Agenus is a clinical-stage biotech focused on immuno-oncology. Its core program is a combination of two antibody therapies: botensilimab (BOT), a next-generation anti-CTLA-4 antibody, and balstilimab (BAL), an anti-PD-1 antibody. BOT is engineered to go beyond standard checkpoint inhibitors by also activating innate immune (myeloid) cells and generating long-term immune memory, with the goal of producing durable responses in "cold" tumors that historically don't respond to immunotherapy. The primary target indication is microsatellite stable metastatic colorectal cancer, which accounts for over 90% of colorectal cancer cases and has largely been unresponsive to existing immunotherapies. Agenus is also generating clinical data in sarcoma, ovarian cancer, NSCLC, and other tumor types. BOT/BAL is not yet approved anywhere. Agenus is pursuing accelerated approval in the U.S. and conditional approval in Europe, while simultaneously running a global Phase 3 trial in later-line colorectal cancer. Agenus sells nothing commercially at this stage; revenue consists primarily of non-cash royalties from prior partnering agreements, with modest early-access product revenue from France's compassionate use program. To fund operations, Agenus has sold manufacturing facilities, licensed assets to partners, and granted a synthetic royalty on future BOT/BAL sales to Ligand Pharmaceuticals in exchange for upfront capital. Beyond BOT/BAL, Agenus holds a majority stake in SaponiQx, which develops a vaccine adjuvant used in GSK's Shingrix, and roughly a 46% equity stake in MiNK Therapeutics, a separately listed cell therapy company.