Start here if you're new
what it is
Agenus builds cancer drugs that try to make your immune system attack tumors harder and faster.
how it gets paid
FY2024 revenue was about $103.5M (annual filing). The mix is partnership-heavy; do not confuse ~$80M nine-month 2025 revenue (through Sep 30) with a single quarter.
what just happened
Q3 2025 revenue was about $30.2M; nine-month 2025 revenue was about $80M. Q3 net income was about $63.9M, largely from a ~$100.9M MiNK deconsolidation gain—read GAAP footnotes, not just the revenue line.
At a glance
C balance sheet — red flag territory — real financial stress
15/100 earnings predictability — expect surprises
18.9% return on capital — nothing to write home about
-$10.59 fy2024 eps est
$104M fy2024 rev est
xvary composite: 25/100 — weak
What they do
Agenus builds cancer drugs that try to make your immune system attack tumors harder and faster.
Agenus wins by controlling more of the biotech assembly line than most tiny peers. It has 316 employees and in-house cGMP manufacturing (current good manufacturing practice manufacturing → its own regulated drug factory process → you do not need to outsource every step). It also has 6 named pharma partners, which means outside companies already decided the science was worth writing checks for.
How they make money
$103M
annual revenue
collaboration and license revenue
$80M
lumpy · verify 10-K
manufacturing and services
$12M
n/a
royalty and milestone revenue
$7M
n/a
other revenue
$4M
n/a
The products that matter
lead clinical cancer therapy
BOT/BAL (botensilimab + balstilimab)
Phase 3 · lead asset
This is the only Phase 3 asset in the snapshot. In practice, that makes it the entire valuation debate.
binary catalyst
strategic partnership and funding
Zydus collaboration
$10M bridge + $91M at close (2025)
The October 2025 Zydus package included a $10M bridge facility ahead of ~$91M at closing (plus an equity piece at $7.50/share per the Q3 2025 release). Verify final terms in the executed agreement on EDGAR.
funding lifeline
early-stage vaccine platform
SaponiQx adjuvant platform
preclinical
This is future optionality, not current revenue. It may matter later, but today the market cares far more about BOT/BAL getting through Phase 3.
option value
Key numbers
-116.4%
operating margin
Operating margin → what is left after running the business → so what: Agenus is still burning cash to stay in the race.
$226M
long-term debt
Debt is roughly 2 times the market cap, which means creditors have a louder voice than equity holders would like.
$104M
trailing revenue
That is almost the same as the ~$112M market cap, so you are paying about 1 times sales for a very risky biotech.
1.6
beta
Beta → how violently a stock moves versus the market → so what: this name is built for whiplash.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $226M (67% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for AGEN right now.
source: institutional data · return history unavailable
What just happened
reported (Q3 2025)
Q3 2025 revenue ~$30.2M; nine-month 2025 revenue ~$80M (ended Sep 30, 2025).
Net income for Q3 2025 was about $63.9M, driven by a ~$100.9M MiNK Therapeutics deconsolidation gain; operating loss for the quarter was about $4.5M per the company recap—diluted EPS about $2.00 on that GAAP net income print (verify share count and adjustments in the 10-Q).
~$30.2M
Q3 2025 revenue
~$80M
nine-month revenue
~$63.9M
Q3 net income
the number that mattered
The MiNK deconsolidation gain explains why net income can look “green” while operating performance is still underwater—separate the two before you annualize the story.
sources: Agenus Q3 2025 results (Business Wire / BioSpace, Nov. 2025) · FY2024 recap (investor.agenusbio.com Feb. 2025) · investor.agenusbio.com
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is BOT/BAL failing in Phase 3. With one lead asset, $226M in long-term debt, and a $141M partner funding the path, this is not a portfolio of shots on goal. It is one shot with financing attached.
med
BOT/BAL Phase 3 failure
This is the only Phase 3 program in the snapshot. If the readout fails, the lead asset, the core thesis, and much of the partnership logic all take a hit at once.
The market is only valuing Agenus at about $112M today. A failed readout would pressure the entire equity story, not just one program line item.
med
cash burn and dilution
A -33% profit margin and $226M in long-term debt mean the company still depends on outside capital. In plain English: if the science takes longer, shareholders usually pay for the calendar.
The risk is not abstract. Debt equals 67% of capital, and the market cap is smaller than the debt load.
med
Zydus funding dependency
The Zydus package helps fund development and manufacturing. That support is valuable, but it also means the lead program is tied to one major external relationship and executed legal terms.
Management has already framed $15M–$26M of near-term funding as milestone-sensitive. If milestones slip, the funding timeline can slip with them.
med
thin underlying business
Only $21M of the $104M revenue base comes from product and service revenue in this snapshot. The rest is mostly collaboration and license revenue, which is useful but lumpy.
If you strip out deal revenue, you are left with a small commercial base trying to support a very expensive development story.
Agenus faces one combined problem: the science is binary, and the balance sheet gives it less room to be wrong. One Phase 3 miss would hit the lead asset while $226M of debt still sits on the company.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical catalyst
BOT/BAL Phase 3 interim data
First interim analysis is expected in H2 2026. This is the binary event the whole page keeps circling back to.
calendar
Q1 2026 earnings on mar 16, 2026
Watch for trial enrollment commentary, cash burn language, and whether the Zydus funding changes the tone around financing.
funding
partnership milestone receipts
The Zydus deal includes development and regulatory triggers. If milestone cash arrives on schedule, it reduces pressure on the balance sheet. If it does not, the financing question comes back fast.
trend
revenue mix staying deal-heavy
$82M of the $104M revenue base comes from collaboration and license revenue. If that mix does not broaden, the company remains dependent on milestones instead of a durable commercial base.
Analyst rankings
earnings predictability
15 / 100
This sits near the bottom of the scale. In human-speak, analysts do not expect a clean, steady earnings pattern here.
risk rank
5
Safer than just 5% of stocks. You are not being paid for predictability here. You are being paid, if at all, for a catalyst.
price stability
5 / 100
The stock has almost no stability score. That lines up with the $1–$7 range and the binary nature of the story.
source: institutional data
Institutional activity
institutional ownership data for AGEN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive