AGENUS INC

Item 1. Business Our Business Agenus is a clinical-stage biotechnology company focused on discovering and developing immunotherapies for cancer and infectious disease. Our primary business is immuno-oncology ("I-O"), where we are advancing antibody-based programs to activate innate and adaptive immunity, overcome tumor immune evasion and expand the population of patients who may benefit from immunotherapy. Our lead clinical program is botensilimab (“BOT” or “AGEN1181”), alone and in combination with balstilimab (“BAL”). We also maintain select clinical-stage immuno-oncology assets, which may be used as standalone agents or be complimentary to botensilimab plus balstilimab (“BOT/BAL”).…

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Item 1A. Risk Factors Summary of Risk Factors Our business is subject to a number of risks and uncertainties. The following is a summary of the principal risk factors described in this section: Risks Related to our Financial Position and Need for Additional Capital •We have historically incurred net losses and anticipate that we will continue to incur net losses in the future. •If we fail to obtain additional financing, we will not be able to complete development and commercialization of our product candidates. •Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.…

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