Agenus announces strategic realignment

Agenus (AGEN) announced further details of its strategic realignment. Reductions are designed to reduce cash burn to $100M in FY25. This initiative follows the successful closing of a $22M mortgage secured by key real estate assets, providing the company with enhanced operational flexibility during this pivotal period. Agenus will concentrate its resources on its lead botensilimab/balstilimab program, which has demonstrated clinical activity in microsatellite stable colorectal cancer, non-small cell lung cancer, pancreatic cancer, sarcoma and other difficult-to-treat cancers. The company will implement significant cost-cutting measures, including staff reductions and operational adjustments, targeting a 60% reduction in annual expenditures and a cash burn of $100M for FY25. Agenus plans to transition its biologics CMC capabilities to a fee-for-service model. This initiative is intended to be supported by external funding.