The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except for per share data):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026		2025
Amounts used for basic and diluted per share calculations:
Net income (loss) attributable to Agenus Inc. common stockholders	$	(604	)	$	(28,009	)	$	38,567	$	(53,329	)

Weighted average number of Agenus Inc. common shares outstanding - basic		41,338			28,117			39,649		26,303

Effect of potentially dilutive securities:
Share based compensation awards		—			—			453		—
Warrants		—			—			21		—
Weighted average number of Agenus Inc. common shares outstanding - diluted		41,338			28,117			40,123		26,303

Net income (loss) attributable to Agenus Inc. per common share:
Basic	$	(0.01	)	$	(1.00	)	$	0.97	$	(2.03	)
Diluted	$	(0.01	)	$	(1.00	)	$	0.96	$	(2.03	)

Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Amended and Restated Directors’ Deferred Compensation Plan, or “DDCP”). Diluted income (loss) per common share is calculated by dividing income (loss)

attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our DDCP) plus the dilutive effect of outstanding instruments such as warrants, stock options, non-vested shares and convertible preferred stock. Because we reported a net loss attributable to common stockholders for the three months ended June 30, 2026, as well as the three and six months ended June 30, 2025, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. The following securities (listed on an as-if-converted-to-Common-Stock basis) have been excluded from the computation of diluted weighted average shares outstanding as of June 30, 2026 and 2025, as they would be anti-dilutive (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Warrants		1,089		1,032		1,068		1,032
Stock options		8,942		5,242		8,491		5,242
Non-vested shares		11		1,313		9		1,313
Series A-1 convertible preferred stock		17		17		17		17