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Agenus Inc (AGEN) stock

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NASDAQ: AGEN Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

Agenus Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$16

Valuation models combined (2)

Base case. Range ~$3.8–$22. Weighted average of 2 models (price-to-earnings vs peers, price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Agenus Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds63 adding, 33 cuttingOf 20 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Agenus files

Where Agenus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $133m, up 30.5% on a year earlier, faster than the 24.5% growth a quarter earlier. Free-cash-flow margin rose to -74.2% from -125.7% a year earlier. Operating margin widened to 27.3% from -86.0%. The diluted share count is up 50.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 4 financial-health checks. Our revenue-to-maturity cash-flow model value is $8.98 a share, against a share price of $7.13.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Agenus Inc's trailing-twelve-month revenue grew 30.5% year on year, with a free-cash-flow margin of -74.2%. Where it stands out: gross margin of 99.5% ranks 2 of 75 biotechnology companies we cover. Where it lags: change in share count of 50.4% ranks 143 of 156 biotechnology companies we cover.

Current signal Net margin expanding: TTM net margin reached 69.2%, up 232.1pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 30.5% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 6.0 points higher than a quarter earlier.
  • High operating margin. 27.3% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 113.2 points on a year ago.

Things to watch

  • Results due soon. Results are expected around 9 November; the share price can move sharply on the day.
  • Burning cash. Free cash flow was -74.2% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 50.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 120% and a beta of 1.5 against the S&P 500.
  • Weak cash conversion. Free cash flow was -107% of net income over the last 12 months.
  • Heavily shorted. 15.7% of the shares available to trade are sold short (6.2 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.01 against an average estimate of $0.04: missed by 125.0%
Revenue
$35m, up 34.4% on a year earlier
Share reaction
-10.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $0.04

Agenus' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week+0.2%
  • 1 month-20.3%
  • This year+108.0%
  • 1 year+67.9%
  • 5 years-92.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$133M
Operating margin
27.3%
Net margin
69.2%
EPS (TTM, diluted)
$2.52

Growth

Revenue growth
+30.5%
Change in growth rate
+6.0 pts
Share count change
+50.4%

Cash

Free cash flow (TTM)
-$98.5M
FCF margin
-74.2%
Stock pay % of revenue
8.0%

Earnings

Last results
August 6, 2026
Next results (est.)
November 9, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Leadership
  3. Leadership
  4. Results
  5. Agreement
  6. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Agenus Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Agenus Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$22 ~$18–$45 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$3.8 ~$8.8–$29 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$3.8–$22 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Agenus Inc with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$89.11$80.86$63.98$46.71$79.88$62.41$63.20$47.10$16.60$2.74$3.14$6.53
Market value$7.0bn$7.0bn$6.3bn$5.2bn$10.8bn$10.8bn$14.5bn$664m$297m$59m$93m$238m
+ Net debt (− = net cash)−$22m$59m$103m−$39m−$48m−$80m−$278m−$165m−$63m−$5m$43m$12m
Enterprise value$6.9bn$7.1bn$6.4bn$5.1bn$10.7bn$10.7bn$14.2bn$498m$234m$54m$136m$250m
Multiples
Price / sales n/mn/m146.9x140.7x71.9x122.1x48.9x6.8x1.9x0.6x0.8x1.8x
Price / earnings ———————————2.6x
Price / free cash flow ————————————
EV / EBITDA ——————n/m————6.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Agenus's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -72.5% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 99.0%, moving by 3.7 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -103.0%; its worst year was -410.3%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -121.2% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 57.5% over five years; stock-based pay has been a median 17.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (39 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $28m and EPS of $0.04 (range $0.04 to $0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.50 +120% $125m +10%
Next −$0.11 −122% $116m −7%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +100.0% on 90 days ago. In the last 30 days, 1 analyst raised Agenus Inc's forecast and 0 cut it.

Consensus EPS forecast Agenus Inc, last 90 days
−$1.00 $0.00 $1.00 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.25 Current fiscal year, 60 days ago: $1.96 Current fiscal year, 30 days ago: $1.96 Current fiscal year, 7 days ago: $1.96 Current fiscal year, Now: $0.50 $0.50 Next fiscal year, 30 days ago: −$0.06 Next fiscal year, 7 days ago: −$0.06 Next fiscal year, Now: −$0.11 −$0.11

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.25−$0.06
60 days ago $1.96−$0.06
30 days ago $1.96−$0.11
7 days ago $1.96$0.00
Now $0.50$0.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.04 −$0.01 −125.0%
Mar 2026 $1.80 −$0.03 −101.8%
Dec 2025 −$1.30 $0.68 +152.4%
Sept 2025 $2.20 −$1.16 −152.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Agenus Inc's latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202633
  2. Sep 202633
  3. Aug 202622
  4. Jul 202622

Counts of recommendations published by analysts covering Agenus Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.7%
of tradable shares
Days to cover
6.16
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
46%
of shares
Held by insiders
6.3%
of shares
Employees
81
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AGEN+1%−26%−65%−84%+15%+108%
Industry peers (median)−36%−57%−17%−28%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AGEN58%42%42%33%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AGEN−56%−63%−78%−86%−61%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from October 5, 2016 to March 31, 2025. Getting back needed a 9467% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.77 – $9.93
From 52-week high
−34.2%
vs 50-day average
−13.6%
vs 200-day average
+32.1%
Volatility (1 year)
120%
Beta vs S&P 500
1.50

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.1%
After a week
4 up, 8 down
typical move ±15.4%
After a month
8 up, 4 down
typical move ±23.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −10.5% +0.5% −10.0% +5.9%
May 11, 2026 −9.9% +0.1% −17.3% −19.6%
March 16, 2026 +28.7% +1.3% +19.0% +55.8%
November 10, 2025 +7.3% +1.8% +8.5% +2.8%
August 11, 2025 +0.2% +0.9% −5.6% +0.6%
May 12, 2025 +16.2% +4.0% +30.2% +77.3%
March 11, 2025 −13.0% −0.3% −19.5% −19.5%
November 12, 2024 −22.3% −0.3% −34.1% −21.0%
August 8, 2024 +0.2% +2.8% +1.8% +1.0%
May 7, 2024 −11.4% +0.1% −17.4% +27.9%
March 14, 2024 −18.2% −0.9% −15.2% −50.8%
November 7, 2023 +7.7% +0.4% −6.4% +3.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Agenus Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Agenus Inc
$80M $100M $120M $140M $160M $180M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $100.9M Revenue (TTM), FY23 Q4: $156.3M Revenue (TTM), FY24 Q1: $161.4M Revenue (TTM), FY24 Q2: $159.6M Revenue (TTM), FY24 Q3: $160.4M Revenue (TTM), FY24 Q4: $103.5M Revenue (TTM), FY25 Q1: $99.5M Revenue (TTM), FY25 Q2: $101.7M Revenue (TTM), FY25 Q3: $106.8M Revenue (TTM), FY25 Q4: $114.2M Revenue (TTM), FY26 Q1: $123.9M Revenue (TTM), FY26 Q2: $132.7M $132.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $100.9M
FY23 Q4 $156.3M
FY24 Q1 $161.4M
FY24 Q2 $159.6M
FY24 Q3 $160.4M
FY24 Q4 $103.5M
FY25 Q1 $99.5M
FY25 Q2 $101.7M
FY25 Q3 $106.8M
FY25 Q4 $114.2M
FY26 Q1 $123.9M
FY26 Q2 $132.7M
Revenue growth, TTM YoY Agenus Inc
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 12.2% Revenue growth, TTM YoY, FY23 Q4: 59.5% Revenue growth, TTM YoY, FY24 Q1: 69.9% Revenue growth, TTM YoY, FY24 Q2: 60.7% Revenue growth, TTM YoY, FY24 Q3: 59.0% Revenue growth, TTM YoY, FY24 Q4: -33.8% Revenue growth, TTM YoY, FY25 Q1: -38.3% Revenue growth, TTM YoY, FY25 Q2: -36.3% Revenue growth, TTM YoY, FY25 Q3: -33.4% Revenue growth, TTM YoY, FY25 Q4: 10.4% Revenue growth, TTM YoY, FY26 Q1: 24.5% Revenue growth, TTM YoY, FY26 Q2: 30.5% 30.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 12.2%
FY23 Q4 59.5%
FY24 Q1 69.9%
FY24 Q2 60.7%
FY24 Q3 59.0%
FY24 Q4 -33.8%
FY25 Q1 -38.3%
FY25 Q2 -36.3%
FY25 Q3 -33.4%
FY25 Q4 10.4%
FY26 Q1 24.5%
FY26 Q2 30.5%
Operating margin (TTM) Agenus Inc
-300% -200% -100% 0% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -211.2% Operating margin (TTM), FY23 Q4: -102.1% Operating margin (TTM), FY24 Q1: -85.5% Operating margin (TTM), FY24 Q2: -71.2% Operating margin (TTM), FY24 Q3: -61.6% Operating margin (TTM), FY24 Q4: -116.4% Operating margin (TTM), FY25 Q1: -101.4% Operating margin (TTM), FY25 Q2: -86.0% Operating margin (TTM), FY25 Q3: -56.6% Operating margin (TTM), FY25 Q4: -17.7% Operating margin (TTM), FY26 Q1: 6.6% Operating margin (TTM), FY26 Q2: 27.3% 27.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -211.2%
FY23 Q4 -102.1%
FY24 Q1 -85.5%
FY24 Q2 -71.2%
FY24 Q3 -61.6%
FY24 Q4 -116.4%
FY25 Q1 -101.4%
FY25 Q2 -86.0%
FY25 Q3 -56.6%
FY25 Q4 -17.7%
FY26 Q1 6.6%
FY26 Q2 27.3%
FCF margin (TTM) Agenus Inc
-300% -200% -100% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -252.9% FCF margin (TTM), FY23 Q4: -149.8% FCF margin (TTM), FY24 Q1: -131.3% FCF margin (TTM), FY24 Q2: -116.6% FCF margin (TTM), FY24 Q3: -106.5% FCF margin (TTM), FY24 Q4: -153.6% FCF margin (TTM), FY25 Q1: -147.0% FCF margin (TTM), FY25 Q2: -125.7% FCF margin (TTM), FY25 Q3: -83.6% FCF margin (TTM), FY25 Q4: -67.6% FCF margin (TTM), FY26 Q1: -70.7% FCF margin (TTM), FY26 Q2: -74.2% -74.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -252.9%
FY23 Q4 -149.8%
FY24 Q1 -131.3%
FY24 Q2 -116.6%
FY24 Q3 -106.5%
FY24 Q4 -153.6%
FY25 Q1 -147.0%
FY25 Q2 -125.7%
FY25 Q3 -83.6%
FY25 Q4 -67.6%
FY26 Q1 -70.7%
FY26 Q2 -74.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 3 3 3 16 3 7 25 23 43 37 150 88 296 98 156 103 114 133
Gross profit — — — — — — — — — — — 86 292 87 153 103 113 132
EBITDA −24 −18 −17 −5 −24 −42 −79 −103 −98 −118 −63 −110 33 −172 −146 −107 −10 41
Operating income −28 −22 −19 −7 −25 −43 −81 −107 −104 −124 −70 −117 26 −179 −160 −120 −20 36
Net income −30 −22 −23 −11 −30 −42 −88 −127 −121 −160 −108 −181 −24 −220 −246 −227 −0 92
Diluted EPS −$1.18 −$0.70 −$0.60 −$0.26 −$0.56 −$0.71 −$1.13 −$1.46 −$1.23 −$1.44 −$0.80 −$1.05 −$0.11 −$15.64 −$13.75 −$10.59 $0.00 $2.52
Growth (year on year)
Revenue — +0.8% −18.0% +479.2% −80.9% +129.1% +255.7% −9.0% +89.9% −14.2% +307.9% −41.2% +235.3% −66.8% +59.5% −33.8% +10.4% +30.5%
EBITDA — — — — — — — — — — — — — −630.1% — — — —
Operating income — — — — — — — — — — — — — −796.9% — — — —
Margins
Gross margin — — — — — — — — — — — 97.3% 98.8% 89.2% 98.0% 99.5% 99.1% 99.5%
EBITDA margin −706.9% −545.1% −610.9% −32.1% −801.1% −598.2% −317.3% −454.2% −228.1% −319.5% −42.3% −124.8% 11.0% −176.0% −93.4% −103.5% −8.9% 30.8%
Operating margin −830.1% −647.5% −692.6% −42.2% −820.3% −620.9% −325.2% −476.1% −242.1% −336.6% −46.7% −133.0% 8.7% −183.0% −102.1% −116.4% −17.7% 27.3%
Net margin −909.2% −652.0% −844.6% −71.0% −987.5% −608.9% −354.1% −562.6% −281.5% −434.7% −71.9% −205.4% −8.2% −224.7% −157.4% −219.8% −0.1% 69.2%
Free-cash-flow margin −732.9% −443.2% −591.6% 5.7% −668.1% −588.4% −204.6% −409.7% −227.0% −366.2% −15.6% −161.7% −8.0% −233.0% −149.8% −153.6% −67.6% −74.2%
Cash flow
Cash from operations −24 −15 −16 1 −20 −38 −47 −80 −94 −131 −19 −139 10 −175 −224 −158 −77 −99
Capital spending 0 0 0 0 1 3 4 13 3 4 5 3 34 53 10 1 0 0
Free cash flow −24 −15 −16 1 −20 −41 −51 −92 −97 −135 −23 −143 −24 −228 −234 −159 −77 −99
Stock-based pay 3 3 3 4 4 5 7 13 12 8 10 10 20 18 23 17 14 11
Free cash flow after stock pay −28 −18 −19 −3 −24 −46 −58 −106 −110 −142 −33 −153 −43 −247 −257 −176 −91 −109
Balance sheet
Cash 20 20 11 21 27 26 137 71 60 53 62 100 292 179 76 40 3 19
Total debt 0 0 38 39 10 6 114 131 163 14 14 20 14 14 13 35 46 30
Net debt (negative = net cash) −20 −20 27 18 −18 −19 −22 59 103 −39 −48 −80 −278 −165 −63 −5 43 12
Diluted shares — — — — 60m 60m 78m 87m 98m 111m 135m 173m 229m 14m 18m 21m 30m 36m
Returned to shareholders
Buybacks 0 0 0 — — — — — — — — — — — 1 — — —
Total returned 0 0 0 — — — — — — — — — — — 1 — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 4 checks passed · June 30, 2026
What it owns · $173m
Short-term assets $79mLonger-term assets $94m
What it owes, and who funded it · $232m
Short-term liabilities $232mShareholders' equity $-199m
  • Short-term assets cover short-term liabilities $79m of assets due within a year against $232m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $19m of cash against $60m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$99m of operating cash flow against $60m of debt.
  • Operating profit covers interest at least five times over Operating income of $36m against $59m of interest.

From Agenus Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+50.4%
year over year
R&D spending
43.5%
of revenue
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated AGEN MESO KPTI RCUS SPRY BEAM Median
Revenue, last 12 months $133m $120m $147m $117m $117m $156m $56m
Revenue growth, last 12 months 30.5% 599.2% 6.8% −55.3% 4.1% 158.9% 12.6%
Revenue growth, 3-year average 10.1% — 0.1% −1.1% 711.3% 24.9% 13.7%
Revenue growth, latest quarter 34.4% — −11.9% −74.4% 114.2% −94.2% 10.2%
Gross margin 99.5% 86.1% — — — — 82.9%
Operating margin 27.3% — −56.2% −415.4% −185.0% −242.3% −189.4%
Operating margin, 3-year average −43.3% — −76.7% −221.0% <−999% −344.8% −363.5%
Net margin 69.2% −47.8% −153.3% −393.2% −184.2% −54.7% −169.8%
Cash from operations / revenue −74.2% −36.4% −44.6% −405.1% −168.0% −230.3% −168.0%
Free-cash-flow margin −74.2% −37.1% −44.6% −406.0% −168.1% −238.9% −162.4%
Free-cash-flow margin, 3-year average −105.5% — −69.7% −214.9% <−999% −290.8% −310.0%
Stock pay / revenue 8.0% 12.4% 7.9% 53.8% 26.7% 52.2% 20.0%
Change in share count 50.4% 7.2% 22.0% 22.7% −3.9% 16.3% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 30.5% 12.6% 68 of 172
Change in growth rate Growth +6.0pp -0.1pp 52 of 172
Gross margin Profitability 99.5% 82.4% 2 of 75
Operating margin Profitability 27.3% -189.4% 17 of 175
Net margin Profitability 69.2% -157.3% 4 of 180
Free-cash-flow margin Cash generation -74.2% -145.4% 77 of 176
Stock pay as % of revenue Cash generation 8.0% 19.2% 51 of 179
Long-term debt as % of assets Balance sheet 17.4% 20.6% 36 of 78
Change in share count Balance sheet 50.4% 7.9% 143 of 156
Days sales outstanding Balance sheet 41 days 75 days 20 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Non Cash Revenue Related To Sale of Future Royalties $109M ▲ 7.5%
Non Cash Royalty Revenue $109M ▲ 7.5%
Pre Commercial Product Revenue $4.2M —
Revenue $1M ▼ 48.3%
Other $1M ▼ 48.3%
Research and Development Revenue $334,000 ▼ 30.7%
Clinical Product Revenue $334,000 ▼ 30.7%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $113M 99.1% ▲ 11.5%
Outside the US $1M 0.9% ▼ 48.3%

From Agenus Inc's 10-K filed March 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$43.6M
Institutions reporting
102
Shares held vs prior quarter
▲ 54.7%
Positions opened / closed
32 / 15

Top buyers and sellers, Q2 2026: 63 institutions bought and 33 sold ; the biggest buyer was Blackrock, Inc (+2.0M shares) and the biggest seller Marshall Wace, LLP (−249K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7.8M 2.6M 18.0% ▲ 370.0%
Vanguard Capital Management LLC $5.1M 1.7M 11.8% ▲ 16.4%
Vanguard Portfolio Management LLC $4.4M 1.4M 10.0% ▲ 19.5%
Siren, L.L.C. $3.3M 1.1M 7.5% 0.0%
Geode Capital Management, LLC $3.2M 1.0M 7.3% ▲ 197.1%
Mackenzie Financial Corp $2.2M 714K 5.0% New
Goldman Sachs Group Inc $1.4M 448K 3.1% ▲ 1325.5%
Marshall Wace, LLP $1.3M 440K 3.1% ▼ 36.1%
Raymond James Financial Inc $1.3M 430K 3.0% ▲ 79.5%
Globeflex Capital L P $1.3M 419K 2.9% New
State Street Corp $1.3M 412K 2.9% ▲ 164.0%
Man Group PLC $1M 340K 2.4% ▲ 22.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Agenus Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 9, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 11, 2026
  • March 16, 2026
  • November 10, 2025
  • August 11, 2025
  • May 12, 2025

Recent SEC filings

Data status

When each part of this page on Agenus Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Agenus Inc in brief

What does Agenus Inc do?
Agenus Inc is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Agenus Inc's stock ticker?
Agenus Inc trades under the ticker AGEN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Agenus Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Agenus Inc reported revenue of $133M, 30.5% higher than a year earlier, according to its SEC filings.
What is Agenus Inc's free cash flow?
Agenus Inc's free-cash-flow margin is -74.2% of revenue over the trailing twelve months, ranking 77 of the 176 biotechnology companies we cover.
Who are Agenus Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Agenus Inc's market cap?
On November 2, 2026, Agenus Inc's market capitalisation was about $238M, with a price-to-earnings ratio of 2.6 and net debt of $11.6M. Market figures come from third-party market data and may be delayed.
Who are Agenus Inc's competitors?
In our Biotechnology peer group, the companies closest to Agenus Inc are Mesoblast LTD, Karyopharm Therapeutics Inc., Arcus Biosciences, Inc., ARS Pharmaceuticals, Inc. and Beam Therapeutics Inc. The side-by-side comparison below sets their revenue, margins and growth against Agenus Inc's.
When is Agenus Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Agenus Inc announces its own schedule.