Agenus
AGEN on Nasdaq. Biological products, (no diagnostic substances). Market value $393m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-29.21 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 30 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$7.49 a share, 176% above its 1-year low
Over the past year the price has ranged from $2.71 to $10.31.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $296m | $98m | $156m | $103m | $114m |
| Operating margin | |||||
| Operating margin | 8.7% | -183.0% | -102.1% | -116.4% | -17.7% |
| Debt to equity | |||||
| Debt to equity | 0.41 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.30bn | 0.38bn | 0.02bn | 0.03bn | 0.05bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsSlow, 5.3% a year
- Buying back its own sharesYes, 85% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $35 million last quarter, up 34% on a year ago.
- A loss of $604,000, compared with a loss of $28 million a year ago.
- It keeps 27 cents of each $1 of sales as operating profit, after losing 86 cents a year earlier.
- 47% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $11 million more than cash, down from $25 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $25m |
| December 2024 | $27m |
| March 2025 | $24m |
| June 2025 | $26m |
| September 2025 | $30m |
| December 2025 | $34m |
| March 2026 | $34m |
| June 2026 | $35m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$66m |
| December 2024 | -$46m |
| March 2025 | -$25m |
| June 2025 | -$28m |
| September 2025 | $64m |
| December 2025 | -$11m |
| March 2026 | $39m |
| June 2026 | -$604,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
None of the long-term investors we follow own it. 102 funds in all.
Largest holders overall
- BlackRock$8mAdded
- Vanguard Capital Management$5mAdded
- Vanguard Portfolio Management$4mAdded
- Siren, L.L.C.$3m
- Geode Capital Management$3mAdded
- Mackenzie Financial$2mNew
- Goldman Sachs Group$1mAdded
- Marshall Wace, LLP$1mCut
- Raymond James Financial$1mAdded
- Globeflex Capital L P$1mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Raymond DebbanePassive investorat least 10.0%(filed with 7 related holders)Since 13 July 2026
- RA Capital Management, L.P.Passive investorat least 9.9%(filed with 3 related holders)Since 13 July 2026
- BlackRock, Inc.Passive investor6.0%+4.2 ptsSince 30 June 2026
- ZYNEXT VENTURES USA LLCStrategic holderat least 5.9%(filed with 2 related holders)Since 15 January 2026
What they said
The acquisition of securities of the issuer is part of a strategic collaboration between Zydus and the issuer. At Zydus?s option, Zydus may appoint either a board observer or board member to issuer?s board of directors so long as Zydus retains significant ownership of issuer?s…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Raymond Debbane Passive investor | at least 10.0% (filed with 7 related holders) | 13 July 2026 | |
RA Capital Management, L.P. Passive investor | at least 9.9% (filed with 3 related holders) | 13 July 2026 | |
BlackRock, Inc. Passive investor | 6.0%+4.2 pts | 30 June 2026 | |
ZYNEXT VENTURES USA LLC Strategic holder | at least 5.9% (filed with 2 related holders) | 15 January 2026 | What they saidThe acquisition of securities of the issuer is part of a strategic collaboration between Zydus and the issuer. At Zydus?s option, Zydus may appoint either a board observer or board member to issuer?s board of directors so long as Zydus retains significant ownership of issuer?s… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Agenus’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 10 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“Because the timing and completion of these transactions are not entirely within our control, in accordance with applicable accounting standards, substantial doubt exists about our ability to continue as a going concern for at least one year after the date these condensed consolidated financial statements are issued.”
Show the full paragraph
Because the timing and completion of these transactions are not entirely within our control, in accordance with applicable accounting standards, substantial doubt exists about our ability to continue as a going concern for at least one year after the date these condensed consolidated financial statements are issued. The consolidated financial statements have been prepared assuming we will continue as a going concern and contemplate the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.
From the 10-Q filed 7 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.