Agenus Financials
Agenus (AGEN) reported $132.7M in revenue over the twelve months to Jun 30, 2026, up 30.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion is the dominant mechanic: Agenus’s sharp accounting improvement in FY2025 still left the company funding an operating cash gap.
Net income improved from-$232.3M in FY2024 to-$3.1M in FY2025, but cash breakeven did not arrive. Operating cash flow was-$77.2M and free cash flow was also-$77.2M , showing that FY2025’s cash use was overwhelmingly operational rather than capital spending.
Revenue reached
Total liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Agenus's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Agenus scores -13.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($359.6M) relative to total liabilities ($497.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Agenus passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Agenus reported a net loss of $3.1M while operations used $77.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Agenus reported an operating loss of $20.2M against $55.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Agenus generated $114.2M in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Agenus's EBITDA was -$10.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 90.5% from the prior year.
Agenus reported -$3.1M in net income in fiscal year 2025. This represents an increase of 98.7% from the prior year.
Agenus earned $0.00 per diluted share (EPS) in fiscal year 2025. This represents an increase of 100.0% from the prior year.
Cash & Balance Sheet
Agenus recorded an outflow of $77.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 51.4% from the prior year.
Agenus held $3.0M in cash against $0 in long-term debt as of fiscal year 2025, with $323.5M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
Agenus's gross margin was 99.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Agenus's operating margin was -17.7% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Agenus's net profit margin was -2.7% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Agenus invested $79.3M in research and development in fiscal year 2025. This represents a decrease of 49.0% from the prior year.
Agenus invested $6K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.0% from the prior year.
Not reported for fiscal year 2025.
AGEN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.5M+2.3% | $33.7M-1.4% | $34.2M+13.1% | $30.2M+17.7% | $25.7M+6.8% | $24.1M-10.3% | $26.8M+6.9% | $25.1M |
| Cost of Revenue | $0 | $0 | $0-100.0% | $642K+164.2% | $243K+77.4% | $137K+16.1% | $118K-19.2% | $146K |
| Gross Profit | $34.5M+2.3% | $33.7M-1.4% | $34.2M+15.6% | $29.6M+16.3% | $25.4M+6.3% | $23.9M-10.4% | $26.7M+7.0% | $25.0M |
| R&D Expenses | $14.8M+24.8% | $11.8M+57.4% | $7.5M-68.2% | $23.6M-11.7% | $26.7M+24.1% | $21.5M-36.3% | $33.8M-17.7% | $41.1M |
| SG&A Expenses | $8.5M+23.4% | $6.9M-44.2% | $12.3M+13.2% | $10.9M-30.0% | $15.5M-1.3% | $15.7M-24.9% | $20.9M+21.2% | $17.3M |
| Operating Income | $11.3M-25.0% | $15.1M+4.6% | $14.4M+416.8% | -$4.5M+72.8% | -$16.7M-25.5% | -$13.3M+48.6% | -$25.9M+17.8% | -$31.5M |
| Interest Expense | $15.4M+4.6% | $14.7M-8.5% | $16.0M+21.2% | $13.2M-0.7% | $13.3M+2.8% | $13.0M-38.5% | $21.1M-42.5% | $36.7M |
| Net Income | -$567K-101.4% | $39.2M+469.4% | -$10.6M-116.6% | $63.9M+313.0% | -$30.0M-13.8% | -$26.4M+43.7% | -$46.8M+30.4% | -$67.2M |
| EPS (Diluted) | -$0.01-101.0% | $1.02+375.7% | -$0.37-119.1% | $1.94+294.0% | -$1.00+2.9% | -$1.03+46.9% | -$1.94+37.0% | -$3.08 |
Not reported in any period shown, so not listed: Income Tax.
AGEN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $172.7M-7.4% | $186.5M-17.8% | $226.8M-3.0% | $233.9M+26.3% | $185.2M-7.5% | $200.2M-11.5% | $226.3M-5.1% | $238.5M |
| Current Assets | $78.8M-17.3% | $95.3M-28.6% | $133.4M-0.4% | $133.9M+904.1% | $13.3M-42.3% | $23.1M-49.2% | $45.6M-9.1% | $50.2M |
| Cash & Equivalents | $18.7M-46.5% | $35.0M+1067.3% | $3.0M-13.3% | $3.5M-63.7% | $9.5M-48.4% | $18.5M-54.3% | $40.4M-9.7% | $44.8M |
| Accounts Receivable | $14.7M+124.4% | $6.6M+258.4% | $1.8M+240.3% | $538K-24.1% | $709K+100.3% | $354K-13.0% | $407K+96.6% | $207K |
| Goodwill | $24.1M0.0% | $24.1M0.0% | $24.1M0.0% | $24.1M0.0% | $24.1M0.0% | $24.1M0.0% | $24.1M-2.4% | $24.7M |
| Total Liabilities | $371.8M-8.8% | $407.7M-18.1% | $497.9M-2.0% | $508.0M-5.9% | $539.8M-0.4% | $542.0M-1.9% | $552.7M+4.1% | $530.8M |
| Current Liabilities | $231.8M-7.0% | $249.2M-23.0% | $323.5M+12.7% | $287.1M+22.4% | $234.6M+12.6% | $208.3M-5.9% | $221.4M-18.2% | $270.6M |
| Long-Term Debt | $30.1M-0.4% | $30.2M | N/A | $23.6M+1.9% | $23.2M-29.5% | $32.8M+7.8% | $30.5M | $0 |
| Total Equity | -$199.1M+10.0% | -$221.2M+18.4% | -$271.1M+1.1% | -$274.1M+22.7% | -$354.6M-3.7% | -$341.8M-4.7% | -$326.4M-11.6% | -$292.3M |
| Retained Earnings | -$2.1B0.0% | -$2.1B+1.8% | -$2.2B-0.5% | -$2.2B+2.9% | -$2.2B-1.3% | -$2.2B-1.2% | -$2.2B-2.1% | -$2.1B |
Not reported in any period shown, so not listed: Inventory.
AGEN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$31.2M+13.2% | -$36.0M-116.3% | -$16.6M-12.8% | -$14.7M+27.1% | -$20.2M+21.1% | -$25.6M+10.6% | -$28.7M+46.2% | -$53.3M |
| Capital Expenditures | $0 | $0 | $0 | $0-100.0% | $1K-80.0% | $5K-93.2% | $73K+942.9% | $7K |
| Free Cash Flow | -$31.2M+13.2% | -$36.0M-116.3% | -$16.6M-12.8% | -$14.7M+27.1% | -$20.2M+21.1% | -$25.6M+10.8% | -$28.7M+46.1% | -$53.3M |
| Investing Cash Flow | $267K-99.6% | $69.0M+8740.0% | $780K+926.3% | $76K-73.0% | $281K+393.0% | $57K+371.4% | -$21K-137.5% | $56K |
| Financing Cash Flow | $14.7M+1578.8% | -$993K-106.5% | $15.4M+130.0% | $6.7M-38.9% | $10.9M+204.5% | $3.6M-85.3% | $24.4M+434.8% | $4.6M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
AGEN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0%0.0pp | 100.0%0.0pp | 100.0%+2.1pp | 97.9%-1.2pp | 99.1%-0.4pp | 99.4%-0.1pp | 99.6%+0.1pp | 99.4% |
| Operating Margin | 32.7%-11.9pp | 44.6%+2.5pp | 42.1%+57.1pp | -15.0%+50.0pp | -65.0%-9.7pp | -55.3%+41.2pp | -96.5% | -125.4% |
| Net Margin | -1.6% | 116.2% | -31.0% | 211.4% | -116.8% | -109.6% | -174.4% | -267.7% |
| Return on Assets | -0.3%-21.4pp | 21.0%+25.7pp | -4.7%-32.0pp | 27.3%+43.5pp | -16.2%-3.0pp | -13.2%+7.5pp | -20.7%+7.5pp | -28.2% |
| Current Ratio | 0.340.0x | 0.380.0x | 0.41-0.1x | 0.47+0.4x | 0.06-0.1x | 0.11-0.1x | 0.210.0x | 0.19 |
| FCF Margin | -90.4% | -106.6% | -48.6%+0.2pp | -48.7%+30.0pp | -78.7% | -106.5% | -107.0% | -212.3% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$271.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.41), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where Agenus Ranks
Frequently Asked Questions
What is Agenus's annual revenue?
Agenus (AGEN) reported $114.2M in total revenue for fiscal year 2025. This represents a 10.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Agenus's revenue growing?
Agenus (AGEN) revenue grew by 10.4% year-over-year, from $103.5M to $114.2M in fiscal year 2025.
Is Agenus profitable?
No, Agenus (AGEN) reported a net income of -$3.1M in fiscal year 2025, with a net profit margin of -2.7%.
What is Agenus's EBITDA?
Agenus (AGEN) had EBITDA of -$10.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Agenus have?
As of fiscal year 2025, Agenus (AGEN) had $3.0M in cash and equivalents against $0 in long-term debt.
What is Agenus's gross margin?
Agenus (AGEN) had a gross margin of 99.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Agenus's operating margin?
Agenus (AGEN) had an operating margin of -17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Agenus's net profit margin?
Agenus (AGEN) had a net profit margin of -2.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Agenus's free cash flow?
Agenus (AGEN) recorded an outflow of $77.2M in free cash flow during fiscal year 2025. This represents a 51.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Agenus's operating cash flow?
Agenus (AGEN) recorded an outflow of $77.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Agenus's total assets?
Agenus (AGEN) had $226.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Agenus's capital expenditures?
Agenus (AGEN) invested $6K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Agenus spend on research and development?
Agenus (AGEN) invested $79.3M in research and development during fiscal year 2025.
What is Agenus's current ratio?
Agenus (AGEN) had a current ratio of 0.41 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Agenus's return on assets (ROA)?
Agenus (AGEN) had a return on assets of -1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Agenus's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Agenus (AGEN) held $3.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $77.2M over that year. Dividing the one by the other, the reported balance equals about 0 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Agenus's debt-to-equity ratio negative or not reported?
Agenus (AGEN) has negative shareholder equity of -$271.1M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Agenus's Altman Z-Score?
Agenus (AGEN) has an Altman Z-Score of -13.84, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Agenus's Piotroski F-Score?
Agenus (AGEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Agenus's earnings high quality?
Agenus (AGEN) reported a net loss of $3.1M while operations used $77.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Agenus cover its interest payments?
Agenus (AGEN) reported an operating loss of $20.2M against $55.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Agenus?
Agenus (AGEN) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.