Agenus Inc. is a clinical-stage biotechnology company that discovers and develops immunotherapies for cancer and infectious diseases. Headquartered in Massachusetts, the company focuses on activating the body's immune system through a portfolio of checkpoint inhibitors, immune modulators, and cell therapies. Agenus is notable for its proprietary Retrocyte Display antibody expression platform and its development of the QS-21 Stimulon vaccine adjuvant.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
114,196
103,463
156,314
98,024
Cost of Sales
1,022
486
3,111
10,568
Gross Profit
113,174
102,977
153,203
87,456
Selling, General & Administrative Expenses
54,392
71,878
78,739
81,007
Research & Development Expenses
79,338
155,528
234,569
186,691
Other Operating Expenses
387
3,954
556
815
Operating Profit
(20,169)
(120,475)
(159,549)
(179,427)
Interest Expense
(55,273)
(117,626)
(97,925)
(61,863)
Non-Operating Income
72,359
5,830
37
10,634
Total Non-Operating Income
17,086
(111,796)
(97,888)
(51,229)
Income Before Provision for Income Taxes
(3,083)
(232,271)
(257,437)
(230,656)
Consolidated Net Income
(3,083)
(232,271)
(257,437)
(230,656)
Net Income Attributable to Minority Interests and Other
(3,198)
(5,059)
(11,676)
(10,582)
Net Income Attributable to Preferred Dividends
216
215
213
212
Net Income Attributable to Common Shareholders
(101)
(227,427)
(245,974)
(220,286)
Basic EPS
0.00
-10.59
-13.75
-15.64
Diluted EPS
0.00
-10.59
-13.75
-15.64
Basic Weighted Average Shares Outstanding
29,734
21,473
17,894
14,087
Diluted Weighted Average Shares Outstanding
29,734
21,473
17,894
14,087
Shares Outstanding
35,320
23,635
19,720
15,279
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
2,998
40,437
76,110
178,674
Short-Term Investments
—
—
—
14,684
Total Cash and Cash Equivalents
2,998
40,437
76,110
193,358
Accounts Receivable
1,831
407
25,836
2,741
Other Receivables
5,179
—
—
—
Total Trade Receivables
7,010
407
25,836
2,741
Other Current Assets
123,428
4,730
10,470
17,023
Total Current Assets
133,436
45,574
112,416
213,122
Net Property, Plant & Equipment
23,214
147,395
163,027
164,286
Net Intangible Assets
3,037
3,376
4,411
6,228
Goodwill
24,092
24,092
24,723
25,467
Long-Term Investments
24,277
—
—
—
Other Long-Term Assets
18,742
5,834
9,336
4,453
Total Assets
226,798
226,271
313,913
413,556
Accounts Payable
82,987
61,470
61,446
40,939
Accrued Expenses
34,223
34,961
45,283
38,259
Current Portion of Long-Term Debt
44,655
2,698
146
575
Current Portion of Leases
1,034
2,446
2,587
1,943
Unearned Revenue
1,143
1,174
1,161
13,412
Other Current Liabilities
160,590
119,795
146,417
94,967
Total Current Liabilities
323,489
221,401
255,897
188,952
Long-Term Debt
—
30,473
12,768
12,584
Leases
10,108
54,551
62,511
63,326
Other Long-Term Liabilities
169,919
225,127
129,976
202,453
Total Long-Term Liabilities
180,027
310,151
205,255
278,363
Total Liabilities
503,516
531,552
461,152
467,315
Preferred Stock
—
—
0
0
Common Stock
353
236
197
3,056
Additional Paid-in Capital
1,911,740
1,857,662
1,796,095
1,644,658
Accumulated Other Comprehensive Income
(439)
(1,398)
(955)
915
Retained Earnings
(2,182,765)
(2,182,880)
(1,955,668)
(1,709,907)
Total Common Shareholders' Equity
(271,111)
(326,380)
(160,331)
(61,278)
Minority Interests and Other
(6,750)
19,956
11,949
6,376
Total Shareholders' Equity
(277,861)
(306,424)
(148,382)
(54,902)
Total Liabilities and Shareholders' Equity
226,798
226,271
313,913
413,556
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(3,083)
(232,271)
(257,437)
(230,656)
Depreciation & Amortization
9,999
13,343
13,588
6,946
Share-Based Compensation Expense
13,770
17,390
22,869
18,337
Other Adjustments
(125,215)
10,619
(13,978)
5,916
Changes in Trade Receivables
(1,728)
25,344
(23,461)
122
Changes in Accounts Payable
23,500
2,013
21,366
6,494
Changes in Accrued Expenses
4,499
136
20,613
2,034
Changes in Unearned Revenue
1
20
(12,249)
(10,368)
Changes in Other Operating Activities
1,062
5,091
4,487
25,802
Cash from Operating Activities
(77,195)
(158,315)
(224,202)
(175,373)
Capital Expenditure
(6)
(576)
(9,954)
(53,062)
Proceeds from Sale of Property, Plant & Equipment
359
24
3,363
21,998
Purchases of Investments
—
—
(20,043)
(24,629)
Proceeds from Sale of Investments
841
579
30,034
25,000
Payments for Business Acquisitions
—
—
—
(2,917)
Cash from Investing Activities
1,194
27
3,400
(33,610)
Issuance of Long-Term Debt
12,500
93,851
—
—
Repayments of Long-Term Debt
(2,500)
—
—
—
Net Issuance / (Repayments) of Long-Term Debt
10,000
93,851
—
—
Issuance of Common Shares
36,305
39,470
133,964
100,109
Repurchases of Common Shares
(87)
—
(5,172)
(3,789)
Net Issuance / (Repurchases) of Common Shares
36,218
39,470
128,792
96,320
Other Financing Activities
(9,625)
(10,481)
(8,926)
(490)
Cash from Financing Activities
36,593
122,840
119,866
95,830
Effect of Exchange Rate Changes on Cash and Cash Equivalents
47
(260)
(628)
(104)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash