Agenus Inc. ( AGEN ) shares are trading higher in the morning session on Wednesday.

The company has secured a $22 million non-amortizing mortgage, backed by its Berkeley-based Biologics CMC facility and its 66-acre biomanufacturing-zoned property in Vacaville, California.

The deal, facilitated by L&L Capital, provides $20 million in net proceeds after closing costs and interest reserve, boosting Agenus’ cash position ahead of anticipated further cash infusions in the coming months.

The mortgage is structured with a two-year term, carrying interest rates of 12% for the first year and 13% for the second, with payments split 50% in cash and 50% in common stock.

In parallel, Agenus ( AGEN ) is executing a Strategic Operational Realignment Plan to focus its efforts on its promising botensilimab/balstilimab (BOT/BAL) in MSS colorectal cancer (CRC).

Also Read: Major US Stock Futures Slide, Small-Caps Buck Trend: Market Strategist Flags This As The ‘Stronger Times Of The Year For Stocks’

The plan includes a projected 60% reduction in annual external expenditures and a transition of the company’s CMC capabilities into a fee-for-service biologics manufacturing business. These measures, along with additional planned optimizations, are expected to reduce Agenus’ FY 2025 cash burn to approximately $100 million.

BOT/BAL has demonstrated strong clinical activity in MSS CRC and other cancers resistant to existing therapies. Agenus ( AGEN ) is preparing for late-stage development and regulatory strategies, targeting both regional and global registration pathways. The company’s strategic realignment aims to revolutionize cancer treatment while positioning Agenus ( AGEN ) for long-term growth and patient impact.

Price Action: AGEN shares are trading higher by 16.3% to $3.93 at last check Wednesday.

Read next: 

JD Vance's Investment Playbook Has Bitcoin And ETFs: Here's What Else The VP-Elect Is Betting On

Image via Unsplash.