Download PDF

1. Company Snapshot

1.a. Company Description

Agenus Inc., a clinical-stage immuno-oncology company, discovers and develops immuno-oncology products in the United States and internationally.The company offers Retrocyte Display, an antibody expression platform for the identification of fully human and humanized monoclonal antibodies; and display technologies.It develops vaccine programs comprising Prophage vaccine candidate; and QS-21 Stimulon adjuvant, a saponin-based vaccine adjuvant.


The company also develops Balstilimab, an anti-PD-1 antagonist that has completed Phase II clinical trial to treat second line cervical cancer; AGEN1181, an anti-CTLA-4 monospecific antibody that is in Phase 1/2 clinical trial; AGEN2373, an anti-CD137 monospecific antibody that is in Phase 1 clinical trial; AGEN1423, a tumor microenvironment conditioning anti-CD73/TGFß TRAP bi-functional antibody that has completed Phase 1 clinical trial; AGEN1777, an anti-TIGIT bispecific antibodies; and AGEN1327, a human monoclonal antibody.In addition, the company develops INCAGN1876, an anti-GITR monospecific antibody; INCAGN1949, an anti-OX40 monospecific antibody; INCAGN2390, an anti-TIM-3 monospecific antibody; INCAGN2385, an anti-LAG-3 monospecific antibody; MK-4830, a monospecific antibody targeting ILT4; AGENT 797, an iNKT cells that is in Phase 1 clinical trial for solid tumors, multiple myeloma, and viral ARDS, as well as in clinical stage to treat hematological malignancies and multiple myeloma/B cells; and AGEN1884, a first-generation anti-CTLA-4 monospecific antibody.Agenus Inc.


operates under ASV, Agenus, AutoSynVax, EVAMPLIX, MiNK, PSV, PhosPhoSynVax, Prophage, Retrocyte Display, and Stimulon trademarks.It has collaborations with Incyte Corporation, Merck Sharpe & Dohme, Recepta Biopharma SA, and Gilead Sciences, Inc.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.

Show Full description

1.b. Last Insights on AGEN

Agenus Inc.'s recent performance was negatively impacted by a Q4 loss of $2.04 per share, which lagged revenue estimates. The company's operational burn rate increased, and it failed to meet earnings expectations. Additionally, Agenus' recent earnings release highlighted significant cost reductions, but this was not enough to offset the negative sentiment surrounding its Q4 performance. The company's efforts to reduce operational costs and preserve its BOT/BAL program are ongoing, but the recent earnings miss has raised concerns about its financial sustainability.

1.c. Company Highlights

2. Agenus Inc. Q1 2025 Earnings: Mixed Financials Amid Promising Clinical Progress

Agenus Inc. reported its first-quarter 2025 financial results, showing a mixed bag of improving operational efficiency and challenging top-line growth. The company generated $24.1 million in revenue, a decline from the prior year, with a net loss of $26.4 million, or $1.03 per share. This EPS figure beat consensus estimates of -$1.61, driven by tighter cost controls. The company ended the quarter with $18.5 million in cash, down from $40.4 million at year-end 2024, reflecting a cash burn of $25.6 million in operations. Management emphasized progress in reducing annual cash burn to below $50 million by the second half of 2025, a critical step toward financial stability. As Christine Klaskin noted, "We are on track to reduce operational cash burn to below $50 million annually in the second half of 2025."

Publication Date: May -13

📋 Highlights
  • Strong BOT/BAL Clinical Data: Demonstrated deep and durable responses in multiple cancers, including MSS colorectal, breast, sarcomas, and hepatocellular carcinoma, with no dose-limiting toxicities.
  • Improved Financial Position: Cash burn reduced to $25.6 million in Q1 2025, with $18.5 million cash remaining, and revenue of $24.1 million.
  • Operational Efficiency: On track to reduce annual cash burn below $50 million in H2 2025, with four formal proposals for transactions.
  • Regulatory Progress: Requested FDA Type B meeting for BOT/BAL, supported by data from over 1,200 patients with up to two years of follow-up.
  • Strategic Licensing Opportunities: Received two BOT/BAL licensing proposals and a significant equity investment, aiming to strengthen balance sheet and accelerate development.

Operational Highlights and Clinical Progress

Agenus made significant strides in its clinical pipeline, particularly with its BOT/BAL program. The company presented groundbreaking data at AACR 2025, showcasing pathological complete responses across multiple cancers, including MSS colorectal cancer, breast cancers, and hepatocellular carcinoma. In liver cancer, Phase 1 data demonstrated deep and durable disease control in heavily pre-treated patients, reinforcing BOT/BAL's potential. Garo Armen highlighted the consistency of data across Phase 1 and Phase 2 studies, noting the drug's ability to deliver durable responses with minimal toxicities.

Strategic Initiatives and Regulatory Environment

The company is actively exploring strategic opportunities, including the sale of its Emeryville facility and licensing deals for BOT/BAL. Management reported receiving four formal proposals, which could materially strengthen the balance sheet. On the regulatory front, Agenus is preparing for a Type B meeting with the FDA, supported by data from over 1,200 patients. The new FDA leadership's focus on accelerating approvals for meaningful therapies bodes well for Agenus' pipeline.

Valuation and Outlook

From a valuation perspective, Agenus trades at a P/S ratio of 0.92, reflecting its early-stage revenue growth. The EV/EBITDA ratio of -1.52 highlights the company's current cash burn and reliance on future milestones. Analysts remain cautious, with estimates pointing to a -5.5% revenue growth for next year. While the company's clinical progress is encouraging, execution risks and regulatory uncertainties remain key concerns.

3. NewsRoom

Card image cap

Agenus Inc. (AGEN) Shareholder/Analyst Call Transcript

Dec -04

Source: seekingalpha.com

Card image cap

Agenus to Host End-of-Year Stakeholder Webcast Featuring GI Oncology Leaders and Progress of BOT/BAL

Nov -19

Source: businesswire.com

Card image cap

Agenus Appoints Dr. José Iglesias as Chief Medical Affairs Officer to Guide Global Medical Affairs and Early-Access Programs, Including France's AAC

Nov -18

Source: businesswire.com

Card image cap

Agenus (AGEN) Misses Q3 Earnings and Revenue Estimates

Nov -10

Source: zacks.com

Card image cap

Agenus Reports Q3 2025 Results Showcasing Clinical and Regulatory Advances

Nov -10

Source: businesswire.com

Card image cap

Agenus to Provide Corporate Update and Third Quarter 2025 Financial Report

Nov -05

Source: businesswire.com

Card image cap

Agenus Inc. (AGEN) Shareholder/Analyst Call Transcript

Oct -22

Source: seekingalpha.com

Card image cap

Agenus Reports 39% of Patients Alive at Two-Years with BOT/BAL Across Multiple Refractory Solid Tumors at ESMO 2025

Oct -17

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.33%)

6. Segments

Non-cash Royalties

Expected Growth: 8.97%

Agenus Inc.'s 8.97% non-cash royalties growth is driven by increasing demand for its pipeline of immuno-oncology products, successful partnerships with pharmaceutical companies, and expansion into new markets. Additionally, the company's focus on innovative antibody-based therapies and strong research and development efforts contribute to its growing royalty income.

License Fees and Milestones

Expected Growth: 10.47%

Agenus Inc.'s 10.47% growth in License Fees and Milestones is driven by increasing demand for its pipeline of immuno-oncology products, successful partnerships with pharmaceutical companies, and milestone achievements in clinical trials. Additionally, the company's strategic expansion into new markets and territories has contributed to the growth.

Deferred Research and Development

Expected Growth: 9.98%

Agenus Inc.'s Deferred Research and Development growth of 9.98% is driven by increased investment in pipeline expansion, strategic partnerships, and accelerated clinical trials. Additionally, the company's focus on immuno-oncology and adoptive cell therapy has led to higher R&D expenditures, contributing to the growth.

Other

Expected Growth: 10.43%

Agenus Inc.'s 10.43% growth in 'Other' segment is driven by increasing adoption of its novel checkpoint modulators, expansion of its balstilimab and zalifrelimab programs, and growing demand for its contract manufacturing services. Additionally, strategic partnerships and collaborations have contributed to the segment's growth.

Research and Development

Expected Growth: 10.43%

Agenus Inc.'s 10.43% R&D growth is driven by increasing investment in novel immuno-oncology therapies, expansion of its antibody discovery platform, and partnerships with pharmaceutical companies to develop cancer treatments. Additionally, the company's focus on advancing its pipeline of checkpoint modulator and neoantigen-based therapies contributes to its R&D growth.

Clinical Product

Expected Growth: 10.43%

Agenus Inc.'s Clinical Product growth of 10.43% is driven by increasing demand for cancer immunotherapies, strategic partnerships, and a strong pipeline of novel checkpoint modulators. Additionally, advancements in neoantigen-based therapies and a growing focus on personalized medicine are contributing to the segment's growth.

7. Detailed Products

QS-21 Stimulon

QS-21 Stimulon is a vaccine adjuvant that enhances the immune response to vaccines, allowing for stronger and longer-lasting immunity.

AutoSynVax

AutoSynVax is a proprietary vaccine platform that enables the rapid development of vaccines against infectious diseases.

Prophage

Prophage is a cancer vaccine platform that targets tumor-specific antigens to stimulate an immune response against cancer cells.

Heat Shock Protein Peptide Complex (HSPC)-based vaccines

HSPC-based vaccines use heat shock proteins to stimulate an immune response against cancer cells.

Checkpoint Modulators

Checkpoint modulators are antibodies that target immune checkpoints to enhance the immune response against cancer cells.

8. Agenus Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Agenus Inc. operates in the biotechnology industry, which has a moderate threat of substitutes. The company's products are highly specialized, but there are alternative treatments and therapies available to patients.

Bargaining Power Of Customers

Agenus Inc.'s customers are primarily pharmaceutical companies and research institutions, which have limited bargaining power due to the specialized nature of the company's products.

Bargaining Power Of Suppliers

Agenus Inc. relies on a few key suppliers for raw materials and equipment, which gives them some bargaining power. However, the company's specialized products and strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market. Agenus Inc. must continually innovate and invest in research and development to stay ahead of competitors.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players and new entrants vying for market share. Agenus Inc. must differentiate itself through innovative products and strong relationships with customers to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 230.69%
Debt Cost 10.17%
Equity Weight -130.69%
Equity Cost 10.17%
WACC 10.17%
Leverage -176.52%

11. Quality Control: Agenus Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Chimerix

A-Score: 3.3/10

Value: 6.2

Growth: 3.7

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Agenus

A-Score: 3.2/10

Value: 9.4

Growth: 2.1

Quality: 4.6

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Beam Therapeutics

A-Score: 3.2/10

Value: 6.6

Growth: 3.2

Quality: 3.7

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Arcus Biosciences

A-Score: 3.2/10

Value: 6.6

Growth: 3.6

Quality: 4.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
Fate Therapeutics

A-Score: 2.9/10

Value: 7.8

Growth: 4.0

Quality: 4.3

Yield: 0.0

Momentum: 0.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Palatin Technologies

A-Score: 2.4/10

Value: 8.2

Growth: 0.0

Quality: 6.0

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.93$

Current Price

3.93$

Potential

-0.00%

Expected Cash-Flows