# Agenus Inc. (AGEN)

> Source: Nexqual · https://nexqual.com/AGEN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Agenus Inc. (AGEN), nexqual.com/AGEN" · informational, not investment advice.

**Price:** USD 6.33 (-2.76% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 6.51 · day 6.16–6.5 · 52w 2.71–10.31 · market cap $286M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $133M, net income $91.9M (69.3% margin), free cash flow -$98.5M (SEC filings).
- Total return with dividends: 1Y +52.9% vs S&P 500 +13.4%; 5Y -91.6% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD 0.04, revenue estimate $28.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $296M | $98.0M | $156M | $103M | $114M | $133M |
| Gross profit | $292M | $87.5M | $153M | $103M | $113M | — |
| Operating income | $25.7M | -$179M | -$160M | -$120M | -$20.2M | $36.2M |
| Net income | -$28.7M | -$231M | -$257M | -$232M | -$3.1M | $91.9M |
| EPS (diluted) | -$2.20 | -$15.64 | -$13.75 | -$10.59 | $0.00 | — |
| Free cash flow | -$23.7M | -$228M | -$234M | -$159M | -$77.2M | -$98.5M |
| Gross margin | 98.8% | 89.2% | 98.0% | 99.5% | 99.1% | — |
| Operating margin | 8.7% | -183.0% | -102.1% | -116.4% | -17.7% | 27.3% |
| Net margin | -9.7% | -235.3% | -164.7% | -224.5% | -2.7% | 69.3% |
| Revenue growth | +235.3% | -66.8% | +59.5% | -33.8% | +10.4% | — |
| Cash + short-term investments | $307M | $193M | $76.1M | $40.4M | $3.0M | — |
| Total debt | $13.6M | $13.2M | $12.9M | $33.2M | $44.7M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Chardan Capital | Maintained | Buy | $40 |
| 2026-10-05 | Chardan Capital | Maintained | Buy | $40 |
| 2026-09-28 | Rodman & Renshaw | Initiated | Buy | $19 |
| 2026-09-18 | Chardan Capital | Initiated | Buy | $40 |
| 2026-08-11 | HC Wainwright & Co. | Target lowered | Buy | $30 → $25 |
| 2026-07-30 | B. Riley Securities | Target raised | Buy | $8 → $14 |
| 2026-07-13 | HC Wainwright & Co. | Target raised | Buy | $23 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +52.9% | -91.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +53.1% | -39.1% |
| Volatility (annualized) | 106.4% | 103.2% |
| Max drawdown | -40.8% (Jan 2026→Feb 2026) | -98.1% (Nov 2021→Mar 2025) |

## Peers
BCRX (BioCryst Pharmaceuticals, Inc.) USD 7.65 -1.67% · GERN (Geron Corporation) USD 1.12 -0.88% · CRIS (Curis, Inc.) USD 0.39 -3.43% · CLDX (Celldex Therapeutics, Inc.) USD 29.25 +0.97% · ACAD (ACADIA Pharmaceuticals Inc.) USD 19.73 -2.86%

## More
Full page: https://nexqual.com/AGEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AGEN's own 10-K filed 2026-03-16 (https://www.sec.gov/Archives/edgar/data/1098972/000119312526108632/agen-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | GlaxoSmithKline Biologicals | "In 2006, we entered into a license agreement and a supply agreement with GlaxoSmithKline Biologicals, S.A. ("GSK") for the use of QS-21 STIMULON." |
| Partner | INCYTE CORP (INCY) | "In January 2015, we entered into a collaboration with Incyte to discover, develop, and commercialize novel immuno-therapeutics using our antibody platforms." |
| Partner | MiNK Therapeutics, Inc. (INKT) | "Furthermore, our ability to generate cash from operations is dependent in part on the success of our licensees and collaboration partners, as well as the likelihood and timing of new strategic licensing and partnering re…" |
| Partner | Zydus Lifesciences | "In January 2026, we closed our previously announced strategic collaboration with Zydus Lifesciences Ltd. ("Zydus"), including the sale of our Emeryville and Berkeley biologics manufacturing facilities." |
| Partner | GILEAD SCIENCES, INC. (GILD) | "For example, in February 2015, we began a broad collaboration with Incyte to pursue the discovery and development of antibodies, in December 2018 we entered into a partnership with Gilead relating to five of our antibody…" |
| Partner | Betta Pharmaceuticals | "In May 2025, we delivered to Betta Pharmaceuticals ("Betta") a notice of termination of the license and collaboration agreement we entered into with them in June 2020." |
| Partner | Cancer Research | "On December 5, 2014, we entered into a license agreement with the Ludwig Institute for Cancer Research Ltd. ("Ludwig") that replaced and superseded a prior agreement between the parties executed in May 2011." |
| Partner | UroGen Pharma Ltd. (URGN) | "We have entered into collaborations with several companies, including Bristol-Myers Squibb Company ("BMS"), Betta Pharmaceuticals Co., Ltd. ("Betta"), UroGen Pharma Ltd. ("UroGen"), Gilead Sciences, Inc. ("Gilead"), Incy…" |
| Partner | Merck (MRK) | "In April 2014, we entered into a collaboration and license agreement with Merck to discover and optimize fully human antibodies against two undisclosed immunotherapy targets." |
| Partner | LIGAND PHARMACEUTICALS INC (LGND) | "In May 2024, we entered into a Purchase and Sale Agreement with Ligand Pharmaceuticals Incorporated ("Ligand") covering specified economic interests in selected partnered programs and in BOT and BAL." |
| Partner | Medpace Holdings, Inc. (MEDP) | "On January 10, 2025, we entered into a Payment Agreement with the Medpace, Inc. ("Medpace"), pursuant to which we agreed with Medpace to certain matters related to payments due to Medpace by us under a master services ag…" |
| Partner | SaponiQx | "Furthermore, our ability to generate cash from operations is dependent in part on the success of our licensees and collaboration partners, as well as the likelihood and timing of new strategic licensing and partnering re…" |
| Partner | Ginkgo Bioworks Holdings, Inc. (DNA) | "In January 2019, we announced that the Bill & Melinda Gates Foundation awarded us a grant to develop an alternative, plant cell culture-based manufacturing process to ensure the continuous future supply of QS-21 STIMULON…" |
| Competitor | AbbVie (ABBV) | "These competitors include, but are not limited to, AbbVie, Arcus Biosciences / Gilead Sciences, Alligator Bioscience, AnaptysBio, Astellas Pharma, BeiGene, Bicara Therapeutics, Boehringer Ingelheim, Compass Therapeutics,…" |
| Competitor | Pfizer (PFE) | "These competitors include, but are not limited to, AbbVie, Arcus Biosciences / Gilead Sciences, Alligator Bioscience, AnaptysBio, Astellas Pharma, BeiGene, Bicara Therapeutics, Boehringer Ingelheim, Compass Therapeutics,…" |

Other companies that name AGEN in their own reports (relationship from AGEN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | MiNK Therapeutics, Inc. (INKT) | 10-K 2026-03-31 | "Our Intellectual Property Assignment and License Agreement with Agenus(September 2021), providing access to a portfolio of immuno-oncology assets and adjuvants to support combination strategies." |
| partner | UroGen Pharma Ltd. (URGN) | 10-K 2026-03-02 | "In November 2025, we decided to discontinue development of UGN-301 based on our strategic priorities and provided Agenus Inc. ("Agenus") notice of termination of the license agreement." |
| partner | LIGAND PHARMACEUTICALS INC (LGND) | 10-K 2026-02-27 | "Building on these results, Agenus, in collaboration with Canadian Cancer Trials Group (CCTG) has initiated the global BATTMAN Phase 3 trial evaluating BOT+BAL versus best supportive care (BSC) in pati…" |
| partner | INCYTE CORP (INCY) | 10-K 2026-02-10 | "In January 2015, we entered into a License, Development and Commercialization Agreement with Agenus Inc. and its wholly-owned subsidiary, 4-Antibody AG (now known as Agenus Switzerland Inc.), which we…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Cash Royalty Revenue Related To The Sale Of Future Royalties | $28.1M | 81.5% | +13.4% |
| Non Cash Royalty Revenue | $28.1M | 81.5% | +13.4% |
| Pre Commercial Product Revenue | $6.4M | 18.5% | — |
| Total revenue | $34.5M | 100% | — |
The lines above cover 181.5% of total revenue.

## Customer concentration

Period ended 2025-12-31: 95% of revenue from unnamed direct customers (10-K, filed 2026-03-16).

## Company outlook (8-K filed 2026-08-06)

- "Based on the company's current operating plan, the upfront proceeds are expected to support ROBBIN initiation, regulatory alignment and company operations through Q3 2027."
- "Assuming full exercise of the warrants, the financing is expected to support the planned ROBBIN program and company operations through year-end 2031."
- "Manuscripts with longer-term follow-up from both studies are anticipated in the second half of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.90 | -95.6% | $28.2M | 1 |
| Next quarter (ends 2026-12-31) | $0.04 | $0.00 | — | $28.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.50 | $0.25 | +100.0% | $125.2M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.11 | $0.00 | — | $116.0M | 1 |