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Agenus
(NASDAQ:AGEN)
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Rating:62Neutral
Price Target:
$7.50
▲(25.42% Upside)
Action:Reiterated
Date:08/08/26
The score is held back mainly by financial risk—negative equity and substantial ongoing cash burn despite improved TTM profitability. Offsetting this, technicals are strong (price above key moving averages with positive MACD), valuation appears favorable on a low P/E, and recent financing/debt extensions improve runway and liquidity, partially mitigating funding pressure.
Positive Factors
Strategic financing & Phase 3 pivot
The private placement and attached warrants provide multi-year optionality and explicitly fund a pivot to neoadjuvant BOT+BAL with a global Phase 3 ROBBIN trial. This concentrates resources on a larger, earlier-stage market and increases the chance of achieving high-impact clinical milestones.
Negative Factors
Negative shareholder equity
Cumulative negative equity reflects multi-year losses and a thin capital base, limiting borrowing capacity and increasing the likelihood of future equity dilutions. Over time this erodes financial flexibility and can worsen financing terms for critical R&D and trial execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic financing & Phase 3 pivot
The private placement and attached warrants provide multi-year optionality and explicitly fund a pivot to neoadjuvant BOT+BAL with a global Phase 3 ROBBIN trial. This concentrates resources on a larger, earlier-stage market and increases the chance of achieving high-impact clinical milestones.
Read all positive factors
Agenus (AGEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$315.14M
Dividend YieldN/A
Average Volume (3M)7.37M
Price to Earnings (P/E)2.7
Beta (1Y)1.99
Revenue Growth30.47%
EPS GrowthN/A
CountryUS
Employees81
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)2.72
Shares Outstanding45,020,410
10 Day Avg. Volume20,362,350
30 Day Avg. Volume7,369,170
Financial Highlights & Ratios
PEG Ratio9.24
Price to Book (P/B)-0.34
Price to Sales (P/S)0.82
P/FCF Ratio-0.59
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$19.50Price Target Upside226.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.89
Revenue Forecast (FY)$136.80M
Agenus Business Overview & Revenue Model
Company Description
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 exp...
How the Company Makes Money
Agenus primarily generates revenue through collaboration and licensing arrangements rather than product sales, because it is a clinical-stage company. Key revenue streams include: (1) upfront payments and ongoing research funding from partners for...
Agenus Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted several positive developments, including strategic hires, promising BOT/BAL data, and multiple capital proposals which could strengthen the company's financial position. However, financial metrics such as a decreased cash balance and lower revenue compared to the previous year, alongside ongoing regulatory challenges, present notable challenges. The overall sentiment is cautiously optimistic as the highlights and lowlights are balanced.Positive Updates
Operational Efficiency Goals
Agenus is on track to reduce its operational cash burn to below $50 million annualized in the second half of 2025.
Negative Updates
Decrease in Cash Balance
The company ended Q1 2025 with a cash balance of $18.5 million, down from $40.4 million at the end of 2024.
Read all updates
Q1-2025 Updates
Positive
Negative
Operational Efficiency Goals
Agenus is on track to reduce its operational cash burn to below $50 million annualized in the second half of 2025.
Read all positive updates
Company Guidance
During Agenus Inc.'s First Quarter 2025 Earnings Conference Call, the company outlined several strategic priorities, focusing on their innovative BOT/BAL data, operational efficiencies, and impending transactions to enhance financial strength. They aim to reduce operational cash burn to below $50 million annually by the second half of 2025. The company's financials for the first quarter showcased a cash balance of $18.5 million, a reduction from $40.4 million at the end of 2024, with a net loss of $26.4 million or $1.03 per share. Revenue was reported at $24.1 million, primarily from non-cash royalty revenue. Agenus has received four transaction proposals, including a potential Emeryville facility sale and two BOT/BAL licensing deals, aimed to bolster their balance sheet. The call emphasized the wide-reaching potential of BOT/BAL in treating cold tumors, with promising data from recent studies, and discussed the evolving regulatory landscape that could expedite therapy approvals.Agenus Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 132.69M | 114.20M | 103.46M | 156.31M | 98.02M | 295.67M |
| Gross Profit | 100.36M | 33.84M | -52.55M | -81.37M | -99.23M | 113.59M |
| EBITDA | 155.79M | 62.19M | -101.30M | -145.92M | -161.85M | 43.78M |
| Net Income | 92.01M | 115.00K | -227.21M | -245.76M | -220.07M | -23.93M |
Balance Sheet | ||||||
| Total Assets | 172.69M | 226.80M | 226.27M | 313.91M | 413.56M | 465.96M |
| Cash, Cash Equivalents and Short-Term Investments | 18.74M | 3.00M | 40.44M | 76.11M | 193.36M | 306.92M |
| Total Debt | 40.71M | 334.90M | 94.87M | 93.19M | 78.43M | 58.29M |
| Total Liabilities | 378.54M | 504.66M | 532.70M | 462.30M | 468.46M | 418.05M |
| Stockholders Equity | -199.07M | -271.11M | -326.38M | -160.33M | -61.28M | 34.44M |
Cash Flow | ||||||
| Free Cash Flow | -98.50M | -158.89M | -158.89M | -234.16M | -228.44M | -23.67M |
| Operating Cash Flow | -98.50M | -158.31M | -158.31M | -224.20M | -175.37M | 10.14M |
| Investing Cash Flow | 70.08M | 27.00K | 27.00K | 3.40M | -33.61M | -43.15M |
| Financing Cash Flow | 35.75M | 122.84M | 122.84M | 119.87M | 95.83M | 225.26M |
Agenus Technical Analysis
Positive
5.98
Price Trends
4.85
Positive
4.29
Positive
3.94
Positive
Market Momentum
0.68
Positive
62.71
Neutral
28.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AGEN, the sentiment is Positive. The current price of 5.98 is below the 20-day moving average (MA) of 6.82, above the 50-day MA of 4.85, and above the 200-day MA of 3.94, indicating a bullish trend. The MACD of 0.68 indicates Positive momentum. The RSI at 62.71 is Neutral, neither overbought nor oversold. The STOCH value of 28.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AGEN.
Agenus Risk Analysis
Agenus disclosed 87 risk factors in its most recent earnings report. Agenus reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Agenus Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $315.14M | 2.70 | -38.12% | ― | 30.47% | ― | |
59 Neutral | $72.21M | 8.79 | 16.17% | ― | 26.04% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $146.47M | -4.57 | -153.99% | ― | ― | 84.80% | |
44 Neutral | $49.30M | -1.65 | -39.76% | ― | ― | 65.39% | |
43 Neutral | $102.01M | -3.36 | 5214.36% | ― | ― | 2.05% | |
42 Neutral | $93.07M | -0.94 | -6.14% | ― | -100.00% | 54.89% |
* Healthcare Sector Average
AGEN
Agenus
7.32
2.69
58.10%
INO
Inovio Pharmaceuticals
1.09
-0.77
-41.40%
ONCY
Oncolytics Biotech
0.83
-0.25
-22.78%
HURA
TuHURA Biosciences
2.47
-0.59
-19.28%
SPRO
Spero Therapeutics
1.23
-0.68
-35.60%
TIL
Instil Bio
7.38
-20.46
-73.49%
Agenus Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Agenus Secures Strategic Financing to Advance Colon Cancer Program
Positive
Jul 13, 2026
On July 13, 2026, Agenus agreed to a private placement with institutional and accredited investors, raising about $85 million upfront and potentially up to $340 million in total through accompanying Series A and Series B warrants, with pricing set...
Private Placements and FinancingRegulatory Filings and Compliance
Agenus Extends Debt Maturities and Warrant Expirations
Positive
Jul 6, 2026
On June 29, 2026, Agenus Inc. amended financing arrangements with existing noteholders, extending the maturity date of $5.09 million in senior subordinated promissory notes issued in 2015 from June 20, 2026 to February 18, 2027. All other terms of...
Executive/Board ChangesShareholder Meetings
Agenus Shareholders Approve Governance, Compensation and Auditors
Positive
Jun 23, 2026
At its June 16, 2026 Annual Meeting of Stockholders, Agenus Inc. reported that 65.24% of eligible shares were present or represented by proxy, establishing a quorum. Shareholders re-elected Garo Armen and Jennifer Buell as Class II directors for t...
Business Operations and StrategyExecutive/Board Changes
Agenus Announces Resignation of Principal Accounting Officer
Negative
May 15, 2026
On May 12, 2026, Agenus Inc. disclosed that its Senior Director of Financial Reporting and Compliance and Principal Accounting Officer, Austin Charette, had informed the company of his decision to resign. His departure is scheduled to take effect ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.