Agenus (AGEN)
Market Price (5/18/2026): $3.59 | Market Cap: $136.2 MilSector: Health Care | Industry: Biotechnology
Agenus (AGEN)
Market Price (5/18/2026): $3.59Market Cap: $136.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 48%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 43% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. | Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -167% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -71%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -71% Key risksAGEN key risks include [1] significant going concern uncertainty and financial liquidity constraints due to a history of net losses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 48%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 43% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -167% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -71%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -71% |
| Key risksAGEN key risks include [1] significant going concern uncertainty and financial liquidity constraints due to a history of net losses, Show more. |
Qualitative Assessment
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Agenus (AGEN) stock has gained about 25% since 1/31/2026 because of the following key factors:
1. Strategic Collaboration and Significant Cash Infusion: Agenus closed its strategic collaboration with Zydus Lifesciences in January 2026, which provided $91 million in upfront capital, including a $75 million cash payment for biologics manufacturing facilities and a $16 million equity investment. This collaboration notably strengthened Agenus's balance sheet, increasing its cash and cash equivalents from $3.0 million at the end of December 2025 to $35.0 million by March 31, 2026.
2. Advancement of Lead Clinical Program into Phase 3: The company initiated patient enrollment in April 2026 for the global Phase 3 BATTMAN trial. This pivotal trial is evaluating botensilimab plus balstilimab (BOT+BAL) in patients with refractory microsatellite stable (MSS) colorectal cancer, marking a significant advancement for Agenus's lead immunotherapy program.
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1. Strategic Collaboration and Significant Cash Infusion: Agenus closed its strategic collaboration with Zydus Lifesciences in January 2026, which provided $91 million in upfront capital, including a $75 million cash payment for biologics manufacturing facilities and a $16 million equity investment. This collaboration notably strengthened Agenus's balance sheet, increasing its cash and cash equivalents from $3.0 million at the end of December 2025 to $35.0 million by March 31, 2026.
2. Advancement of Lead Clinical Program into Phase 3: The company initiated patient enrollment in April 2026 for the global Phase 3 BATTMAN trial. This pivotal trial is evaluating botensilimab plus balstilimab (BOT+BAL) in patients with refractory microsatellite stable (MSS) colorectal cancer, marking a significant advancement for Agenus's lead immunotherapy program.
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Stock Movement Drivers
Fundamental Drivers
The 26.1% change in AGEN stock from 1/31/2026 to 5/17/2026 was primarily driven by a 29.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.84 | 3.58 | 26.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 107 | 124 | 15.9% |
| P/S Multiple | 0.8 | 1.1 | 29.4% |
| Shares Outstanding (Mil) | 32 | 38 | -16.0% |
| Cumulative Contribution | 26.1% |
Market Drivers
1/31/2026 to 5/17/2026| Return | Correlation | |
|---|---|---|
| AGEN | 26.1% | |
| Market (SPY) | 7.1% | 38.0% |
| Sector (XLV) | -5.8% | 31.0% |
Fundamental Drivers
The -9.8% change in AGEN stock from 10/31/2025 to 5/17/2026 was primarily driven by a -25.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.97 | 3.58 | -9.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | 124 | 21.8% |
| P/S Multiple | 1.1 | 1.1 | -0.1% |
| Shares Outstanding (Mil) | 28 | 38 | -25.9% |
| Cumulative Contribution | -9.8% |
Market Drivers
10/31/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| AGEN | -9.8% | |
| Market (SPY) | 9.0% | 30.5% |
| Sector (XLV) | 1.4% | 26.5% |
Fundamental Drivers
The 23.9% change in AGEN stock from 4/30/2025 to 5/17/2026 was primarily driven by a 71.4% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.89 | 3.58 | 23.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 103 | 124 | 19.7% |
| P/S Multiple | 0.6 | 1.1 | 71.4% |
| Shares Outstanding (Mil) | 23 | 38 | -39.6% |
| Cumulative Contribution | 23.9% |
Market Drivers
4/30/2025 to 5/17/2026| Return | Correlation | |
|---|---|---|
| AGEN | 23.9% | |
| Market (SPY) | 34.8% | 32.9% |
| Sector (XLV) | 5.1% | 26.9% |
Fundamental Drivers
The -88.1% change in AGEN stock from 4/30/2023 to 5/17/2026 was primarily driven by a -76.6% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5172026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.20 | 3.58 | -88.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 124 | 26.4% |
| P/S Multiple | 4.7 | 1.1 | -76.6% |
| Shares Outstanding (Mil) | 15 | 38 | -59.9% |
| Cumulative Contribution | -88.1% |
Market Drivers
4/30/2023 to 5/17/2026| Return | Correlation | |
|---|---|---|
| AGEN | -88.1% | |
| Market (SPY) | 84.7% | 25.2% |
| Sector (XLV) | 14.2% | 24.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AGEN Return | 1% | -25% | -65% | -83% | 15% | 14% | -94% |
| Peers Return | -28% | -22% | -9% | -13% | -8% | 81% | -26% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| AGEN Win Rate | 58% | 42% | 42% | 42% | 58% | 60% | |
| Peers Win Rate | 45% | 42% | 43% | 45% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| AGEN Max Drawdown | -56% | -63% | -78% | -86% | -61% | -41% | |
| Peers Max Drawdown | -54% | -49% | -54% | -50% | -48% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GILD, INCY, IOVA, IBRX, ALLO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)
How Low Can It Go
| Event | AGEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.8% | -18.8% |
| % Gain to Breakeven | 131.2% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.3% | -33.7% |
| % Gain to Breakeven | 128.6% | 50.9% |
| Time to Breakeven | 153 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.0% | -19.2% |
| % Gain to Breakeven | 35.2% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -16.9% | -6.8% |
| % Gain to Breakeven | 20.3% | 7.3% |
| Time to Breakeven | 17 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -49.8% | -0.2% |
| % Gain to Breakeven | 99.2% | 0.2% |
| Time to Breakeven | 112 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.4% | -17.9% |
| % Gain to Breakeven | 86.6% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
In The Past
Agenus's stock fell -56.8% during the 2025 US Tariff Shock. Such a loss loss requires a 131.2% gain to breakeven.
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| Event | AGEN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.8% | -18.8% |
| % Gain to Breakeven | 131.2% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.3% | -33.7% |
| % Gain to Breakeven | 128.6% | 50.9% |
| Time to Breakeven | 153 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.0% | -19.2% |
| % Gain to Breakeven | 35.2% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -49.8% | -0.2% |
| % Gain to Breakeven | 99.2% | 0.2% |
| Time to Breakeven | 112 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.4% | -17.9% |
| % Gain to Breakeven | 86.6% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -37.0% | -15.4% |
| % Gain to Breakeven | 58.7% | 18.2% |
| Time to Breakeven | 1756 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.4% | -53.4% |
| % Gain to Breakeven | 583.3% | 114.4% |
| Time to Breakeven | 89 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.4% | -8.6% |
| % Gain to Breakeven | 28.8% | 9.5% |
| Time to Breakeven | 56 days | 47 days |
In The Past
Agenus's stock fell -56.8% during the 2025 US Tariff Shock. Such a loss loss requires a 131.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Agenus (AGEN)
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.
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Here are a few analogies to describe Agenus (AGEN):
An early-stage Bristol Myers Squibb, but hyper-focused on discovering the next generation of cancer immunotherapies.
A Regeneron Pharmaceuticals in its R&D phase, building a comprehensive pipeline of advanced cancer immunotherapies.
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- Retrocyte Display: An antibody expression platform for identifying fully human and humanized monoclonal antibodies.
- Prophage vaccine candidate: A therapeutic vaccine candidate.
- QS-21 Stimulon adjuvant: A saponin-based vaccine adjuvant.
- Balstilimab: An anti-PD-1 antagonist that has completed Phase II clinical trial for cervical cancer.
- AGEN1181: An anti-CTLA-4 monospecific antibody in Phase 1/2 clinical trial.
- AGEN2373: An anti-CD137 monospecific antibody in Phase 1 clinical trial.
- AGEN1423: A bi-functional antibody targeting CD73 and TGFß for tumor microenvironment conditioning.
- AGEN1777: An anti-TIGIT bispecific antibody.
- AGEN1327: A human monoclonal antibody.
- 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 cell therapy in Phase 1 clinical trial for various cancers and viral ARDS.
- AGEN1884: A first-generation anti-CTLA-4 monospecific antibody.
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Agenus Inc. (AGEN) is a clinical-stage immuno-oncology company that discovers and develops immuno-oncology products. Based on the provided description, the company primarily sells or partners its technologies, drug candidates, and development capabilities to other pharmaceutical and biotechnology companies through collaborations.
Its major customers/partners include:
- Incyte Corporation (INCY)
- Merck & Co., Inc. (MRK) (Merck Sharpe & Dohme is a division of Merck & Co., Inc.)
- Recepta Biopharma SA
- Gilead Sciences, Inc. (GILD)
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Garo H. Armen, Ph.D. - Chairman and Chief Executive Officer
Dr. Garo H. Armen is the co-founder, Chairman, and Chief Executive Officer of Agenus Inc., which he established in 1994, originally known as Antigenics Inc.. He holds a Ph.D. in Physical Chemistry from the City University of New York and began his career at Brookhaven National Laboratory. Dr. Armen transitioned to Wall Street, where he founded Armen Partners, a firm specializing in healthcare investments, and facilitated significant industry mergers, including Immunex Corporation and Lederle Oncology. He spearheaded the restructuring of Elan Corporation, plc, serving as Chairman of the Board from 2002 to 2004. Additionally, he serves as Executive Chairman of Protagenic Therapeutics and Chairman of MiNK Therapeutics, an Agenus affiliate. Dr. Armen personally invested over $12 million to support Agenus through its early stages. He was appointed Chief Financial Officer and Principal Financial Officer effective January 8, 2026.
Steven O'Day, M.D. - Chief Medical Officer
Dr. Steven O'Day serves as the Chief Medical Officer at Agenus Inc..
Robin Taylor, Ph.D., MBA - Chief Commercial Officer
Dr. Robin Taylor was appointed Chief Commercial Officer in July 2023. He is an accomplished leader with demonstrated success in global commercial development in oncology, bringing expertise in commercialization strategies, market access, and product launches to Agenus.
Homa Yeganegi - Chief Product Strategy and Global Medical Affairs Officer
Homa Yeganegi was appointed Chief Product Strategy and Global Medical Affairs Officer in July 2023. She is an expert in building and leading oncology-focused global product strategy and medical affairs, committed to medical excellence and patient care. Prior to joining Agenus, she was Senior Vice President and Global Program Leader at Bristol Myers Squibb (BMS), where she led the global regulatory submission for repotrectinib in non-small cell lung cancer (NSCLC). Before BMS, she served as Senior Vice President and Head of Medical Affairs for Turning Point Therapeutics.
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Agenus Inc. (AGEN) faces several key business risks inherent to its nature as a clinical-stage immuno-oncology company.
- Clinical Trial Outcomes and Regulatory Approval: The most significant risk for Agenus is the successful outcome of its numerous drug candidates in various stages of clinical trials and the subsequent receipt of regulatory approvals. The company's business is fundamentally dependent on its ability to develop and commercialize these products. There is a substantial risk that clinical trials may experience delays, produce disappointing data, or fail to demonstrate sufficient efficacy or safety, as illustrated by the FDA's advice against accelerated approval for the botensilimab/balstilimab (BOT/BAL) combination due to concerns about objective response rates translating to survival benefit. Most product candidates that enter clinical trials are never approved. Even if regulatory approval is obtained, commercial success is further contingent on securing adequate insurance coverage and reimbursement.
- Financial Health and Funding: Agenus has consistently faced financial pressures, including significant cash burn and net losses from operations. The company's independent registered public accounting firm has previously expressed uncertainty about its ability to continue as a going concern. The potential inability to secure future financing could severely impact research and development efforts and hinder product commercialization, potentially leading to shareholder dilution or increased debt. Agenus has been implementing strategic initiatives to reduce operational costs and is actively seeking partnerships to improve its liquidity.
- Intense Competition: The immuno-oncology market is highly competitive, with numerous pharmaceutical and biotechnology companies vying for market share. Agenus's success depends on its ability to differentiate its therapies from those of rivals, many of whom possess greater financial resources, extensive R&D capabilities, and established market access. The company competes with firms conducting trials for similar or alternative immuno-oncology treatments. An example of competitive pressure occurred when Agenus withdrew a previous application for balstilimab after a competitor's drug, Keytruda, secured full approval in the same indication.
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Agenus Inc. (AGEN) operates in various segments of the immuno-oncology market. The addressable markets for its main products and services, where data is available, are outlined below:
- Balstilimab (anti-PD-1 antagonist): Agenus withdrew its Biologic License Application (BLA) for balstilimab monotherapy in second-line cervical cancer, noting that the commercial market for monotherapy in this indication was always anticipated to be small. However, the broader global cervical cancer treatment market was valued at approximately USD 8.47 billion in 2024 and is projected to reach USD 12.91 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2025 to 2033. Another estimate places the global cervical cancer treatment market at USD 9.15 billion in 2025, expected to grow to USD 14.81 billion by 2034 with a CAGR of 5.5% from 2026 to 2034. The global PD-1 inhibitor drugs market, a relevant broader category, was valued at USD 42.11 billion in 2024 and is predicted to increase to USD 179.77 billion by 2034, with a CAGR of 15.62% from 2025 to 2034.
- AGEN1181 (anti-CTLA-4 monospecific antibody): The global CTLA-4 inhibitor market is projected to reach between USD 3.0 billion and USD 4.5 billion in 2025, with an anticipated CAGR of approximately 2.5% to 4.5% through 2030. Another report estimates the global CTLA-4 Inhibitors Market Size at USD 2.6 billion in 2024, expected to grow from USD 2.9 billion in 2025 to USD 8.7 billion by 2035, demonstrating a CAGR of about 11.6% during this period. North America is a dominant region in the CTLA-4 inhibitor market.
- AGEN2373 (anti-CD137 monospecific antibody): The global CD137 antibody market was valued at USD 782 million in 2024 and is projected to reach approximately USD 1.43 billion by 2030, growing at a CAGR of 10.6%. The U.S. CD137 antibody market alone was valued at roughly USD 242.4 million in 2024 and is expected to reach about USD 412.9 million by 2030, with a CAGR of 9.3%. As of early 2025, no CD137-targeted therapies are commercially available, but the market opportunity in the initial 24 months post-launch is estimated to be over USD 400 million.
- AGEN1423 (anti-CD73/TGFß TRAP bi-functional antibody): While a specific overall market size for CD73 inhibitors or CD73/TGFß TRAP bi-functional antibodies was not explicitly found, CD73 inhibitors are a class of agents being investigated in cancer immunotherapy, inflammatory diseases, and cardiovascular diseases. Within the broader immuno-oncology market, the A2AR antagonist/CD73i therapies segment is projected to register a CAGR of 16.1%.
- AGEN1777 (anti-TIGIT bispecific antibodies): The global TIGIT antibody market is projected to reach USD 9.09 billion by 2025, with a CAGR of 11.3%. Another report indicates the TIGIT antibody market size was USD 1,520.75 million in 2025 and is projected to reach USD 4,985.40 million by 2032, expanding at a CAGR of 14.9% from 2026 to 2032. North America is the fastest-growing region, holding a 38.5% share, with the United States as the leading country.
- QS-21 Stimulon adjuvant: QS-21, a saponin-based adjuvant, is part of the saponin and triterpenoid systems segment, which controlled 26.12% of the vaccine adjuvants market size in 2025. The global vaccine adjuvant market size was recorded at US$ 747.6 million in 2025, is set to grow to US$ 795.67 million in 2026, and is projected to reach nearly US$ 1,394.15 million by 2035, growing at a CAGR of 6.43%.
- AGENT 797 (iNKT cells): The iNKT cell therapy market is still developing. However, the broader Immuno-Oncology Cell Therapy market, which includes NK & NKT Cells, was valued at USD 11.9 billion in 2024 and is predicted to reach USD 95.3 billion by 2034, exhibiting a 23.2% CAGR from 2025 to 2034. The global NK Cell Therapy market size was estimated at USD 100.5 million in 2024 and is expected to reach USD 1302.93 million by 2031, with a CAGR of 44.20% from 2024 to 2031. North America held the largest share of this market, exceeding 40% (USD 40.20 million) in 2024.
- Prophage vaccine candidate & Retrocyte Display: Specific addressable market sizes for "Prophage vaccine" or the "Retrocyte Display" platform were not found as distinct market segments. These technologies likely contribute to the broader immuno-oncology and monoclonal antibody markets.
The overall global immuno-oncology drugs market, encompassing many of Agenus's products, was valued at US$ 94 billion in 2024, grew to US$ 109.39 billion in 2025, and is projected to reach approximately US$ 421.27 billion by 2034, with a CAGR of 16.34% between 2025 and 2034. North America consistently holds the largest revenue share in the immuno-oncology market.
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Agenus Inc. (AGEN) is focused on advancing its immuno-oncology pipeline, with several key initiatives expected to drive future revenue growth over the next 2-3 years:
- Advancement and Potential Approval of Botensilimab/Balstilimab (BOT/BAL): A primary driver of future revenue growth is the progression and potential regulatory approval of botensilimab and balstilimab. Agenus anticipates initiating the global BATTMAN Phase 3 trial for BOT/BAL in refractory MSS colorectal cancer (CRC) in the fourth quarter of 2025. Successful completion of this trial could lead to market authorization and substantial product revenue. Additionally, the company plans to generate further clinical data for BOT/BAL's activity in earlier-line and neoadjuvant MSS colorectal cancer and other tumor types, potentially expanding its market reach.
- Strategic Partnerships and Licensing Agreements for BOT/BAL: Agenus is actively pursuing strategic transactions, including licensing agreements for BOT/BAL. The company has been reviewing proposals that could involve upfront cash payments, milestone achievements, and double-digit royalties. These agreements represent a significant source of non-product revenue and validate the market potential of its lead assets.
- Expansion of BOT/BAL Market Access: Gaining market access and securing reimbursement for BOT/BAL in new geographies is a crucial revenue driver. For instance, France has already granted reimbursed access for BOT/BAL, with patients commencing treatment. This initial market penetration in Europe indicates a direct revenue stream and sets a precedent for expansion into other international markets.
- Revenue from Existing and New Collaborations: Beyond BOT/BAL, Agenus benefits from ongoing collaborations and seeks new partnerships for its broader pipeline. An example includes a recent $20 million payment received under its collaboration with Zydus Life Sciences, which supports global manufacturing expansion and patient access initiatives. Continued and new collaborations for other immuno-oncology programs within Agenus's pipeline are expected to contribute to revenue through upfront payments, research funding, and potential milestone payments and royalties.
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Share Issuance
- Agenus executed a 1:20 reverse stock split on April 12, 2024.
- Zydus Lifesciences made a $16 million equity investment in Agenus by purchasing approximately 2.1 million shares at $7.50 per share, as part of a strategic collaboration announced in June 2025 and closed in January 2026.
- The number of Agenus shares outstanding increased by 30.75% in the last year, as of March 2026, indicating dilution.
Inbound Investments
- Agenus entered into a strategic collaboration with Zydus Lifesciences, announced in June 2025 and finalized in January 2026, which included a $75 million upfront cash payment for the transfer of biologics manufacturing assets in California.
- The collaboration agreement also includes up to $50 million in contingent milestone payments from Zydus, triggered by botensilimab and balstilimab (BOT/BAL) production orders.
- Agenus secured a $20 million milestone payment from Zydus in March 2026, related to manufacturing and production activities for BOT/BAL.
Capital Expenditures
- Agenus reported capital expenditures of -$79,000 in the last 12 months.
- Net investment for fiscal year 2024 was $27,000, reflecting a significant year-on-year change of -99.21%.
- The company transferred its biologics manufacturing facilities in Emeryville and Berkeley, California, to Zydus Lifesciences as part of their strategic collaboration.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Agenus Earnings Notes | 12/16/2025 | |
| Can Agenus Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.78 |
| Mkt Cap | 4.8 |
| Rev LTM | 213 |
| Op Inc LTM | -90 |
| FCF LTM | -99 |
| FCF 3Y Avg | -163 |
| CFO LTM | -98 |
| CFO 3Y Avg | -162 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.5% |
| Rev Chg 3Y Avg | 17.2% |
| Rev Chg Q | 40.2% |
| QoQ Delta Rev Chg LTM | 8.4% |
| Op Inc Chg LTM | 21.2% |
| Op Inc Chg 3Y Avg | 14.7% |
| Op Mgn LTM | 6.3% |
| Op Mgn 3Y Avg | -61.6% |
| QoQ Delta Op Mgn LTM | 24.3% |
| CFO/Rev LTM | -70.7% |
| CFO/Rev 3Y Avg | -114.5% |
| FCF/Rev LTM | -70.7% |
| FCF/Rev 3Y Avg | -116.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.8 |
| P/S | 5.1 |
| P/Op Inc | 5.3 |
| P/EBIT | -0.8 |
| P/E | -0.3 |
| P/CFO | -3.0 |
| Total Yield | -1.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -15.5% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.2% |
| 3M Rtn | 16.9% |
| 6M Rtn | 22.3% |
| 12M Rtn | 65.4% |
| 3Y Rtn | -1.9% |
| 1M Excs Rtn | -13.1% |
| 3M Excs Rtn | 8.5% |
| 6M Excs Rtn | 12.9% |
| 12M Excs Rtn | 53.4% |
| 3Y Excs Rtn | -92.4% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA214542 | CHLORPROMAZINE HYDROCHLORIDE | chlorpromazine hydrochloride | concentrate | 6022021 | 52.1% | -26.8% | -60.4% | -59.9% | -95.5% |
| ANDA207108 | HYDROMORPHONE HYDROCHLORIDE | hydromorphone hydrochloride | solution | 4222020 | 26.1% | 44.3% | 4.3% | -25.7% | -93.5% |
| NDA208019 | POKONZA | potassium chloride | for solution | 8192015 | -36.8% | -58.1% | -20.5% | -52.5% | -97.6% |
| NDA204768 | TIVORBEX | indomethacin | capsule | 2242014 | -37.3% | -26.4% | 28.3% | -32.5% | -95.7% |
| ANDA200343 | HYDROCODONE BITARTRATE AND ACETAMINOPHEN | acetaminophen | solution | 1252012 | 148.2% | 79.8% | 66.0% | 29.2% | -92.8% |
| ANDA040894 | HYDROCODONE BITARTRATE AND ACETAMINOPHEN | acetaminophen | solution | 7192011 | -29.5% | -46.8% | 8.3% | -14.1% | -96.1% |
| ANDA077471 | HYDROMORPHONE HYDROCHLORIDE | hydromorphone hydrochloride | tablet | 12092009 | 8.5% | 12.7% | 25.4% | -44.4% | -95.7% |
| ANDA040893 | MEPERIDINE HYDROCHLORIDE | meperidine hydrochloride | tablet | 6242009 | 23.9% | -62.0% | -52.2% | -58.2% | -98.3% |
| ANDA040654 | PHENYLEPHRINE HYDROCHLORIDE AND PROMETHAZINE HYDROCHLORIDE | phenylephrine hydrochloride | syrup | 12072006 | -12.6% | 51.8% | 8.0% | -77.4% | -98.5% |
| NDA021978 | VERDESO | desonide | aerosol, foam | 9192006 | 14.1% | 20.2% | 52.1% | -1.8% | -98.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovery, development and manufacturing of a comprehensive pipeline of immunological agents | 103 | 156 | |||
| Non-cash royalty revenue related to the sale of future royalties | 45 | 44 | 48 | ||
| Other revenues | 0 | 0 | 0 | ||
| Research and development | 17 | 244 | 36 | ||
| Royalty sales milestone | 25 | ||||
| Service revenue | 11 | 7 | 5 | ||
| Total | 103 | 156 | 98 | 296 | 88 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovery, development and manufacturing of a comprehensive pipeline of immunological agents | -120 | -160 | |||
| Total | -120 | -160 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Discovery, development and manufacturing of a comprehensive pipeline of immunological agents | -232 | -257 | |||
| Total | -232 | -257 |
Price Behavior
Price Behavior
| Market Price | $3.58 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 02/08/2000 | |
| Distance from 52W High | -49.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.77 | $3.90 |
| DMA Trend | down | up |
| Distance from DMA | -5.0% | -8.1% |
| 3M | 1YR | |
| Volatility | 96.6% | 93.7% |
| Downside Capture | 339.61 | 305.01 |
| Upside Capture | 314.37 | 226.38 |
| Correlation (SPY) | 35.9% | 28.8% |
AGEN Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.65 | 3.04 | 2.76 | 2.11 | 2.62 | 1.77 |
| Up Beta | 0.21 | -0.34 | 0.21 | 1.54 | 2.55 | 1.07 |
| Down Beta | 1.02 | 0.36 | 1.11 | 0.76 | 1.63 | 1.51 |
| Up Capture | 560% | 754% | 713% | 393% | 647% | 749% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 23 | 36 | 65 | 122 | 353 |
| Down Capture | 2354% | 397% | 292% | 209% | 192% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 19 | 27 | 57 | 123 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGEN | |
|---|---|---|---|---|
| AGEN | 9.8% | 93.6% | 0.51 | - |
| Sector ETF (XLV) | 14.8% | 14.9% | 0.71 | 23.9% |
| Equity (SPY) | 27.4% | 12.1% | 1.71 | 28.2% |
| Gold (GLD) | 42.5% | 26.8% | 1.30 | 17.2% |
| Commodities (DBC) | 45.4% | 18.5% | 1.88 | 3.1% |
| Real Estate (VNQ) | 11.5% | 13.5% | 0.56 | 14.3% |
| Bitcoin (BTCUSD) | -23.7% | 41.8% | -0.54 | 22.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGEN | |
|---|---|---|---|---|
| AGEN | -42.2% | 95.9% | -0.11 | - |
| Sector ETF (XLV) | 4.8% | 14.7% | 0.15 | 27.6% |
| Equity (SPY) | 13.6% | 17.1% | 0.63 | 30.4% |
| Gold (GLD) | 19.4% | 17.9% | 0.88 | 5.9% |
| Commodities (DBC) | 10.9% | 19.4% | 0.45 | 2.8% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 26.3% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AGEN | |
|---|---|---|---|---|
| AGEN | -24.0% | 83.0% | 0.06 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 27.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 29.0% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 5.0% |
| Commodities (DBC) | 8.3% | 17.9% | 0.38 | 6.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 22.5% |
| Bitcoin (BTCUSD) | 67.4% | 66.9% | 1.06 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | 6.1% | 19.7% | 52.3% |
| 11/10/2025 | 5.8% | 9.0% | 2.8% |
| 8/11/2025 | -11.0% | -3.5% | 5.6% |
| 3/11/2025 | -4.7% | -17.2% | -20.9% |
| 11/12/2024 | -20.4% | -32.6% | -16.2% |
| 8/8/2024 | -3.6% | -2.1% | -2.8% |
| 3/14/2024 | -8.9% | -15.8% | -38.1% |
| 11/7/2023 | 4.9% | -19.7% | 0.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 10 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 5.4% | 9.2% | 4.5% |
| Median Negative | -4.7% | -9.5% | -18.1% |
| Max Positive | 9.2% | 22.6% | 52.3% |
| Max Negative | -20.4% | -32.6% | -38.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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