Agenus Inc. Enters Loan Modification; Extends $24.75M Note to 11/30/2029

What Happened Agenus Inc. (via subsidiary Agenus West, LLC) announced on its Form 8-K (filed Aug 18, 2026) that on Aug 12, 2026 it entered a Second Loan Modification Agreement with Ocean 1181 LLC. The Borrower delivered a Third Amended and Restated Promissory Note that keeps the outstanding principal at $24,750,000, extends the maturity to November 30, 2029, and sets interest at 13.0% per year through maturity.

Key Details

• Parties: Borrower — Agenus West, LLC (subsidiary); Guarantor — Agenus Inc.; Lender — Ocean 1181 LLC.
• Principal: $24,750,000 outstanding (unchanged).
• Maturity: extended to November 30, 2029.
• Interest: 13.0% per annum through maturity; monthly interest payments payable one-half in cash and one-half in shares of Agenus common stock.
• Extension fee: $247,500, payable one-half in cash and one-half in shares of common stock.
• Other terms of the original note remain in force except as amended; related disclosures for creation of a direct financial obligation and unregistered sales of equity securities are addressed in the filing.

Why It Matters For investors, the amendment reduces near-term refinancing pressure by pushing the loan maturity to late 2029 but preserves a relatively high financing cost (13% annual interest). The arrangement requires monthly payments split between cash and stock, which will affect both cash flow and shareholder dilution. The extension fee adds a further cash/stock cost. These are material financing terms that affect the company’s capital structure and potential dilution through share issuances.