Agenus secures $22M mortgage and announces realignment: 60% cost cut, FY25 cash burn ~$100M

AGENUS INC

$22M non-amortizing mortgage backed by Berkeley CMC facility and Vacaville land; net proceeds $20M after costs and reserve.
Interest 12% Year 1, 13% Year 2, paid 50% cash and 50% common stock; 153,003 shares issued as first month interest and fees.
Strategic Operational Realignment: 60% reduction in external expenditures; CMC transitioned to fee-for-service business.
FY 2025 cash burn projected at ~$100M, pending finalization of additional strategic transactions.
Focus on botensilimab/balstilimab (BOT/BAL) in MSS colorectal cancer for late-stage development and registration pathways.

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