Agenus (AGEN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Agenus

NasdaqCM•Healthcare•Biotechnology

$7.12-0.09(-0.01%)Market open

Market Cap

$324.50M

P/E

3.5x

P/S

2.4x

Agenus Inc., a clinical-stage biotechnology company, discovers and develops immunotherapies for cancer and infectious diseases in the United States and internationally. It offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies; and display technologies. It develops QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant. The company also develops Balstilimab, a programmed death receptor-1 (PD-1) blocking antibody; AGEN1181, a human Fc-enhanced cytotoxic T-lymphocyte antigen 4 (CTLA-4) blocking antibody that is in Phase 2 trials in metastatic colorectal cancer (mCRC), pancreatic cancer, and melanoma; AGEN2373, a CD137 monospecific antibody that is in Phase 1b clinical trial; AGEN1423, a CD73/TGFß TRAP antibody; AGEN1571, an ILT2 monospecific antibody that is in clinical development; and BMS-986442, a TIGIT bispecific antibodies. In addition, it develops INCAGN1876, a GITR agonist; INCAGN2390, a TIM-3 monoclonal antibodies; INCAGN2385, a LAG-3 monospecific antibody; MK-4830, a monospecific antibody targeting ILT4 that is in Phase 2 clinical trial; and AGEN1884. The company operates under the Agenus, MiNK, Prophage, Retrocyte Display, and STIMULON trademarks. It has collaborations with Bristol-Myers Squibb Company, Betta Pharmaceuticals Co., Ltd., UroGen Pharma Ltd., Gilead Sciences, Inc., Incyte Corporation, and Merck Sharp & Dohme. The company was formerly known as Antigenics Inc. and changed its name to Agenus Inc. in January 2011. Agenus Inc. was founded in 1994 and is headquartered in Lexington, Massachusetts.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (21/25); weakest: Cash & Earnings Quality (6/25).

Profitability14/25

Growth21/25

Balance Sheet & Red Flags9/25

Cash & Earnings Quality6/25

Strengths

Growing revenueStrong marginsRising earningsProfit converts from growth

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 3.5x5y range 1.1x – 21.0x

Currently above its 4-quarter median.

P/S · 2.4x5y range 0.0x – 2.4x

Currently above its 20-quarter median.

P/B · 3.2x5y range 0.4x – 3.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $324.50M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $132.69M
Q. Revenue: $34.52M
TTM EBITDA: $47.13M
TTM Op. Income: $36.20M
Q. Op. Income: $11.29M
TTM Net Income: $91.94M
Q. Net Income: $-567,000
EPS: $-0.01
Shares Out.: $41.34M

$132.69M in TTM revenue grew 30.5% YoY, reaching $34.52M last quarter. TTM EBITDA of $47.13M and TTM operating income of $36.20M show growth is flowing through to the bottom line. TTM net income of $91.94M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 34.2%
Op. Margin: 32.7%
Net Margin: -1.6%

Op. margin of 32.7% is up 97.8% YoY — cost efficiency is improving. Net margin at -1.6% Over the past year, operating margin is up 150% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 3.5x
P/S Ratio: 2.4x
P/B Ratio: N/A

At 3.5x P/E, the stock trades below typical market levels. P/S of 2.4x and P/B of 0.0x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $172.69M
Cash: $18.74M
Long-Term Debt: $30.07M
Book Value: $-199.07M
D/E Ratio: N/A
Debt/EBITDA: 2.5

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-31.20M
TTM Free Cash Flow: $-98.50M
FCF Margin: -74.2%
FCF / Net Income: -1.1

TTM FCF of $-98.50M on $-31.20M in operating cash flow. The FCF / Net Income ratio of -1.1x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.