AGENUS INC AGEN
Agenus is a clinical-stage biotechnology company focused on discovering and developing immunotherapies for cancer and infectious disease. Our primary business is immuno-oncology ("I-O"), where we are advancing antibody-based programs to activate innate and adaptive immunity, overcome tumor immune evasion and expand the population of patients who may benefit from immunotherapy. Our lead clinical program is botensilimab ("BOT" or "AGEN1181"), alone and in combination with balstilimab ("BAL"). We also maintain select clinical-stage immuno-oncology assets, which may be used as standalone agents or be complimentary to botensilimab plus balstilimab ("BOT/BAL"). Agenus also maintains an equity investment in MiNK Therapeutics, Inc. ("MiNK"), with an approximate fair value of $24.3 million as of December 31, 2025, and a majority ownership of a vaccine adjuvant business through our subsidiary SaponiQx, Inc. ("SaponiQx").
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States - Non-cash royalties
- United States - Pre-Commercial Product Revenue
- Other
| Region | FY2025 |
|---|---|
| United States - Non-cash royalties | $108.6M |
| United States - Pre-Commercial Product Revenue | $4.2M |
| Other | $2.4M |
As the company reported it, from the “Revenue from Contracts with Customers (Summary of Disaggregation of Revenue) (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114.2M | $103.5M | $156.3M | $98.0M | $295.7M | $88.2M | $150.0M | $36.8M | $42.9M | $22.6M |
| Cost of revenue | $1.0M | $486.0K | $3.1M | $10.6M | $3.5M | $2.3M | — | — | — | — |
| Gross profit | $113.2M | $103.0M | $153.2M | $87.5M | $292.2M | $85.8M | — | — | — | — |
| R&D | $79.3M | $155.5M | $234.6M | $186.7M | $178.6M | $142.6M | $168.3M | $124.6M | $116.1M | $95.0M |
| SG&A | $54.4M | $71.9M | $78.7M | $81.0M | $76.4M | $59.2M | $46.0M | $37.3M | $33.7M | $33.1M |
| Operating income | -$20.2M | -$120.5M | -$159.5M | -$179.4M | $25.7M | -$117.2M | -$70.1M | -$123.8M | -$103.8M | -$107.5M |
| Interest expense | $55.6M | $120.4M | $103.9M | $64.1M | — | — | — | — | — | — |
| Pre-tax income | -$3.1M | -$232.3M | -$257.4M | -$230.7M | -$28.7M | -$182.9M | -$111.6M | -$162.0M | -$120.7M | -$127.0M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$3.1M | -$232.3M | -$257.4M | -$230.7M | -$28.7M | -$182.9M | -$111.6M | -$162.0M | -$120.7M | -$127.0M |
| EPS, basic | 0.00 | -10.59 | -13.75 | -15.64 | -0.11 | -1.05 | — | — | — | — |
| EPS, diluted | 0.00 | -10.59 | -13.75 | -15.64 | -0.11 | -1.05 | -0.80 | -1.44 | -1.23 | -1.46 |
| Shares, diluted (wtd. avg.) | 29.7M | 21.5M | 17.9M | 14.1M | 228,919 | 172,504 | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.0M | $40.4M | $76.1M | $178.7M | $291.9M | $99.9M | $61.8M | $53.1M | $60.2M | $71.4M |
| Short-term investments | — | — | — | $14.7M | $15.0M | — | — | — | — | $5.0M |
| Receivables | $1.8M | $407.0K | $25.8M | $2.7M | $1.5M | $1.2M | $16.3M | $938.0K | $1.1M | $11.4M |
| Inventory | — | — | — | — | — | — | $0 | $55.0K | $79.5K | $88.2K |
| Total current assets | $133.4M | $45.6M | $112.4M | $213.1M | $332.0M | $113.8M | $86.5M | $74.8M | $73.6M | $91.3M |
| Property, plant and equipment | $15.5M | $120.1M | $133.4M | $133.0M | $60.0M | $26.8M | $26.3M | $25.1M | $26.2M | $25.6M |
| Goodwill | $24.1M | $24.1M | $24.7M | $25.5M | $24.9M | $25.5M | $23.2M | $22.9M | $23.0M | $22.4M |
| Other intangibles | $3.0M | $3.4M | $4.4M | $6.2M | $8.5M | $10.9M | $10.5M | $12.3M | $14.4M | $16.4M |
| Total assets | $226.8M | $226.3M | $313.9M | $413.6M | $466.0M | $214.5M | $155.3M | $136.4M | $138.4M | $157.0M |
| Accounts payable | $83.0M | $61.5M | $61.4M | $40.9M | $30.5M | $17.0M | $13.6M | $13.6M | $8.1M | $5.4M |
| Short-term debt | $44.7M | $2.7M | $146.0K | $575.0K | $728.0K | $833.0K | $646.0K | $146.0K | $20.6M | $146.1K |
| Total current liabilities | $323.5M | $221.4M | $255.9M | $189.0M | $156.9M | $129.9M | $122.2M | $68.1M | $56.4M | $40.9M |
| Long-term debt | $0 | $30.5M | $12.8M | $12.6M | $12.8M | $18.9M | $13.4M | $13.2M | $142.4M | $130.5M |
| Retained earnings | -$2.18B | -$2.18B | -$1.96B | -$1.71B | -$1.49B | -$1.47B | -$1.28B | -$1.18B | -$1.03B | -$905.3M |
| Total equity | -$271.1M | -$326.4M | -$148.4M | -$54.9M | $47.9M | -$211.5M | -$231.3M | -$174.5M | -$75.8M | -$39.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$77.2M | -$158.3M | -$224.2M | -$175.4M | $10.1M | -$139.1M | -$18.7M | -$131.1M | -$94.2M | -$80.0M |
| Depreciation and amortisation | $9.7M | $12.8M | $11.9M | $4.7M | $4.6M | $5.1M | $4.8M | $4.3M | $3.8M | $2.7M |
| Stock-based compensation | $13.8M | $17.4M | $22.9M | $18.3M | $19.6M | $10.4M | $9.9M | $7.6M | $12.4M | $13.2M |
| Capital expenditure | $6.0K | $576.0K | $10.0M | $53.1M | $33.8M | $3.5M | $4.7M | $3.6M | $3.1M | $12.5M |
| Investing cash flow | $1.2M | $27.0K | $3.4M | -$33.6M | -$43.1M | -$4.4M | -$4.7M | -$3.6M | $2.1M | $17.6M |
| Financing cash flow | $36.6M | $122.8M | $119.9M | $95.8M | $225.3M | $183.9M | $31.3M | $128.3M | $80.5M | -$2.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197536.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $42.9M | $36.8M | $150.0M | $88.2M | $295.7M | $98.0M | $156.3M | $103.5M | $114.2M |
| Gross profit | — | — | — | — | $85.8M | $292.2M | $87.5M | $153.2M | $103.0M | $113.2M |
| Net income | -$127.0M | -$120.7M | -$162.0M | -$111.6M | -$182.9M | -$28.7M | -$230.7M | -$257.4M | -$232.3M | -$3.1M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 2836
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|---|---|---|---|---|
| AMGN | AMGEN INC | $237.48B | 30.9x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $193.48B | 23.0x | 2.4% |
| MRNA | Moderna, Inc. | $79.89B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $40.08B | — | — |
| BIIB | BIOGEN INC. | $37.01B | 28.5x | 2.2% |
| EXEL | EXELIXIS, INC. | $15.99B | 23.2x | 7.0% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $14.51B | 30.6x | 21.4% |
| HALO | HALOZYME THERAPEUTICS, INC. | $14.26B | 49.1x | 37.6% |