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Sep 30, 2025
Agenus Q3 2025 Earnings Report
Agenus reported Q3 2025 results showing a return to profitability driven by a one-time MiNK deconsolidation gain and progress on clinical and regulatory fronts.
Key Takeaways
Agenus achieved net income in Q3 2025 primarily due to a $100.9 million gain from MiNK deconsolidation, despite an operating loss. Revenue grew modestly, supported by licensing and milestone payments, and the company advanced its clinical pipeline, including the initiation of the BATTMAN Phase 3 trial.
Net income of $63.9 million was driven by a $100.9 million gain from the deconsolidation of MiNK.
Revenue reached $30.2 million, a slight increase from the prior year.
Operating loss narrowed significantly to $4.5 million.
French regulatory approval enabled reimbursed compassionate use of BOT/BAL for colorectal cancer patients.
Forward Guidance
Agenus is preparing for a pivotal Phase 3 trial launch by year-end and anticipates additional updates from neoadjuvant and frontline BOT/BAL trials in 1H 2026.
Positive Outlook
- BATTMAN Phase 3 trial launching in Q4 2025 across 100+ sites.
- BOT/BAL showed 42% two-year OS in MSS mCRC patients.
- Pan-tumor cohort showed 39% two-year OS across five cancers.
- France approved reimbursed compassionate access for BOT/BAL.
- Zydus transaction includes $10M bridge and up to $91M in closing value.
Challenges Ahead
- Ongoing operating losses despite top-line gains.
- Cash used in operations remains significant at $14.7 million for the quarter.
- No updates on commercial product launches.
- BOT/BAL still in investigational stages without FDA approval.
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