Agenus (AGEN) AI Stock Analysis

• Market Cap: $159.16M
• Dividend Yield: N/A
• Average Volume (3M): 637.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.40
• Revenue Growth: -33.41%
• EPS Growth: 81.19%
• Country: US
• Employees: 316
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.94
• Shares Outstanding: 34,008,350
• 10 Day Avg. Volume: 664,755
• 30 Day Avg. Volume: 637,361
• PEG Ratio: 0.01
• Price to Book (P/B): -0.18
• Price to Sales (P/S): 0.57
• P/FCF Ratio: -0.37
• Enterprise Value/Market Cap: 2.87
• Enterprise Value/Revenue: 4.28
• Enterprise Value/Gross Profit: 5.32K
• Enterprise Value/Ebitda: 13.72
• 1Y Price Target: $23.00
• Price Target Upside: 391.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.34
• Revenue Forecast (FY): $115.79M

• Rating: 41 Neutral
• Price Target: $4.50 ▼(-3.85% Downside)

The score is primarily pressured by weak financial performance (losses, negative equity, and negative cash flows). Technicals are supportive in trend terms but show overbought conditions and high volatility, while valuation remains constrained by unprofitable earnings and no dividend support.

Positive Factors

Clinical progress - BOT+BAL data

Publication of durable Phase 1b ovarian cohort results demonstrating objective responses and nearly 10‑month median duration materially de‑rises the BOT+BAL program. Durable efficacy in refractory tumors strengthens the Phase 3 rationale, supports regulatory discussions, and improves partner/license interest over the medium term.

Strengthened medical leadership

Adding experienced medical affairs leadership ahead of Phase 3 and early‑access activities improves regulatory engagement, investigator relations and commercialization planning. This enhances the company’s long‑term execution capability to shepherd late‑stage trials, payer dialogue and launch readiness once approvals are secured.

Improved operational flexibility from Ligand amendment

Releasing liens on encumbered assets is a structural improvement that increases strategic optionality: assets can be monetized, used as collateral, or leveraged in partnerships. Over months this can materially ease fundraising or dealmaking constraints and improve operational flexibility.

Negative Factors

Negative equity / weak balance sheet

Negative stockholders’ equity and elevated leverage are durable governance and financing constraints. They limit access to non‑dilutive capital, raise counterparty and covenant risk, and increase probability of restrictive financing terms or asset sales that can hinder multi‑year clinical development and commercialization plans.

Poor cash generation

Persistent negative operating and free cash flows mean the company cannot self‑fund R&D and launches, forcing reliance on external financing or partnerships. Over time this increases dilution risk, can delay programs if funding is constrained, and limits flexibility to scale commercial operations post‑approval.

Material dilution risk from warrant amendment

Lowering the warrant exercise price materially increases the likelihood of exercise and consequent equity issuance. This is a structural capital‑structure change that can dilute existing shareholders, depress per‑share economics from future revenues, and make subsequent fundraising more dilutive over the medium term.

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 multiple streams, primarily from collaborations and partnerships with pharmaceutical companies, licensing agreements, and potential milestone payments associated with its drug development programs. The company often enters into partnerships to co-develop its therapies, which can provide upfront payments, research funding, and royalties on future sales. Additionally, Agenus may receive milestone payments as its products progress through clinical trials and regulatory approvals. The company also seeks to monetize its proprietary technologies by licensing them to other biotech and pharmaceutical companies, further contributing to its revenue.

Agenus Financial Statement Overview

Summary

Agenus faces significant financial challenges across all verticals. The income statement shows persistent losses and weak margins, while the balance sheet highlights financial instability with negative equity. Cash flow issues further exacerbate the company's financial health, posing risks to its sustainability and growth prospects.

Income Statement

Agenus shows a challenging financial position with consistently negative net profit margins and declining EBIT margins over the years. The revenue growth rate is volatile, with recent TTM data showing a slight improvement. However, the overall profitability remains a concern with negative gross profit margins, indicating cost management issues.

Balance Sheet

The balance sheet reflects significant financial instability, with negative stockholders' equity and a fluctuating debt-to-equity ratio. The negative equity ratio and high return on equity indicate potential financial distress and risk for stakeholders. The company's leverage position is concerning, with liabilities exceeding equity.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, with inconsistent growth rates. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is close to 1, suggesting that the company is struggling to generate cash from its operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	106.83M	103.46M	156.31M	98.02M	295.67M	88.17M
Gross Profit	86.00K	-52.55M	-81.37M	-99.23M	113.59M	-56.80M
EBITDA	33.33M	-101.30M	-145.92M	-161.85M	43.78M	-114.63M
Net Income	-35.17M	-227.21M	-245.76M	-220.07M	-23.93M	-180.91M
Balance Sheet
Total Assets	233.89M	226.27M	313.91M	413.56M	465.96M	214.51M
Cash, Cash Equivalents and Short-Term Investments	3.46M	40.44M	76.11M	193.36M	306.92M	99.87M
Total Debt	45.77M	94.87M	93.19M	78.43M	58.29M	55.73M
Total Liabilities	514.76M	532.70M	462.30M	468.46M	418.05M	426.01M
Stockholders Equity	-274.14M	-326.38M	-160.33M	-61.28M	34.44M	-203.67M
Cash Flow
Free Cash Flow	-89.31M	-158.89M	-234.16M	-228.44M	-23.67M	-142.56M
Operating Cash Flow	-89.23M	-158.31M	-224.20M	-175.37M	10.14M	-139.10M
Investing Cash Flow	393.00K	27.00K	3.40M	-33.61M	-43.15M	-4.44M
Financing Cash Flow	45.59M	122.84M	119.87M	95.83M	225.26M	183.85M

Agenus Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.68
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 4.68 is above the 20-day moving average (MA) of 3.60, above the 50-day MA of 3.92, and above the 200-day MA of 4.14, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 47.52 is Neutral, neither overbought nor oversold. The STOCH value of 71.40 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SPRO	50 Neutral	$141.41M	―	-95.29%	―	-67.38%	-1076.54%
INO	46 Neutral	$112.67M	-0.61	-328.45%	―	-10.36%	42.36%
HURA	46 Neutral	$45.95M	-1.17	-418.06%	―	―	99.21%
TIL	44 Neutral	$48.76M	-0.62	-50.60%	―	―	1.40%
ONCY	43 Neutral	$112.99M	-3.46	-745.66%	―	―	―
AGEN	41 Neutral	$159.16M	-1.73	―	―	-33.41%	81.19%

Agenus Corporate Events

Agenus amends Ligand agreement, modifies warrant holder rights

On January 3, 2026, Agenus Inc., together with Agenus Royalty Fund, LLC and Agenus Holdings 2024, LLC, entered into an amendment and release agreement with Ligand Pharmaceuticals that altered the terms of an existing purchase and sale agreement and warrant arrangement. Under the amendment, Ligand agreed to release liens on certain Agenus assets in exchange for a substantial reduction in the warrant exercise price from $17.30 per share to $7.50 per share, a move that may improve Agenus’s operational flexibility by freeing encumbered assets while increasing the potential equity dilution for existing shareholders if the lower-priced warrants are exercised.

The most recent analyst rating on (AGEN) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Agenus stock, see the AGEN Stock Forecast page.