What is Agenus' operating income?

Agenus' total operating income in 2025 was -$20.17 million, based on the following breakdown: Total Gross Profit: $113.17 million Total Operating Expenses: $133.34 million

Agenus (AGEN) Financials

$5.98 0.00 (0.00%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$5.96 -0.03 (-0.42%)

As of 07/24/2026 07:34 PM Eastern

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Annual Income Statements for Agenus

This table shows Agenus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-88	-127	-122	-160	-108	-181	-24	-220	-246	-227	-0.10
Consolidated Net Income / (Loss)	-88	-127	-121	-162	-112	-183	-29	-231	-257	-232	-3.08
Net Income / (Loss) Continuing Operations	-88	-125	-123	-162	-112	-183	-29	-231	-257	-232	-104
Total Pre-Tax Income	-93	-125	-123	-162	-112	-181	-34	-231	-257	-238	-75
Total Operating Income	-81	-107	-104	-124	-70	-117	26	-179	-160	-120	-20
Total Gross Profit	25	23	43	37	150	86	292	87	153	103	113
Total Revenue	25	23	43	37	150	88	296	98	156	103	114
Operating Revenue	25	23	43	37	150	88	296	98	156	103	114
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	2.35	3.47	11	3.11	0.49	1.02
Operating Cost of Revenue	-	-	-	0.00	0.00	2.35	3.47	11	3.11	0.49	1.02
Total Operating Expenses	106	130	147	161	220	203	266	267	313	223	133
Selling, General & Admin Expense	28	33	34	37	46	59	76	81	79	72	54
Research & Development Expense	70	95	116	125	168	143	179	187	235	156	79
Other Special Charges / (Income)	6.70	1.95	-3.19	-1.34	5.81	1.22	11	-0.82	-0.56	-3.95	-0.39
Total Other Income / (Expense), net	-13	-17	-19	-38	-41	-64	-60	-51	-98	-118	-55
Interest & Investment Income	-6.60	-17	-19	-25	-41	-61	-66	-62	-98	-118	-55
Other Gains / (Losses), net	-	-	-	-	0.03	-1.86	5.05	-	0.04	5.83	-29
Other Adjustments to Consolidated Net Income / (Loss)	-	-2.20	1.98	-	-	-	-	-	0.00	0.00	101
Preferred Stock Dividends Declared	0.20	0.20	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.22	0.22
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	-	-2.35	-3.90	-1.98	-4.80	-11	-12	-5.06	-3.20
Basic Earnings per Share	($1.13)	($1.46)	($1.23)	($1.44)	($0.80)	($1.05)	($0.11)	($15.64)	($13.75)	($10.59)	$0.00
Weighted Average Basic Shares Outstanding	78.21M	87.07M	98.42M	110.77M	134.98M	172.50M	228.92M	14.09M	17.89M	21.47M	29.73M
Diluted Earnings per Share	($1.13)	($1.46)	($1.23)	($1.44)	($0.80)	($1.05)	($0.11)	($15.64)	($13.75)	($10.59)	$0.00
Weighted Average Diluted Shares Outstanding	78.21M	87.07M	98.42M	110.77M	134.98M	172.50M	228.92M	14.09M	17.89M	21.47M	29.73M
Weighted Average Basic & Diluted Shares Outstanding	78.21M	87.07M	98.42M	110.77M	134.98M	172.50M	228.92M	332.51M	418.92M	25.31M	38.40M

This table shows Agenus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-62	-46	-62	-53	-66	-46	-25	-28	64	-11	39
Consolidated Net Income / (Loss)	-65	-49	-63	-55	-67	-47	-26	-30	64	-11	39
Net Income / (Loss) Continuing Operations	-65	-48	-63	-55	-67	-47	-26	-30	-37	-11	39
Total Pre-Tax Income	-65	-48	-63	-62	-67	-47	-26	-30	-18	-1.36	41
Total Operating Income	-46	-4.20	-33	-30	-32	-26	-13	-17	-4.55	14	15
Total Gross Profit	24	84	28	23	25	27	24	25	30	34	34
Total Revenue	24	84	28	24	25	27	24	26	30	34	34
Operating Revenue	24	84	28	24	25	27	24	26	30	34	34
Total Cost of Revenue	0.30	0.26	0.11	0.12	0.15	0.12	0.14	0.24	0.64	-	0.00
Operating Cost of Revenue	0.30	0.26	0.11	0.12	0.15	0.12	0.14	0.24	0.64	-	0.00
Total Operating Expenses	70	88	61	54	56	53	37	42	34	20	-22
Selling, General & Admin Expense	19	21	17	17	17	21	16	16	11	12	6.86
Research & Development Expense	51	67	44	37	41	34	22	27	24	7.51	12
Other Special Charges / (Income)	0.00	-0.16	-	0.00	-1.86	-2.09	0.00	-0.07	-0.32	-	-40
Total Other Income / (Expense), net	-19	-44	-31	-32	-36	-21	-13	-13	-13	-16	-15
Interest & Investment Income	-19	-44	-29	-32	-36	-21	-13	-13	-13	-16	-15
Other Income / (Expense), net	-	-	-1.11	-	-	-	-0.26	-	-	-	-0.21
Other Gains / (Losses), net	-	-	-	7.14	0.02	-0.22	0.00	-0.01	-19	-9.26	-1.35
Preferred Stock Dividends Declared	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.33	-2.29	-1.57	-1.72	-0.83	-0.95	-1.10	-2.06	-0.00	-0.03	-0.02
Basic Earnings per Share	($3.29)	($2.59)	($3.04)	($2.52)	($3.08)	($2.14)	($1.03)	($1.00)	$2.00	($0.36)	$1.03
Weighted Average Basic Shares Outstanding	18.91M	17.89M	20.37M	21.06M	21.55M	21.47M	24.47M	28.12M	31.89M	29.73M	37.94M
Diluted Earnings per Share	($3.29)	($2.59)	($3.04)	($2.52)	($3.08)	($2.14)	($1.03)	($1.00)	$1.94	($0.36)	$1.02
Weighted Average Diluted Shares Outstanding	18.91M	17.89M	20.37M	21.06M	21.55M	21.47M	24.47M	28.12M	32.86M	29.73M	38.29M
Weighted Average Basic & Diluted Shares Outstanding	381.50M	418.92M	21.00M	21.57M	23.46M	25.31M	27.42M	31.86M	34.01M	38.40M	41.64M

This table details how cash moves in and out of Agenus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	111	-65	-11	-7.13	8.75	41	192	-113	-102	-36	-39
Net Cash From Operating Activities	-47	-80	-94	-131	-19	-139	10	-175	-224	-158	-77
Net Cash From Continuing Operating Activities	-47	-80	-94	-131	-19	-139	10	-175	-224	-158	-77
Net Income / (Loss) Continuing Operations	-88	-127	-121	-162	-112	-183	-29	-231	-257	-232	-3.08
Consolidated Net Income / (Loss)	-88	-127	-121	-162	-112	-183	-29	-231	-257	-232	-3.08
Depreciation Expense	1.96	4.95	6.01	6.29	6.66	7.18	6.79	6.95	14	13	10.00
Non-Cash Adjustments To Reconcile Net Income	24	30	31	26	22	26	30	25	8.89	28	-111
Changes in Operating Assets and Liabilities, net	15	12	-8.56	-1.17	64	10	1.74	23	11	33	27
Net Cash From Investing Activities	-31	18	2.06	-3.59	-4.66	-4.44	-43	-34	3.40	0.03	1.19
Net Cash From Continuing Investing Activities	-31	18	2.06	-3.59	-4.66	-4.44	-43	-34	3.40	0.03	1.19
Purchase of Property, Plant & Equipment	-3.59	-13	-3.12	-3.60	-4.66	-3.47	-34	-53	-9.95	-0.58	-0.01
Acquisitions	-7.18	-	-	0.00	0.00	-0.98	0.00	-2.92	0.00	0.00	0.00
Purchase of Investments	-35	-55	-15	-	0.00	0.00	-15	-25	-20	0.00	0.00
Sale of Property, Plant & Equipment	0.00	0.00	0.12	0.01	0.00	0.00	5.66	22	3.36	0.02	0.36
Sale and/or Maturity of Investments	15	85	20	-	-	0.00	0.00	25	30	0.58	0.84
Net Cash From Financing Activities	190	-2.46	81	128	31	184	225	96	120	123	37
Net Cash From Continuing Financing Activities	190	-2.46	81	128	31	184	225	96	120	123	37
Repayment of Debt	-2.89	-0.14	-0.48	-162	0.00	-1.46	-0.46	0.00	0.00	0.00	-2.50
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-1.65	-3.79	-4.57	0.00	-0.09
Payment of Dividends	-	-	-	-	-	-	-	0.00	-0.61	0.00	0.00
Issuance of Debt	109	0.00	15	0.00	0.00	6.20	-	0.00	0.00	20	13
Issuance of Common Equity	112	3.35	66	45	30	176	198	99	133	33	36
Other Financing Activities, net	-28	-5.67	0.46	206	1.32	2.70	30	0.41	-8.12	70	-9.46
Effect of Exchange Rate Changes	-0.18	-	-	-0.73	0.77	0.38	-0.16	-0.10	-0.63	-0.26	0.05
Cash Interest Paid	1.05	1.12	1.12	1.17	1.22	1.18	1.15	1.14	3.17	2.28	1.18

This table details how cash moves in and out of Agenus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-36	-30	-23	41	-49	-4.35	-22	-8.95	-8.00	-0.46	32
Net Cash From Operating Activities	-65	-40	-38	-38	-53	-29	-26	-20	-15	-17	-36
Net Cash From Continuing Operating Activities	-65	-40	-38	-38	27	-109	-26	-20	-15	-17	-36
Net Income / (Loss) Continuing Operations	-65	-49	-63	-55	-67	-47	-26	-30	64	-11	39
Consolidated Net Income / (Loss)	-65	-49	-63	-55	-67	-47	-26	-30	64	-11	39
Depreciation Expense	2.85	5.20	3.37	3.36	3.35	3.26	3.20	3.17	3.03	0.60	0.58
Non-Cash Adjustments To Reconcile Net Income	4.91	-3.19	7.11	7.58	93	-76	-7.37	-7.08	-94	-2.79	-52
Changes in Operating Assets and Liabilities, net	-8.46	6.17	15	5.68	-1.95	10	4.92	14	13	-3.81	-24
Net Cash From Investing Activities	12	2.82	0.23	-0.24	0.06	-0.02	0.06	0.28	0.08	0.78	69
Net Cash From Continuing Investing Activities	12	2.82	0.23	-0.24	0.06	-0.02	0.06	0.28	0.08	0.78	69
Purchase of Property, Plant & Equipment	-3.45	-0.22	-0.04	-0.46	-0.01	-0.07	-0.01	-0.00	-	-	0.00
Sale of Property, Plant & Equipment	-	3.01	-	-	0.02	-	0.00	0.28	0.08	0.00	0.03
Divestitures	-	-	-	-	-	-	0.00	-	-	-	64
Sale and/or Maturity of Investments	15	0.03	0.26	0.22	0.04	0.05	0.06	-	-	0.78	5.01
Net Cash From Financing Activities	18	7.32	15	79	4.56	24	3.59	11	6.68	15	-0.99
Net Cash From Continuing Financing Activities	18	7.32	15	79	-76	105	3.59	11	6.68	15	-0.99
Repayment of Debt	-	-	0.00	-	-	-	-2.50	-	-	-	-8.41
Repurchase of Common Equity	-0.33	0.56	0.00	-	-	-	-0.02	-0.07	-	-	-0.03
Issuance of Debt	-	-	0.00	-	-	-	2.50	-	-	10	0.00
Issuance of Common Equity	20	9.98	17	1.99	6.78	7.09	6.34	12	8.97	8.61	1.00
Other Financing Activities, net	-1.98	-2.62	-2.34	77	-83	78	-2.73	-1.21	-2.28	-3.24	6.45
Effect of Exchange Rate Changes	-0.26	0.07	-0.12	0.17	-0.26	-0.04	0.02	0.05	-0.02	0.00	-0.01
Cash Interest Paid	0.83	0.64	0.67	0.53	0.54	0.54	0.39	0.26	0.26	0.27	0.19

This table presents Agenus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	242	157	138	136	155	215	466	414	314	226	227
Total Current Assets	184	91	74	75	87	114	332	213	112	46	133
Cash & Equivalents	137	71	60	53	62	100	292	179	76	40	3.00
Short-Term Investments	35	4.99	-	-	-	0.00	15	15	0.00	0.00	0.00
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	0.00	5.18
Accounts Receivable	9.80	11	1.13	0.94	16	1.16	1.52	2.74	26	0.41	1.83
Prepaid Expenses	1.96	2.60	11	19	7.42	11	20	14	8.10	2.32	0.79
Other Current Assets	0.58	0.84	1.08	1.50	1.02	2.01	3.17	3.19	2.37	2.42	123
Plant, Property, & Equipment, net	15	26	26	25	26	27	60	133	133	120	15
Total Noncurrent Assets	43	40	39	36	42	74	74	67	68	61	78
Long-Term Investments	-	-	-	-	-	-	-	-	-	0.00	24
Goodwill	23	22	23	23	23	25	25	25	25	24	24
Intangible Assets	19	16	14	12	11	11	8.49	6.23	4.41	3.38	3.04
Other Noncurrent Operating Assets	1.27	1.28	1.21	1.21	8.78	38	41	36	39	33	26
Total Liabilities & Shareholders' Equity	242	157	138	136	155	215	466	414	314	226	227
Total Liabilities	172	196	214	271	360	399	418	468	462	533	505
Total Current Liabilities	29	41	56	68	122	130	157	189	256	221	323
Short-Term Debt	0.15	0.15	21	0.15	0.65	0.83	0.73	0.58	0.15	2.70	45
Accounts Payable	4.49	5.43	8.09	14	14	17	30	41	61	61	83
Accrued Expenses	14	28	22	25	31	29	42	38	45	35	34
Current Deferred Revenue	3.83	2.61	4.48	1.81	29	17	12	12	0.02	0.03	0.00
Other Current Liabilities	6.30	4.79	1.66	28	47	66	71	97	149	122	111
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	51
Total Noncurrent Liabilities	143	155	158	203	238	269	261	280	206	311	181
Long-Term Debt	114	131	142	13	13	19	13	13	13	30	0.00
Capital Lease Obligations	-	-	-	-	8.02	34	-	63	63	55	10
Noncurrent Deferred Revenue	15	12	7.75	1.17	28	28	11	1.14	1.14	1.14	1.14
Other Noncurrent Operating Liabilities	13	12	7.65	189	188	188	237	202	130	225	170
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	71	-39	-76	-175	-231	-211	48	-55	-148	-306	-278
Total Preferred & Common Equity	71	-39	-76	-172	-225	-204	34	-61	-160	-326	-271
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	71	-39	-76	-172	-225	-204	34	-61	-160	-326	-271
Common Stock	852	868	953	1,006	1,061	1,259	1,523	1,648	1,796	1,858	1,912
Retained Earnings	-779	-905	-1,026	-1,177	-1,285	-1,466	-1,490	-1,710	-1,956	-2,183	-2,183
Accumulated Other Comprehensive Income / (Loss)	-2.05	-1.53	-2.17	-1.54	-1.32	2.77	1.49	0.92	-0.96	-1.40	-0.44
Noncontrolling Interest	-	-	0.00	-2.08	-5.98	-7.83	13	6.38	12	20	-6.75

This table presents Agenus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	335	257	292	238	200	185	234	186
Total Current Assets	126	60	100	50	23	13	134	95
Cash & Equivalents	106	53	94	45	18	9.53	3.46	35
Short-Term Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Note & Lease Receivable	-	-	-	-	-	-	5.73	0.00
Accounts Receivable	1.03	0.48	0.72	0.21	0.35	0.71	0.54	6.56
Prepaid Expenses	16	3.90	2.21	2.35	1.87	1.34	0.89	4.19
Other Current Assets	2.33	3.13	3.36	2.81	2.42	1.76	123	50
Plant, Property, & Equipment, net	140	130	128	124	117	113	16	15
Total Noncurrent Assets	70	66	65	64	60	59	84	76
Long-Term Investments	-	-	-	-	-	-	30	23
Goodwill	25	25	25	25	24	24	24	24
Intangible Assets	4.50	4.23	4.14	3.96	3.29	3.21	3.12	2.96
Other Noncurrent Operating Assets	41	37	36	35	33	32	26	26
Total Liabilities & Shareholders' Equity	335	257	292	238	200	185	234	186
Total Liabilities	451	447	513	510	523	522	515	414
Total Current Liabilities	198	256	271	271	208	235	287	249
Short-Term Debt	0.39	14	13	13	0.73	11	11	30
Accounts Payable	41	51	51	46	64	74	85	71
Accrued Expenses	38	41	41	37	36	39	32	37
Current Deferred Revenue	4.99	0.01	0.01	0.01	0.01	0.05	0.05	0.00
Other Current Liabilities	114	150	165	175	107	110	105	111
Other Current Nonoperating Liabilities	-	-	-	-	-	-	55	0.00
Total Noncurrent Liabilities	252	191	243	240	314	287	228	165
Long-Term Debt	13	0.00	0.00	0.00	33	23	24	0.00
Capital Lease Obligations	63	62	56	55	54	53	10	9.83
Noncurrent Deferred Revenue	1.14	1.14	1.14	1.14	1.14	1.14	1.14	1.14
Other Noncurrent Operating Liabilities	175	128	186	183	226	209	193	154
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-115	-190	-221	-272	-322	-336	-281	-228
Total Preferred & Common Equity	-129	-201	-241	-292	-342	-355	-274	-221
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-129	-201	-241	-292	-342	-355	-274	-221
Common Stock	1,781	1,817	1,830	1,846	1,868	1,883	1,900	1,923
Retained Earnings	-1,909	-2,018	-2,071	-2,137	-2,208	-2,236	-2,172	-2,144
Accumulated Other Comprehensive Income / (Loss)	-1.03	-1.07	-1.00	-1.35	-1.47	-1.50	-1.56	-0.44
Noncontrolling Interest	14	11	20	21	19	18	-6.73	-6.76

This table displays calculated financial ratios and metrics derived from Agenus' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	84,646,215.00	87,126,180.00	100,182,914.00	119,982,965.00	137,361,477.00	190,149,301.00	256,831,180.00	304,811,685.00	381,495,471.00	-	34,008,349.00
DEI Adjusted Shares Outstanding	4,232,311.00	4,356,309.00	5,009,146.00	5,999,148.00	6,868,074.00	9,507,465.00	12,841,559.00	15,240,584.00	19,074,774.00	-	34,008,349.00
DEI Earnings Per Adjusted Shares Outstanding	-20.81	-29.08	-24.26	-26.65	-15.71	-19.05	-1.88	-14.45	-12.90	-	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	255.67%	-9.04%	90.69%	-14.55%	307.92%	-41.24%	235.34%	-66.85%	59.47%	-33.81%	10.37%
EBITDA Growth	-113.70%	-21.03%	4.62%	-22.42%	46.98%	-77.67%	128.85%	-591.50%	8.72%	26.60%	90.51%
EBIT Growth	-110.24%	-24.01%	3.42%	-21.39%	44.34%	-71.03%	121.46%	-748.06%	4.38%	24.49%	83.26%
NOPAT Growth	-86.29%	-33.18%	3.42%	-19.29%	43.36%	-67.15%	121.96%	-796.89%	11.08%	24.49%	83.26%
Net Income Growth	-106.85%	-44.51%	4.96%	-34.26%	31.15%	-63.94%	84.29%	-703.02%	-11.61%	9.78%	98.67%
EPS Growth	-59.15%	-29.20%	15.75%	-17.07%	44.44%	-31.25%	89.52%	-703.02%	-11.61%	22.98%	100.00%
Operating Cash Flow Growth	-23.38%	-69.50%	-17.13%	-39.97%	85.75%	-644.55%	107.29%	-1,828.66%	-27.84%	29.39%	51.24%
Free Cash Flow Firm Growth	-71.10%	5.39%	-10.06%	235.66%	-81.93%	-561.16%	134.33%	-707.38%	32.56%	119.15%	-386.03%
Invested Capital Growth	221.05%	11.77%	78.65%	-745.25%	-40.04%	5.53%	-6.41%	30.02%	13.22%	-73.84%	22.96%
Revenue Q/Q Growth	32.02%	-8.37%	7.35%	-5.33%	22.99%	15.14%	-8.04%	9.04%	54.92%	-35.51%	6.90%
EBITDA Q/Q Growth	-8.73%	-0.78%	-11.59%	-10.65%	24.20%	-4.62%	-49.97%	5.37%	28.04%	-28.31%	78.72%
EBIT Q/Q Growth	-8.50%	-1.44%	-11.03%	-10.16%	22.32%	-4.49%	-55.66%	5.03%	25.13%	-21.96%	66.64%
NOPAT Q/Q Growth	-1.03%	-1.44%	-11.03%	-8.25%	22.32%	-2.12%	-55.66%	-2.12%	25.13%	-21.96%	66.64%
Net Income Q/Q Growth	10.56%	-9.03%	-7.97%	-9.32%	13.89%	-3.91%	-2,591.22%	-2.90%	9.02%	0.76%	92.15%
EPS Q/Q Growth	19.86%	-9.77%	-6.03%	-1.41%	17.53%	2.78%	-650.00%	-2.90%	9.02%	-0.19%	100.00%
Operating Cash Flow Q/Q Growth	-23.85%	4.16%	-10.87%	-8.72%	17.75%	-2.82%	502.90%	-16.17%	3.00%	6.91%	13.49%
Free Cash Flow Firm Q/Q Growth	-94.36%	19.63%	-9.71%	8.33%	-30.50%	-83.03%	201.79%	-8.99%	14.20%	-23.29%	1.44%
Invested Capital Q/Q Growth	218.12%	51.70%	25.09%	-6.08%	5.13%	19.21%	-15.43%	-12.42%	-2.58%	-4.48%	7.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	97.34%	98.83%	89.22%	98.01%	99.53%	99.11%
EBITDA Margin	-341.34%	-454.20%	-227.19%	-325.46%	-42.30%	-127.91%	11.00%	-163.13%	-93.38%	-103.55%	-8.91%
Operating Margin	-325.18%	-476.12%	-241.15%	-336.62%	-46.74%	-132.96%	8.71%	-183.04%	-102.07%	-116.44%	-17.66%
EBIT Margin	-349.23%	-476.12%	-241.15%	-342.55%	-46.74%	-136.05%	8.71%	-170.22%	-102.07%	-116.44%	-17.66%
Profit (Net Income) Margin	-354.12%	-562.59%	-280.39%	-440.53%	-74.35%	-207.43%	-9.72%	-235.31%	-164.69%	-224.50%	-2.70%
Tax Burden Percent	94.22%	101.76%	98.39%	100.00%	99.97%	101.03%	85.04%	100.00%	99.99%	97.55%	4.09%
Interest Burden Percent	107.61%	116.11%	118.18%	128.60%	159.10%	150.92%	-131.18%	138.24%	161.38%	197.64%	374.05%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-4,800.91%	-525.05%	-344.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-4,732.21%	2,992.15%	-405.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4,613.42%	-278.69%	554.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-187.49%	-803.73%	210.00%	153.97%	65.80%	94.03%	42.03%	6,596.77%	253.28%	102.14%	1.06%
Cash Return on Invested Capital (CROIC)	-600.05%	-536.16%	-401.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-54.72%	-53.84%	-70.28%	-91.71%	-48.08%	-64.87%	7.57%	-37.94%	-43.86%	-44.61%	-8.90%
Return on Assets (ROA)	-55.49%	-63.62%	-81.72%	-117.93%	-76.48%	-98.90%	-8.44%	-52.45%	-70.78%	-86.00%	-1.36%
Return on Common Equity (ROCE)	-187.49%	-803.72%	210.01%	181.63%	77.20%	103.71%	52.05%	25,317.33%	276.11%	109.31%	1.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	71.17%	0.00%
Net Operating Profit after Tax (NOPAT)	-56	-75	-73	-87	-49	-82	18	-126	-112	-84	-14
NOPAT Margin	-227.63%	-333.29%	-168.80%	-235.63%	-32.72%	-93.08%	6.10%	-128.13%	-71.45%	-81.51%	-12.36%
Net Nonoperating Expense Percent (NNEP)	-68.69%	-3,517.20%	61.15%	238.73%	-157.23%	-234.87%	-27.54%	-51.22%	-247.97%	634.93%	-17.58%
Return On Investment Capital (ROIC_SIMPLE)	-30.50%	-82.17%	-83.32%	53.77%	23.46%	52.03%	29.32%	-581.93%	153.08%	38.56%	6.33%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	2.66%	1.17%	10.78%	1.99%	0.47%	0.90%
SG&A Expenses to Revenue	114.32%	146.75%	78.39%	101.51%	30.68%	67.16%	25.83%	82.64%	50.37%	69.47%	47.63%
R&D to Revenue	283.85%	420.72%	269.78%	338.73%	112.19%	161.75%	60.41%	190.45%	150.06%	150.32%	69.48%
Operating Expenses to Revenue	425.18%	576.12%	340.76%	436.62%	146.74%	230.30%	90.12%	272.26%	200.08%	215.97%	116.77%
Earnings before Interest and Taxes (EBIT)	-87	-107	-104	-126	-70	-120	26	-167	-160	-120	-20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-85	-103	-98	-120	-63	-113	33	-160	-146	-107	-10
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.33	0.00	0.00	0.00	0.00	0.00	23.56	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	12.92	0.00	0.00	0.00	0.00	0.00	754.01	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	15.19	15.60	7.44	7.62	3.66	6.73	2.74	7.32	2.02	0.62	0.94
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	23.63	26.87	15.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	12.89	18.00	9.83	7.56	3.53	6.42	1.80	6.19	2.09	1.27	1.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	16.33	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	20.64	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	29.49	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	52.38	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	2.43	25.56	0.00	16.20	0.00	0.00	5.11	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.62	-3.34	-2.15	-0.10	-0.11	-0.29	0.28	-1.39	-0.51	-0.29	-0.20
Long-Term Debt to Equity	1.62	-3.34	-1.88	-0.10	-0.10	-0.29	0.27	-1.38	-0.51	-0.28	-0.04
Financial Leverage	-0.97	-0.09	-1.37	-0.30	0.23	0.22	2.48	58.67	0.58	-0.10	-0.21
Leverage Ratio	3.38	12.63	-2.57	-1.31	-0.86	-0.95	-4.98	-125.77	-3.58	-1.19	-0.78
Compound Leverage Factor	3.64	14.67	-3.04	-1.68	-1.37	-1.43	6.53	-173.86	-5.78	-2.35	-2.90
Debt to Total Capital	61.81%	142.73%	186.94%	-11.01%	-12.09%	-41.11%	22.05%	354.38%	-103.38%	-40.11%	-24.55%
Short-Term Debt to Total Capital	0.08%	0.16%	23.67%	-0.12%	-0.35%	-0.64%	1.18%	2.66%	-0.20%	-1.23%	-20.02%
Long-Term Debt to Total Capital	61.73%	142.57%	163.27%	-10.89%	-11.73%	-40.48%	20.86%	351.71%	-103.18%	-38.88%	-4.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	-31.16%	-11.48%	-14.60%	21.92%	29.54%	-16.38%	-9.12%	3.03%
Common Equity to Total Capital	38.19%	-42.73%	-86.94%	142.17%	123.57%	155.71%	56.04%	-283.92%	219.76%	149.24%	121.52%
Debt to EBITDA	-1.35	-1.27	-1.67	-0.11	-0.35	-0.48	0.42	-0.48	-0.52	-0.82	-5.38
Net Debt to EBITDA	0.68	-0.53	-1.05	0.33	0.63	0.41	-9.02	0.73	0.00	-0.44	-2.70
Long-Term Debt to EBITDA	-1.35	-1.27	-1.46	-0.11	-0.34	-0.47	0.39	-0.47	-0.52	-0.79	-0.99
Debt to NOPAT	-2.03	-1.74	-2.24	-0.15	-0.45	-0.66	0.75	-0.61	-0.68	-1.04	-3.88
Net Debt to NOPAT	1.01	-0.72	-1.42	0.46	0.81	0.56	-16.28	0.93	0.01	-0.56	-1.95
Long-Term Debt to NOPAT	-2.02	-1.74	-1.96	-0.15	-0.44	-0.65	0.71	-0.60	-0.67	-1.01	-0.72
Altman Z-Score	-3.49	-8.73	-11.50	-14.18	-11.47	-10.20	-2.04	-5.89	-10.04	-15.67	-14.14
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	-17.96%	-17.32%	-10.29%	-23.82%	-283.78%	-9.01%	-7.02%	-2.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.36	2.24	1.30	1.10	0.71	0.88	2.12	1.13	0.44	0.21	0.41
Quick Ratio	6.27	2.15	1.09	0.79	0.64	0.78	1.97	1.04	0.40	0.18	0.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-81	-77	-85	115	21	-96	33	-199	-134	26	-74
Operating Cash Flow to CapEx	-1,313.59%	-638.68%	-3,122.00%	-3,650.65%	-401.16%	-4,013.16%	36.03%	-564.55%	-3,401.64%	-28,680.25%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	10.65	0.00	0.00	0.00	-102.88	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-12.18	0.00	0.00	0.00	-90.54	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-12.51	0.00	0.00	0.00	-106.58	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.11	0.29	0.27	1.03	0.48	0.87	0.22	0.43	0.38	0.50
Accounts Receivable Turnover	4.84	2.13	6.89	35.50	17.42	10.11	221.06	46.03	10.94	7.89	102.05
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.33	1.10	1.66	1.43	5.83	3.32	6.81	1.02	1.17	0.82	1.68
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.15	0.15	0.30	0.06	0.01	0.01
Days Sales Outstanding (DSO)	75.47	171.01	52.94	10.28	20.96	36.12	1.65	7.93	33.36	46.29	3.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	2,375.76	2,498.25	1,233.45	6,006.19	46,156.73	25,795.89
Cash Conversion Cycle (CCC)	75.47	171.01	52.94	10.28	20.96	-2,339.64	-2,496.60	-1,225.52	-5,972.83	-46,110.44	-25,792.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14	15	27	-174	-244	-231	-245	-172	-149	-259	-200
Invested Capital Turnover	21.09	1.58	2.04	-0.50	-0.72	-0.37	-1.24	-0.47	-0.97	-0.51	-0.50
Increase / (Decrease) in Invested Capital	25	1.59	12	-201	-70	14	-15	74	23	-110	60
Enterprise Value (EV)	320	406	423	278	530	566	531	607	327	132	128
Market Capitalization	377	352	320	280	548	593	811	718	316	64	107
Book Value per Share	$0.84	($0.45)	($0.76)	($1.44)	($1.64)	($1.07)	$0.13	($0.20)	($0.42)	($13.91)	($7.97)
Tangible Book Value per Share	$0.34	($0.89)	($1.13)	($1.73)	($1.89)	($1.26)	$0.00	($0.31)	($0.50)	($15.08)	($8.77)
Total Capital	185	92	87	-121	-182	-131	61	22	-73	-219	-223
Total Debt	114	131	163	13	22	54	14	76	75	88	55
Total Long-Term Debt	114	131	142	13	21	53	13	76	75	85	10
Net Debt	-57	54	103	-40	-40	-46	-293	-117	-0.69	47	27
Capital Expenditures (CapEx)	3.59	13	3.00	3.59	4.66	3.47	28	31	6.59	0.55	-0.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-16	-26	-22	-46	-97	-115	-131	-169	-219	-214	-148
Debt-free Net Working Capital (DFNWC)	155	51	38	6.89	-35	-15	176	25	-143	-173	-145
Net Working Capital (NWC)	155	50	17	6.75	-36	-16	175	24	-143	-176	-190
Net Nonoperating Expense (NNE)	31	52	48	75	62	101	47	105	146	148	-11
Net Nonoperating Obligations (NNO)	-57	54	103	-40	-40	-46	-293	-117	-0.69	47	78
Total Depreciation and Amortization (D&A)	1.96	4.95	6.01	6.29	6.66	7.18	6.79	6.95	14	13	10.00
Debt-free, Cash-free Net Working Capital to Revenue	-65.92%	-114.43%	-52.11%	-125.49%	-64.54%	-130.59%	-44.36%	-172.01%	-140.39%	-206.42%	-129.95%
Debt-free Net Working Capital to Revenue	625.81%	224.19%	87.71%	18.74%	-23.34%	-17.32%	59.45%	25.24%	-91.70%	-167.33%	-127.32%
Net Working Capital to Revenue	625.22%	223.54%	39.76%	18.34%	-23.77%	-18.26%	59.20%	24.66%	-91.79%	-169.94%	-166.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($22.60)	($29.20)	($24.60)	($28.80)	($16.00)	($21.00)	($2.20)	($15.60)	($13.80)	($10.59)	$0.00
Adjusted Weighted Average Basic Shares Outstanding	4.33M	4.92M	5.13M	6.71M	8.08M	10.23M	12.86M	14.09M	17.89M	21.47M	29.73M
Adjusted Diluted Earnings per Share	($22.60)	($29.20)	($24.60)	($28.80)	($16.00)	($21.00)	($2.20)	($15.60)	($13.80)	($10.59)	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	4.33M	4.92M	5.13M	6.71M	8.08M	10.23M	12.86M	14.09M	17.89M	21.47M	29.73M
Adjusted Basic & Diluted Earnings per Share	($22.60)	($29.20)	($24.60)	($28.80)	($16.00)	($21.00)	($2.20)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.91M	4.35M	4.92M	5.54M	6.75M	8.63M	11.45M	16.63M	20.95M	25.31M	38.40M
Normalized Net Operating Profit after Tax (NOPAT)	-52	-74	-75	-88	-45	-81	26	-126	-112	-87	-14
Normalized NOPAT Margin	-208.72%	-327.23%	-173.99%	-238.17%	-30.01%	-92.11%	8.81%	-128.71%	-71.70%	-84.19%	-12.60%
Pre Tax Income Margin	-375.82%	-552.83%	-284.98%	-440.53%	-74.37%	-205.32%	-11.42%	-235.31%	-164.72%	-230.13%	-66.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-11.70	0.00	0.00	0.00	-86.14	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-8.05	0.00	0.00	0.00	-64.84	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-12.04	0.00	0.00	0.00	-102.18	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-8.38	0.00	0.00	0.00	-80.88	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.24%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.76%	-1.64%	-2.01%	0.00%	-2.82%

This table displays calculated financial ratios and metrics derived from Agenus' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	379,572,187.00	381,495,471.00	418,920,071.00	20,999,261.00	21,571,941.00	-	25,308,841.00	27,416,850.00	31,864,108.00	34,008,349.00	38,398,354.00
DEI Adjusted Shares Outstanding	18,978,609.00	19,074,774.00	20,946,004.00	20,999,261.00	21,571,941.00	-	25,308,841.00	27,416,850.00	31,864,108.00	34,008,349.00	38,398,354.00
DEI Earnings Per Adjusted Shares Outstanding	-3.28	-2.43	-2.96	-2.53	-3.08	-	-1.00	-1.02	2.00	-0.31	1.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.77%	195.23%	22.28%	-7.06%	3.28%	-67.98%	-14.07%	9.28%	20.40%	27.45%	40.18%
EBITDA Growth	-8.89%	101.79%	40.88%	48.10%	35.25%	-2,363.60%	66.12%	49.52%	94.62%	166.24%	248.76%
EBIT Growth	-11.28%	92.73%	37.45%	44.77%	32.02%	-516.42%	60.06%	44.65%	85.57%	155.60%	209.36%
NOPAT Growth	-11.28%	92.73%	39.49%	44.77%	32.02%	-516.42%	59.52%	44.65%	85.57%	155.60%	261.56%
Net Income Growth	-13.78%	34.44%	10.49%	25.38%	-4.16%	3.66%	58.44%	45.23%	195.09%	77.33%	248.68%
EPS Growth	-13.78%	34.44%	10.49%	35.88%	6.38%	17.37%	66.12%	60.32%	162.99%	83.18%	199.03%
Operating Cash Flow Growth	-102.64%	14.65%	34.75%	36.41%	18.30%	29.08%	32.92%	47.04%	72.35%	42.00%	-40.33%
Free Cash Flow Firm Growth	55.17%	77.52%	53.97%	172.23%	302.09%	458.48%	462.58%	-97.66%	-144.09%	-153.76%	-90.00%
Invested Capital Growth	4.89%	13.22%	-1.21%	-54.25%	-70.67%	-73.84%	-50.93%	-5.39%	13.05%	22.96%	2.94%
Revenue Q/Q Growth	-3.88%	244.67%	-66.58%	-16.05%	6.82%	6.87%	-10.33%	6.75%	17.69%	13.13%	-1.37%
EBITDA Q/Q Growth	15.87%	102.30%	-3,161.40%	12.36%	-4.95%	19.61%	54.18%	-30.57%	88.82%	1,090.42%	2.89%
EBIT Q/Q Growth	15.23%	90.93%	-709.05%	11.17%	-4.34%	17.80%	47.58%	-23.10%	72.80%	416.79%	3.11%
NOPAT Q/Q Growth	15.23%	90.93%	-682.72%	8.18%	-4.34%	17.80%	48.60%	-25.54%	72.80%	416.79%	49.37%
Net Income Q/Q Growth	12.12%	24.72%	-30.61%	13.64%	-22.66%	30.36%	43.66%	-13.81%	312.95%	-116.60%	469.45%
EPS Q/Q Growth	12.12%	24.72%	-30.61%	17.11%	-22.22%	30.52%	51.87%	2.91%	294.00%	-118.56%	383.33%
Operating Cash Flow Q/Q Growth	-8.64%	38.06%	5.47%	0.03%	-39.58%	46.24%	10.59%	21.06%	27.12%	-12.76%	-116.33%
Free Cash Flow Firm Q/Q Growth	55.76%	35.73%	18.10%	410.16%	23.78%	14.01%	-17.17%	-97.99%	-2,427.93%	-39.01%	115.40%
Invested Capital Q/Q Growth	8.64%	-2.58%	-12.60%	-46.17%	-1.09%	-4.48%	2.24%	-2.07%	16.60%	7.43%	-23.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	98.75%	99.69%	99.62%	99.51%	99.42%	99.56%	99.43%	99.05%	97.88%	100.00%	100.00%
EBITDA Margin	-178.86%	1.19%	-109.32%	-114.13%	-112.13%	-84.35%	-43.10%	-52.72%	-5.01%	43.84%	45.73%
Operating Margin	-190.59%	-5.01%	-117.41%	-128.43%	-125.45%	-96.49%	-55.31%	-65.05%	-15.03%	42.09%	44.62%
EBIT Margin	-190.59%	-5.01%	-121.36%	-128.43%	-125.45%	-96.49%	-56.41%	-65.05%	-15.03%	42.09%	44.01%
Profit (Net Income) Margin	-265.41%	-57.97%	-226.58%	-233.09%	-267.66%	-174.41%	-109.57%	-116.82%	211.38%	-31.03%	116.21%
Tax Burden Percent	99.32%	100.42%	100.00%	88.47%	99.97%	100.48%	100.00%	100.04%	-360.77%	782.02%	96.67%
Interest Burden Percent	140.21%	1,151.65%	186.70%	205.14%	213.41%	179.88%	194.25%	179.52%	389.77%	-9.42%	273.18%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	445.15%	253.28%	205.39%	155.49%	120.92%	102.14%	76.14%	61.17%	14.21%	1.06%	-22.71%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-50.31%	-2.15%	-58.53%	-60.65%	-70.13%	-36.96%	-24.58%	-27.70%	-6.80%	21.22%	28.20%
Return on Assets (ROA)	-70.06%	-24.91%	-109.27%	-110.08%	-149.63%	-66.81%	-47.75%	-49.75%	95.61%	-15.64%	74.46%
Return on Common Equity (ROCE)	523.48%	276.11%	219.35%	174.77%	131.66%	109.31%	80.68%	65.43%	14.57%	1.08%	-23.23%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	-2.94	-23	-21	-22	-18	-9.32	-12	-3.18	10	15
NOPAT Margin	-133.42%	-3.51%	-82.19%	-89.90%	-87.82%	-67.55%	-38.72%	-45.53%	-10.52%	29.47%	44.62%
Net Nonoperating Expense Percent (NNEP)	-37.54%	-77.65%	-89.61%	-63.03%	-1,444.93%	123.09%	37.25%	68.82%	-150.77%	32.97%	-94.40%
Return On Investment Capital (ROIC_SIMPLE)	83.14%	4.03%	20.02%	13.94%	10.85%	8.29%	3.97%	4.70%	1.35%	-4.52%	-8.01%
Cost of Revenue to Revenue	1.25%	0.31%	0.38%	0.49%	0.58%	0.44%	0.57%	0.95%	2.12%	0.00%	0.00%
SG&A Expenses to Revenue	77.77%	25.27%	60.19%	71.53%	68.79%	78.00%	65.31%	60.40%	35.92%	35.95%	20.33%
R&D to Revenue	211.58%	79.62%	156.85%	156.41%	163.50%	125.85%	89.43%	103.97%	78.04%	21.96%	35.04%
Operating Expenses to Revenue	289.35%	104.70%	217.03%	227.94%	224.87%	196.05%	154.74%	164.10%	112.91%	57.91%	-64.31%
Earnings before Interest and Taxes (EBIT)	-46	-4.20	-34	-30	-32	-26	-14	-17	-4.55	14	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-43	1.00	-31	-27	-28	-23	-10	-14	-1.51	15	15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.25	2.02	1.51	2.20	0.74	0.62	0.38	1.23	1.15	0.94	1.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	50.21%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.09	2.09	1.71	2.18	1.01	1.27	1.27	2.18	1.19	1.12	0.84
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.65
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.64
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.06
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	51.48	4.84	5.11	8.53	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.66	-0.51	-0.40	-0.31	-0.25	-0.29	-0.27	-0.26	-0.16	-0.20	-0.18
Long-Term Debt to Equity	-0.66	-0.51	-0.32	-0.25	-0.20	-0.28	-0.27	-0.23	-0.12	-0.04	-0.04
Financial Leverage	1.35	0.58	0.37	0.36	0.02	-0.10	-0.18	-0.10	-0.16	-0.21	-0.09
Leverage Ratio	-6.01	-3.58	-2.75	-2.27	-1.48	-1.19	-0.89	-0.86	-0.85	-0.78	-0.70
Compound Leverage Factor	-8.43	-41.21	-5.13	-4.66	-3.16	-2.14	-1.73	-1.54	-3.33	0.07	-1.92
Debt to Total Capital	-195.48%	-103.38%	-65.51%	-45.65%	-33.74%	-40.11%	-37.28%	-35.04%	-18.87%	-24.55%	-21.29%
Short-Term Debt to Total Capital	-0.99%	-0.20%	-11.81%	-8.85%	-6.59%	-1.23%	-0.31%	-4.30%	-4.49%	-20.02%	-16.06%
Long-Term Debt to Total Capital	-194.48%	-103.18%	-53.70%	-36.79%	-27.14%	-38.88%	-36.97%	-30.74%	-14.38%	-4.53%	-5.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-35.42%	-16.38%	-9.66%	-13.50%	-10.10%	-9.12%	-8.28%	-7.35%	2.85%	3.03%	3.60%
Common Equity to Total Capital	330.90%	219.76%	175.17%	159.15%	143.84%	149.24%	145.57%	142.39%	116.02%	121.52%	117.69%
Debt to EBITDA	-0.38	-0.52	-0.61	-0.70	-0.82	-0.82	-1.00	-1.17	-0.93	-5.38	2.57
Net Debt to EBITDA	0.15	0.00	-0.18	0.25	-0.28	-0.44	-0.79	-1.04	-0.22	-2.70	-1.15
Long-Term Debt to EBITDA	-0.37	-0.52	-0.50	-0.56	-0.66	-0.79	-0.99	-1.03	-0.71	-0.99	0.63
Debt to NOPAT	-0.51	-0.68	-0.78	-0.87	-0.99	-1.04	-1.24	-1.43	-1.05	-3.88	6.98
Net Debt to NOPAT	0.20	0.01	-0.23	0.31	-0.34	-0.56	-0.98	-1.27	-0.25	-1.95	-3.12
Long-Term Debt to NOPAT	-0.51	-0.67	-0.64	-0.70	-0.80	-1.01	-1.23	-1.25	-0.80	-0.72	1.71
Altman Z-Score	-7.81	-8.41	-11.41	-10.00	-13.28	-14.29	-16.23	-17.94	-13.25	-13.64	-15.97
Noncontrolling Interest Sharing Ratio	-17.60%	-9.01%	-6.79%	-12.40%	-8.87%	-7.02%	-5.96%	-6.96%	-2.50%	-2.26%	-2.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.63	0.44	0.24	0.37	0.19	0.21	0.11	0.06	0.47	0.41	0.38
Quick Ratio	0.54	0.40	0.21	0.35	0.17	0.18	0.09	0.04	0.03	0.03	0.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-40	-26	-21	65	81	92	76	1.53	-36	-49	7.61
Operating Cash Flow to CapEx	-1,889.66%	0.00%	-109,117.14%	-8,282.00%	0.00%	-39,249.32%	-512,360.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.43	0.48	0.47	0.56	0.38	0.44	0.43	0.45	0.50	0.64
Accounts Receivable Turnover	20.48	10.94	170.54	154.98	259.38	7.89	239.82	142.45	286.79	102.05	35.82
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.84	1.17	1.19	1.18	1.21	0.82	0.80	0.85	1.52	1.68	1.88
Accounts Payable Turnover	0.26	0.06	0.02	0.02	0.01	0.01	0.01	0.01	0.02	0.01	0.01
Days Sales Outstanding (DSO)	17.82	33.36	2.14	2.36	1.41	46.29	1.52	2.56	1.27	3.58	10.19
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	1,394.75	6,006.19	19,249.60	24,019.32	25,215.80	46,156.73	40,649.75	35,490.87	21,001.59	25,795.89	27,905.80
Cash Conversion Cycle (CCC)	-1,376.93	-5,972.83	-19,247.46	-24,016.97	-25,214.40	-46,110.44	-40,648.23	-35,488.30	-21,000.32	-25,792.32	-27,895.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-145	-149	-168	-245	-248	-259	-253	-259	-216	-200	-246
Invested Capital Turnover	-0.68	-0.97	-0.97	-0.79	-0.82	-0.51	-0.47	-0.40	-0.46	-0.50	-0.50
Increase / (Decrease) in Invested Capital	7.47	23	-2.01	-86	-103	-110	-85	-13	32	60	7.44
Enterprise Value (EV)	413	327	277	348	163	132	127	221	127	128	104
Market Capitalization	429	316	243	352	118	64	38	125	123	107	128
Book Value per Share	($0.34)	($0.42)	($0.48)	($11.49)	($13.55)	($13.91)	($13.51)	($12.93)	($8.60)	($7.97)	($5.76)
Tangible Book Value per Share	($0.42)	($0.50)	($0.55)	($12.87)	($14.88)	($15.08)	($14.59)	($13.93)	($9.46)	($8.77)	($6.47)
Total Capital	-39	-73	-115	-152	-203	-219	-235	-249	-236	-223	-188
Total Debt	76	75	75	69	69	88	88	87	45	55	40
Total Long-Term Debt	76	75	62	56	55	85	87	77	34	10	9.83
Net Debt	-30	-0.69	22	-25	24	47	69	78	11	27	-18
Capital Expenditures (CapEx)	3.45	-2.79	0.04	0.46	-0.02	0.07	0.01	-0.28	-0.08	-0.00	-0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-179	-219	-235	-251	-252	-214	-203	-220	-146	-148	-159
Debt-free Net Working Capital (DFNWC)	-72	-143	-182	-157	-207	-173	-184	-211	-143	-145	-124
Net Working Capital (NWC)	-73	-143	-196	-171	-220	-176	-185	-221	-153	-190	-154
Net Nonoperating Expense (NNE)	32	46	40	34	45	29	17	18	-67	21	-24
Net Nonoperating Obligations (NNO)	-30	-0.69	22	-25	24	47	69	78	65	78	-18
Total Depreciation and Amortization (D&A)	2.85	5.20	3.37	3.36	3.35	3.26	3.20	3.17	3.03	0.60	0.58
Debt-free, Cash-free Net Working Capital to Revenue	-177.14%	-140.39%	-145.54%	-157.21%	-157.00%	-206.42%	-203.89%	-216.35%	-136.70%	-129.95%	-128.17%
Debt-free Net Working Capital to Revenue	-71.78%	-91.70%	-112.80%	-98.50%	-129.09%	-167.33%	-185.32%	-206.97%	-133.46%	-127.32%	-99.91%
Net Working Capital to Revenue	-72.16%	-91.79%	-121.21%	-106.91%	-137.44%	-169.94%	-186.05%	-217.51%	-143.39%	-166.43%	-124.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.20)	($51.80)	($3.04)	($2.52)	($3.08)	($2.14)	($1.03)	($1.00)	$2.00	($0.36)	$1.03
Adjusted Weighted Average Basic Shares Outstanding	18.91M	894.70K	20.37M	21.06M	21.55M	21.47M	24.47M	28.12M	31.89M	29.73M	37.94M
Adjusted Diluted Earnings per Share	($3.20)	($51.80)	($3.04)	($2.52)	($3.08)	($2.14)	($1.03)	($1.00)	$1.94	($0.36)	$1.02
Adjusted Weighted Average Diluted Shares Outstanding	18.91M	894.70K	20.37M	21.06M	21.55M	21.47M	24.47M	28.12M	32.86M	29.73M	38.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	($51.80)	$0.00	$0.00	$0.00	($2.14)	$0.00	$0.00	$0.00	($0.36)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	19.07M	20.95M	21.00M	21.57M	23.46M	25.31M	27.42M	31.86M	34.01M	38.40M	41.64M
Normalized Net Operating Profit after Tax (NOPAT)	-32	-3.05	-23	-21	-23	-20	-9.32	-12	-3.40	10	-18
Normalized NOPAT Margin	-133.42%	-3.64%	-82.19%	-89.90%	-93.01%	-73.00%	-38.72%	-45.72%	-11.26%	29.47%	-52.55%
Pre Tax Income Margin	-267.23%	-57.73%	-226.58%	-263.47%	-267.73%	-173.57%	-109.57%	-116.77%	-58.59%	-3.97%	120.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-1.81%	-2.01%	-0.70%	0.10%	0.00%	0.00%	-0.01%	-0.05%	0.00%	-2.82%	0.15%

Financials Breakdown Chart

Key Financial Trends

Agenus (NASDAQ: AGEN) shows a mixed but still financially stressed picture. The company posted a strong rebound in Q1 2026 profitability, helped by large non-operating and one-time items, but the broader multi-year trend still points to weak core earnings, heavy balance sheet strain, and ongoing reliance on financing and asset sales to support operations.

Top takeaways for retail investors:

Q1 2026 reported net income of $39.2 million, a sharp improvement from a $10.6 million loss in Q4 2025 and a $26.4 million loss in Q1 2025.
The company generated $68.95 million in investing cash flow in Q1 2026, driven mainly by $63.9 million from divestitures and $5.0 million from investment sales/maturities.
Revenue in Q1 2026 was $33.7 million, slightly above the prior-year quarter’s $28.0 million, showing the top line has held up better than earnings.
Operating income improved to $15.1 million in Q1 2026 versus an operating loss of $13.3 million in Q1 2025.
Gross margin remained effectively very high, with minimal cost of revenue relative to revenue across the periods shown.
Quarterly revenue has generally stayed in the $24 million to $34 million range over the last several quarters, suggesting a relatively stable revenue base.
The company’s balance sheet still contains meaningful asset value, including $95.3 million in current assets and $76.2 million in noncurrent assets at Q1 2026.
Despite the Q1 2026 earnings bounce, operating cash flow was still negative at $35.95 million, showing the core business continues to burn cash.
Agenus ended Q1 2026 with negative total equity of $228.0 million, reflecting a highly leveraged and financially fragile balance sheet.
Total liabilities were $414.4 million in Q1 2026, far exceeding total assets of $186.5 million.

Trend analysis: The most important trend is that Agenus has not yet established consistent profitability or positive operating cash flow. Over the past four years, quarterly revenue has been fairly steady, but operating expenses and below-the-line charges have often overwhelmed gross profit. For example, in 2024 and early 2025, the company regularly posted large net losses and negative operating cash flow.

One notable change in Q1 2026 was the surge in reported net income, but investors should be careful: a large portion of the improvement appears to have come from non-cash or one-time items rather than a clear step-change in underlying operating performance. That makes the quarter look better on paper than the cash flow statement suggests.

Balance sheet risk remains the main concern. Common equity is deeply negative, and liabilities have been consistently high relative to assets. The company has also relied on debt, equity issuance, divestitures, and other financing activities to support liquidity. That is not unusual for a development-stage biotech company, but it does increase dilution and financing risk for shareholders.

Bottom line: Agenus has shown some improvement in revenue stability and Q1 2026 reported earnings, but the long-term financial trend remains risky. Until the company demonstrates sustained positive operating cash flow and a cleaner balance sheet, the stock will likely remain highly speculative.

07/26/26 10:42 PM ETAI Generated. May Contain Errors.

Agenus Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Agenus' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Agenus' net income appears to be on an upward trend, with a most recent value of -$3.08 million in 2025, falling from -$87.88 million in 2015. The previous period was -$232.27 million in 2024. See Agenus' forecast for analyst expectations on what's next for the company.

Agenus' total operating income in 2025 was -$20.17 million, based on the following breakdown:

Total Gross Profit: $113.17 million
Total Operating Expenses: $133.34 million

Over the last 10 years, Agenus' total revenue changed from $24.82 million in 2015 to $114.20 million in 2025, a change of 360.2%.

Agenus' total liabilities were at $504.66 million at the end of 2025, a 5.3% decrease from 2024, and a 194.3% increase since 2015.

In the past 10 years, Agenus' cash and equivalents has ranged from $3.00 million in 2025 to $291.93 million in 2021, and is currently $3.00 million as of their latest financial filing in 2025.

Over the last 10 years, Agenus' book value per share changed from 0.84 in 2015 to -7.97 in 2025, a change of -1,054.0%.

Related Companies

Financial statements for NASDAQ:AGEN last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Agenus (AGEN) Financials

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Agenus (AGEN) Financials

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