Agenus (AGEN)
NASDAQ:AGEN
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Agenus
(NASDAQ:AGEN)
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Rating:48Neutral
Price Target:
$3.50
▲(1.74% Upside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial fundamentals (negative equity and ongoing cash burn) and an unfavorable valuation signal (very high P/E). Partially offsetting these are moderately positive technical momentum and supportive corporate events that reduce risk and strengthen strategic positioning.
Positive Factors
Strategic collaboration with Zydus
The Zydus deal materially strengthens the balance sheet via cash and equity, secures committed long‑term U.S. manufacturing capacity for Agenus’ Phase 3 BOT+BAL program, and provides milestone and royalty streams. This reduces funding risk and supports global development and commercialization options.
Negative Factors
Persistently negative shareholder equity
Sustained negative equity impairs the company’s capacity to absorb further losses and can limit access to non‑dilutive financing. It increases reliance on equity issuances or partner financings, raises governance and covenant risks, and weakens balance sheet credibility with counterparties over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic collaboration with Zydus
The Zydus deal materially strengthens the balance sheet via cash and equity, secures committed long‑term U.S. manufacturing capacity for Agenus’ Phase 3 BOT+BAL program, and provides milestone and royalty streams. This reduces funding risk and supports global development and commercialization options.
Read all positive factors
Agenus (AGEN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$130.17M
Dividend YieldN/A
Average Volume (3M)461.44K
Price to Earnings (P/E)811.9
Beta (1Y)3.24
Revenue Growth-33.41%
EPS Growth81.19%
CountryUS
Employees316
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.44
Shares Outstanding38,398,354
10 Day Avg. Volume628,013
30 Day Avg. Volume461,437
Financial Highlights & Ratios
PEG Ratio-8.12
Price to Book (P/B)-0.34
Price to Sales (P/S)0.82
P/FCF Ratio-0.59
Enterprise Value/Market Cap3.55
Enterprise Value/Revenue4.05
Enterprise Value/Gross Profit11.34
Enterprise Value/Ebitda6.49
Forecast
1Y Price Target
$23.00Price Target Upside568.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.5
Revenue Forecast (FY)$179.52M
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 ...
How the Company Makes Money
Agenus primarily generates revenue from collaboration and licensing arrangements rather than from product sales, as it is a clinical-stage company. Key revenue streams can include (1) upfront payments and option fees received when it enters strate...
Agenus Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: |
Next Earnings Date:May 12, 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
28
Negative
Balance Sheet
18
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 114.20M | 103.46M | 156.31M | 98.02M | 295.67M |
| Gross Profit | 103.17M | -52.55M | -81.37M | -99.23M | 113.59M |
| EBITDA | -10.56M | -101.30M | -145.92M | -161.85M | 43.78M |
| Net Income | 115.00K | -227.21M | -245.76M | -220.07M | -23.93M |
Balance Sheet | |||||
| Total Assets | 226.80M | 226.27M | 313.91M | 413.56M | 465.96M |
| Cash, Cash Equivalents and Short-Term Investments | 3.00M | 40.44M | 76.11M | 193.36M | 306.92M |
| Total Debt | 334.90M | 94.87M | 93.19M | 78.43M | 58.29M |
| Total Liabilities | 504.66M | 532.70M | 462.30M | 468.46M | 418.05M |
| Stockholders Equity | -271.11M | -326.38M | -160.33M | -61.28M | 34.44M |
Cash Flow | |||||
| Free Cash Flow | -158.89M | -158.89M | -234.16M | -228.44M | -23.67M |
| Operating Cash Flow | -158.31M | -158.31M | -224.20M | -175.37M | 10.14M |
| Investing Cash Flow | 27.00K | 27.00K | 3.40M | -33.61M | -43.15M |
| Financing Cash Flow | 122.84M | 122.84M | 119.87M | 95.83M | 225.26M |
Agenus Technical Analysis
Negative
3.44
Price Trends
3.25
Positive
3.58
Negative
4.18
Negative
Market Momentum
0.11
Negative
51.28
Neutral
50.85
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 3.44 is above the 20-day moving average (MA) of 3.38, above the 50-day MA of 3.25, and below the 200-day MA of 4.18, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 51.28 is Neutral, neither overbought nor oversold. The STOCH value of 50.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AGEN.
Agenus Risk Analysis
Agenus disclosed 86 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 |
|---|---|---|---|---|---|---|---|
53 Neutral | $133.52M | 15.23 | -115.24% | ― | -67.38% | -1076.54% | |
52 Neutral | $90.39M | -3.43 | -755.18% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $130.17M | 811.87 | -0.04% | ― | -33.41% | 81.19% | |
45 Neutral | $111.24M | -9.60 | -353.36% | ― | -10.36% | 42.36% | |
43 Neutral | $52.83M | -1.03 | -53.02% | ― | ― | 1.40% | |
41 Neutral | $109.90M | -4.42 | -193.06% | ― | ― | 99.21% |
* Healthcare Sector Average
AGEN
Agenus
3.39
1.79
111.87%
INO
Inovio Pharmaceuticals
1.61
-0.12
-6.94%
ONCY
Oncolytics Biotech
0.84
0.24
40.00%
HURA
TuHURA Biosciences
1.81
-1.72
-48.73%
SPRO
Spero Therapeutics
2.33
1.56
202.60%
TIL
Instil Bio
7.79
-10.29
-56.91%
Agenus Corporate Events
Legal Proceedings
Agenus Securities Class Action Dismissed, Legal Risks Ease
Positive
Mar 26, 2026
On March 24, 2026, the U.S. District Court for the District of Massachusetts dismissed in its entirety a putative securities class action against Agenus Inc. and several current and former executives, which had alleged violations of federal securi...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Agenus Forms Major Strategic Collaboration with Zydus Lifesciences
Positive
Jan 16, 2026
On January 15, 2026, Agenus closed a $141 million strategic collaboration with Zydus Lifesciences that combines the $75 million sale of its Emeryville and Berkeley, California biologics manufacturing operations, a $16 million equity investment for...
Executive/Board ChangesRegulatory Filings and Compliance
Agenus Consolidates Financial Leadership With Interim CFO Appointment
Neutral
Jan 14, 2026
Effective January 8, 2026, Agenus Inc.’s board appointed Chairman and Chief Executive Officer Dr. Garo Armen as interim Chief Financial Officer and Principal Financial Officer, consolidating key leadership roles under a seasoned industry vet...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Agenus amends Ligand agreement, modifies warrant holder rights
Neutral
Jan 8, 2026
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 an...
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.