AGEN

MKT CAP:$152M

Agenus Inc.

Market Cap

$152M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.76+$0.53 (+16.41%)

Apr 23, 2026

Company Details

Agenus Inc., a clinical-stage immuno-oncology company, discovers and develops immuno-oncology products in the United States and internationally. The company offers Retrocyte Display, an antibody expression platform for the identification of...

CEO

Garo H. Armen

IPO Date

Feb 8, 2000

Website

www.agenusbio.com

Key Metrics TTM

Revenue

$90M

+109.8% YoY

Net Income

-$74M

EPS (Diluted)

-$14.65

Free Cash Flow

-$122M

Revenue / Share

$2.74

Gross Margin

-37.8%

Operating Margin

-104.4%

Net Margin

-81.9%

FCF Margin

-135.2%

P/S

1.7x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$30MEPS $1.94

Q4 2024

Mar 17, 2025

$27MEPS -$2.04

Q4 2020

Mar 16, 2021

$31MEPS -$3.99

Q1 2018

May 10, 2018

$2M-93.9%EPS -$10.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 15	$8M	-$10M	-$18M
Q1 16	$6M	-$19M	-$28M
Q2 16	$7M	-$16M	-$24M
Q3 16	$4M	-$17M	-$36M
Q4 16	$6M	-$20M	-$20M
Q1 17	$27M	-$6M	-$13M
Q2 17	$4M	-$22M	-$29M
Q3 17	$3M	-$22M	-$32M
Q4 17	$8M	-$24M	-$30M
Q1 18	$2M	-$28M	-$42M
Q4 20	$31M	-$5M	-$22M
Q4 24	$27M	-$7M	-$26M
Q3 25	$30M	$6M	-$5M

Valuation

Quarter	P/S	P/E
Q4 15	—	—
Q1 16	—	—
Q2 16	—	—
Q3 16	509.5x	—
Q4 16	343.8x	—
Q1 17	166.7x	—
Q2 17	194.0x	—
Q3 17	238.2x	—
Q4 17	186.5x	—
Q1 18	546.0x	—
Q4 20	282.0x	—
Q4 24	0.9x	—
Q3 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 15	-$20M	-$20M
Q1 16	-$22M	-$23M
Q2 16	-$18M	-$20M
Q3 16	-$24M	-$29M
Q4 16	-$16M	-$20M
Q1 17	-$15M	-$15M
Q2 17	-$27M	-$28M
Q3 17	-$26M	-$27M
Q4 17	-$26M	-$27M
Q1 18	-$40M	-$42M
Q4 20	-$36M	-$36M
Q4 24	-$29M	-$29M
Q3 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q4 15	$772.9K
Q1 16	$2M
Q2 16	$2M
Q3 16	$5M
Q4 16	$4M
Q1 17	$417.0K
Q2 17	$988.9K
Q3 17	$960.5K
Q4 17	$753.9K
Q1 18	$1M
Q4 20	$834.0K
Q4 24	$73.0K
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 16	-27.0%	-2.1%
Q1 17	+352.4%	+18.5%
Q2 17	-36.2%	+9.6%
Q3 17	-24.4%	-13.9%
Q4 17	+49.8%	+51.9%
Q1 18	-93.9%	+7.9%
Q4 20	+643.1%	+60.1%
Q4 24	+698.9%	+50.6%
Q3 25	+261.9%	-9.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 15	$2M	29.1%
Q1 16	$5M	79.9%
Q2 16	$2M	23.6%
Q3 16	$2M	53.6%
Q4 16	$4M	80.5%
Q1 17	$2M	8.8%
Q2 17	$3M	65.4%
Q3 17	$2M	58.2%
Q4 17	$5M	64.0%
Q1 18	$2M	134.8%
Q4 20	$3M	8.8%
Q4 24	$0	0.0%
Q3 25	$3M	10.7%

OpEx Breakdown

Quarter	R&D	G&A
Q4 15	$18M	$8M
Q1 16	$25M	$9M
Q2 16	$22M	$7M
Q3 16	$22M	$8M
Q4 16	$26M	$9M
Q1 17	$33M	$8M
Q2 17	$26M	$8M
Q3 17	$26M	$8M
Q4 17	$32M	$10M
Q1 18	$29M	$9M
Q4 20	—	$20M
Q4 24	$34M	$21M
Q3 25	—	$11M

Revenue Segments

Quarter	Non Cash Royalty Revenue	Other
Q3 25	$29M	$1M

Revenue by Geography

Quarter	Non Us	United States	Non-US
Q4 20	$2M	$29M	—
Q3 25	—	$30M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$248M	$15M	$263M
Q2 22	$228M	$10M	$238M
Q3 22	$208M	$10M	$218M
Q4 22	$179M	$15M	$193M
Q1 23	$165M	$24M	$189M
Q2 23	$143M	$15M	$158M
Q3 23	$106M	$0	$106M
Q4 23	$76M	$0	$76M
Q1 24	$53M	$0	$53M
Q2 24	$94M	$0	$94M
Q3 24	$45M	$0	$45M
Q4 24	$40M	$0	$40M
Q1 25	$18M	$0	$18M
Q2 25	$10M	$0	$10M
Q3 25	$3M	$0	$3M
Q4 25	$3M	$0	$3M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 15	4M	—	—
Q1 16	4M	+2.0%	—
Q2 16	4M	+0.3%	—
Q3 16	4M	+0.3%	—
Q4 16	4M	+0.2%	+2.9%
Q1 17	5M	+7.0%	+7.9%
Q2 17	5M	+6.1%	+14.1%
Q3 17	5M	+0.7%	+14.5%
Q4 17	5M	+1.1%	+15.5%
Q1 18	5M	+1.6%	+9.7%
Q4 20	9M	+83.9%	+90.2%
Q4 24	23M	+138.6%	+350.6%
Q3 25	33M	+46.0%	+550.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 15	$33.2K	230
Q1 16	$25.9K	230
Q2 16	$28.7K	230
Q3 16	$19.3K	230
Q4 16	$21.9K	255
Q1 17	$105.7K	255
Q2 17	$16.5K	255
Q3 17	$13.2K	255
Q4 17	$32.8K	255
Q1 18	$6.4K	255
Q4 20	$87.1K	359
Q4 24	$84.9K	316
Q3 25	$95.7K	316

Revenue / Employee