Agenus (AGEN) financial statements
Agenus reported revenue of $114M in fiscal 2025, up 19.7% a year over 9 years.
Net income was -$101,000 and the operating margin -17.7%, against -476.1% in 2016.
Free cash flow was -$77M.
The diluted share count fell 99% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Agenus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23M | $43M | $37M | $150M | $88M | $296M | $98M | $156M | $103M | $114M |
| Cost of revenue | — | — | — | — | $2M | $3M | $11M | $3M | $486,000 | $1M |
| Gross profit | — | — | — | — | $86M | $292M | $87M | $153M | $103M | $113M |
| Research and development | $95M | $116M | $125M | $168M | $143M | $179M | $187M | $235M | $156M | $79M |
| Selling, general and admin | $33M | $34M | $37M | $46M | $59M | $76M | $81M | $79M | $72M | $54M |
| Operating income | -$107M | -$104M | -$124M | -$70M | -$117M | $26M | -$179M | -$160M | -$120M | -$20M |
| Interest expense | $19M | $31M | — | — | — | — | $64M | $104M | $120M | $56M |
| Pre-tax income | -$127M | -$121M | — | — | — | — | — | -$257M | -$232M | -$3M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$127M | -$121M | -$160M | -$108M | -$181M | -$24M | -$220M | -$246M | -$227M | -$101,000 |
| EPS (diluted) | -$0.03 | -$0.02 | -$0.03 | -$0.02 | -$0.02 | $-0.00 | -$15.64 | -$13.75 | -$10.59 | $0.00 |
| Diluted shares | 4.35B | 4.92B | 5.54B | 6.75B | 8.63B | 11M | 14M | 18M | 21M | 30M |
| Gross margin | — | — | — | — | 97.3% | 98.8% | 89.2% | 98.0% | 99.5% | 99.1% |
| Operating margin | -476.1% | -242.1% | -336.6% | -46.7% | -133.0% | 8.7% | -183.0% | -102.1% | -116.4% | -17.7% |
| Net margin | -562.6% | -281.5% | -434.7% | -71.9% | -205.4% | -8.2% | -224.7% | -157.4% | -219.8% | -0.1% |
Balance sheet
Fiscal years, from Agenus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $76M | $60M | $53M | $62M | $100M | $307M | $193M | $76M | $40M | $3M |
| Receivables | $11M | $1M | $938,000 | $16M | $1M | $2M | $3M | $26M | $407,000 | $2M |
| Inventory | $88,200 | $79,491 | $55,000 | $0 | — | — | — | — | — | — |
| Total current assets | $91M | $74M | $75M | $87M | $114M | $332M | $213M | $112M | $46M | $133M |
| Property, plant and equipment | $26M | $26M | $25M | $26M | $27M | $60M | $133M | $133M | $120M | $15M |
| Goodwill | $22M | $23M | $23M | $23M | $25M | $25M | $25M | $25M | $24M | $24M |
| Total assets | $157M | $138M | $136M | $155M | $215M | $466M | $414M | $314M | $226M | $227M |
| Total current liabilities | $41M | $56M | $68M | $122M | $130M | $157M | $189M | $256M | $221M | $323M |
| Long-term debt | $131M | $142M | $13M | $13M | $19M | $13M | $13M | $13M | $30M | $0 |
| Total liabilities | $196M | $214M | $311M | $387M | $426M | $418M | $468M | $462M | $533M | $505M |
| Shareholders' equity | -$39M | -$76M | -$172M | -$225M | -$204M | $34M | -$61M | -$160M | -$326M | -$271M |
| Net debt | $59M | $103M | -$40M | -$48M | -$80M | -$278M | -$166M | -$63M | -$7M | $42M |
Cash flow
Fiscal years, from Agenus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$80M | -$94M | -$131M | -$19M | -$139M | $10M | -$175M | -$224M | -$158M | -$77M |
| Capital spending | $13M | $3M | $4M | $5M | $3M | $34M | $53M | $10M | $576,000 | $6,000 |
| Free cash flow | -$92M | -$97M | -$135M | -$23M | -$143M | -$24M | -$228M | -$234M | -$159M | -$77M |
| Stock-based compensation | $13M | $12M | $8M | $10M | $10M | $20M | $18M | $23M | $17M | $14M |
| Net borrowing | — | $15M | -$162M | — | $5M | -$462,000 | — | — | — | -$2M |
| Free cash flow margin | -409.7% | -227.0% | -366.2% | -15.6% | -161.7% | -8.0% | -233.0% | -149.8% | -153.6% | -67.6% |
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Open AGEN in InvestinglyQuestions
What was Agenus's revenue in 2025?
$114M in fiscal 2025, from its 10-K filing.
How much free cash flow does Agenus generate?
-$77M in fiscal 2025 (operating cash flow minus capital spending).
From Agenus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.