Business Description
Agenus Inc. is a clinical-stage biotechnology company that discovers and develops immunotherapies for cancer and infectious diseases. Headquartered in Massachusetts, the company focuses on activating the body's immune system through a portfolio of checkpoint inhibitors, immune modulators, and cell therapies. Agenus is notable for its proprietary Retrocyte Display antibody expression platform and its development of the QS-21 Stimulon vaccine adjuvant.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total revenues | 114,196 | 103,463 | 156,314 | 98,024 |
| Cost of revenue | 1,022 | 486 | 3,111 | 10,568 |
| Research and development | 79,338 | 155,528 | 234,569 | 186,691 |
| General and administrative | 54,392 | 71,878 | 78,739 | 81,007 |
| Fair value adjustments | (387) | (3,954) | (556) | (815) |
| Operating loss | (20,169) | (120,475) | (159,549) | (179,427) |
| Non-operating income (expense) | (2,220) | 5,830 | 37 | 12,571 |
| MiNK Therapeutics equity method investment fair value adjustment | (26,345) | — | — | — |
| Gain from deconsolidation of MiNK Therapeutics | 100,924 | — | — | — |
| Loss on modification of debt | — | — | — | (1,937) |
| Interest expense, net | (55,273) | (117,626) | (97,925) | (61,863) |
| Net loss | (3,083) | (232,271) | (257,437) | (230,656) |
| Dividends on Series A-1 convertible preferred stock | (216) | (215) | (213) | (212) |
| Net loss attributable to non-controlling interest | (3,198) | (5,059) | (11,676) | (10,582) |
| Net loss attributable to Agenus Inc. common stockholders | (101) | (227,427) | (245,974) | (220,286) |
| Basic net loss per common share | (0.00) | (10.59) | (13.75) | (15.64) |
| Diluted net loss per common share | (0.00) | (10.59) | (13.75) | (15.64) |
| Weighted-average common shares outstanding, basic | 29,734 | 21,473 | 17,894 | 14,087 |
| Weighted-average common shares outstanding, diluted | 29,734 | 21,473 | 17,894 | 14,087 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 2,998 | 40,437 | 76,110 | 178,674 |
| Short-Term Investments | — | — | — | 14,684 |
| Total Cash and Cash Equivalents | 2,998 | 40,437 | 76,110 | 193,358 |
| Accounts Receivable | 1,831 | 407 | 25,836 | 2,741 |
| Other Receivables | 5,179 | — | — | — |
| Total Trade Receivables | 7,010 | 407 | 25,836 | 2,741 |
| Other Current Assets | 123,428 | 4,730 | 10,470 | 17,023 |
| Total Current Assets | 133,436 | 45,574 | 112,416 | 213,122 |
| Net Property, Plant & Equipment | 23,214 | 147,395 | 163,027 | 164,286 |
| Net Intangible Assets | 3,037 | 3,376 | 4,411 | 6,228 |
| Goodwill | 24,092 | 24,092 | 24,723 | 25,467 |
| Long-Term Investments | 24,277 | — | — | — |
| Other Long-Term Assets | 18,742 | 5,834 | 9,336 | 4,453 |
| Total Assets | 226,798 | 226,271 | 313,913 | 413,556 |
| Accounts Payable | 82,987 | 61,470 | 61,446 | 40,939 |
| Accrued Expenses | 34,223 | 34,961 | 45,283 | 38,259 |
| Current Portion of Long-Term Debt | 44,655 | 2,698 | 146 | 575 |
| Current Portion of Leases | 1,034 | 2,446 | 2,587 | 1,943 |
| Unearned Revenue | 1,143 | 1,174 | 1,161 | 13,412 |
| Other Current Liabilities | 160,590 | 119,795 | 146,417 | 94,967 |
| Total Current Liabilities | 323,489 | 221,401 | 255,897 | 188,952 |
| Long-Term Debt | — | 30,473 | 12,768 | 12,584 |
| Leases | 10,108 | 54,551 | 62,511 | 63,326 |
| Other Long-Term Liabilities | 169,919 | 225,127 | 129,976 | 202,453 |
| Total Long-Term Liabilities | 180,027 | 310,151 | 205,255 | 278,363 |
| Total Liabilities | 503,516 | 531,552 | 461,152 | 467,315 |
| Preferred Stock | — | — | 0 | 0 |
| Common Stock | 353 | 236 | 197 | 3,056 |
| Additional Paid-in Capital | 1,911,740 | 1,857,662 | 1,796,095 | 1,644,658 |
| Accumulated Other Comprehensive Income | (439) | (1,398) | (955) | 915 |
| Retained Earnings | (2,182,765) | (2,182,880) | (1,955,668) | (1,709,907) |
| Total Common Shareholders' Equity | (271,111) | (326,380) | (160,331) | (61,278) |
| Minority Interests and Other | (6,750) | 19,956 | 11,949 | 6,376 |
| Total Shareholders' Equity | (277,861) | (306,424) | (148,382) | (54,902) |
| Total Liabilities and Shareholders' Equity | 226,798 | 226,271 | 313,913 | 413,556 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (3,083) | (232,271) | (257,437) | (230,656) |
| Depreciation & Amortization | 9,999 | 13,343 | 13,588 | 6,946 |
| Share-Based Compensation Expense | 13,770 | 17,390 | 22,869 | 18,337 |
| Other Adjustments | (125,215) | 10,619 | (13,978) | 5,916 |
| Changes in Trade Receivables | (1,728) | 25,344 | (23,461) | 122 |
| Changes in Accounts Payable | 23,500 | 2,013 | 21,366 | 6,494 |
| Changes in Accrued Expenses | 4,499 | 136 | 20,613 | 2,034 |
| Changes in Unearned Revenue | 1 | 20 | (12,249) | (10,368) |
| Changes in Other Operating Activities | 1,062 | 5,091 | 4,487 | 25,802 |
| Cash from Operating Activities | (77,195) | (158,315) | (224,202) | (175,373) |
| Capital Expenditure | (6) | (576) | (9,954) | (53,062) |
| Proceeds from Sale of Property, Plant & Equipment | 359 | 24 | 3,363 | 21,998 |
| Purchases of Investments | — | — | (20,043) | (24,629) |
| Proceeds from Sale of Investments | 841 | 579 | 30,034 | 25,000 |
| Payments for Business Acquisitions | — | — | — | (2,917) |
| Cash from Investing Activities | 1,194 | 27 | 3,400 | (33,610) |
| Issuance of Long-Term Debt | 12,500 | 93,851 | — | — |
| Repayments of Long-Term Debt | (2,500) | — | — | — |
| Net Issuance / (Repayments) of Long-Term Debt | 10,000 | 93,851 | — | — |
| Issuance of Common Shares | 36,305 | 39,470 | 133,964 | 100,109 |
| Repurchases of Common Shares | (87) | — | (5,172) | (3,789) |
| Net Issuance / (Repurchases) of Common Shares | 36,218 | 39,470 | 128,792 | 96,320 |
| Other Financing Activities | (9,625) | (10,481) | (8,926) | (490) |
| Cash from Financing Activities | 36,593 | 122,840 | 119,866 | 95,830 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 47 | (260) | (628) | (104) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (39,361) | (35,708) | (101,564) | (113,257) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $111M |
| P/S | 0.97x |
| EV/EBITDA | -15.43x |
| Return on Equity | 1.1% |
| Return on Invested Capital | -12.5% |
| Current Ratio | 0.41x |
| Free Cash Flow Margin | -67.6% |
Margins
Gross margin
99.1%
Operating margin
-17.7%
Net margin
-0.1%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $35M | +34.4% | 32.7% | $11M |
| Q1 2026 | $34M | +40.2% | 44.6% | $15M |
| Q4 2025 | $34M | +27.5% | 42.1% | $14M |
| Q3 2025 | $30M | +20.4% | -15.0% | $-5M |
| Q2 2025 | $26M | — | -65.0% | $-17M |
| Q1 2025 | $24M | — | -55.3% | $-13M |
| Q4 2024 | $27M | — | -96.5% | $-26M |
| Q3 2024 | $25M | — | -125.5% | $-32M |
More on Agenus Inc.
Figures compiled from public company filings.
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