Agenus Inc.
AGENHealthcare|Biotechnology|US
$7.15
+0.71 (+11.02%)
Graham Number
$1.18
Cash / Share
$1.39
Financials
Financial Snapshot
Market Cap
$322.9M
Enterprise Value
$294.5M
Revenue (TTM)
$133.9M
Net Income (TTM)
$28.1M
Cash & Investments
$86.9M
Net Cash
$48.4M
Free Cash Flow (TTM)
-$103.9M
Operating CF (TTM)
-$103.9M
Debt/Equity
4.43
Cash Runway & Burn Rate
Cash on Hand
$86.9M
Quarterly Burn
$26.0M
Monthly Burn
$8.7M
Est. Runway
~3.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $76.4M | $60.2M | $53.1M | $61.8M | $99.9M | $306.9M | $193.4M | $76.1M | $40.4M | $3.0M | $86.9M | |
| Operating Cash Flow | -$80.0M | -$94.2M | -$131.1M | -$18.7M | -$139.1M | $10.1M | -$175.4M | -$224.2M | -$158.3M | -$158.3M | -$103.9M | |
| Free Cash Flow | -$92.5M | -$97.3M | -$134.7M | -$23.3M | -$142.6M | -$23.7M | -$228.4M | -$234.2M | -$158.9M | -$158.9M | -$103.9M | |
| Capital Expenditure | -$12.5M | -$3.1M | -$3.6M | -$4.7M | -$3.5M | -$33.8M | -$53.1M | -$10.0M | -$576.0K | -$576.0K | $0.00 | |
| Financing Cash Flow | -$2.5M | $80.5M | $128.3M | $31.3M | $183.9M | $225.3M | $95.8M | $119.9M | $122.8M | $122.8M | $116.6M |
R&D Spending
R&D (TTM)
$45.7M
R&D Intensity
34.1%
R&D Growth vs Prior
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $42.9M | $36.8M | $150.0M | $88.2M | $295.7M | $98.0M | $156.3M | $103.5M | $114.2M | $133.9M | |
| R&D Expense | $95.0M | $116.1M | $124.6M | $168.3M | $142.6M | $178.6M | $0.00 | $234.6M | $155.5M | $0.00 | $45.7M | |
| R&D % of Revenue | 420.7% | 270.8% | 338.7% | 112.2% | 161.8% | 60.4% | 0.0% | 150.1% | 150.3% | 0.0% | 34.1% | |
| SG&A | $33.1M | $33.7M | $37.3M | $46.0M | $59.2M | $76.4M | $81.0M | $78.7M | $71.9M | $54.4M | $36.1M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $42.9M | $36.8M | $150.0M | $88.2M | $295.7M | $98.0M | $156.3M | $103.5M | $114.2M | $133.9M | |
| Cost of Revenue | $95.0M | $116.1M | $124.6M | $168.3M | $145.0M | $182.1M | $197.3M | $237.7M | $156.0M | $80.4M | $0.00 | |
| Gross Profit | -$72.4M | -$73.2M | -$87.8M | -$18.3M | -$56.8M | $113.6M | -$99.2M | -$81.4M | -$52.6M | $33.8M | $102.5M | |
| R&D | $95.0M | $116.1M | $124.6M | $168.3M | $142.6M | $178.6M | $0.00 | $234.6M | $155.5M | $0.00 | $45.7M | |
| SG&A | $33.1M | $33.7M | $37.3M | $46.0M | $59.2M | $76.4M | $81.0M | $78.7M | $71.9M | $54.4M | $36.1M | |
| Operating Income | -$107.5M | -$103.8M | -$123.8M | -$70.1M | -$117.2M | $25.7M | -$179.4M | -$159.5M | -$120.5M | -$20.6M | $52.2M | |
| Interest Expense | $17.3M | $18.9M | $25.3M | $41.5M | $61.1M | $65.7M | $61.9M | $97.9M | $117.6M | $55.3M | $31.4M | |
| Pretax Income | -$127.0M | -$120.7M | -$162.0M | -$111.6M | -$182.9M | -$28.7M | -$230.7M | -$257.4M | -$232.3M | -$3.1M | $28.0M | |
| Net Income | -$127.0M | -$120.7M | -$159.7M | -$107.7M | -$180.9M | -$23.9M | -$220.1M | -$245.8M | -$227.2M | $115.0K | $28.1M | |
| EPS (Diluted) | -29.17 | -24.53 | -28.83 | -22.10 | -21.00 | -2.11 | -15.64 | -13.75 | -10.59 | -0.00 | 0.73 | |
| EBITDA | -$104.7M | -$95.8M | -$130.5M | -$63.4M | -$114.6M | $43.8M | -$161.8M | -$145.9M | -$101.3M | $62.2M | $87.1M | |
| Shares Out. (M) | 4.35 | 4.92 | 5.54 | 6.75 | 8.63 | 11.45 | 14.09 | 17.89 | 21.47 | 29.73 | 83.27 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76.4M | $60.2M | $53.1M | $61.8M | $99.9M | $291.9M | $178.7M | $76.1M | $40.4M | $3.0M | $66.9M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $14.7M | $0.00 | $0.00 | $0.00 | $20.0M | |
| Total Current Assets | $91.3M | $73.6M | $74.8M | $86.5M | $113.8M | $332.0M | $213.1M | $112.4M | $45.6M | $133.4M | $148.3M | |
| Total Assets | $157.0M | $138.4M | $136.4M | $155.3M | $214.5M | $466.0M | $413.6M | $313.9M | $226.3M | $226.8M | $245.5M | |
| Total Current Liabilities | $40.9M | $56.4M | $68.1M | $122.2M | $129.9M | $156.9M | $189.0M | $255.9M | $221.4M | $323.5M | $203.7M | |
| Long-Term Debt | $130.5M | $142.4M | $13.21B | $13.4M | $18.9M | $12.8M | $12.6M | $12.8M | $30.5M | $169.7M | $33.2M | |
| Total Liabilities | $196.1M | $214.2M | $310.9M | $386.7M | $426.0M | $418.0M | $468.5M | $462.3M | $532.7M | $504.7M | $236.9M | |
| Stockholders' Equity | -$39.1M | -$75.8M | -$172.5M | -$225.4M | -$203.7M | $34.4M | -$61.3M | -$160.3M | -$326.4M | -$271.1M | $8.7M | |
| Retained Earnings | -$905.3M | -$1.03B | -$1.18B | -$1.28B | -$1.47B | -$1.49B | -$1.71B | -$1.96B | -$2.18B | -$2.18B | -$2.14B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$80.0M | -$94.2M | -$131.1M | -$18.7M | -$139.1M | $10.1M | -$175.4M | -$224.2M | -$158.3M | -$158.3M | -$103.9M | |
| Capital Expenditure | -$12.5M | -$3.1M | -$3.6M | -$4.7M | -$3.5M | -$33.8M | -$53.1M | -$10.0M | -$576.0K | -$576.0K | $0.00 | |
| Free Cash Flow | -$92.5M | -$97.3M | -$134.7M | -$23.3M | -$142.6M | -$23.7M | -$228.4M | -$234.2M | -$158.9M | -$158.9M | -$103.9M | |
| Investing Cash Flow | $17.6M | $2.1M | -$3.6M | -$4.7M | -$4.4M | -$43.1M | -$33.6M | $3.4M | $27.0K | $27.0K | $50.1M | |
| Financing Cash Flow | -$2.5M | $80.5M | $128.3M | $31.3M | $183.9M | $225.3M | $95.8M | $119.9M | $122.8M | $122.8M | $116.6M | |
| Issuance of Stock | $2.2M | $65.6M | $44.9M | $30.0M | $176.4M | $220.6M | $99.2M | $133.2M | $38.8M | $36.3M | $12.5M | |
| Repurchase of Stock | -$667.0K | -$527.0K | $0.00 | $0.00 | $0.00 | -$1.7M | -$3.8M | -$5.2M | $0.00 | -$87.0K | $0.00 | |
| Net Debt Issuance | -$144.7K | $14.5M | -$162.1M | -$320.0K | $3.0M | -$1.3M | -$490.0K | -$8.9M | $9.5M | $2.3M | -$1.4M | |
| Stock Based Comp. | $13.2M | $12.4M | $7.6M | $9.9M | $10.4M | $19.6M | $18.3M | $22.9M | $17.4M | $17.4M | $11.1M | |
| Net Change in Cash | -$65.3M | -$11.3M | -$7.1M | $8.8M | $40.7M | $192.1M | -$113.3M | -$101.6M | -$35.7M | -$35.7M | $62.8M |
Dilution Tracker
Shares outstanding grew 244.7% over 5 years — significant dilution
Shares Outstanding
45M
5-Year Share Growth
+244.7%
Stock Issuance (TTM)
$12.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 4.35 | 4.92 | 5.54 | 6.75 | 8.63 | 11.45 | 14.09 | 17.89 | 21.47 | 29.73 | 83.27 | |
| Change vs Prior % | — | 13.0% | 12.6% | 21.9% | 27.8% | 32.7% | 23.1% | 27.0% | 20.0% | 38.5% | 180.0% | |
| Stock Issuance | $2.2M | $65.6M | $44.9M | $30.0M | $176.4M | $220.6M | $99.2M | $133.2M | $38.8M | $36.3M | $12.5M | |
| Stock Repurchase | -$667.0K | -$527.0K | $0.00 | $0.00 | $0.00 | -$1.7M | -$3.8M | -$5.2M | $0.00 | -$87.0K | $0.00 | |
| Stock Based Comp. | $13.2M | $12.4M | $7.6M | $9.9M | $10.4M | $19.6M | $18.3M | $22.9M | $17.4M | $17.4M | $11.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -320.7% | -170.8% | -238.7% | -12.2% | -64.4% | 38.4% | -101.2% | -52.1% | -50.8% | 29.6% | 76.5% | |
| Operating Margin % | -476.1% | -242.1% | -336.6% | -46.7% | -133.0% | 8.7% | -183.0% | -102.1% | -116.4% | -18.0% | 38.9% | |
| Net Margin % | -562.6% | -281.5% | -434.1% | -71.7% | -205.2% | -8.1% | -224.5% | -157.2% | -219.6% | 0.1% | 21.0% | |
| EBITDA Margin % | -464.0% | -223.5% | -354.7% | -42.3% | -130.0% | 14.8% | -165.1% | -93.4% | -97.9% | 54.5% | 65.0% | |
| FCF Margin % | -409.7% | -227.0% | -366.2% | -15.6% | -161.7% | -8.0% | -233.0% | -149.8% | -153.6% | -139.1% | -77.5% | |
| ROE % | 324.6% | 159.2% | 92.6% | 47.8% | 88.8% | -69.5% | 359.1% | 153.3% | 69.6% | -0.0% | -16.5% | |
| ROA % | -80.9% | -87.2% | -117.1% | -69.3% | -84.3% | -5.1% | -53.2% | -78.3% | -100.4% | 0.1% | 11.4% | |
| ROIC % | -90.2% | -86.5% | -165.5% | -199.7% | -134.1% | 8.2% | -79.0% | -224.1% | -818.7% | -34.5% | 110.5% | |
| R&D / Revenue % | 420.7% | 270.8% | 338.7% | 112.2% | 161.8% | 60.4% | 0.0% | 150.1% | 150.3% | 0.0% | 34.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -9.0% | 89.9% | -14.2% | 307.9% | -41.2% | 235.3% | -66.8% | 59.5% | -33.8% | 10.4% | |
| Gross Profit | -58.7% | -1.2% | -19.9% | 79.2% | -210.5% | 300.0% | -187.4% | 18.0% | 35.4% | 164.4% | |
| Operating Income | -33.2% | 3.4% | -19.3% | 43.4% | -67.2% | 122.0% | -796.9% | 11.1% | 24.5% | 82.9% | |
| Net Income | -44.5% | 5.0% | -32.3% | 32.6% | -68.0% | 86.8% | -819.8% | -11.7% | 7.5% | 100.1% | |
| EPS (Diluted) | -29.8% | 15.9% | -17.5% | 23.3% | 5.0% | 90.0% | -641.2% | 12.1% | 23.0% | 100.0% | |
| Operating Cash Flow | -69.5% | -17.8% | -39.1% | 85.7% | -644.5% | 107.3% | -1828.7% | -27.8% | 29.4% | 0.0% | |
| Free Cash Flow | -82.2% | -5.3% | -38.4% | 82.7% | -510.8% | 83.4% | -865.1% | -2.5% | 32.1% | 0.0% | |
| R&D Expense | 34.8% | 22.3% | 7.3% | 35.1% | -15.3% | 25.2% | -100.0% | 0.0% | -33.7% | -100.0% | |
| SG&A Expense | 16.8% | 1.9% | 10.7% | 23.3% | 28.6% | 28.9% | 6.1% | -2.8% | -8.7% | -24.3% | |
| Total Assets | -35.2% | -11.8% | -1.4% | 13.9% | 38.1% | 117.2% | -11.2% | -24.1% | -27.9% | 0.2% | |
| Book Value / Share | -149.7% | -71.4% | -104.5% | -8.8% | 28.5% | 117.1% | -193.1% | -112.8% | -72.1% | 34.5% | |
| Debt | 14.2% | 24.7% | -91.8% | 75.1% | 138.2% | 4.6% | 34.6% | 18.8% | 1.8% | 253.0% | |
| Diluted Shares | 11.3% | 13.0% | 12.6% | 21.9% | 27.8% | 32.7% | 23.1% | 27.0% | 20.0% | 38.5% |
Valuation
P/E (TTM)9.72
P/S2.41
10Y Low / Med / High0.57 / 6.22 / 15.89
P/B51.52
EV/EBITDA3.38
EV/Revenue2.20
10Y Low / Med / High1.09 / 5.72 / 18.30
P/FCFAt Loss
Intrinsic Value Models (per share)
Graham Number
$1.18
Cash / Share
$1.39
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.82 | -2.66 | -1.65 | -3.68 | -3.03 | -30.52 | -3.07 | -1.20 | -0.26 | -923.53 | 9.72 | |
| P/S Ratio | 15.89 | 7.48 | 7.17 | 3.66 | 6.22 | 2.49 | 6.90 | 1.90 | 0.57 | 0.82 | 2.41 | |
| P/B Ratio | -9.17 | -4.23 | -1.53 | -2.44 | -2.69 | 21.40 | -11.03 | -1.85 | -0.18 | -0.34 | 51.52 | |
| EV/EBITDA | -3.94 | -4.42 | -1.72 | -8.05 | -4.40 | 11.50 | -3.56 | -2.15 | -1.12 | 6.84 | 3.38 | |
| EV/Revenue | 18.30 | 9.88 | 6.09 | 3.41 | 5.72 | 1.70 | 5.88 | 2.01 | 1.09 | 3.72 | 2.20 |
Analyst Estimates & Quality
Altman Z-Score
-9.97
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $124.5M | $115.8M | $121.1M |
| Net Income | $954.5K | -$18.9M | -$17.3M |
| EPS | $0.27 | $-0.60 | $-0.58 |
| # Analysts (EPS) | 2 | 2 | 2 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Research And Development Revenue | $700.0K | $1.2M | $1.6M | — | — | — |
| Non Cash Royalty Revenue Related To The Sale Of Future Royalties And Milestone | $47.5M | — | $45.3M | — | — | — |
| Product And Service Other | $91.0K | $184.0K | — | — | — | — |
| Revenue | $4.6M | $6.7M | — | — | — | — |
| License Fee Revenue | — | — | — | $25.0M | — | — |
| Non Cash Royalty Revenue | — | — | — | $114.6M | $101.0M | $108.6M |
| Other | — | — | — | — | $2.0M | $1.0M |
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| UNITED STATES | $83.6M | $289.0M | $9.5M | $114.6M | $101.5M | $113.2M |
| Non Us | $4.6M | $6.7M | — | — | — | — |
| Non-US | — | — | — | — | $2.0M | $1.0M |