Agenus Inc (AGEN)
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On the metrics Agenus looks like a bargain: a price-earnings ratio below three, an operating margin above 40 percent. Both numbers are arithmetically correct and still misleading. Almost all of the reported revenue is royalty money that the vaccine maker GSK wires directly to a financial investor — Agenus sold that claim in January 2018 for $190.0 million and has merely booked it as revenue ever since. The first-quarter 2026 profit came from selling the company's own manufacturing plant. And the same quarterly report states that substantial doubt exists about the company's ability to keep going. Not investment advice — just the question of who actually owns the money sitting in the revenue line.
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Quality & Screener
AI Rating
NeutralAgenus 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.
„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.
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
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.
Quarterly Figures
| 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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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).
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.
- 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.
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 |
| Website | agenusbio.com |
| IPO Date | 4. Feb 2000 |
| Next Earnings | 10. Aug 2026 |
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.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.