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Item 2.05 |
Costs Associated with Exit or Disposal Activities.
On August 23, 2023, Agenus Inc. announced a strategic alignment and streamlining of its operations to support near-term clinical development,
regulatory activities, and preparations for commercialization of its lead program of botensilimab and balstilimab. As part of this effort, Agenus Inc. (excluding its independently operating subsidiaries) is reducing its workforce by
approximately 25%, which the company expects to result in savings of approximately $2.8 million by year-end, after accounting for the cost of the workforce reduction of approximately $1.4 million. The workforce reductions are cash-based
expenditures related primarily to severance payments. The company expects to recognize substantially all charges related to the workforce reduction in the quarter ending September 30, 2023. Beyond workforce reductions, the company
expects to reduce spending by approximately $40 million by year-end 2023 on programs and activities outside of its strategic focus on botensilimab and balstilimab. These estimates are subject to assumptions and actual results may differ.
In connection with the announcement, the Company issued a press release, which is being included as Exhibit 99.1 to this current report on Form 8-K.
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AGENUS INC. |
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Date: August 23, 2023 | By: | /s/ Christine M. Klaskin |
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Christine M. Klaskin |
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VP, Finance |