Logo

AGEN

Agenus Inc.

AGEN

Agenus Inc. • NASDAQ
$4.56 ▲ 0.22% (+0.01)
Market Cap $154.59 M
52w High $7.34
52w Low $1.38
Dividend Yield 0%
P/E -2.9
Volume 143.42K
Outstanding Shares 33.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $30.235M ▲ $10.542M ▼ $63.914M ▲ 211.391% ▲ $2 ▲ $80.112M ▲
Q2-2025 $25.691M ▲ $15.449M ▼ $-27.955M ▼ -108.812% ▼ $-1 ▲ $-13.555M ▼
Q1-2025 $24.066M ▼ $15.718M ▼ $-25.266M ▲ -104.986% ▲ $-1.03 ▲ $-10.372M ▲
Q4-2024 $26.837M ▲ $18.84M ▲ $-45.859M ▲ -170.88% ▲ $-2.04 ▲ $-22.86M ▲
Q3-2024 $25.112M $15.412M $-66.386M -264.36% $-3.08 $-28.139M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.458M ▼ $233.891M ▲ $514.759M ▼ $-274.137M ▲
Q2-2025 $9.534M ▼ $185.221M ▼ $521.529M ▼ $-354.601M ▼
Q1-2025 $18.488M ▼ $200.201M ▼ $522.599M ▼ $-341.848M ▼
Q4-2024 $40.437M ▼ $226.271M ▼ $532.695M ▲ $-326.38M ▼
Q3-2024 $44.784M $238.482M $510.286M $-292.336M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $63.911M ▲ $-14.737M ▲ $76K ▼ $6.683M ▼ $-7.998M ▲ $-14.737M ▲
Q2-2025 $-30.012M ▼ $-20.222M ▲ $281K ▲ $10.942M ▲ $-8.954M ▲ $-20.223M ▲
Q1-2025 $-26.37M ▲ $-25.618M ▲ $57K ▲ $3.594M ▼ $-21.949M ▼ $-25.623M ▲
Q4-2024 $-45.859M ▲ $-28.652M ▲ $-21K ▼ $24.37M ▲ $-4.347M ▲ $-28.725M ▲
Q3-2024 $-67.214M $-53.292M $56K $4.557M $-48.939M $-53.299M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Non Cash Royalty Revenue
Non Cash Royalty Revenue
 $80.00M ▲$20.00M ▼$20.00M ▲$30.00M ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Agenus is still very much a development-stage biotech from a financial perspective. Revenue is very small and irregular, likely tied to partnerships and licensing rather than product sales. Operating results have been consistently in the red, with sizable losses each year and no clear trend toward sustained profitability. There was a brief period a few years ago where losses narrowed, but they widened again more recently. The very large loss per share figures reflect both ongoing losses and the impact of reverse stock splits, not a sudden collapse in the business. Overall, the income statement shows a company investing heavily in its science without yet having a commercial product base to support those costs.

Balance Sheet

Balance Sheet The balance sheet shows a company with limited resources and a history of accumulated losses. Total assets and cash balances have declined from earlier peaks, indicating that Agenus has been drawing down its reserves to fund operations. Debt levels are not enormous but are meaningful relative to the size of the business. Shareholders’ equity has been negative in most recent years, which is a sign that past losses exceed the company’s net asset base. This structure is common among small, late-stage biotechs but underlines financial fragility and a reliance on future fundraising or partnership inflows to stay well-capitalized.

Cash Flow

Cash Flow Cash flow patterns match the story of a clinical-stage biotech: the company consistently spends more cash than it brings in. Operating cash flow has been negative in nearly all years, with only a brief break-even period, meaning the core business consumes cash. Free cash flow is also negative, though capital spending is modest, so the main drain is R&D and operating expenses rather than heavy investment in facilities. This indicates that Agenus must regularly access external capital—through equity, debt, or partnerships—to fund its pipeline until a product generates meaningful recurring revenue.

Competitive Edge

Competitive Edge Competitively, Agenus operates in a very crowded and high-stakes field—immuno-oncology—where it faces large pharmaceutical companies and well-funded peers. Its edge lies in a focused strategy on “cold” tumors that are hard to treat with standard immunotherapies, plus a collection of proprietary platforms for antibody discovery, Fc engineering, and vaccine adjuvants. The QS-21 adjuvant relationships and in-house manufacturing add some differentiation and create barriers for smaller competitors. However, the company’s small size, lack of marketed drugs, and dependence on a few key programs mean its competitive position is still emerging and highly dependent on clinical trial outcomes and its ability to secure strong partners.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Agenus. It has built multiple technology platforms rather than a single bet, including advanced antibody engineering, a notable vaccine adjuvant (QS-21), and an allogeneic iNKT cell therapy platform via its affiliate MiNK. The lead antibody program, the botensilimab and balstilimab combination, is designed specifically to convert “cold” tumors into ones that respond to immunotherapy, which is a major medical need if clinical results hold up. The planned pivotal trial in colorectal cancer and expansion into other difficult tumors are key value drivers. At the same time, this R&D-heavy model is risky: success depends on passing demanding clinical and regulatory hurdles, and the company must continually balance scientific ambition with financial discipline.

Summary

Overall, Agenus looks like a classic high-risk, high-upside biotech story: strong science and a differentiated focus, but with weak financials and no established commercial base yet. The financial statements highlight ongoing losses, negative free cash flow, and a thin balance sheet, all of which point to continued dependence on external capital and partnerships. On the other side of the ledger, the company’s technology platforms, lead immuno-oncology combination, and presence in the adjuvant space provide multiple potential paths to value creation. The future will largely hinge on the success of the botensilimab combination trials, the ability to convert its platforms into approved products or lucrative partnerships, and how effectively management manages cash and strategic focus along the way.

NEWS

November 19, 2025 · 4:01 PM UTC

Agenus to Host End-of-Year Stakeholder Webcast Featuring GI Oncology Leaders and Progress of BOT/BAL

Read more

November 18, 2025 · 8:41 AM UTC

Agenus Appoints Dr. José Iglesias as Chief Medical Affairs Officer to Guide Global Medical Affairs and Early-Access Programs, Including France's AAC

Read more

November 10, 2025 · 7:30 AM UTC

Agenus Reports Q3 2025 Results Showcasing Clinical and Regulatory Advances

Read more

November 5, 2025 · 1:47 PM UTC

Agenus to Provide Corporate Update and Third Quarter 2025 Financial Report

Read more

October 17, 2025 · 8:00 AM UTC

Agenus Reports 39% of Patients Alive at Two-Years with BOT/BAL Across Multiple Refractory Solid Tumors at ESMO 2025

Read more