Agenus Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
This rating judges the substance of the company, not the share price — and the substance is demonstrably at risk. The most recent quarterly report (10-Q, filed May 11, 2026, Note A) states verbatim that substantial doubt exists about the ability to continue as a going concern for at least one year after the filing date. On top of that sit equity of minus $228.0M, current liabilities of $249.2M against $95.3M of current assets, and cash of $35.0M against an operating cash outflow of $36.0M in the same quarter (all figures as of March 31, 2026) — less than one quarter of runway from the company's own resources. Any single one of those points is enough for the red rating. This is explicitly not a verdict on the science: the Phase 2 results from NEST and UNICORN are published and remarkable for their setting, and the July 13, 2026 placement of roughly $85M gross gives the company runway into the third quarter of 2027 on its own guidance. Whether the going-concern warning then falls away will be decided by the quarterly report due in mid-August 2026. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Agenus is the label trap in its purest form: a price-earnings ratio of 2.9 and an operating margin of 44.6 percent are exactly what the metrics say, and they still mean nothing, because the profit came from selling the company's own manufacturing plant ($40.4M of the $39.2M reported in the first quarter of 2026) and 95 percent of 2025 revenue was royalty money GSK wires straight to Healthcare Royalty. In the same quarterly report, filed 05/11/2026, the company flags substantial doubt about its ability to continue as a going concern, with minus $228.0M of equity and $35.0M of cash against a $36.0M quarterly burn. The placement of 07/13/2026, raising roughly $85M gross, buys time into 2027 — paid for with warrants over 54,941,491 shares, more than the company has today. Against that stand real Phase 2 data in a cancer type where nothing has worked so far. Not investment advice.
Science and pipeline
Two independent Phase 2 studies (NEST, UNICORN) show pathologic response in roughly 60 to 70 percent of patients with microsatellite stable colon cancer and complete response in roughly 30 percent, with all treated patients disease free at 9 to 18 months of follow-up (8-K of 07/13/2026). In this cancer type immunotherapies have so far achieved close to nothing — that is a real, checkable finding.
Quality of earnings
Quarterly net income of $39.2M (Q1 2026) includes a $40.4M book gain on the sale of the manufacturing operations to Zydus; the 2025 net loss of just $3.1M included a $100.9M book gain from the deconsolidation of MiNK. Without those effects, losses of $232.3M (2024) and $257.4M (2023) remain. Operations consumed $36.0M of cash in the first quarter of 2026.
Quality of revenue
In 2024 and 2025, 97.6 percent and 95.1 percent of reported revenue was "non-cash royalty revenue" — money GSK wires directly to Healthcare Royalty Partners, ever since Agenus sold that claim in January 2018 for $190.0M. The matching liability stood at $264.4M as of 03/31/2026, above the original proceeds.
Balance sheet and liquidity
Equity of minus $228.0M, current liabilities of $249.2M against $95.3M of current assets, cash of $35.0M against a $36.0M quarterly burn (all figures 03/31/2026), accumulated deficit $2.14B. The placement of 07/13/2026, raising roughly $85M gross, buys room into the third quarter of 2027 — on the company's own guidance and without exercise of the warrants.
Dilution
The share count rose from 23.6M (12/31/2024) to 44.8M (07/17/2026), after a 1-for-20 reverse split in April 2024. The Series A and Series B warrants from the July placement carry rights over a combined 54,941,491 shares — more than are outstanding at all. The average price of the running at-the-market program fell from $32.60 (2023) to $9.37 (2024) to $3.84 (2025), and the annual meeting added another 5,000,000 plan shares on 06/16/2026.
Timeline
The decisive Phase 3 trial ROBBIN (850 patients) is guided to dose its first patient in the first quarter of 2027; interim pathologic response data is expected in the second half of 2027 and the interim analysis of event-free survival in the second half of 2029. All of that has to be funded — and the ongoing Phase 3 study BATTMAN loses its funding to pay for it (8-K of 07/13/2026).
Worth Noting
AGEN reached the research list through the Reddit hype scanner, on July 14, 2026, in the very first run with which that scanner went live. No mention count is on record for that initial batch, so no figure is quoted here. In our in-house stock scanner the stock sits on three lists at once as of July 26, 2026: "P/E ranking," "EBIT margin ranking" and "insolvency radar: cash running out." The scanner lists are recalculated daily.
Identity and risk of confusion: the company traded as Antigenics Inc. until January 5, 2011; the subsidiary Antigenics, LLC, which holds the QS-21 license agreement, still carries the name. A 1-for-20 reverse stock split took effect on April 12, 2024, following a Nasdaq deficiency notice of December 4, 2023 over a share price below one dollar. All share counts and average prices in this analysis are stated on the post-split basis, exactly as the SEC filings do. Agenus is not to be confused with its listed holding MiNK Therapeutics, which has not been consolidated since the third quarter of 2025.
Currency note: the most recent quarterly report (10-Q) is dated May 11, 2026 and has been evaluated in full. Filings submitted afterwards have been reviewed — current reports 8-K of 05/15, 06/23, 07/06 and 07/13/2026, the proxy supplement of 05/13/2026, the registration statement S-3 of 07/20/2026, two ownership filings (Schedule 13G) of 07/17/2026 (the Invus group around Raymond Debbane, 4,533,755 shares as of 07/13/2026) and 07/20/2026 (RA Capital Management), plus insider filings (Form 4) of 07/07 and 07/14/2026 — all of them grants to directors and the chief executive, not open-market purchases. The annual meeting of 06/16/2026 increased the employee equity plan by 5,000,000 shares, approved a one-time option exchange program and confirmed KPMG as auditor for 2026; there was no resolution on a further reverse stock split. No accounts exist yet for the quarter ended 06/30/2026; that filing is due in mid-August 2026. There is no Form 15 and no Form 25 — the Nasdaq listing continues.
The market capitalization used in this analysis is deliberately calculated from the filings: 44,752,288 shares as of 07/17/2026 times $5.00, the last share price documented in an SEC filing (07/16/2026), gives roughly $224M. The fundamental data feed shows roughly $249M as of 07/26/2026; it works with 41,642,431 shares (the 05/07/2026 cover figure) and a more recent, higher price. The gap of roughly 11 percent sits far below the one-fifth threshold at which we discard a market capitalization and the metrics derived from it.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AGEN since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 2.80 $ to 8.40 $ · Last price: 7.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Agenus Inc AGEN | 0.3 | – | 2.1 | 113.6 | – | 10.4 | 58.7 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 59.1 | 21.8 | 9.6 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 23 | -107 | -127 | -29.17 | -80 | -39 | 157 |
| 2017 | 43 | -104 | -121 | -24.53 | -94 | -76 | 138 |
| 2018 | 37 | -124 | -160 | -28.83 | -131 | -175 | 136 |
| 2019 | 150 | -70 | -108 | -15.95 | -19 | -231 | 155 |
| 2020 | 88 | -117 | -181 | -20.98 | -139 | -212 | 215 |
| 2021 | 296 | 26 | -24 | -2.09 | 10 | 48 | 466 |
| 2022 | 98 | -179 | -220 | -15.62 | -175 | -55 | 414 |
| 2023 | 156 | -160 | -246 | -13.73 | -224 | -148 | 314 |
| 2024 | 103 | -120 | -227 | -10.58 | -158 | -326 | 226 |
| 2025 | 114 | -21 | 0 | 0.00 | -158 | -271 | 227 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.10 | – | 27 | -68.00 | -170.90 | -29 | -29 |
| 2025: Q1 | -0.61 | – | 24 | -14.10 | -105.00 | -26 | -26 |
| 2025: Q2 | -0.67 | – | 26 | 9.30 | -108.80 | -20 | -20 |
| 2025: Q3 | 1.53 | – | 30 | 20.40 | 211.40 | -15 | -15 |
| 2025: Q4 | -0.25 | – | 34 | 27.50 | -30.90 | -17 | -17 |
| 2026: Q1 | 0.94 | – | 34 | 40.20 | 116.30 | -36 | -36 |
| 2026: Q2 | -0.01 | 98.50 | 35 | 34.20 | -1.70 | -31 | -31 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.87 | 0.87 – 0.87 | 140 | 134.6% | 1 |
| 12/31/2027 | -0.06 | -0.06 – -0.06 | 137 | -106.9% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Agenus verkauft keine KI-Produkte und setzt in den ausgewerteten SEC-Berichten auch keine KI operativ ein: Der jüngste Geschäftsbericht (10-K für 2025, eingereicht 16.03.2026) erwähnt KI ausschließlich in einem allgemeinen Risikohinweis mit der Möglichkeitsform „we may use“, die vier zuletzt eingereichten Quartalsberichte (10-Q) enthalten überhaupt keine KI-Fundstelle. Der Vorjahres-Geschäftsbericht (10-K für 2024) nannte einmal eine Zusammenarbeit der Tochter SaponiQx mit Probius, das dort als Anbieter KI-gestützter Wirkstoffsuche beschrieben wird — das Merkmal betrifft den Partner, nicht Agenus selbst, und die Passage ist im aktuellen Geschäftsbericht ersatzlos entfallen. Für eine Einstufung als „nutzt KI“ reicht diese Beleglage nicht.
View the full file — quotes, sources, reviewed filings
„We may use, and our vendors may incorporate, AI both in our own development and implementation of AI and through the adoption of commercially available tools."
Wir setzen möglicherweise KI ein, und unsere Lieferanten binden möglicherweise KI ein — sowohl durch eigene Entwicklung und Einführung von KI als auch durch die Übernahme kommerziell verfügbarer Werkzeuge.
10-K · 2026-03-16 · View SEC filing
„In January 2025, SaponiQx entered into a strategic collaboration with Probius, a pioneer in quantum molecular spectroscopy for AI-driven discovery, and Ginkgo Bioworks."
Im Januar 2025 ging SaponiQx eine strategische Zusammenarbeit mit Probius ein, einem Vorreiter der quantenmolekularen Spektroskopie für KI-gestützte Wirkstoffsuche, sowie mit Ginkgo Bioworks.
10-K · 2025-03-17 · View SEC filing
Filings Reviewed: 10-Q 2026-05-11 · 10-Q 2025-11-10 · 10-Q 2025-08-11 · 10-Q 2025-05-12 · 10-K 2026-03-16 · 10-K 2025-03-17
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 5.2%
- More than 10% revenue growth is expected for the coming year -28.8%
- Share count grows by less than 3% a year 28.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -128.8%
- Gross margin at 40% or higher and without meaningful erosion 29.6%
- Goodwill from acquisitions does not grow faster than revenue 10.6%
- Net debt below twice EBITDA 5.3 x EBITDA
- Operating cash flow covers the profits of the last three years -68 m
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 6.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 19.7%
- Exp. sales growth 3Y > 5% 9.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 9.7%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% –
- Expected return > 10% -47.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 10, 2026 | Armen Garo H | See Remarks | Other | 4,852 | 3.35 | 16,254 |
The company
About the Company
Agenus Inc., ein Biotechnologieunternehmen in der klinischen Phase, entdeckt und entwickelt Immuntherapien gegen Krebs und Infektionskrankheiten in den USA und international.
- Employees
- 81
- Headquarters
- Lexington, MA
- Address
- 3 Forbes Road, 02421-7305 Lexington, United States
- Phone
- 781 674 4400
- Website
- agenusbio.com
- IPO Date
- 02/04/2000
- ISIN
- US00847G8042
- Stock Split
- 1:20 on 04/12/2024
- Stock Split
- 1:6 on 10/03/2011
Management
| Name | Title | Birth Year |
|---|---|---|
| Garo H. Armen Ph.D. | Founder, Interim CFO, Principal Financial Officer, CEO & Executive Chairman | 1953 |
| Steven J. O'Day M.D., Ph.D. | Chief Medical Officer | 1961 |
| Jennifer S. Buell Ph.D. | Director and President & CEO of MiNK Therapeutics | 1975 |
| Craig Winter | Chief Information Officer | – |
| Zack Armen | Vice President of Investor Relations & Corporate Development | – |
| Stefanie Perna-Nacar | Chief Communications & Government Relations Officer | – |
| Tracy Mazza Clemente | Chief People Officer | – |
| Todd Jude Yancey M.D. | Member of Advisory Board & Chief Strategic Advisor | – |
| Robin G. Taylor M.B.A., Ph.D. | Chief Commercial Officer | – |
| Kamel Djazouli M.D. | Head of Medical Affairs | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/18/2026 AGENUS INC (AGEN): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities SEC ↗
- 08/13/2026 AGENUS INC (AGEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/11/2026 AGENUS INC (AGEN): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 08/06/2026 AGENUS INC (AGEN): Results of Operations and Financial Condition SEC ↗
- 07/13/2026 AGENUS INC (AGEN): Entry into a Material Definitive Agreement; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 07/06/2026 AGENUS INC (AGEN): Entry into a Material Definitive Agreement SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.