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
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 | $228.9K | $172.5K | — | — | — | — |
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.
Others in SIC 2836
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AMGN | AMGEN INC | $236.38B | 30.7x | 10.0% |
| GILD | GILEAD SCIENCES, INC. | $187.23B | 22.3x | 2.4% |
| MRNA | Moderna, Inc. | $58.11B | — | -39.9% |
| RVMD | Revolution Medicines, Inc. | $45.01B | — | — |
| BIIB | BIOGEN INC. | $32.60B | 25.1x | 2.2% |
| SCNI | Scinai Immunotherapeutics Ltd. | $25.80B | — | 99.2% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $15.82B | 33.3x | 21.4% |
| EXEL | EXELIXIS, INC. | $14.62B | 21.2x | 7.0% |