary voting results or if available to us on a timely basis our final voting results on a current report on form 8-k to be filed with the sec within four business days after the end of the meeting If not earlier reported, we expect to report our final voting results in an amendment to our Form 8-K within four business days after the final results are known to us. if not earlier reported we expect to report our final voting results in an amendment to our form 8-k within four business days after the final results are known to us That concludes with the formal portion of the meeting. that concludes with the formal portion of the meeting Before I turn things back over to Garo, I would like to note that the remainder of this meeting will include forward-looking statements, including statements regarding clinical development and regulatory plans, timelines and strategy. before i turn things back over to garo i would like to note that the remainder of this meeting will include forward-looking statements including statements regarding clinical development and regulatory plans timelines and strategy These statements are subject to risks and uncertainties. We refer you to our SEC filings for more details on these risks. Garo. These statements are subject to risks and uncertainties. these statements are subject to risks and uncertainties We refer you to our SEC filings for more details on these risks. we refer you to our sec filings for more details on these risks Garo. garo

Speaker 1: Thank you very much, Stefanie. And once again, thank you everyone for joining us for our 2026 annual meeting of stockholders. I want to use our time together to speak directly about where Agenus stands today, what we set out to accomplish over the past year, what we have delivered, and where we are focused for the remainder of 2026 and beyond. The past year has been one of the most important periods in Agenus' history. It has also been one of the most difficult. We have had to make hard decisions, sharpen our focus, take important steps to strengthen our balance sheet, and align the company around the opportunity we believe has the greatest potential to benefit patients and create value for our shareholders. Those are botensilimab and balstilimab, widely known as BOT/BAL. Our objectives have remained clear throughout even the most challenging times. Thank you very much, Stefanie. thank you very much stefanie And once again, thank you everyone for joining us for our 2026 annual meeting of stockholders. and once again thank you everyone for joining us for our 2026 annual meeting of stockholders I want to use our time together to speak directly about where Agenus stands today, what we set out to accomplish over the past year, what we have delivered, and where we are focused for the remainder of 2026 and beyond. i want to use our time together to speak directly about where agenus stands today what we set out to accomplish over the past year what we have delivered and where we are focused for the remainder of 2026 and beyond The past year has been one of the most important periods in Agenus' history. the past year has been one of the most important periods in agenus' history It has also been one of the most difficult. it has also been one of the most difficult We have had to make hard decisions, sharpen our focus, take important steps to strengthen our balance sheet, and align the company around the opportunity we believe has the greatest potential to benefit patients and create value for our shareholders. we have had to make hard decisions sharpen our focus take important steps to strengthen our balance sheet and align the company around the opportunity we believe has the greatest potential to benefit patients and create value for our shareholders Those are botensilimab and balstilimab, widely known as BOT/BAL. those are botensilimab and balstilimab widely known as bot/bal Our objectives have remained clear throughout even the most challenging times. our objectives have remained clear throughout even the most challenging times To build on the clinical evidence for Bot/Bal in cancers that have historically resisted immunotherapy, including, very importantly, MSS or microsatellite stable colorectal cancer. Second, to support responsible patient access where permitted through authorized access programs, and we'll talk some more about that in a bit. Third, to move Bot/Bal into randomized phase III development. Fourth, to advance Bot/Bal towards regulatory pathways in the United States and Europe. And fifth, to strengthen Agenus' financial position and continue building the manufacturing, medical affairs, and operational foundation required to support the next stage of our advancements. We've made tangible progress in each one of these areas, and I'll talk about them in more detail just now. Let me start with the first item I just mentioned, the clinical evidence. Bot/Bal is our multifunctional Fc engineered CTLA-4 and PD-1 immunotherapy combination. To build on the clinical evidence for Bot/Bal in cancers that have historically resisted immunotherapy, including, very importantly, MSS or microsatellite stable colorectal cancer. to build on the clinical evidence for bot/bal in cancers that have historically resisted immunotherapy including very importantly mss or microsatellite stable colorectal cancer Second, to support responsible patient access where permitted through authorized access programs, and we'll talk some more about that in a bit. second to support responsible patient access where permitted through authorized access programs and we'll talk some more about that in a bit Third, to move Bot/Bal into randomized phase III development. third to move bot/bal into randomized phase iii development Fourth, to advance Bot/Bal towards regulatory pathways in the United States and Europe. fourth to advance bot/bal towards regulatory pathways in the united states and europe And fifth, to strengthen Agenus' financial position and continue building the manufacturing, medical affairs, and operational foundation required to support the next stage of our advancements. and fifth to strengthen agenus' financial position and continue building the manufacturing medical affairs and operational foundation required to support the next stage of our advancements We've made tangible progress in each one of these areas, and I'll talk about them in more detail just now. we've made tangible progress in each one of these areas and i'll talk about them in more detail just now Let me start with the first item I just mentioned, the clinical evidence. let me start with the first item i just mentioned the clinical evidence Bot/ Bal is our multifunctional Fc engineered CTLA-4 and PD-1 immunotherapy combination. bot/ bal is our multifunctional fc engineered ctla-4 and pd-1 immunotherapy combination It is important to understand that we do not view Bot plus Bal as simply another CTLA-4 and PD-1 doublet. Bot/Bal was designed to be more than just binding to CTLA-4 receptor. It is designed to help activate a broader immune response by priming and activating T-cells, reducing bad actors like suppressive regulatory T-cells, engaging myeloid cells that can help convert cold tumors into more inflamed or hot tumors, and supporting immune memory, which we believe is critically important to achieving durable benefit, which we talk about frequently. These attributes matter because many of the tumors we are studying are not hot tumors, and where conventional immuno-oncology treatments have historically failed. These are cold or treatment-refractory tumors where the immune system has often been excluded, exhausted, or suppressed. Bot plus Bal was designed to help reengage immunity in a way that can produce durable benefit over time. It is important to understand that we do not view Bot plus Bal as simply another CTLA-4 and PD-1 doublet. it is important to understand that we do not view bot plus bal as simply another ctla-4 and pd-1 doublet Bot/Bal was designed to be more than just binding to CTLA-4 receptor. bot/bal was designed to be more than just binding to ctla-4 receptor It is designed to help activate a broader immune response by priming and activating T-cells, reducing bad actors like suppressive regulatory T-cells, engaging myeloid cells that can help convert cold tumors into more inflamed or hot tumors, and supporting immune memory, which we believe is critically important to achieving durable benefit, which we talk about frequently. it is designed to help activate a broader immune response by priming and activating t-cells reducing bad actors like suppressive regulatory t-cells engaging myeloid cells that can help convert cold tumors into more inflamed or hot tumors and supporting immune memory which we believe is critically important to achieving durable benefit which we talk about frequently These attributes matter because many of the tumors we are studying are not hot tumors, and where conventional immuno-oncology treatments have historically failed. these attributes matter because many of the tumors we are studying are not hot tumors and where conventional immuno-oncology treatments have historically failed These are cold or treatment-refractory tumors where the immune system has often been excluded, exhausted, or suppressed. these are cold or treatment-refractory tumors where the immune system has often been excluded exhausted or suppressed Bot plus Bal was designed to help reengage immunity in a way that can produce durable benefit over time. bot plus bal was designed to help reengage immunity in a way that can produce durable benefit over time Across our clinical development programs, approximately 1,300 patients have now been treated with Bot and Bal across phase I and phase II trials. With clinical activity observed in more than nine metastatic late-line cancer settings. Our most mature data remain in refractory MSS metastatic colorectal cancer. And CRC remains our lead regulatory development focus. That discipline is important for us. In heavily pretreated MSS metastatic colorectal cancer patients without active liver metastases, Bot plus Bal has demonstrated 42% two-year overall survival and median overall survival of approximately 21 months. This is a setting where treatment options are limited and where immunotherapy has historically shown no benefit. At the same time, the broader data set, of course, matters. Across our clinical development programs, approximately 1,300 patients have now been treated with Bot and Bal across phase I and phase II trials. across our clinical development programs approximately 1,300 patients have now been treated with bot and bal across phase i and phase ii trials With clinical activity observed in more than nine metastatic late-line cancer settings. with clinical activity observed in more than nine metastatic late-line cancer settings Our most mature data remain in refractory MSS metastatic colorectal cancer. our most mature data remain in refractory mss metastatic colorectal cancer And CRC remains our lead regulatory development focus. and crc remains our lead regulatory development focus That discipline is important for us. that discipline is important for us In heavily pretreated MSS metastatic colorectal cancer patients without active liver metastases, Bot plus Bal has demonstrated 42% two-year overall survival and median overall survival of approximately 21 months. in heavily pretreated mss metastatic colorectal cancer patients without active liver metastases bot plus bal has demonstrated 42% two-year overall survival and median overall survival of approximately 21 months This is a setting where treatment options are limited and where immunotherapy has historically shown no benefit. this is a setting where treatment options are limited and where immunotherapy has historically shown no benefit At the same time, the broader data set, of course, matters. at the same time the broader data set of course matters Across multiple difficult-to-treat tumors, including colorectal cancer, ovarian cancer, sarcoma, lung cancer, hepatocellular cancer, and refractory or resistant melanoma, we continue to see a pattern of durability, survival, and immune activity that supports our belief in BOT/BAL and its mechanism, and that it may offer a pan-tumor approach and have relevance beyond a single cancer type. Importantly, that broader vision is not based simply on combining CTLA-4 and PD-1. It is based on bot's Fc enhance design, the biology we believe it can deliver and drive in tumor microenvironments, and consistency of clinical activity we have observed across cold and immunotherapy-refractory tumors, as well as warm or hot tumors. The melanoma data presented at ASCO this year were useful in this context. Across multiple difficult-to-treat tumors, including colorectal cancer, ovarian cancer, sarcoma, lung cancer, hepatocellular cancer, and refractory or resistant melanoma, we continue to see a pattern of durability, survival, and immune activity that supports our belief in BOT/BAL and its mechanism, and that it may offer a pan-tumor approach and have relevance beyond a single cancer type. across multiple difficult-to-treat tumors including colorectal cancer ovarian cancer sarcoma lung cancer hepatocellular cancer and refractory or resistant melanoma we continue to see a pattern of durability survival and immune activity that supports our belief in bot/bal and its mechanism and that it may offer a pan-tumor approach and have relevance beyond a single cancer type Importantly, that broader vision is not based simply on combining CTLA-4 and PD-1. importantly that broader vision is not based simply on combining ctla-4 and pd-1 It is based on bot's Fc enhance design, the biology we believe it can deliver and drive in tumor microenvironments, and consistency of clinical activity we have observed across cold and immunotherapy-refractory tumors, as well as warm or hot tumors. it is based on bot's fc enhance design the biology we believe it can deliver and drive in tumor microenvironments and consistency of clinical activity we have observed across cold and immunotherapy-refractory tumors as well as warm or hot tumors The melanoma data presented at ASCO this year were useful in this context. the melanoma data presented at asco this year were useful in this context In patients whose disease was refractory or resistant to prior anti-PD-L1 or PD-1 therapy, including patients previously treated with anti-CTLA-4 therapy, BOT/BAL showed durable activity. For us, that supports the view that Bot is designed to perform different than earlier generation CTLA-4 approaches, and that Bot plus Bal is not simply operating as a conventional checkpoint combination. It's beyond that. Our focus is clear. Disciplined execution, first in colorectal cancer, with a broader body of evidence that may inform future development over time in cancers beyond colorectal. Our next objective is patient access. Until BOT/BAL receives marketing authorization, patient access is available only through clinical trials or through authorized access mechanisms where permitted under local regulation. In patients whose disease was refractory or resistant to prior anti-PD-L1 or PD-1 therapy, including patients previously treated with anti-CTLA-4 therapy, BOT/BAL showed durable activity. in patients whose disease was refractory or resistant to prior anti-pd-l1 or pd-1 therapy including patients previously treated with anti-ctla-4 therapy bot/bal showed durable activity For us, that supports the view that Bot is designed to perform different than earlier generation CTLA-4 approaches, and that Bot plus Bal is not simply operating as a conventional checkpoint combination. for us that supports the view that bot is designed to perform different than earlier generation ctla-4 approaches and that bot plus bal is not simply operating as a conventional checkpoint combination It's beyond that. it's beyond that Our focus is clear. our focus is clear Disciplined execution, first in colorectal cancer, with a broader body of evidence that may inform future development over time in cancers beyond colorectal. disciplined execution first in colorectal cancer with a broader body of evidence that may inform future development over time in cancers beyond colorectal Our next objective is patient access. our next objective is patient access Until BOT/BAL receives marketing authorization, patient access is available only through clinical trials or through authorized access mechanisms where permitted under local regulation. until bot/bal receives marketing authorization patient access is available only through clinical trials or through authorized access mechanisms where permitted under local regulation In France, for example, Bot plus Bal is available through the national Autorisation d'accès compassionnel, or AAC framework, for eligible French patients with MSS metastatic colorectal cancer without active liver metastases. In addition, platinum-resistant or platinum-refractory ovarian cancer has been approved, and certain advanced soft tissue sarcomas are allowed under the French AAC program. Once again, for eligible patients treated in the hospital setting under the AAC framework, Agenus is reimbursed through the French National Health System. Outside of France, Bot plus Bal may be also available in select countries through paid name patient programs, where permitted by local regulation. These programs are initiated by physicians and managed through treating physicians in participating countries across Europe and South America, including the United Kingdom, Switzerland, Belgium, France, Spain, Brazil, and Argentina. It's important to realize that these programs are physician-driven. They are not promotional. In France, for example, Bot plus Bal is available through the national Autorisation d'accès compassionnel, or AAC framework, for eligible French patients with MSS metastatic colorectal cancer without active liver metastases. in france for example bot plus bal is available through the national autorisation d'accès compassionnel or aac framework for eligible french patients with mss metastatic colorectal cancer without active liver metastases In addition, platinum-resistant or platinum-refractory ovarian cancer has been approved, and certain advanced soft tissue sarcomas are allowed under the French AAC program. in addition platinum-resistant or platinum-refractory ovarian cancer has been approved and certain advanced soft tissue sarcomas are allowed under the french aac program Once again, for eligible patients treated in the hospital setting under the AAC framework, Agenus is reimbursed through the French National Health System. once again for eligible patients treated in the hospital setting under the aac framework agenus is reimbursed through the french national health system Outside of France, Bot plus Bal may be also available in select countries through paid name patient programs, where permitted by local regulation. outside of france bot plus bal may be also available in select countries through paid name patient programs where permitted by local regulation These programs are initiated by physicians and managed through treating physicians in participating countries across Europe and South America, including the United Kingdom, Switzerland, Belgium, France, Spain, Brazil, and Argentina. these programs are initiated by physicians and managed through treating physicians in participating countries across europe and south america including the united kingdom switzerland belgium france spain brazil and argentina It's important to realize that these programs are physician-driven. it's important to realize that these programs are physician-driven They are not promotional. they are not promotional They reflect physicians reviewing the data, assessing the needs of individual patients, and seeking access where appropriate and where local regulatory systems permit in the countries that I had just mentioned. In 2025, we recognized initial income associated with BOT/BAL supplied through authorized access pathways. In the fourth quarter of 2025, that amounted to $3.2 million. In the first quarter of 2026, pre-commercial product revenue was $4.6 million, representing realized income from BOT/BAL provided to hospitals and treating physicians under regulatorily accessed programs. These are early pre-commercial revenues from authorized access pathways. They do not make us a commercial company, and they should not be viewed the same way as product revenue following approval with promotional efforts. They do reflect something meaningful. Physicians are reviewing the data, identifying patients with limited or no options, and seeking access where local regulations permit. They reflect physicians reviewing the data, assessing the needs of individual patients, and seeking access where appropriate and where local regulatory systems permit in the countries that I had just mentioned. they reflect physicians reviewing the data assessing the needs of individual patients and seeking access where appropriate and where local regulatory systems permit in the countries that i had just mentioned In 2025, we recognized initial income associated with BOT/BAL supplied through authorized access pathways. in 2025 we recognized initial income associated with bot/bal supplied through authorized access pathways In the fourth quarter of 2025, that amounted to $3.2 million. in the fourth quarter of 2025 that amounted to $3.2 million In the first quarter of 2026, pre-commercial product revenue was $4.6 million, representing realized income from BOT/BAL provided to hospitals and treating physicians under regulatorily accessed programs. in the first quarter of 2026 pre-commercial product revenue was $4.6 million representing realized income from bot/bal provided to hospitals and treating physicians under regulatorily accessed programs These are early pre-commercial revenues from authorized access pathways. these are early pre-commercial revenues from authorized access pathways They do not make us a commercial company, and they should not be viewed the same way as product revenue following approval with promotional efforts. they do not make us a commercial company and they should not be viewed the same way as product revenue following approval with promotional efforts They do reflect something meaningful. they do reflect something meaningful Physicians are reviewing the data, identifying patients with limited or no options, and seeking access where local regulations permit. physicians are reviewing the data identifying patients with limited or no options and seeking access where local regulations permit For U.S. patients, access remains more limited while BOT/BAL is investigational, as these pathways that I just described are not available in the U.S. Eligible U.S. patients may seek access through clinical trials or, where appropriate, may work with treating physicians to explore lawful access pathways for treatment outside of the United States. We recognize the burden that this creates for patients, and it reinforces the importance of continuing our efforts to advance BOT/BAL through formal regulatory pathways. Our role in these programs is to support compliant access. Medical information, pharmacovigilance, logistics, and responsible data collection were applicable to support the responsibility we have. It's the moral responsibility we have as well. For U.S. patients, access remains more limited while BOT/BAL is investigational, as these pathways that I just described are not available in the U.S. for u.s patients access remains more limited while bot/bal is investigational as these pathways that i just described are not available in the u.s Eligible U.S. patients may seek access through clinical trials or, where appropriate, may work with treating physicians to explore lawful access pathways for treatment outside of the United States. eligible u.s patients may seek access through clinical trials or where appropriate may work with treating physicians to explore lawful access pathways for treatment outside of the united states We recognize the burden that this creates for patients, and it reinforces the importance of continuing our efforts to advance BOT/BAL through formal regulatory pathways. we recognize the burden that this creates for patients and it reinforces the importance of continuing our efforts to advance bot/bal through formal regulatory pathways Our role in these programs is to support compliant access. our role in these programs is to support compliant access Medical information, pharmacovigilance, logistics, and responsible data collection were applicable to support the responsibility we have. medical information pharmacovigilance logistics and responsible data collection were applicable to support the responsibility we have It's the moral responsibility we have as well. it's the moral responsibility we have as well We have expanded with our medical affairs team and infrastructure. We also named BAP through this process as our global access partner to support access requests, case coordination, regulatory navigation, distribution, logistics, and related processes. This is done on a global basis. This is a disciplined way to support patients and physicians while regulatory pathways continue. Our third objective is to advance BOT/BAL into phase III development, which we have. The global phase III BATMAN trial began enrolling patients in April. BATMAN is evaluating BOT/BAL versus best supportive care in patients with refractory unresectable MSS or pMMR metastatic colorectal cancer. This, by the way, is a population with high unmet need. It is also a setting where immuno-oncology has historically shown limited or no benefit. We have expanded with our medical affairs team and infrastructure. we have expanded with our medical affairs team and infrastructure We also named BAP through this process as our global access partner to support access requests, case coordination, regulatory navigation, distribution, logistics, and related processes. we also named bap through this process as our global access partner to support access requests case coordination regulatory navigation distribution logistics and related processes This is done on a global basis. this is done on a global basis This is a disciplined way to support patients and physicians while regulatory pathways continue. this is a disciplined way to support patients and physicians while regulatory pathways continue Our third objective is to advance BOT/BAL into phase III development, which we have. our third objective is to advance bot/bal into phase iii development which we have The global phase III BATMAN trial began enrolling patients in April. the global phase iii batman trial began enrolling patients in april BATMAN is evaluating BOT/BAL versus best supportive care in patients with refractory unresectable MSS or pMMR metastatic colorectal cancer. batman is evaluating bot/bal versus best supportive care in patients with refractory unresectable mss or pmmr metastatic colorectal cancer This, by the way, is a population with high unmet need. this by the way is a population with high unmet need It is also a setting where immuno-oncology has historically shown limited or no benefit. it is also a setting where immuno-oncology has historically shown limited or no benefit The clinical activity observed in our phase I and phase II studies supports the rationale for evaluating BOT/BAL in a randomized phase III trial, which BATMAN represents. BATMAN is being conducted as an international cooperative group study led by the Canadian Cancer Trials Group, which we call CCTG, with participating academic networks in Canada, France, Australia, and New Zealand. The study is designed to support potential regulatory submission for BOT/BAL in this difficult-to-treat patient population. This is an important milestone for us. It moves BOT/BAL into randomized clinical evaluation and gives us a rigorous path to further define the contribution of these regimens in refractory MSS colorectal cancer. Our fourth area of emphasis has been regulatory readiness. We're preparing for regulatory engagement in the United States and Europe, including potential accelerated approval and conditional marketing authorization pathways. The clinical activity observed in our phase I and phase II studies supports the rationale for evaluating BOT/BAL in a randomized phase III trial, which BATMAN represents. the clinical activity observed in our phase i and phase ii studies supports the rationale for evaluating bot/bal in a randomized phase iii trial which batman represents BATMAN is being conducted as an international cooperative group study led by the Canadian Cancer Trials Group, which we call CCTG, with participating academic networks in Canada, France, Australia, and New Zealand. batman is being conducted as an international cooperative group study led by the canadian cancer trials group which we call cctg with participating academic networks in canada france australia and new zealand The study is designed to support potential regulatory submission for BOT/BAL in this difficult-to-treat patient population. the study is designed to support potential regulatory submission for bot/bal in this difficult-to-treat patient population This is an important milestone for us. this is an important milestone for us It moves BOT/BAL into randomized clinical evaluation and gives us a rigorous path to further define the contribution of these regimens in refractory MSS colorectal cancer. it moves bot/bal into randomized clinical evaluation and gives us a rigorous path to further define the contribution of these regimens in refractory mss colorectal cancer Our fourth area of emphasis has been regulatory readiness. our fourth area of emphasis has been regulatory readiness We're preparing for regulatory engagement in the United States and Europe, including potential accelerated approval and conditional marketing authorization pathways. we're preparing for regulatory engagement in the united states and europe including potential accelerated approval and conditional marketing authorization pathways These efforts are supported by the maturing clinical data generated to date throughout the U.S., Europe, and beyond, ongoing clinical and translational work, and where applicable, real-world experience generated through authorized access pathways that we spoke about earlier. We know the regulatory path will require rigor. We also know that it will require a clear articulation of why durability, survival, and immune-mediated benefit matters in evaluating this class of therapy, which is immunotherapy. We will continue to make these cases carefully, scientifically, and with appropriate humility. Regulators will make their own decisions. Our responsibility is to provide the strongest, clearest, and most complete package we can for patients, physicians, and shareholders. The fifth objective is strengthening Agenus' financial condition. At the end of 2025, Agenus had approximately $3 million in cash and cash equivalents. These efforts are supported by the maturing clinical data generated to date throughout the U.S., Europe, and beyond, ongoing clinical and translational work, and where applicable, real-world experience generated through authorized access pathways that we spoke about earlier. these efforts are supported by the maturing clinical data generated to date throughout the u.s europe and beyond ongoing clinical and translational work and where applicable real-world experience generated through authorized access pathways that we spoke about earlier We know the regulatory path will require rigor. we know the regulatory path will require rigor We also know that it will require a clear articulation of why durability, survival, and immune-mediated benefit matters in evaluating this class of therapy, which is immunotherapy. we also know that it will require a clear articulation of why durability survival and immune-mediated benefit matters in evaluating this class of therapy which is immunotherapy We will continue to make these cases carefully, scientifically, and with appropriate humility. we will continue to make these cases carefully scientifically and with appropriate humility Regulators will make their own decisions. regulators will make their own decisions Our responsibility is to provide the strongest, clearest, and most complete package we can for patients, physicians, and shareholders. our responsibility is to provide the strongest clearest and most complete package we can for patients physicians and shareholders The fifth objective is strengthening Agenus' financial condition. the fifth objective is strengthening agenus' financial condition At the end of 2025, Agenus had approximately $3 million in cash and cash equivalents. at the end of 2025 agenus had approximately $3 million in cash and cash equivalents That was a very difficult position for us to be in, and I do not want to minimize the challenge of operating in that kind of a condition. Since then, we've taken meaningful steps to improve the company's financial and operational footing. In January, we closed our strategic collaboration with Zydus Lifesciences. This transaction provided upfront capital, strengthened the balance sheet, and secured dedicated U.S. biologics manufacturing capacity to support clinical development, authorized access programs, and potential future commercial supply for BOT/BAL. After closing this transaction and addressing several important payment obligations, we ended the first quarter 2026 with approximately $35 million in cash and cash equivalents. Subsequent to the quarter, we received approximately $11.7 million in net proceeds from sales of common stock under our ATM program. That program has helped us navigate difficult financial periods, although we recognize it comes at a cost of shareholder dilution. That was a very difficult position for us to be in, and I do not want to minimize the challenge of operating in that kind of a condition. that was a very difficult position for us to be in and i do not want to minimize the challenge of operating in that kind of a condition Since then, we've taken meaningful steps to improve the company's financial and operational footing. since then we've taken meaningful steps to improve the company's financial and operational footing In January, we closed our strategic collaboration with Zydus Lifesciences. in january we closed our strategic collaboration with zydus lifesciences This transaction provided upfront capital, strengthened the balance sheet, and secured dedicated U.S. biologics manufacturing capacity to support clinical development, authorized access programs, and potential future commercial supply for BOT/BAL. this transaction provided upfront capital strengthened the balance sheet and secured dedicated u.s biologics manufacturing capacity to support clinical development authorized access programs and potential future commercial supply for bot/bal After closing this transaction and addressing several important payment obligations, we ended the first quarter 2026 with approximately $35 million in cash and cash equivalents. after closing this transaction and addressing several important payment obligations we ended the first quarter 2026 with approximately $35 million in cash and cash equivalents Subsequent to the quarter, we received approximately $11.7 million in net proceeds from sales of common stock under our ATM program. subsequent to the quarter we received approximately $11.7 million in net proceeds from sales of common stock under our atm program That program has helped us navigate difficult financial periods, although we recognize it comes at a cost of shareholder dilution. that program has helped us navigate difficult financial periods although we recognize it comes at a cost of shareholder dilution While addressing these important matters, we have continued to align our operating expense base at around BOT/BAL priorities. Our previously communicated framework is approximately $50 million in annualized ongoing operating expenses to support BOT/BAL. Our first quarter underlying operating performance was consistent with that framework. It is also important to distinguish our ongoing operating expenses profile from certain cash payments made in the first quarter. Those payments included obligations associated with Zydus closing, the release of commercial grade BOT/BAL supply, clinical data generation in support of planned regulatory submissions, also settlement obligations accrued in prior periods. Those payments were substantial, they are not representative of the company's recurring operating ongoing expense profile. While addressing these important matters, we have continued to align our operating expense base at around BOT/BAL priorities. while addressing these important matters we have continued to align our operating expense base at around bot/bal priorities Our previously communicated framework is approximately $50 million in annualized ongoing operating expenses to support BOT/BAL. our previously communicated framework is approximately $50 million in annualized ongoing operating expenses to support bot/bal Our first quarter underlying operating performance was consistent with that framework. our first quarter underlying operating performance was consistent with that framework It is also important to distinguish our ongoing operating expenses profile from certain cash payments made in the first quarter. it is also important to distinguish our ongoing operating expenses profile from certain cash payments made in the first quarter Those payments included obligations associated with Zydus closing, the release of commercial grade BOT/BAL supply, clinical data generation in support of planned regulatory submissions, also settlement obligations accrued in prior periods. those payments included obligations associated with zydus closing the release of commercial grade bot/bal supply clinical data generation in support of planned regulatory submissions also settlement obligations accrued in prior periods Those payments were substantial, they are not representative of the company's recurring operating ongoing expense profile. those payments were substantial they are not representative of the company's recurring operating ongoing expense profile We are not yet where we need to be financially, we recognize that, we are in material stronger position than we were at year-end, we are managing the business with discipline. That means prioritizing BOT/BAL controlled spend, strengthening the balance sheet further, and evaluating financing and partnering opportunities as appropriate. For the remainder of 2026, our priorities are straightforward. We will continue supporting responsible authorized access programs such as the French AAC framework and out-of-pocket named patient programs in select countries that we have talked about. We will continue regulatory engagement in the U.S. and Europe. We will advance enrollment in global BATTMAN phase III trial and CCTG and participating academic networks. We will continue to mature and analyze the clinical and translational evidence across BOT/BAL programs, which we believe strongly support the product's activity. We are not yet where we need to be financially, we recognize that, we are in material stronger position than we were at year-end, we are managing the business with discipline. we are not yet where we need to be financially we recognize that we are in material stronger position than we were at year-end we are managing the business with discipline That means prioritizing BOT/BAL controlled spend, strengthening the balance sheet further, and evaluating financing and partnering opportunities as appropriate. that means prioritizing bot/bal controlled spend strengthening the balance sheet further and evaluating financing and partnering opportunities as appropriate For the remainder of 2026, our priorities are straightforward. for the remainder of 2026 our priorities are straightforward We will continue supporting responsible authorized access programs such as the French AAC framework and out-of-pocket named patient programs in select countries that we have talked about. we will continue supporting responsible authorized access programs such as the french aac framework and out-of-pocket named patient programs in select countries that we have talked about We will continue regulatory engagement in the U.S. and Europe. we will continue regulatory engagement in the u.s and europe We will advance enrollment in global BATTMAN phase III trial and CCTG and participating academic networks. we will advance enrollment in global battman phase iii trial and cctg and participating academic networks We will continue to mature and analyze the clinical and translational evidence across BOT/BAL programs, which we believe strongly support the product's activity. we will continue to mature and analyze the clinical and translational evidence across bot/bal programs which we believe strongly support the product's activity We will maintain disciplined capital allocation and continue strengthening the balance sheet, we will continue building the capabilities required for the next stage of BOT/BAL development, including clinical execution, medical affairs, manufacturing readiness, and commercial planning upon approval. Agenus also has a broader pipeline of immunological agents and scientific capabilities built over many years of our operations. That remains an important part of the company's long-term value. Our near-term focus is clear. BOT/BAL is the priority, we will not divert resources from work that is required to advance this particular program. Let me close with this. This has not been an easy period for Agenus, nor has it been easy for our shareholders. Over the past year, we have delivered meaningful progress. We expanded authorized access. We recognized initial income from those access pathways. We strengthened manufacturing readiness through Zydus. We moved BOT/BAL into phase III. We will maintain disciplined capital allocation and continue strengthening the balance sheet, we will continue building the capabilities required for the next stage of BOT/BAL development, including clinical execution, medical affairs, manufacturing readiness, and commercial planning upon approval. we will maintain disciplined capital allocation and continue strengthening the balance sheet we will continue building the capabilities required for the next stage of bot/bal development including clinical execution medical affairs manufacturing readiness and commercial planning upon approval Agenus also has a broader pipeline of immunological agents and scientific capabilities built over many years of our operations. agenus also has a broader pipeline of immunological agents and scientific capabilities built over many years of our operations That remains an important part of the company's long-term value. that remains an important part of the company's long-term value Our near-term focus is clear. our near-term focus is clear BOT/BAL is the priority, we will not divert resources from work that is required to advance this particular program. bot/bal is the priority we will not divert resources from work that is required to advance this particular program Let me close with this. let me close with this This has not been an easy period for Agenus, nor has it been easy for our shareholders. this has not been an easy period for agenus nor has it been easy for our shareholders Over the past year, we have delivered meaningful progress. over the past year we have delivered meaningful progress We expanded authorized access. we expanded authorized access We recognized initial income from those access pathways. we recognized initial income from those access pathways We strengthened manufacturing readiness through Zydus. we strengthened manufacturing readiness through zydus We moved BOT/BAL into phase III. we moved bot/bal into phase iii We presented additional data, including melanoma data at ASCO just a couple of weeks ago, that further support BOT/BAL mechanistic differentiation and durable activity across difficult-to-treat tumors in patients that have no other options left. We sharpened our operating focus around the program and believe that we can make the greatest difference for patients. There's still significant work ahead. We need to execute clinically. We need to continue regulatory engagement. We need to manage the balance sheet very carefully and strengthen it. We need to continue earning the confidence of physicians, patients, regulators, partners, and shareholders. That is the work in front of us. On behalf of Agenus, I thank you for your continued support, your patience, and your commitment to patients we serve as we do. This concludes my prepared remarks, and I am happy to take your questions. Please. We presented additional data, including melanoma data at ASCO just a couple of weeks ago, that further support BOT/BAL mechanistic differentiation and durable activity across difficult-to-treat tumors in patients that have no other options left. we presented additional data including melanoma data at asco just a couple of weeks ago that further support bot/bal mechanistic differentiation and durable activity across difficult-to-treat tumors in patients that have no other options left We sharpened our operating focus around the program and believe that we can make the greatest difference for patients. we sharpened our operating focus around the program and believe that we can make the greatest difference for patients There's still significant work ahead. there's still significant work ahead We need to execute clinically. we need to execute clinically We need to continue regulatory engagement. we need to continue regulatory engagement We need to manage the balance sheet very carefully and strengthen it. we need to manage the balance sheet very carefully and strengthen it We need to continue earning the confidence of physicians, patients, regulators, partners, and shareholders. we need to continue earning the confidence of physicians patients regulators partners and shareholders That is the work in front of us. that is the work in front of us On behalf of Agenus, I thank you for your continued support, your patience, and your commitment to patients we serve as we do. on behalf of agenus i thank you for your continued support your patience and your commitment to patients we serve as we do This concludes my prepared remarks, and I am happy to take your questions. this concludes my prepared remarks and i am happy to take your questions Please. please

Speaker 4: Thank you, Garo. We will now open it up for live question and answers. Our first question is related to the status of the collaboration talks with Big Pharma that Agenus has been having for the past few years. Garo, if you could answer the question about some progress that we're able to share today. Thank you, Garo. thank you garo We will now open it up for live question and answers. we will now open it up for live question and answers Our first question is related to the status of the collaboration talks with Big Pharma that Agenus has been having for the past few years. our first question is related to the status of the collaboration talks with big pharma that agenus has been having for the past few years Garo, if you could answer the question about some progress that we're able to share today. garo if you could answer the question about some progress that we're able to share today

Speaker 1: Is for partnering. As you know, at least for the last two years, the interest in IO has been, for the lack of a better term, in a drought. The reasons for these, we can speculate, of course, and say a number of the new molecules and new protocols that were being pursued by big companies after the success of the initial storm with KEYTRUDA, ipilimumab, and nivolumab subsided, that level of interest sort of dried up. Is for partnering. is for partnering As you know, at least for the last two years, the interest in IO has been, for the lack of a better term, in a drought. as you know at least for the last two years the interest in io has been for the lack of a better term in a drought The reasons for these, we can speculate, of course, and say a number of the new molecules and new protocols that were being pursued by big companies after the success of the initial storm with KEYTRUDA, ipilimumab, and nivolumab subsided, that level of interest sort of dried up. the reasons for these we can speculate of course and say a number of the new molecules and new protocols that were being pursued by big companies after the success of the initial storm with keytruda ipilimumab and nivolumab subsided that level of interest sort of dried up Big pharma and big biotech wrongfully assumed that IO treatments had no longer been of interest to patients and physicians. Of course, our BOT/BAL program is a testament to the fact that a new generation of IO is here. We have demonstrated that in trials of over 1,300 patients that have been treated so far. We believe that the results that we've generated from a patient's and physician perspective is nothing short of a very, very profound benefit to patients. Also, as you know, or at least some of you that follow us closely know, that the physician interest in BOT/BAL is at an unprecedented level. We just came back from ASCO a couple of weeks ago. Big pharma and big biotech wrongfully assumed that IO treatments had no longer been of interest to patients and physicians. big pharma and big biotech wrongfully assumed that io treatments had no longer been of interest to patients and physicians Of course, our BOT/BAL program is a testament to the fact that a new generation of IO is here. of course our bot/bal program is a testament to the fact that a new generation of io is here We have demonstrated that in trials of over 1,300 patients that have been treated so far. we have demonstrated that in trials of over 1,300 patients that have been treated so far We believe that the results that we've generated from a patient's and physician perspective is nothing short of a very, very profound benefit to patients. we believe that the results that we've generated from a patient's and physician perspective is nothing short of a very very profound benefit to patients Also, as you know, or at least some of you that follow us closely know, that the physician interest in BOT/BAL is at an unprecedented level. also as you know or at least some of you that follow us closely know that the physician interest in bot/bal is at an unprecedented level We just came back from ASCO a couple of weeks ago. we just came back from asco a couple of weeks ago We had 83 KOL engagements on various trials and outcomes, and the level of conviction by physicians that there is a substantial benefit to their patients, and their desire to have access to BOT/BAL for the benefit of their patients is at an all-time high. Now, having said this, I was delighted that at ASCO for the first time in the last several years, we started having some inbound inquiries from companies, including some regional companies, regional companies meaning major regions, Asian regions, otherwise. We are now renewing our efforts to engage companies for potential collaboration with an emphasis on regional collaboration. We had 83 KOL engagements on various trials and outcomes, and the level of conviction by physicians that there is a substantial benefit to their patients, and their desire to have access to BOT/BAL for the benefit of their patients is at an all-time high. we had 83 kol engagements on various trials and outcomes and the level of conviction by physicians that there is a substantial benefit to their patients and their desire to have access to bot/bal for the benefit of their patients is at an all-time high Now, having said this, I was delighted that at ASCO for the first time in the last several years, we started having some inbound inquiries from companies, including some regional companies, regional companies meaning major regions, Asian regions, otherwise. now having said this i was delighted that at asco for the first time in the last several years we started having some inbound inquiries from companies including some regional companies regional companies meaning major regions asian regions otherwise We are now renewing our efforts to engage companies for potential collaboration with an emphasis on regional collaboration. we are now renewing our efforts to engage companies for potential collaboration with an emphasis on regional collaboration

Speaker 4: Thank you, Garo. The next question will be for Dr. Steven O'Day. There is a question here on the status of the phase III BATMAN study, and if we have begun dosing and when we could anticipate a data release or further data information. Thank you, Garo. thank you garo The next question will be for Dr. Steven O'Day. the next question will be for dr steven o'day There is a question here on the status of the phase III BATMAN study, and if we have begun dosing and when we could anticipate a data release or further data information. there is a question here on the status of the phase iii batman study and if we have begun dosing and when we could anticipate a data release or further data information

Speaker 5: Thank you, Stefanie. As Garo said earlier, the BATMAN study continues to ramp up, and there are currently 21 active sites in Canada. It will get to 30 sites very shortly. We also have Australia, New Zealand that should open with first patient in within the next month, and then France to follow over the summer. In terms of data, this is an event-driven OS analysis, and we would expect the first reporting of that survival analysis probably in the second half of 2028. Thank you, Stefanie. thank you stefanie As Garo said earlier, the BATMAN study continues to ramp up, and there are currently 21 active sites in Canada. as garo said earlier the batman study continues to ramp up and there are currently 21 active sites in canada It will get to 30 sites very shortly. it will get to 30 sites very shortly We also have Australia, New Zealand that should open with first patient in within the next month, and then France to follow over the summer. we also have australia new zealand that should open with first patient in within the next month and then france to follow over the summer In terms of data, this is an event-driven OS analysis, and we would expect the first reporting of that survival analysis probably in the second half of 2028. in terms of data this is an event-driven os analysis and we would expect the first reporting of that survival analysis probably in the second half of 2028

Speaker 4: Thank you, Dr. O'Day. Garo, could you answer the question and clarify a bit for our audience is what is Agenus waiting for as it relates to accelerated approval and potential filing with the FDA and EMA? Is there certain milestones or things that we are waiting for in order to enable that event? Thank you, Dr. O'Day. thank you dr o'day Garo, could you answer the question and clarify a bit for our audience is what is Agenus waiting for as it relates to accelerated approval and potential filing with the FDA and EMA? garo could you answer the question and clarify a bit for our audience is what is agenus waiting for as it relates to accelerated approval and potential filing with the fda and ema Is there certain milestones or things that we are waiting for in order to enable that event? is there certain milestones or things that we are waiting for in order to enable that event

Speaker 1: As our shareholders and others that have followed us closely know, we have encountered two separate attempts with the FDA. Certainly the old regime, in some ways, of the agency, some of them are no longer there. As a result of their guidance, and remember, the first time our data was relatively immature. Second time, it was more mature. While they didn't prohibit us from going for accelerated approval, they can't, of course, they guided us not to do it. The data is now more mature, three years mature, and it's compelling. As Dr. O'Day says, the flattening of the curve, which means patients experiencing so-called durable benefit. Remember, the durable benefit is a hallmark of the design of our molecule, botensilimab. That is very unusual, but it's not unusual in the context of immunotherapy, or at least IO. As our shareholders and others that have followed us closely know, we have encountered two separate attempts with the FDA. as our shareholders and others that have followed us closely know we have encountered two separate attempts with the fda Certainly the old regime, in some ways, of the agency, some of them are no longer there. certainly the old regime in some ways of the agency some of them are no longer there As a result of their guidance, and remember, the first time our data was relatively immature. as a result of their guidance and remember the first time our data was relatively immature Second time, it was more mature. second time it was more mature While they didn't prohibit us from going for accelerated approval, they can't, of course, they guided us not to do it. while they didn't prohibit us from going for accelerated approval they can't of course they guided us not to do it The data is now more mature, three years mature, and it's compelling. the data is now more mature three years mature and it's compelling As Dr. O'Day says, the flattening of the curve, which means patients experiencing so-called durable benefit. as dr o'day says the flattening of the curve which means patients experiencing so-called durable benefit Remember, the durable benefit is a hallmark of the design of our molecule, botensilimab. remember the durable benefit is a hallmark of the design of our molecule botensilimab That is very unusual, but it's not unusual in the context of immunotherapy, or at least IO. that is very unusual but it's not unusual in the context of immunotherapy or at least io We have made a strategic decision to now, having the data mature for another year, and the data durability demonstrated, that we are putting together a package, and that package will be submitted both to the FDA and subsequently to the EMA for conditional approval. Or perhaps, as our chief commercial officer would say, perhaps we will do the submission simultaneously. How is that, Dr. Taylor? He's nodding. That's the plan, and I know that one may ask, why wouldn't you submit tomorrow? I cannot tell you the enormous amount of work that it entails to submit an accelerated approval application. It is, of course, validating data from more mature data sets and also providing the safety data set on nearly 1,300 or over 1,300 patients. It's an enormous amount of work. It'll take some time. We have made a strategic decision to now, having the data mature for another year, and the data durability demonstrated, that we are putting together a package, and that package will be submitted both to the FDA and subsequently to the EMA for conditional approval. we have made a strategic decision to now having the data mature for another year and the data durability demonstrated that we are putting together a package and that package will be submitted both to the fda and subsequently to the ema for conditional approval Or perhaps, as our chief commercial officer would say, perhaps we will do the submission simultaneously. or perhaps as our chief commercial officer would say perhaps we will do the submission simultaneously How is that, Dr. Taylor? how is that dr taylor He's nodding. he's nodding That's the plan, and I know that one may ask, why wouldn't you submit tomorrow? that's the plan and i know that one may ask why wouldn't you submit tomorrow I cannot tell you the enormous amount of work that it entails to submit an accelerated approval application. i cannot tell you the enormous amount of work that it entails to submit an accelerated approval application It is, of course, validating data from more mature data sets and also providing the safety data set on nearly 1,300 or over 1,300 patients. it is of course validating data from more mature data sets and also providing the safety data set on nearly 1,300 or over 1,300 patients It's an enormous amount of work. it's an enormous amount of work It'll take some time. it'll take some time It will not take years, we hope that it will take a reasonable few quarters for us to be able to submit the data for accelerated approval. It will not take years, we hope that it will take a reasonable few quarters for us to be able to submit the data for accelerated approval. it will not take years we hope that it will take a reasonable few quarters for us to be able to submit the data for accelerated approval

Speaker 4: Thank you, Garo. The next question here I think is appropriate for Dr. Jennifer Buell. There is a question here about, are there any additional or new trials planned with BOT/BAL along with potential MiNK products like agenT-797? Thank you, Garo. thank you garo The next question here I think is appropriate for Dr. Jennifer Buell. the next question here i think is appropriate for dr jennifer buell There is a question here about, are there any additional or new trials planned with BOT/BAL along with potential MiNK products like agenT-797? there is a question here about are there any additional or new trials planned with bot/bal along with potential mink products like agent-797

Speaker 2: Thank you so much, Stefanie. Yes, of course. This is based on some exceptional data that we presented at AACR earlier this year, showing what the combination of iNKT cells and BOT/BAL can do together. In patients who were treated through Dr. Yelena Janjigian, the Chief of Gastrointestinal Oncology at Memorial Sloan Kettering Cancer Center, and her colleague, Sam Taneja, we demonstrated and reported that when you combine iNKTs plus BOT/BAL in patients with relapse refractory gastric cancer. This is second-line gastric cancer after they failed chemo as well as anti-PD-1 product. These patients progress, and their expected survival is about six months. What we observed in patients who received the induction, so an immune priming, before follow-on chemo, we saw a nearly 80% disease control rate and significant progression-free survival improvement and durable survival beyond 20 months in those patients. Thank you so much, Stefanie. thank you so much stefanie Yes, of course. yes of course This is based on some exceptional data that we presented at AACR earlier this year, showing what the combination of iNKT cells and BOT/BAL can do together. this is based on some exceptional data that we presented at aacr earlier this year showing what the combination of inkt cells and bot/bal can do together In patients who were treated through Dr. Yelena Janjigian, the Chief of Gastrointestinal Oncology at Memorial Sloan Kettering Cancer Center, and her colleague, Sam Taneja, we demonstrated and reported that when you combine iNKTs plus BOT/BAL in patients with relapse refractory gastric cancer. in patients who were treated through dr yelena janjigian the chief of gastrointestinal oncology at memorial sloan kettering cancer center and her colleague sam taneja we demonstrated and reported that when you combine inkts plus bot/bal in patients with relapse refractory gastric cancer This is second-line gastric cancer after they failed chemo as well as anti-PD-1 product. this is second-line gastric cancer after they failed chemo as well as anti-pd-1 product These patients progress, and their expected survival is about six months. these patients progress and their expected survival is about six months What we observed in patients who received the induction, so an immune priming, before follow-on chemo, we saw a nearly 80% disease control rate and significant progression-free survival improvement and durable survival beyond 20 months in those patients. what we observed in patients who received the induction so an immune priming before follow-on chemo we saw a nearly 80% disease control rate and significant progression-free survival improvement and durable survival beyond 20 months in those patients These data have now underscored what's possible for this combination. What we also observed in these patients that had metastatic disease to their liver, when you induced with iNKT cell therapy, you actually saw a profound change in disease status in patients with metastatic disease to their liver. What you can expect is an obvious next step, and we will be communicating this shortly, an opportunity to complement the profound efficacy observed with BOT/BAL in patients with MSS-CRC and expanding that benefit to patients with metastatic disease to their liver and adding invariant natural killer T-cells, which will naturally home to the liver and what we believe will expand the benefit for patients with that disease setting. Yes, there is more to come, and we'll be continuing to communicate this as we advance these combinations. These data have now underscored what's possible for this combination. these data have now underscored what's possible for this combination What we also observed in these patients that had metastatic disease to their liver, when you induced with iNKT cell therapy, you actually saw a profound change in disease status in patients with metastatic disease to their liver. what we also observed in these patients that had metastatic disease to their liver when you induced with inkt cell therapy you actually saw a profound change in disease status in patients with metastatic disease to their liver What you can expect is an obvious next step, and we will be communicating this shortly, an opportunity to complement the profound efficacy observed with BOT/BAL in patients with MSS-CRC and expanding that benefit to patients with metastatic disease to their liver and adding invariant natural killer T- cells, which will naturally home to the liver and what we believe will expand the benefit for patients with that disease setting. what you can expect is an obvious next step and we will be communicating this shortly an opportunity to complement the profound efficacy observed with bot/bal in patients with mss-crc and expanding that benefit to patients with metastatic disease to their liver and adding invariant natural killer t- cells which will naturally home to the liver and what we believe will expand the benefit for patients with that disease setting Yes, there is more to come, and we'll be continuing to communicate this as we advance these combinations. yes there is more to come and we'll be continuing to communicate this as we advance these combinations

Speaker 4: Thank you, Dr. Buell. We have a few more questions. The next question is for Dr. Steven O'Day. This shareholder is looking for an update on the pancreatic trial and if there's any information that you might potentially be able to share related to that study. Thank you, Dr. Buell. thank you dr buell We have a few more questions. we have a few more questions The next question is for Dr. Steven O'Day. the next question is for dr steven o'day This shareholder is looking for an update on the pancreatic trial and if there's any information that you might potentially be able to share related to that study. this shareholder is looking for an update on the pancreatic trial and if there's any information that you might potentially be able to share related to that study

Speaker 5: Thanks, Stefanie. We had two phase II trials that we've allowed to mature. One is the melanoma trial, and the second is pancreas. I want to highlight the melanoma first, and then I'll address the pancreas. The melanoma trial was presented at ASCO. We looked at refractory patients to PD-1 and CTLA-4 and BRAF. This is sort of very refractory metastatic patients. In 36 patients, we saw an overall response rate of 22% confirmed RECIST. More importantly, in the subgroup that had failed CTLA-4 and PD-1, it was 29%. There were survival plateaus between 40% and 60%. We allowed that data to mature out to two and a half years minimum at the time of the ASCO presentation to really capture the durability and plateau. Thanks, Stefanie. thanks stefanie We had two phase II trials that we've allowed to mature. we had two phase ii trials that we've allowed to mature One is the melanoma trial, and the second is pancreas. one is the melanoma trial and the second is pancreas I want to highlight the melanoma first, and then I'll address the pancreas. i want to highlight the melanoma first and then i'll address the pancreas The melanoma trial was presented at ASCO. the melanoma trial was presented at asco We looked at refractory patients to PD-1 and CTLA-4 and BRAF. we looked at refractory patients to pd-1 and ctla-4 and braf This is sort of very refractory metastatic patients. this is sort of very refractory metastatic patients In 36 patients, we saw an overall response rate of 22% confirmed RECIST. in 36 patients we saw an overall response rate of 22% confirmed recist More importantly, in the subgroup that had failed CTLA-4 and PD-1, it was 29%. more importantly in the subgroup that had failed ctla-4 and pd-1 it was 29% There were survival plateaus between 40% and 60%. there were survival plateaus between 40% and 60% We allowed that data to mature out to two and a half years minimum at the time of the ASCO presentation to really capture the durability and plateau. we allowed that data to mature out to two and a half years minimum at the time of the asco presentation to really capture the durability and plateau In terms of pancreas, the same with pancreas in the sense that we have allowed this data to mature, and we are waiting for final look at any evidence of survival plateaus. However, the data to date, and this was with botensilimab alone with chemotherapy, not with balstilimab, does not support moving forward with this program in the late stage setting. We are very focused in moving to earlier lines that could include pancreas in the future, but certainly other diseases, and are focused on CRC and, obviously in late stage and early stage, as has been outlined previously. In terms of pancreas, the same with pancreas in the sense that we have allowed this data to mature, and we are waiting for final look at any evidence of survival plateaus. in terms of pancreas the same with pancreas in the sense that we have allowed this data to mature and we are waiting for final look at any evidence of survival plateaus However, the data to date, and this was with botensilimab alone with chemotherapy, not with balstilimab, does not support moving forward with this program in the late stage setting. however the data to date and this was with botensilimab alone with chemotherapy not with balstilimab does not support moving forward with this program in the late stage setting We are very focused in moving to earlier lines that could include pancreas in the future, but certainly other diseases, and are focused on CRC and, obviously in late stage and early stage, as has been outlined previously. we are very focused in moving to earlier lines that could include pancreas in the future but certainly other diseases and are focused on crc and obviously in late stage and early stage as has been outlined previously

Speaker 4: Thank you, Dr. O'Day. The last question in the queue is related to BOT/BAL and the neoadjuvant setting and when we will hear additional progress on that study. Dr. Garo Armen, would you like to answer that question, please? Thank you, Dr. O'Day. thank you dr o'day The last question in the queue is related to BOT/BAL and the neoadjuvant setting and when we will hear additional progress on that study. the last question in the queue is related to bot/bal and the neoadjuvant setting and when we will hear additional progress on that study Dr. Garo Armen, would you like to answer that question, please? dr garo armen would you like to answer that question please

Speaker 1: Thank you, Stefanie. As you know, based on published data, neoadjuvant setting has produced the most compelling results for BOT/BAL. Most compelling results in the sense that, as you would expect with immunotherapy, as you go from patients who have exhausted all treatments and their systems have been exhausted as well to an earlier stage setting, not early stage, but earlier, which we term as neoadjuvant stage patients. When you go to that, the results, as many of you have seen and have been presented at major conferences and published, are quite remarkable, because with one dose of BOT and two doses of BAL, we're seeing, in many patients, as many as 50%-plus patients, complete eradication of their tumors within seven to eight weeks. This is true primarily with the data generated for neoadjuvant CRC. Thank you, Stefanie. thank you stefanie As you know, based on published data, neoadjuvant setting has produced the most compelling results for BOT/BAL. as you know based on published data neoadjuvant setting has produced the most compelling results for bot/bal Most compelling results in the sense that, as you would expect with immunotherapy, as you go from patients who have exhausted all treatments and their systems have been exhausted as well to an earlier stage setting, not early stage, but earlier, which we term as neoadjuvant stage patients. most compelling results in the sense that as you would expect with immunotherapy as you go from patients who have exhausted all treatments and their systems have been exhausted as well to an earlier stage setting not early stage but earlier which we term as neoadjuvant stage patients When you go to that, the results, as many of you have seen and have been presented at major conferences and published, are quite remarkable, because with one dose of BOT and two doses of BAL, we're seeing, in many patients, as many as 50%-plus patients, complete eradication of their tumors within seven to eight weeks. when you go to that the results as many of you have seen and have been presented at major conferences and published are quite remarkable because with one dose of bot and two doses of bal we're seeing in many patients as many as 50%-plus patients complete eradication of their tumors within seven to eight weeks This is true primarily with the data generated for neoadjuvant CRC. this is true primarily with the data generated for neoadjuvant crc At the Netherlands Cancer Institute, it's also being demonstrated across multiple tumors, including triple-negative breast cancer, hormone-positive breast cancer, Merkel cell carcinoma, sarcoma, and so on. These compelling results, of course, compel us to think about the next steps. Those next steps will be unveiled shortly. As you know, for the last year or so, we have been preoccupied, it's the exact term, managing our finances, because, as I said earlier, we have gone through some very difficult times with cash constraints. Which is unthinkable given the fact that BOT/BAL has generated such compelling data. Perhaps I would personally determine, and I think my team concurs, the most compelling data in the context of oncology and certainly in the context of IO treatments that show benefit in cold tumors. Stay tuned. At the Netherlands Cancer Institute, it's also being demonstrated across multiple tumors, including triple-negative breast cancer, hormone-positive breast cancer, Merkel cell carcinoma, sarcoma, and so on. at the netherlands cancer institute it's also being demonstrated across multiple tumors including triple-negative breast cancer hormone-positive breast cancer merkel cell carcinoma sarcoma and so on These compelling results, of course, compel us to think about the next steps. these compelling results of course compel us to think about the next steps Those next steps will be unveiled shortly. those next steps will be unveiled shortly As you know, for the last year or so, we have been preoccupied, it's the exact term, managing our finances, because, as I said earlier, we have gone through some very difficult times with cash constraints. as you know for the last year or so we have been preoccupied it's the exact term managing our finances because as i said earlier we have gone through some very difficult times with cash constraints Which is unthinkable given the fact that BOT/BAL has generated such compelling data. which is unthinkable given the fact that bot/bal has generated such compelling data Perhaps I would personally determine, and I think my team concurs, the most compelling data in the context of oncology and certainly in the context of IO treatments that show benefit in cold tumors. perhaps i would personally determine and i think my team concurs the most compelling data in the context of oncology and certainly in the context of io treatments that show benefit in cold tumors Stay tuned. stay tuned We will be unveiling our plans on the next step for neoadjuvant, because neoadjuvant shows compelling data, number one, and as our Chief Commercial Officer would concur, it is a very large market, very large commercial market, and it provides a significant benefit to patients. If you take CRC, for example, with the demographics of CRC changing and affecting younger and younger patients, it is something that is our moral responsibility to bring to fruition. The same thing is true, by the way, with trials that will be articulated, the results of will be articulated at some point in the not-too-distant future in rectal cancer. That is an area of major unmet need because patients undergo mutilating procedures to treat rectal cancer. We're moving on all of these fronts. We will be unveiling our plans on the next step for neoadjuvant, because neoadjuvant shows compelling data, number one, and as our Chief Commercial Officer would concur, it is a very large market, very large commercial market, and it provides a significant benefit to patients. we will be unveiling our plans on the next step for neoadjuvant because neoadjuvant shows compelling data number one and as our chief commercial officer would concur it is a very large market very large commercial market and it provides a significant benefit to patients If you take CRC, for example, with the demographics of CRC changing and affecting younger and younger patients, it is something that is our moral responsibility to bring to fruition. if you take crc for example with the demographics of crc changing and affecting younger and younger patients it is something that is our moral responsibility to bring to fruition The same thing is true, by the way, with trials that will be articulated, the results of will be articulated at some point in the not-too-distant future in rectal cancer. the same thing is true by the way with trials that will be articulated the results of will be articulated at some point in the not-too-distant future in rectal cancer That is an area of major unmet need because patients undergo mutilating procedures to treat rectal cancer. that is an area of major unmet need because patients undergo mutilating procedures to treat rectal cancer We're moving on all of these fronts. we're moving on all of these fronts Please stay tuned. Please bring in your capabilities to make sure that the appropriate interest and resources are mobilized for us to be able to bring some of these very compelling treatments to fruition. Please stay tuned. please stay tuned Please bring in your capabilities to make sure that the appropriate interest and resources are mobilized for us to be able to bring some of these very compelling treatments to fruition. please bring in your capabilities to make sure that the appropriate interest and resources are mobilized for us to be able to bring some of these very compelling treatments to fruition

Speaker 4: Thank you, Dr. Armen. Thank you all for your participation in today's annual shareholder meeting and for submitting your questions. This now concludes the live question and answer portion of our meeting. Thank you, Dr. Armen. thank you dr armen Thank you all for your participation in today's annual shareholder meeting and for submitting your questions. thank you all for your participation in today's annual shareholder meeting and for submitting your questions This now concludes the live question and answer portion of our meeting. this now concludes the live question and answer portion of our meeting

Speaker 3: The meeting has now concluded. Thank you for joining. Have a pleasant day. The meeting has now concluded. the meeting has now concluded Thank you for joining. thank you for joining Have a pleasant day. have a pleasant day