[SCHEDULE 13G/A] Agenus Inc. SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 3 to its Schedule 13G disclosing a passive 8.4 % stake (13,564,336 shares) in Coursera Inc (CUSIP 22266M104) as of 30 Jun 2025. Vanguard reports no sole voting rights; it shares voting power over only 163,828 shares, reflecting its index-tracking, non-activist posture. Conversely, it holds sole dispositive power over 13.25 million shares and shared dispositive power over 315,517 shares, allowing it to trade the bulk of the position while refraining from governance influence.

The filing is made under Rule 13d-1(b) as Vanguard qualifies as an investment adviser ("IA"). Vanguard certifies the shares were acquired in the ordinary course of business and not to influence control of Coursera. The ownership level crosses the 5 % threshold, requiring disclosure but does not signal any change-of-control intent or activist campaign.

Positive

• Vanguard holds 8.4 % of Coursera’s outstanding shares, underscoring strong institutional ownership and potential liquidity benefits.

Negative

• None.

Insights

Portfolio Manager

TL;DR: Vanguard's 8.4 % passive stake signals institutional support but no governance activism; limited direct impact on Coursera’s strategy.

Coursera gains visibility inside Vanguard’s broad index and ETF complex, potentially enhancing trading liquidity and shareholder base stability. However, Vanguard’s zero sole voting power and standard certification confirm it will not push for strategic changes, limiting immediate catalyst potential. Holdings of this size can dampen volatility and ease future equity raises, yet do not guarantee price appreciation. Overall valuation impact is modest and longer-term.

Corporate Governance Expert

TL;DR: Passive 13G filing—no activism, governance status quo maintained.

The amendment reaffirms Vanguard’s passive stance under Rule 13d-1(b). With only 1.2 % of shares subject to shared voting rights, Vanguard will rely on its proxy-voting guidelines but lacks concentrated influence. Management retains control latitude, and no poison-pill or board negotiations are implied. Investors should not expect governance shifts stemming from this ownership disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Agenus Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

00847G804

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00847G804

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,526,078.00
8	Shared Dispositive Power 6,472.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,532,550.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.23 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Agenus Inc
(b)	Address of issuer's principal executive offices: 3 Forbes Road, Lexington, MA, 02421
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 00847G804
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2532550
(b)	Percent of class: 9.23 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2526078
	(iv) Shared power to dispose or to direct the disposition of: 6472
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many Coursera (COUR) shares does Vanguard own?

Vanguard beneficially owns 13,564,336 COUR shares, equal to 8.4 % of the outstanding common stock.

Does Vanguard have voting control over Coursera?

Vanguard reports 0 shares with sole voting power and 163,828 shares with shared voting power, indicating limited governance influence.

Is Vanguard’s stake in Coursera activist or passive?

The filing is on Schedule 13G (Rule 13d-1(b)), confirming a passive investment acquired in the ordinary course of business.

What dispositive power does Vanguard have over its COUR shares?

Vanguard has sole dispositive power over 13,248,819 shares and shared dispositive power over 315,517 shares.

Why was this SEC filing required?

Owning more than 5 % of a registered class triggers disclosure; Vanguard’s 8.4 % stake required this Schedule 13G/A Amendment 3.