AGEN Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
Agenus Inc had $114M of revenue in fiscal 2025, up 10.4% on the year before. Over five years, revenue changed +5.3% a year on average.
Last close Β· Oct 23, 2026
$6.33
2.8%Hi! I read Agenus Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+10.4%
Yes. Sales grew 10.4% last year.
Does it make a profit?
β2.7%
No. It lost money last year.
Does profit turn into cash?
β67.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 9
Weak. It passes 3 of 9 health tests.
How is the share priced?
2.1x
One share costs 2.1 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Agenus Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 11, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 16, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 10, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 11, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 12, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Mar 11, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 12, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Agenus Inc had $114M of revenue in fiscal 2025, up 10.4% on the year before. Over five years, revenue changed +5.3% a year on average. Its operating margin was β17.7%, up 98.8Β pts: of every 100 in sales, about β18 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Agenus Inc lost $3.1M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$77.2M in fiscal 2025, β67.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Agenus Inc owes $41.8M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Agenus Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $307M | $193M | $76.1M | $40.4M | $3.0M |
| Debt incl. finance leases | $14.2M | $33.4M | $28.1M | $38.0M | $44.8M |
| Net debt / EBITDA | β9.0x | β | β | β | β |
| Debt / equity | 0.4x | β | β | β | β |
| Interest coverage | β | β2.8x | β1.5x | β1.0x | β0.4x |
| Current ratio | 2.1x | 1.1x | 0.4x | 0.2x | 0.4x |
| Quick ratio | 2.1x | 1.1x | 0.4x | 0.2x | 0.4x |
| Total assets | $466M | $414M | $314M | $226M | $227M |
| Total liabilities | $432M | $475M | $474M | $553M | $498M |
| Shareholders' equity | $34.4M | β$61.3M | β$160M | β$326M | β$271M |
| Net debt (β = net cash) | β$293M | β$160M | β$48.0M | β$2.4M | $41.8M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Agenus Inc passes 3 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 2 / 8 | 4 / 8 | 2 / 8 | 7 / 9 | 1 / 9 | 3 / 9 | 2 / 9 | 3 / 9 |
| Accruals ratio | β30.0% | β17.9% | β22.5% | β63.7% | β23.7% | β11.4% | β12.6% | β9.1% | β27.4% | 32.7% |
| Altman Z'' | β21.50 | β28.78 | β34.50 | β32.13 | β26.95 | β7.50 | β16.15 | β27.08 | β40.75 | β38.04 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $22.6M | $42.9M | $36.8M | $150M | $88.2M | $296M | $98.0M | $156M | $103M | $114M |
| Gross profit | β | β | β | β | $85.8M | $292M | $87.5M | $153M | $103M | $113M |
| Research and development | $95.0M | $116M | $125M | $168M | $143M | $179M | $187M | $235M | $156M | $79.3M |
| Operating income | β$107M | β$104M | β$124M | β$70.1M | β$117M | $25.7M | β$179M | β$160M | β$120M | β$20.2M |
| Interest expense | $19.4M | $31.3M | β | β | β | β | $64.1M | $104M | $120M | $55.6M |
| Pretax income | β$127M | β$121M | β | β | β | β | β | β$257M | β$232M | β$3.1M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$127M | β$121M | β$162M | β$112M | β$183M | β$28.7M | β$231M | β$257M | β$232M | β$3.1M |
| Net income to common | β$127M | β$121M | β$160M | β$108M | β$181M | β$24.1M | β$220M | β$246M | β$227M | β$0.1M |
| Diluted EPS | β$1.46 | β$1.23 | β$1.44 | β$0.80 | β$1.05 | β$0.11 | β$15.64 | β$13.75 | β$10.59 | $0.00 |
| Diluted shares | 0.09B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B | 0.01B | 0.02B | 0.02B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | β$80.0M | β$94.2M | β$131M | β$18.7M | β$139M | $10.1M | β$175M | β$224M | β$158M | β$77.2M |
| Capital expenditure | $12.5M | $3.1M | $3.6M | $4.7M | $3.5M | $33.8M | $53.1M | $10.0M | $0.6M | $0.0M |
| Free cash flow | β$92.5M | β$97.3M | β$135M | β$23.3M | β$143M | β$23.7M | β$228M | β$234M | β$159M | β$77.2M |
| Depreciation and amortization | $4.9M | $6.0M | $6.3M | $6.7M | $7.2M | $6.8M | $6.9M | $13.6M | $13.3M | $10.0M |
| Stock-based compensation | $13.2M | $12.4M | $7.6M | $9.9M | $10.4M | $19.6M | $18.3M | $22.9M | $17.4M | $13.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $76.4M | $60.2M | $53.1M | $61.8M | $99.9M | $307M | $193M | $76.1M | $40.4M | $3.0M |
| Total debt | $131M | $163M | $13.4M | $14.0M | $19.7M | $13.6M | $13.2M | $12.9M | $33.2M | $44.7M |
| Finance lease liabilities | β | β | β | $0.1M | $0.8M | $0.7M | $20.2M | $15.2M | $4.8M | $0.1M |
| Current assets | $91.3M | $73.6M | $74.8M | $86.5M | $114M | $332M | $213M | $112M | $45.6M | $133M |
| Current liabilities | $40.9M | $56.4M | $68.1M | $122M | $130M | $157M | $189M | $256M | $221M | $323M |
| Inventory | $0.1M | $0.1M | $0.1M | $0.0M | β | β | β | β | β | β |
| Property and equipment, net | $25.6M | $26.2M | $25.1M | $26.3M | $26.8M | $60.0M | $133M | $133M | $120M | $15.5M |
| Goodwill | $22.4M | $23.0M | $22.9M | $23.2M | $25.5M | $24.9M | $25.5M | $24.7M | $24.1M | $24.1M |
| Intangible assets | $16.4M | $14.4M | $12.3M | $10.5M | $10.9M | $8.5M | $6.2M | $4.4M | $3.4M | $3.0M |
| Total assets | $157M | $138M | $136M | $155M | $215M | $466M | $414M | $314M | $226M | $227M |
| Total liabilities | $196M | $214M | $309M | $381M | $418M | $432M | $475M | $474M | $553M | $498M |
| Shareholders' equity | β$39.1M | β$75.8M | β$172M | β$225M | β$204M | $34.4M | β$61.3M | β$160M | β$326M | β$271M |
| Margins | ||||||||||
| Gross margin | β | β | β | β | 97.3% | 98.8% | 89.2% | 98.0% | 99.5% | 99.1% |
| Operating margin | β476.1% | β242.1% | β336.6% | β46.7% | β133.0% | 8.7% | β183.0% | β102.1% | β116.4% | β17.7% |
| EBITDA margin | β454.2% | β228.1% | β319.5% | β42.3% | β124.8% | 11.0% | β176.0% | β93.4% | β103.5% | β8.9% |
| Net margin | β562.6% | β281.5% | β440.5% | β74.3% | β207.4% | β9.7% | β235.3% | β164.7% | β224.5% | β2.7% |
| FCF margin | β409.7% | β227.0% | β366.2% | β15.6% | β161.7% | β8.0% | β233.0% | β149.8% | β153.6% | β67.6% |
| Returns | ||||||||||
| Return on capital | β561.4% | β303.5% | β | β | β | β | β | β | β | β |
| Return on capital employed | β92.5% | β126.6% | β181.2% | β211.7% | β138.5% | 8.3% | β79.9% | β275.0% | β2,473.8% | 20.9% |
| Return on assets | β80.9% | β81.7% | β117.9% | β76.5% | β98.9% | β8.4% | β52.5% | β70.8% | β86.0% | β1.4% |
| Return on tangible equity | β | β | β | β | β | β2,243.2% | β | β | β | β |
| Growth | ||||||||||
| Revenue growth | β | 89.9% | β14.2% | 307.9% | β41.2% | 235.3% | β66.8% | 59.5% | β33.8% | 10.4% |
| Share count change | β | β99.9% | 12.6% | 21.8% | 27.8% | 32.7% | 6,054.2% | 27.0% | 20.0% | 38.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β9.0x | β | β | β | β |
| Debt / equity | β | β | β | β | β | 0.4x | β | β | β | β |
| Interest coverage | β5.5x | β3.3x | β | β | β | β | β2.8x | β1.5x | β1.0x | β0.4x |
| Current ratio | 2.2x | 1.3x | 1.1x | 0.7x | 0.9x | 2.1x | 1.1x | 0.4x | 0.2x | 0.4x |
| Quick ratio | 2.2x | 1.3x | 1.1x | 0.7x | 0.9x | 2.1x | 1.1x | 0.4x | 0.2x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 55.5% | 7.3% | 9.8% | 3.1% | 3.9% | 11.4% | 54.1% | 6.4% | 0.6% | 0.0% |
| Stock comp / revenue | 58.4% | 29.0% | 20.7% | 6.6% | 11.8% | 6.6% | 18.7% | 14.6% | 16.8% | 12.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 2.0 | 4.0 | 2.0 | 7.0 | 1.0 | 3.0 | 2.0 | 3.0 |
| Altman Z'' | β21.5 | β28.8 | β34.5 | β32.1 | β27.0 | β7.5 | β16.1 | β27.1 | β40.7 | β38.0 |
| Accruals ratio | β30.0% | β17.9% | β22.5% | β63.7% | β23.7% | β11.4% | β12.6% | β9.1% | β27.4% | 32.7% |
Source: SEC EDGAR XBRL filings (CIK 0001098972). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
