Agenus (AGEN) AI Stock Analysis

• Market Cap: $144.03M
• Dividend Yield: N/A
• Average Volume (3M): 712.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.24
• Revenue Growth: -36.29%
• EPS Growth: 36.16%
• Country: US
• Employees: 316
• Sector: Healthcare
• Sector Strength: 47
• Industry: Biotechnology
• EPS (TTM): -1.00
• Shares Outstanding: 31,864,107
• 10 Day Avg. Volume: 533,446
• 30 Day Avg. Volume: 712,383
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 3.75
• Enterprise Value/Revenue: 5.31
• Enterprise Value/Gross Profit: -1.12K
• Enterprise Value/Ebitda: -6.94
• 1Y Price Target: $12.33
• Price Target Upside: 172.79% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 43 Neutral
• Price Target: $4.50 ▼(-0.44% Downside)

Agenus faces substantial financial challenges, with negative equity and cash flow issues being the most significant concerns. While the strategic collaboration with Zydus and promising clinical data offer some optimism, the company's financial instability and valuation concerns weigh heavily on the overall score.

Positive Factors

Partnership Benefits

The partnership with Zydus Life Sciences provided a $91M infusion of operational capital, enabling Agenus to fully fund its upcoming trial.

Regulatory Progress

The FDA approved the study design for the international Phase 3 trial, confirming that the patient population is representative of the US population.

Strategic Collaboration

The strategic collaboration with Zydus is valued at up to $141M and aims to accelerate the clinical development of botensilimab and balstilimab while securing scaled manufacturing.

Negative Factors

Efficacy Concerns

The FDA reiterated that the demonstrated magnitude of treatment effect does not appear to meet the standard of reasonably likely to predict benefit.

Trial Challenges

Given that about 70% of MSS mCRC patients have liver metastases, where outcomes tend to be worse, there is potential risk to achieving statistical significance in all-comers.

Agenus Business Overview & Revenue Model

Company Description

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 fully human and humanized monoclonal antibodies; and display technologies. It develops vaccine programs comprising Prophage vaccine candidate; and QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant. The company also develops Balstilimab, an anti-PD-1 antagonist that has completed Phase II clinical trial to treat second line cervical cancer; AGEN1181, an anti-CTLA-4 monospecific antibody that is in Phase 1/2 clinical trial; AGEN2373, an anti-CD137 monospecific antibody that is in Phase 1 clinical trial; AGEN1423, a tumor microenvironment conditioning anti-CD73/TGFß TRAP bi-functional antibody that has completed Phase 1 clinical trial; AGEN1777, an anti-TIGIT bispecific antibodies; and AGEN1327, a human monoclonal antibody. In addition, the company develops INCAGN1876, an anti-GITR monospecific antibody; INCAGN1949, an anti-OX40 monospecific antibody; INCAGN2390, an anti-TIM-3 monospecific antibody; INCAGN2385, an anti-LAG-3 monospecific antibody; MK-4830, a monospecific antibody targeting ILT4; AGENT 797, an iNKT cells that is in Phase 1 clinical trial for solid tumors, multiple myeloma, and viral ARDS, as well as in clinical stage to treat hematological malignancies and multiple myeloma/B cells; and AGEN1884, a first-generation anti-CTLA-4 monospecific antibody. Agenus Inc. operates under ASV, Agenus, AutoSynVax, EVAMPLIX, MiNK, PSV, PhosPhoSynVax, Prophage, Retrocyte Display, and Stimulon trademarks. It has collaborations with Incyte Corporation, Merck Sharpe & Dohme, Recepta Biopharma SA, and Gilead Sciences, Inc. The company was formerly known as Antigenics Inc. and changed its name to Agenus Inc. in January 2011. Agenus Inc. was founded in 1994 and is headquartered in Lexington, Massachusetts.

How the Company Makes Money

Agenus generates revenue through a combination of product sales, partnerships, and collaborations. The company earns money primarily from licensing agreements and collaborations with larger pharmaceutical companies, which pay upfront fees, milestone payments, and royalties on sales of products developed through these partnerships. Additionally, Agenus may receive revenue from its own product sales once therapies are approved and commercialized. The company’s strategic collaborations with major industry players enhance its financial stability and provide access to resources and expertise for the development of its therapies.

Agenus Financial Statement Overview

Summary

Agenus is facing significant financial challenges across all verticals. Despite slight revenue growth, the company struggles with profitability and cash flow management. The balance sheet reflects financial instability with negative equity, and cash flow issues persist, indicating a need for strategic financial restructuring.

Income Statement

Agenus has shown a slight revenue growth in the TTM period, but the company continues to face significant profitability challenges. The gross profit margin has improved from negative to positive, yet the net profit margin remains deeply negative, indicating ongoing losses. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies.

Balance Sheet

The balance sheet reveals a concerning financial structure with negative stockholders' equity, indicating liabilities exceed assets. The debt-to-equity ratio is negative due to negative equity, and while the return on equity appears positive, it is misleading due to the negative equity base. The equity ratio is also negative, highlighting financial instability.

Cash Flow

Cash flow analysis shows negative operating and free cash flows, with a declining trend in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash outflows exceed income. The free cash flow to net income ratio is close to 1, suggesting cash flow issues are closely tied to net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	101.71M	103.46M	156.31M	98.02M	295.67M	88.17M
Gross Profit	-481.00K	-52.55M	-81.37M	-99.23M	113.59M	-56.80M
EBITDA	-77.86M	-101.30M	-145.92M	-161.85M	43.78M	-114.63M
Net Income	-165.52M	-227.21M	-245.76M	-220.07M	-23.93M	-180.91M
Balance Sheet
Total Assets	185.22M	226.27M	313.91M	413.56M	465.96M	214.51M
Cash, Cash Equivalents and Short-Term Investments	9.53M	40.44M	76.11M	193.36M	306.92M	99.87M
Total Debt	402.76M	94.87M	88.47M	78.43M	58.29M	55.73M
Total Liabilities	521.53M	532.70M	462.30M	468.46M	418.05M	426.01M
Stockholders Equity	-354.60M	-326.38M	-160.33M	-61.28M	34.44M	-203.67M
Cash Flow
Free Cash Flow	-127.36M	-158.89M	-234.16M	-228.44M	-23.67M	-142.56M
Operating Cash Flow	-127.78M	-158.31M	-224.20M	-175.37M	10.14M	-139.10M
Investing Cash Flow	373.00K	27.00K	3.40M	-33.61M	-43.15M	-4.44M
Financing Cash Flow	43.46M	122.84M	119.87M	95.83M	225.26M	183.85M

Agenus Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.52
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AGEN, the sentiment is Negative. The current price of 4.52 is below the 20-day moving average (MA) of 4.97, below the 50-day MA of 5.29, and above the 200-day MA of 3.61, indicating a neutral trend. The MACD of -0.28 indicates Positive momentum. The RSI at 40.50 is Neutral, neither overbought nor oversold. The STOCH value of 58.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AGEN.

Agenus Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FBIO	54 Neutral	$67.54M	―	-47.67%	―	-28.23%	93.42%
Sector *	51 Neutral	$7.89B	-0.12	-39.89%	2.16%	21.38%	-1.56%
AGEN	43 Neutral	$144.03M	―	260.68%	―	-36.29%	36.16%
CYCC	38 Underperform	$17.89M	―	-276.72%	1.88%	-87.50%	92.82%
OTLK	38 Underperform	$119.04M	―	<0.01%	―	―	86.28%
QNCX	31 Underperform	$87.55M	―	-167.04%	―	―	13.49%
IMMX	―	$63.15M	―	-162.04%	―	―	―

Agenus Corporate Events

Agenus Holds Annual Stockholders Meeting on June 17

Agenus Inc. held its Annual Meeting of Stockholders on June 17, 2025, where stockholders voted on several proposals. The meeting saw the election of Brian Corvese and Timothy Wright as Class I directors, approval of amendments to increase shares for various incentive and compensation plans, and ratification of KPMG LLP as the independent auditor for 2025. However, proposals for a one-time exchange of options and executive compensation were not approved.

The most recent analyst rating on (AGEN) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Agenus stock, see the AGEN Stock Forecast page.

Agenus Announces Strategic Collaboration with Zydus

On June 3, 2025, Agenus Inc. announced a strategic collaboration with Zydus Lifesciences Ltd. involving the sale of its manufacturing operations to Zydus for up to $125 million. This agreement includes an upfront payment of $75 million and contingent payments of up to $50 million, alongside a $16 million equity investment by Zydus in Agenus. The collaboration aims to accelerate the development and commercialization of Agenus’ cancer immunotherapy drugs, botensilimab and balstilimab (BOT/BAL), by leveraging Zydus’ manufacturing capabilities and market presence in India and Sri Lanka. This partnership is expected to enhance Agenus’ operational capacity and market reach, while also establishing Zydus’ BioCDMO business in the U.S.

The most recent analyst rating on (AGEN) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on Agenus stock, see the AGEN Stock Forecast page.