Agenus Inc. has entered into a new Promissory Note Agreement with Zydus Pharmaceuticals $(USA)$ Inc., a subsidiary of Zydus Lifesciences Limited, for up to $10 million. The note, dated October 8, 2025, carries an interest rate of 3.81% per annum and will mature either upon the closing of an Asset Purchase Agreement and Securities Purchase Agreement between the companies or within 10 days of notification if the deals are not consummated. Proceeds from the loan will fund operational expenses for Agenus's Emeryville and Berkeley facilities in the fourth quarter of 2025, with amounts used for these expenses to be forgiven if the transactions close. As collateral, Agenus has pledged 822,910 shares of MiNK Therapeutics, Inc. common stock. The pledge and related control agreement grant certain rights to Zydus in the event of default, and the collateral is expected to be released upon repayment or forgiveness of the note.