olivLaw · US equity research
Agenus Inc. AGEN
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Agenus is a clinical-stage biotechnology company focused on immunotherapies against cancer, whose lead product, botensilimab plus balstilimab, is investigational and not approved for commercial sale. The company has focused its resources on the ROBBIN Phase 3 trial in early-stage colon cancer after a private placement of about 85 million USD, while current revenue comes largely from non-cash royalties.
At the close of 04 Nov 2026, Agenus Inc. (AGEN) stock was 6.97 USD (+4.50% on the day), with market capitalisation 313.8 m USD, P/E 2.6 on diluted EPS of 2.64 USD over the last 12 months, beta 1.56, 52-week range 2.77–9.93 USD. Latest reported quarter (Q2 2026): revenue of 34.5 m USD (+34.4% YoY), net income of -567.0 k USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.3
- neutral
- Bollinger (20, 2)
- 5.83 – 7.64
- in the upper half of the band · %B 0.63 · band width 26.8%
- SMA 50 / 200
- 7.51 / 4.98
- mixed trend
- MACD (12, 26, 9)
- -0.23 / -0.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.2% | −1.1% | −19.1 pp | — |
| 3 months | −10.4% | −0.5% | −10.0 pp | — |
| 6 months | +79.2% | +4.4% | +74.8 pp | — |
| Year to date | +122.0% | +12.3% | +109.7 pp | — |
| 1 year | +86.9% | +13.5% | +73.3 pp | −2.1% |
| 3 years | −58.5% | +76.4% | −134.9 pp | −6.6% |
| 5 years | −91.5% | +63.7% | −155.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25.1 m | 26.8 m | 24.1 m | 25.7 m | 30.2 m | 34.2 m | 33.7 m | 34.5 m |
| Cost of revenue | 146.0 k | 118.0 k | 137.0 k | 243.0 k | 642.0 k | 0 | 0 | 0 |
| Research & development | 41.1 m | 33.8 m | 21.5 m | 26.7 m | 23.6 m | 7.5 m | 11.8 m | 14.8 m |
| Operating income | -31.5 m | -25.9 m | -13.3 m | -16.7 m | -4.5 m | 14.4 m | 15.1 m | 11.3 m |
| Depreciation & amortisation | 3.3 m ≈ | 3.3 m | 3.2 m | 3.2 m ≈ | 3.0 m ≈ | 597.0 k | 583.0 k | 517.0 k ≈ |
| Interest expense | 36.7 m | 21.1 m | 13.0 m | 13.3 m | 13.2 m | 16.0 m | 14.7 m | 15.4 m |
| Net income | -67.2 m | -46.8 m | -26.4 m | -30.0 m | 63.9 m | -10.6 m | 39.2 m | -567.0 k |
| Diluted EPS | -3.08 | -2.04 ≈ | -1.03 | -1.00 | 1.94 | -0.31 ≈ | 1.02 | -0.01 |
| Operating cash flow | -53.3 m ≈ | -28.7 m | -25.6 m | -20.2 m ≈ | -14.7 m ≈ | -16.6 m | -36.0 m | -31.2 m ≈ |
| Capex | 7.0 k ≈ | 73.0 k | 5.0 k | 1.0 k ≈ | 0 ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 1.2, median 1.6, max 2.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.8 m | 150.0 m | 88.2 m | 295.7 m | 98.0 m | 156.3 m | 103.5 m | 114.2 m |
| Revenue YoY | −14.2% | +307.9% | −41.2% | +235.3% | −66.8% | +59.5% | −33.8% | +10.4% |
| Net income | -162.0 m | -111.6 m | -182.9 m | -28.7 m | -230.7 m | -257.4 m | -232.3 m | -3.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.05 | -0.11 | -15.64 | -13.75 | -10.59 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -440.5% | -74.3% | -207.4% | -9.7% | -235.3% | -164.7% | -224.5% | -2.7% |
| Free cash flow | -134.7 m | -23.3 m | -142.6 m | -23.7 m | -228.4 m | -234.2 m | -158.9 m | -77.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.0 m USD
- Financial debt
- 44.7 m USD
- Net debt
- 41.7 m USD
- Equity
- -277.9 m USD
- Total assets
- 226.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.41x
- ROE
- unavailable
- ROA
- -1.4%
- FCF margin
- -67.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 88.2 m | 295.7 m | 98.0 m | 156.3 m | 103.5 m | 114.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Cost of revenue | 2.3 m | 3.5 m | 10.6 m | 3.1 m | 486.0 k | 1.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 85.8 m ≈ | 292.2 m ≈ | 87.5 m ≈ | 153.2 m ≈ | 103.0 m ≈ | 113.2 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Research & development | 142.6 m | 178.6 m | 186.7 m | 234.6 m | 155.5 m | 79.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | -117.2 m | 25.7 m | -179.4 m | -159.5 m | -120.5 m | -20.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 7.2 m | 6.8 m | 6.9 m | 13.6 m | 13.3 m | 10.0 m | SEC (XBRL)· 16 Mar 2026verified |
| EBITDA | -110.1 m ≈ | 32.5 m ≈ | -172.5 m ≈ | -146.0 m ≈ | -107.1 m ≈ | -10.2 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Interest expense | — | — | 64.1 m | 103.9 m | 120.4 m | 55.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | — | — | — | -257.4 m | -232.3 m | -3.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 16 Mar 2026verified |
| Net income | -182.9 m | -28.7 m | -230.7 m | -257.4 m | -232.3 m | -3.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | -1.05 | -0.11 | -15.64 | -13.75 | -10.59 | 0.00 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 172.5 k | 228.9 k | 14.1 m | 17.9 m | 21.5 m | 29.7 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 99.9 m | 291.9 m | 178.7 m | 76.1 m | 40.4 m | 3.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 1.2 m | 1.5 m | 2.7 m | 25.8 m | 407.0 k | 1.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Current assets | 113.8 m | 332.0 m | 213.1 m | 112.4 m | 45.6 m | 133.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Property, plant & equipment, net | 26.8 m | 60.0 m | 133.0 m | 133.4 m | 120.1 m | 15.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Goodwill | 25.5 m | 24.9 m | 25.5 m | 24.7 m | 24.1 m | 24.1 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 10.9 m | 8.5 m | 6.2 m | 4.4 m | 3.4 m | 3.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Total assets | 214.5 m | 466.0 m | 413.6 m | 313.9 m | 226.3 m | 226.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Accounts payable | 17.0 m | 30.5 m | 40.9 m | 61.4 m | 61.5 m | 83.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Short-term debt | 833.0 k | 728.0 k | 575.0 k | 146.0 k | 2.7 m | 44.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Long-term debt | 18.9 m | 12.8 m | 12.6 m | 12.8 m | 30.5 m | 0 | SEC (XBRL)· 16 Mar 2026verified |
| Current liabilities | 129.9 m | 156.9 m | 189.0 m | 255.9 m | 221.4 m | 323.5 m | SEC (XBRL)· 16 Mar 2026verified |
| Equity | -211.5 m | 47.9 m | -54.9 m | -148.4 m | -306.4 m | -277.9 m | SEC (XBRL)· 16 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -139.1 m | 10.1 m | -175.4 m | -224.2 m | -158.3 m | -77.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 3.5 m | 33.8 m | 53.1 m | 10.0 m | 576.0 k | 6.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | -142.6 m ≈ | -23.7 m ≈ | -228.4 m ≈ | -234.2 m ≈ | -158.9 m ≈ | -77.2 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | -4.4 m | -43.2 m | -33.6 m | 3.4 m | 27.0 k | 1.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | 183.9 m | 225.3 m | 95.8 m | 119.9 m | 122.8 m | 36.6 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 313.8 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet43
- Growth44
- Valuation56
- Quality50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 59.30 – 94.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E59.30 – 94.34 (Mid 69.11)6 companies used · median multiple 26.2x · quartiles 22.5x – 35.8xALVO, AMGN, EXEL, HALO, NBIX, PLX
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 69.3% | 100 (vs peers) | 9% |
| FCF conversion · Quality | -107.1% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 5.2% | 44 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.0x | 85 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | 0.6x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 2.6x | 100 (vs peers) | 15% |
| EV/EBITDA · Valuation | 8.7x | 57 (on a fixed band) | 15% |
| FCF yield · Valuation | -31.4% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 3/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation56/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGENUS INC (AGEN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 114.2 m USD in 2025; YoY growth 10.4%; net margin 69.3%; net debt/EBITDA 1.0x.
The estimated value range is 59.30–94.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 69.11 USD, the price of 6.97 USD leaves a potential of 891.6% (value / price − 1) and a margin of safety of 89.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 69.3%
- Net debt / EBITDA: 1.0x
- P/E (TTM): 2.6x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -107.1%
- Interest coverage: 0.6x
- Current ratio: 0.3x
- FCF yield: -31.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 258.8 bn | 27.7 | 78.4% | 24.1% | +10.0% | +39% / +77% |
| GILDGilead Sciences, Inc. | 216.4 bn | — | -22.3% | -12.5% | +2.4% | +39% / +128% |
| MRNAModerna, Inc. | 103.2 bn | — | -39.0% | -141.4% | −39.9% | +895% / +233% |
| RVMDRevolution Medicines, Inc. | 43.2 bn | — | -93.6% | -946.8% | unavailable | +157% / +756% |
| BIIBBiogen Inc. | 37.6 bn | 108.8 | 1.9% | 3.4% | +2.2% | +40% / +9% |
| EXELExelixis, Inc. | 17.8 bn | 21.7 | 44.3% | 35.5% | +7.0% | +65% / +234% |
| NBIXNeurocrine Biosciences, Inc. | 16.8 bn | 24.6 | 20.4% | 19.0% | +21.4% | +9% / +42% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| BEAMBeam Therapeutics Inc. | 2.9 bn | — | -11.3% | -73.9% | +120.0% | +10% / −1% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -37.4% | +94.1% | +15% / +40% |
| MAZEMaze Therapeutics, Inc. | 1.9 bn | — | -37.3% | -5,343.6% | unavailable | −12% / unavailable |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| CGEMCullinan Therapeutics, Inc. | 803.8 m | — | -50.3% | — | −100.0% | +10% / +53% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| FDMT4D Molecular Therapeutics, Inc. | 611.3 m | — | -43.3% | -194.7% | +230,194.6% | +5% / −3% |
| ATYRaTYR PHARMA INC | 606.2 m | — | -98.4% | -32,003.7% | −19.1% | +691% / +375% |
| RGNXREGENXBIO Inc. | 509.0 m | — | -137.6% | -112.6% | +104.5% | −42% / −61% |
| ALLOAllogene Therapeutics, Inc. | 411.1 m | — | -42.4% | -3,566.7% | −100.0% | −18% / −49% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| FENCFennec Pharmaceuticals Inc. | 362.9 m | — | -18.6% | -5.5% | −6.1% | +26% / +20% |
| AGENAgenus Inc | 313.8 m | 2.6 | — | 69.3% | +10.4% | +87% / −59% |
| OCGNOcugen, Inc. | 296.7 m | — | — | -1,367.6% | +8.8% | −29% / +126% |
| ALECAlector, Inc. | 254.6 m | — | -385.1% | -850.1% | −79.1% | +71% / −58% |
| PLXProtalix BioTherapeutics, Inc. | 216.7 m | 11.7 | 31.2% | 23.5% | −1.2% | +51% / +78% |
1- and 3-year price returns: for AGEN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.21 Total return -54% · Per year -54% | 5.68 Total return -19% · Per year -19% | 8.55 Total return 23% · Per year 23% |
| 3 years | 3.16 Total return -55% · Per year -23% | 6.28 Total return -10% · Per year -3% | 10.38 Total return 49% · Per year 14% |
| 5 years | 3.11 Total return -55% · Per year -15% | 6.96 Total return -0% · Per year -0% | 12.61 Total return 81% · Per year 13% |
- Exit P/E± 1.57
- Net margin± 1.10
- Annual revenue growth± 0.90
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Agenus is a clinical-stage biotechnology company focused on immunotherapies against cancer, whose lead product, botensilimab plus balstilimab, is investigational and not approved for commercial sale. The company has focused its resources on the ROBBIN Phase 3 trial in early-stage colon cancer after a private placement of about 85 million USD, while current revenue comes largely from non-cash royalties.
SWOT
Strengths
- The July 2026 private placement, with associated warrants that could bring additional sums, supports the ROBBIN program. Non-cash royalty revenue, though not bringing cash, provides a stable income stream tied to sales by partner GSK.
- The portfolio also includes stakes in MiNK Therapeutics and SaponiQx, which could add value if they develop successfully.
Weaknesses
- The company has no approved products for sale and has not yet earned significant product sales revenue. Nearly all revenue is non-cash or small, and accumulated losses run into billions of dollars.
- Liquidity is limited and financing depends on capital markets and partnerships. The company has reaffirmed that development requires resources beyond its current funding horizon.
- Clinical evidence rests largely on small, single-arm or investigator-sponsored studies, which limits their ability to predict outcomes in Phase 3 trials.
Opportunities
- If ROBBIN demonstrates an event-free survival benefit, the stage II-III colon cancer market could become a major opportunity. Expanding authorized access programs to other countries could increase early revenue.
- Partnerships with large pharmaceutical companies for commercial development could accelerate launch and ease financial pressure, if they materialize.
- Exercise of warrants tied to milestones could bring additional capital aligned with program progress.
Threats
- A failure of ROBBIN or a rejected approval request could significantly reduce the value of the lead program. Regulators may require additional studies or change the conditions for approval.
- Competition in immunotherapy is intense, and approved products in the targeted indications could gain market advantage. Changes in reimbursement policies could limit revenue from any approved product.
- Litigation and regulatory investigations, though some have been closed, could return and affect operations and reputation.
Risks
- Dependence on a single programhigh
The company has stated its value depends largely on the success of botensilimab and its combinations; a negative result could have major effects on the whole business.
- Need for additional financinghigh
Cash resources are declared sufficient only into 2027, and without new capital development could be interrupted or slowed.
- Shareholder dilutionmedium
Financing through share issuance or warrants can dilute existing shareholders and restrict operations.
- Dependence on third parties and access programsmedium
Access programs can be modified by authorities, and development of some products depends on partners, introducing risks the company does not fully control.
Investment thesis
What would need to be true (bull case)
- If ROBBIN data confirm a recurrence benefit, the early-stage colon cancer market could justify the value placed on the program, according to the company's own estimates 2.
- Recent financing and the manufacturing capacity secured through Zydus could support execution of the plan without an immediate liquidity crisis.
- Long-term survival data in metastatic colorectal cancer and other refractory tumors could strengthen BOT's position as a differentiated treatment.
What would break the thesis
- The company has no approved products, and losses and capital needs may continue until a product reaches the market, if it ever does.
- Current evidence comes from small, investigator-funded studies not designed to prove reduced recurrence, and it may not hold up in Phase 3.
- Reported revenue includes non-cash royalties that generate no cash, so underlying financial performance remains weak.
What to watch
- Publication of NEST and UNICORN manuscripts with longer follow-up2026
- ROBBIN trial initiation and first patient dosedQ1 2027
- Interim pathologic response analysis from ROBBIN2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Agenus develops antibody-based immunotherapies designed to activate innate and adaptive immunity and extend immunotherapy to more patients. Its lead program is botensilimab (BOT), an anti-CTLA-4 antibody, given with balstilimab (BAL), an anti-PD-1 antibody; both are investigational and have not been approved by the FDA or EMA. The company reported a net loss of only 3.1 million USD for fiscal 2025, but this largely reflects non-cash royalty revenue 1.
After its December 2024 strategic realignment, Agenus prioritized the BOT/BAL program and temporarily paused non-core activities while it evaluates partnering. It closed its collaboration with Zydus Lifesciences in January 2026, including the sale of its Emeryville and Berkeley manufacturing facilities, for a total consideration of 91.0 million USD 1. Its equity stake in MiNK Therapeutics and its subsidiary SaponiQx, which develops saponin-based vaccine adjuvants, complete the portfolio.
Market context
The market for immunotherapies combined with chemotherapy and neoadjuvant treatment remains expanding, but no BOT/BAL product is yet commercially authorized in the US or EU. If ROBBIN or the accelerated approval filings succeed, market access will depend on reimbursement and clinician acceptance, which are still undetermined.
Trends
- Shift to neoadjuvant treatmentmixed
The company has refocused on earlier-stage colon cancer patients, based on the NEST and UNICORN studies, which reported deep pathologic responses with no recurrences reported so far 3. If the ROBBIN Phase 3 confirms an event-free survival benefit, this shift could open a much larger market.
- Dependence on external financing and dilutionheadwind
The company said its cash resources cover critical liquidity needs only into 2027, and its funding plans depend on private placements and partnerships 1. If additional funding is delayed, development activity could slow.
- Uncertain regulatory and accelerated pathwaysheadwind
The FDA earlier suggested existing data may not support accelerated approval, and later accepted a Phase 3 design with a comparator arm 1. Regulators may require confirmatory studies, which could lengthen the timeline.
Competitive position
Agenus competes with other developers of immunotherapies targeting the PD-1 and CTLA-4 pathways, as well as with standard therapies in colorectal oncology. The analysed sources do not explicitly identify named competitors with tickers, so the list below is limited to entities mentioned in the documents.
The company's stated advantage is the differentiated profile of BOT, aimed at cold tumors, but the data come from small studies, sometimes without a comparator arm 2. Competitors with approved therapies in similar tumors could have a commercial advantage, and the fact that BOT/BAL is not approved is a significant limitation.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report18 Aug 2026Material agreement · Creation of a direct financial obligation · Item 3.02
- Current report13 Aug 2026Departure or appointment of officers
- Current report11 Aug 2026Departure or appointment of officers
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations
- Current report13 Jul 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report06 Jul 2026Material agreement
- Current report23 Jun 2026Shareholder vote
- Current report15 May 2026Departure or appointment of officers
- Quarterly report11 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Agenus Inc. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Agenus Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Agenus Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.