Agenus Reports 72% Pathologic Complete Response Rate with BOT+BAL in Phase 2 NEOASIS Trial at ESMO 2026
Agenus reported Phase 2 NEOASIS trial results for dMMR colon cancer patients, showing 72% achieved a pathologic complete response and 83% a major pathologic response after six weeks of BOT+BAL treatment. The trial met its primary endpoint. Investigators plan to explore organ preservation in rectal cancer patients.
How this was made

The 30-second read
Why it matters
The 72% pCR rate is a compelling early signal that could accelerate the program and attract partnership interest.
Market read
First report of strong Phase 2 data for a niche oncology indication; likely to move Agenus stock and influence peer biotech valuations.
What to watch
Regulatory pathway and reimbursement considerations could temper upside despite strong data.
Background
Agenus (NASDAQ: AGEN) is a biotech developing immunotherapy agents. The NEOASIS trial evaluates botensilimab plus balstilimab in mismatch repair‑deficient colon cancer.
Ticker impact
Agenus announced Phase 2 data showing 72% pathologic complete response in dMMR colon cancer patients.
upward pressure as investors price in the high response rate.
Phase 2 data with 72% pCR is unusually strong for a biotech and may accelerate development timelines.
Market effects
May lift other dMMR-focused immunotherapy stocks as the data validates the approach.
Limited to US biotech sector; no broader regional effect.
Modest global relevance, primarily for investors tracking oncology pipelines.
Counterpoint
Skeptics may note the small sample size (18 patients) and wait for larger trials before acting.
Key entities
- CompanyAgenus
Biotech firm developing immunotherapy.
- Drugbotensilimab (BOT)
Anti‑PD‑1 antibody.
- Drugbalstilimab (BAL)
Anti‑PD‑L1 antibody.


