Detailed financial statements for Agenus Inc. (AGEN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Agenus Inc. is a clinical-stage biotechnology firm operating globally, dedicated to the discovery and development of immuno-oncology therapies. The company's innovative technological arsenal includes Retrocyte Display, a sophisticated antibody expression platform designed to identify fully human and humanized monoclonal antibodies, alongside other proprietary display technologies.
Analysis Summary
Agenus Inc. reported revenue of $114.2M in the most recent fiscal year, growing at a 5-year CAGR of 5.3%.
Trailing-twelve-month margins: gross margin 75.6%, operating margin 27.3%, net margin 69.3%.
At the current price of $7.21, AGEN trades at a P/E of 2.68 and an ROE of -38.12%. Market capitalisation stands at $300M.
Balance sheet quality for AGEN: current ratio of 0.4, net debt of $331.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$158.9M represents -138166% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.6M | $42.9M | $36.8M | $150.0M | $88.2M | $295.7M | $98.0M | $156.3M | $103.5M | $114.2M |
| Cost of Revenue | $95.0M | $116.1M | $124.6M | $168.3M | $145.0M | $182.1M | $197.3M | $237.7M | $156.0M | $80.4M |
| Gross Profit | -$72.4M | -$73.2M | -$87.8M | -$18.3M | -$56.8M | $113.6M | -$99.2M | -$81.4M | -$52.6M | $33.8M |
| Research & Development | $95.0M | $116.1M | $124.6M | $168.3M | $142.6M | $178.6M | 0 | $234.6M | $155.5M | 0 |
| Selling, General & Admin | $33.1M | $33.7M | $37.3M | $46.0M | $59.2M | $76.4M | $81.0M | $78.7M | $71.9M | $54.4M |
| Operating Expenses | $33.1M | $33.7M | $37.3M | $51.8M | $60.4M | $87.8M | $80.2M | $78.2M | $67.9M | $54.4M |
| Operating Income | -$107.5M | -$103.8M | -$123.8M | -$70.1M | -$117.2M | $25.7M | -$179.4M | -$159.5M | -$120.5M | -$20.6M |
| EBITDA | -$104.7M | -$95.8M | -$130.5M | -$63.4M | -$114.6M | $43.8M | -$161.8M | -$145.9M | -$101.3M | $62.2M |
| Interest Expense | $17.3M | $18.9M | $25.3M | $41.5M | $61.1M | $65.7M | $61.9M | $97.9M | $117.6M | $55.3M |
| Pre-tax Income | -$127.0M | -$120.7M | -$162.0M | -$111.6M | -$182.9M | -$28.7M | -$230.7M | -$257.4M | -$232.3M | -$3.1M |
| Income Tax | -$3.0M | 0 | -$12.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$127.0M | -$120.7M | -$159.7M | -$107.7M | -$180.9M | -$23.9M | -$220.1M | -$245.8M | -$227.2M | $115000 |
| EPS | $-29.17 | $-24.53 | $-28.83 | $-22.10 | $-21.00 | $-2.11 | $-15.64 | $-13.75 | $-10.59 | $-0.00 |
| EPS (Diluted) | $-29.17 | $-24.53 | $-28.83 | $-22.10 | $-21.00 | $-2.11 | $-15.64 | $-13.75 | $-10.59 | $-0.00 |
| Shares Outstanding (Diluted) | $4.4M | $4.9M | $5.5M | $6.7M | $8.6M | $11.4M | $14.1M | $17.9M | $21.5M | $29.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $30.2M | $34.2M | $33.7M | $34.5M |
| Gross Profit | $6.0M | $26.7M | $33.2M | $34.5M |
| Operating Income | -$4.5M | $14.4M | $15.1M | $11.3M |
| EBITDA | $80.1M | $6.0M | $54.5M | $15.2M |
| Net Income | $63.9M | -$10.6M | $39.2M | -$550000 |
| EPS | $2.00 | $-0.30 | $1.03 | $-0.01 |
| EPS (Diluted) | $1.94 | $-0.30 | $1.02 | $-0.01 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $76.4M | $60.2M | $53.1M | $61.8M | $99.9M | $291.9M | $178.7M | $76.1M | $40.4M | $3.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $15.0M | $14.7M | 0 | 0 | 0 |
| Receivables | $11.4M | $1.1M | $938141 | $16.3M | $1.2M | $1.5M | $2.7M | $25.8M | $407000 | $1.8M |
| Inventory | $88200 | $79491 | $55491 | $7.4M | 0 | $20.4M | $13.8M | 0 | 0 | 0 |
| Total Current Assets | $91.3M | $73.6M | $74.8M | $86.5M | $113.8M | $332.0M | $213.1M | $112.4M | $45.6M | $133.4M |
| Property, Plant & Equipment | $25.6M | $26.2M | $25.1M | $33.7M | $60.3M | $91.1M | $164.3M | $163.0M | $147.4M | $24.2M |
| Goodwill | $22.4M | $23.0M | $22.9M | $23.2M | $25.5M | $24.9M | $25.5M | $24.7M | $24.1M | $24.1M |
| Intangible Assets | $16.4M | $31.8M | $12.3M | $10.5M | $10.9M | $8.5M | $6.2M | $4.4M | $3.4M | $3.0M |
| Total Assets | $157.0M | $138.4M | $136.4M | $155.3M | $214.5M | $466.0M | $413.6M | $313.9M | $226.3M | $226.8M |
| Accounts Payable | $5.4M | $8.1M | $13.6M | $13.6M | $17.0M | $30.5M | $40.9M | $61.4M | $61.5M | $83.0M |
| Short-term Debt | $146061 | $20.6M | $146000 | $646000 | $833000 | $728000 | $575000 | $146000 | $2.7M | $155.1M |
| Total Current Liabilities | $40.9M | $56.4M | $68.1M | $122.2M | $129.9M | $156.9M | $189.0M | $255.9M | $221.4M | $323.5M |
| Long-term Debt | $130.5M | $142.4M | $13.21B | $13.4M | $18.9M | $12.8M | $12.6M | $12.8M | $30.5M | $169.7M |
| Total Liabilities | $196.1M | $214.2M | $310.9M | $386.7M | $426.0M | $418.0M | $468.5M | $462.3M | $532.7M | $504.7M |
| Retained Earnings | -$905.3M | -$1.03B | -$1.18B | -$1.28B | -$1.47B | -$1.49B | -$1.71B | -$1.96B | -$2.18B | -$2.18B |
| Total Equity | -$39.1M | -$75.8M | -$172.5M | -$225.4M | -$203.7M | $34.4M | -$61.3M | -$160.3M | -$326.4M | -$271.1M |
| Total Debt | $130.7M | $163.0M | $13.4M | $23.4M | $55.7M | $58.3M | $78.4M | $93.2M | $94.9M | $334.9M |
| Net Debt | $54.3M | $102.8M | -$39.7M | -$38.4M | -$44.1M | -$248.6M | -$114.9M | $17.1M | $54.4M | $331.9M |
| Working Capital | $50.5M | $17.1M | $6.7M | -$35.7M | -$16.1M | $175.0M | $24.2M | -$143.5M | -$175.8M | -$190.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.5M | $3.0M | $35.0M | $18.7M |
| Total Assets | $233.9M | $226.8M | $186.5M | $172.7M |
| Total Liabilities | $514.8M | $504.7M | $414.4M | $378.5M |
| Total Equity | -$274.1M | -$271.1M | -$221.2M | -$199.1M |
| Total Debt | $45.8M | $334.9M | $304.5M | $40.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$127.0M | -$120.7M | -$162.0M | -$111.6M | -$182.9M | -$28.7M | -$230.7M | -$257.4M | -$232.3M | -$232.3M |
| Depreciation & Amortization | $4.9M | $6.0M | $6.3M | $6.7M | $7.2M | $6.8M | $6.9M | $13.6M | $13.3M | $13.3M |
| Stock-based Compensation | $13.2M | $12.4M | $7.6M | $9.9M | $10.4M | $19.6M | $18.3M | $22.9M | $17.4M | $17.4M |
| Change in Working Capital | $10.4M | -$6.5M | $170051 | $58.7M | $9.0M | -$9.7M | $24.1M | $10.8M | $32.6M | $27.3M |
| Operating Cash Flow | -$80.0M | -$94.2M | -$131.1M | -$18.7M | -$139.1M | $10.1M | -$175.4M | -$224.2M | -$158.3M | -$158.3M |
| Capital Expenditure | -$12.5M | -$3.1M | -$3.6M | -$4.7M | -$3.5M | -$33.8M | -$53.1M | -$10.0M | -$576000 | -$576000 |
| Acquisitions | 0 | $120000 | $6187 | 0 | -$975000 | 0 | -$2.9M | 0 | 0 | 0 |
| Stock Repurchased | -$667050 | -$527000 | 0 | 0 | 0 | -$1.7M | -$3.8M | -$5.2M | 0 | -$87000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$92.5M | -$97.3M | -$134.7M | -$23.3M | -$142.6M | -$23.7M | -$228.4M | -$234.2M | -$158.9M | -$158.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$14.7M | -$16.6M | -$36.0M | -$31.2M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.7M | -$16.6M | -$36.0M | -$31.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.2M | $3.5M | 0 | $3.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +89.9% | -14.2% | +307.9% | -41.2% | +235.3% | -66.8% | +59.5% | -33.8% | +10.4% | |
| Net Income Growth (YoY) | +5.0% | -32.3% | +32.6% | -68.0% | +86.8% | -819.8% | -11.7% | +7.5% | +100.1% | |
| EPS Growth (YoY) | +15.9% | -17.5% | +23.3% | +5.0% | +90.0% | -641.2% | +12.1% | +23.0% | +100.0% | |
| Shares Change (YoY) | +13.0% | +12.6% | +21.9% | +27.8% | +32.7% | +23.1% | +27.0% | +20.0% | +38.5% | |
| FCF Growth (YoY) | -5.3% | -38.4% | +82.7% | -510.8% | +83.4% | -865.1% | -2.5% | +32.1% | +0.0% | |
| Gross Margin | -320.7% | -170.8% | -238.7% | -12.2% | -64.4% | 38.4% | -101.2% | -52.1% | -50.8% | 29.6% |
| Operating Margin | -476.1% | -242.1% | -336.6% | -46.7% | -133.0% | 8.7% | -183.0% | -102.1% | -116.4% | -18.0% |
| EBITDA Margin | -464.0% | -223.5% | -354.7% | -42.3% | -130.0% | 14.8% | -165.1% | -93.4% | -97.9% | 54.5% |
| Net Margin | -562.6% | -281.5% | -434.1% | -71.7% | -205.2% | -8.1% | -224.5% | -157.2% | -219.6% | 0.1% |
| FCF Margin | -409.7% | -227.0% | -366.2% | -15.6% | -161.7% | -8.0% | -233.0% | -149.8% | -153.6% | -139.1% |
| Effective Tax Rate | 2.4% | -0.0% | 8.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-21.24 | $-19.78 | $-24.32 | $-3.46 | $-16.53 | $-2.07 | $-16.22 | $-13.09 | $-7.40 | $-5.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.4M | $4.9M | $5.5M | $6.7M | $8.6M | $11.4M | $14.1M | $17.9M | $21.5M | $29.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -38.12% |
| Return on Invested Capital | -129.48% |
| Return on Assets | 53.28% |
| Gross Margin | 75.63% |
| Operating Margin | 27.28% |
| Net Margin | 69.34% |
Financial Health
| Debt / Equity | -0.20 |
| Current Ratio | 0.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.82 | -2.66 | -1.65 | -3.68 | -3.03 | -30.52 | -3.07 | -1.20 | -0.26 | -923.53 |
| P/B | -9.17 | -4.23 | -1.53 | -2.44 | -2.69 | 21.40 | -11.03 | -1.85 | -0.18 | -0.34 |
| P/S | 15.89 | 7.48 | 7.17 | 3.66 | 6.22 | 2.49 | 6.90 | 1.90 | 0.57 | 0.82 |
| Gross Margin | -320.7% | -170.8% | -238.7% | -12.2% | -64.4% | 38.4% | -101.2% | -52.1% | -50.8% | 29.6% |
| Operating Margin | -476.1% | -242.1% | -336.6% | -46.7% | -133.0% | 8.7% | -183.0% | -102.1% | -116.4% | -18.0% |
| Net Margin | -562.6% | -281.5% | -434.1% | -71.7% | -205.2% | -8.1% | -224.5% | -157.2% | -219.6% | 0.1% |
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