Agenus Inc. (NASDAQ:AGEN) reported updated three-year Phase 1b data showing durable survival with its botensilimab plus balstilimab combination in patients with refractory microsatellite-stable metastatic colorectal cancer without active liver metastases.
Separately, the biotechnology company announced a private placement that could generate up to $340 million to fund its strategic focus on advancing the combination into Phase 3 testing in earlier-stage colon cancer.
Three-Year Data Show Durable Survival Benefit
The latest results included 123 heavily pretreated patients.
With extended follow-up, the combination produced a median overall survival of 21.2 months, while the 24-month and 36-month overall survival rates reached 41% and 33%, respectively.
According to the company, later-line treatment options for this patient population have historically produced a median overall survival of roughly 10 to 14 months.
Agenus said the survival curve plateaus beyond two years, along with patients remaining alive without systemic anticancer therapy, underscores the durability of the regimen.
The dataset included 26 confirmed responses, including three complete responses and 23 partial responses, translating to a confirmed objective response rate of 21%.
Median duration of response was not reached, with responses lasting from 1.9 months to at least 37.4 months. Disease control was achieved in 69% of patients at six weeks, while tumor regression was observed in more than 40% of participants.
Financing Supports Strategic Shift
Alongside the clinical update, Agenus announced a private placement expected to provide approximately $85 million in upfront gross proceeds and up to an additional $255 million if accompanying warrants are fully exercised.
The financing was led by Commodore Capital, with participation from RA Capital Management, TCGX, Invus, and Ligand Pharmaceuticals Inc (NASDAQ:LGND).
The company said the proceeds will primarily support development of botensilimab plus balstilimab as a neoadjuvant treatment for microsatellite-stable colon cancer, including its planned registrational Phase 3 ROBBIN trial.
Assuming full warrant exercise, Agenus expects the financing to fund completion of the study and provide operating runway through the end of 2031.
Focus Turns To ROBBIN Phase 3 Trial
Agenus said ROBBIN will enroll 850 patients with previously untreated high-risk Stage II and Stage III microsatellite-stable colon cancer, comparing neoadjuvant botensilimab plus balstilimab followed by standard of care against standard of care alone. The primary endpoint will be event-free survival.
As part of that strategic shift, the company plans to discontinue financial support for its ongoing BATTMAN Phase 3 study in late-line metastatic microsatellite-stable colorectal cancer while continuing to meet obligations for patients currently receiving treatment.
The company expects to dose the first patient in ROBBIN during the first quarter of 2027, interim pathologic response data in the second half of 2027, conduct an interim event-free survival analysis in the second half of 2029, and complete the final analysis in the second half of 2030.
Stock Performance And Technical Analysis
Agenus stock surged more than 111% on Monday, bucking a weaker broader market as investors piled into the clinical-stage biotech stock. The Nasdaq fell 1.14%, while the S&P 500 slipped 0.37%.
At about $7.08, Agenus was trading roughly 111% above its 20-day simple moving average of $3.36 and nearly 94% above its 200-day simple moving average of $3.65. The stock was also testing its 52-week high near $7.34.
The relative strength index stood at 85.67, placing the stock in overbought territory. A high RSI often signals strong buying momentum. However, it can also indicate an increased risk of volatility or a short-term pullback.
The longer-term chart still shows signs of recovery. The 20-day moving average remains below the 50-day moving average, and the stock is still working its way back from a bearish death cross that formed in December 2025. Even so, trading well above all major moving averages points to a strong near-term uptrend.
The next key support level sits around $5.50, where buyers previously stepped in.
AGEN Stock Price Activity: Agenus shares were up 111.19% at $7.08 at the time of publication on Monday, according to Benzinga Pro data.
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