Agenus (AGEN)


Market Price (9/29/2026): $9.58 | Market Cap: $396.0 MilSector: Health Care | Industry: Biotechnology

Agenus (AGEN)


Market Price (9/29/2026): $9.58
Market Cap: $396.0 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more.

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -138%

Meaningful short interest
Short 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 16%

Stock price has recently run up significantly
6M Rtn6 month market price return is 191%, 12M Rtn12 month market price return is 139%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -74%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 187%

High stock price volatility
Vol 12M is 118%

Key risks
AGEN key risks include [1] significant going concern uncertainty and financial liquidity constraints due to a history of net losses, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 24%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 20%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Oncology Treatments, Show more.
3 Trading close to highs
Dist 52W High is 0.0%
4 Weak multi-year price returns
3Y Excs Rtn is -138%
5 Meaningful short interest
Short 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 16%
6 Stock price has recently run up significantly
6M Rtn6 month market price return is 191%, 12M Rtn12 month market price return is 139%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -74%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 187%
9 High stock price volatility
Vol 12M is 118%
10 Key risks
AGEN key risks include [1] significant going concern uncertainty and financial liquidity constraints due to a history of net losses, Show more.

AGEN in ETFs

Weight = AGEN's share of each fund

VTI0.00%
IWM0.01%
VTWO0.01%
IWO0.00%
IWN0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/28/2026

Agenus (AGEN) stock has gained about 170% since 5/31/2026 because of the following key factors:

1. Acceleration and Strong Clinical Data for the Phase 3 ROBBIN Trial. Agenus advanced its botensilimab and balstilimab (BOT+BAL) immunotherapy combination into the Phase 3 ROBBIN trial for neoadjuvant microsatellite-stable (MSS) colon cancer. This decision was driven by compelling data from independent Phase 2 NEST and UNICORN studies, which reported deep pathologic responses (approximately 30% pathologic complete response and 40% major pathologic response) and no observed recurrences at their respective data cutoffs in resectable Stage II and III MSS colorectal cancer patients. MSS/pMMR tumors constitute approximately 85% of early-stage colorectal cancers, an area where conventional immunotherapy has shown limited benefit, and the ROBBIN trial targets an estimated annual addressable sales opportunity exceeding $7 billion.

2. Successful Financing Secured for Key Clinical Development. In July 2026, Agenus completed an oversubscribed private placement designed to fund the ROBBIN trial. The upfront proceeds are projected to support the initiation of the ROBBIN trial, regulatory alignment, and company operations through fiscal Q3 2027. With the full exercise of warrants, this financing is expected to sustain the ROBBIN program and company operations through year-end 2031, providing significant long-term capital for its lead clinical asset.

Show more
Updated on 9/28/2026

Agenus (AGEN) stock has gained about 170% since 5/31/2026 because of the following key factors:

1. Acceleration and Strong Clinical Data for the Phase 3 ROBBIN Trial. Agenus advanced its botensilimab and balstilimab (BOT+BAL) immunotherapy combination into the Phase 3 ROBBIN trial for neoadjuvant microsatellite-stable (MSS) colon cancer. This decision was driven by compelling data from independent Phase 2 NEST and UNICORN studies, which reported deep pathologic responses (approximately 30% pathologic complete response and 40% major pathologic response) and no observed recurrences at their respective data cutoffs in resectable Stage II and III MSS colorectal cancer patients. MSS/pMMR tumors constitute approximately 85% of early-stage colorectal cancers, an area where conventional immunotherapy has shown limited benefit, and the ROBBIN trial targets an estimated annual addressable sales opportunity exceeding $7 billion.

2. Successful Financing Secured for Key Clinical Development. In July 2026, Agenus completed an oversubscribed private placement designed to fund the ROBBIN trial. The upfront proceeds are projected to support the initiation of the ROBBIN trial, regulatory alignment, and company operations through fiscal Q3 2027. With the full exercise of warrants, this financing is expected to sustain the ROBBIN program and company operations through year-end 2031, providing significant long-term capital for its lead clinical asset.

3. Continued Positive Clinical Data Readouts Across Multiple Indications. Agenus presented and announced upcoming presentations of positive clinical data for its BOT+BAL combination in additional cancer types. In June 2026, the company announced three-year survival data from the Phase 1b C-800-01 study of BOT+BAL in MSS metastatic colorectal cancer patients without active liver metastases, which was subsequently presented at the European Society for Medical Oncology Gastrointestinal Cancers Congress 2026. Furthermore, in September 2026, Agenus announced that three-year overall survival data for BOT+BAL in recurrent ovarian cancer from the Phase 1b C-800-01 study would be presented at the International Gynecologic Cancer Society Annual Global Meeting in October 2026, including analyses by platinum sensitivity status. These ongoing positive data reinforce the broad potential and efficacy of the BOT+BAL platform.

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Stock Movement Drivers

Fundamental Drivers

The 169.4% change in AGEN stock from 5/31/2026 to 9/28/2026 was primarily driven by a 106.1% change in the company's P/E Multiple.
(LTM values as of)53120269282026Change
Stock Price ($)3.509.43169.4%
Change Contribution By: 
Total Revenues ($ Mil)1241337.1%
Net Income Margin (%)52.2%69.3%32.9%
P/E Multiple2.14.2106.1%
Shares Outstanding (Mil)3841-8.2%
Cumulative Contribution169.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/28/2026
ReturnCorrelation
AGEN169.4% 
Market (SPY)1.5%3.9%
Sector (XLV)15.1%22.3%

Fundamental Drivers

The 183.2% change in AGEN stock from 2/28/2026 to 9/28/2026 was primarily driven by a 195.6% change in the company's P/S Multiple.
(LTM values as of)22820269282026Change
Stock Price ($)3.339.43183.2%
Change Contribution By: 
Total Revenues ($ Mil)10713324.2%
P/S Multiple1.02.9195.6%
Shares Outstanding (Mil)3241-22.9%
Cumulative Contribution183.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/28/2026
ReturnCorrelation
AGEN183.2% 
Market (SPY)12.2%13.7%
Sector (XLV)7.8%23.7%

Fundamental Drivers

The 125.6% change in AGEN stock from 8/31/2025 to 9/28/2026 was primarily driven by a 154.2% change in the company's P/S Multiple.
(LTM values as of)83120259282026Change
Stock Price ($)4.189.43125.6%
Change Contribution By: 
Total Revenues ($ Mil)10213330.5%
P/S Multiple1.22.9154.2%
Shares Outstanding (Mil)2841-32.0%
Cumulative Contribution125.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/28/2026
ReturnCorrelation
AGEN125.6% 
Market (SPY)20.0%16.3%
Sector (XLV)26.8%23.2%

Fundamental Drivers

The -65.8% change in AGEN stock from 8/31/2023 to 9/28/2026 was primarily driven by a -57.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)83120239282026Change
Stock Price ($)27.609.43-65.8%
Change Contribution By: 
Total Revenues ($ Mil)9913333.6%
P/S Multiple4.92.9-39.8%
Shares Outstanding (Mil)1841-57.5%
Cumulative Contribution-65.8%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/28/2026
ReturnCorrelation
AGEN-65.8% 
Market (SPY)76.5%22.3%
Sector (XLV)35.2%24.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AGEN Return1%-25%-65%-83%15%172%-86%
Peers Return-28%-22%-9%-13%-8%140%-1%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
AGEN Win Rate58%42%42%42%58%67% 
Peers Win Rate45%42%43%45%48%64% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
AGEN Max Drawdown-56%-63%-78%-86%-61%-41% 
Peers Max Drawdown-54%-49%-54%-50%-48%-33% 
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 9/28/2026 (YTD)

How Low Can It Go

EventAGENS&P 500
2025 US Tariff Shock
  % Loss-56.8%-18.8%
  % Gain to Breakeven131.2%23.1%
  Time to Breakeven42 days79 days
2020 COVID-19 Crash
  % Loss-56.3%-33.7%
  % Gain to Breakeven128.6%50.9%
  Time to Breakeven153 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.0%-19.2%
  % Gain to Breakeven35.2%23.8%
  Time to Breakeven15 days105 days
2014-2016 Oil Price Collapse
  % Loss-16.9%-6.8%
  % Gain to Breakeven20.3%7.3%
  Time to Breakeven17 days15 days
2013 Taper Tantrum
  % Loss-49.8%-0.2%
  % Gain to Breakeven99.2%0.2%
  Time to Breakeven112 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-46.4%-17.9%
  % Gain to Breakeven86.6%21.8%
  Time to Breakeven161 days123 days

Compare to GILD, INCY, IOVA, IBRX, ALLO

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.

EventAGENS&P 500
2025 US Tariff Shock
  % Loss-56.8%-18.8%
  % Gain to Breakeven131.2%23.1%
  Time to Breakeven42 days79 days
2020 COVID-19 Crash
  % Loss-56.3%-33.7%
  % Gain to Breakeven128.6%50.9%
  Time to Breakeven153 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-26.0%-19.2%
  % Gain to Breakeven35.2%23.8%
  Time to Breakeven15 days105 days
2013 Taper Tantrum
  % Loss-49.8%-0.2%
  % Gain to Breakeven99.2%0.2%
  Time to Breakeven112 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-46.4%-17.9%
  % Gain to Breakeven86.6%21.8%
  Time to Breakeven161 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-37.0%-15.4%
  % Gain to Breakeven58.7%18.2%
  Time to Breakeven1756 days125 days
2008-2009 Global Financial Crisis
  % Loss-85.4%-53.4%
  % Gain to Breakeven583.3%114.4%
  Time to Breakeven89 days1085 days
Summer 2007 Credit Crunch
  % Loss-22.4%-8.6%
  % Gain to Breakeven28.8%9.5%
  Time to Breakeven56 days47 days

Compare to GILD, INCY, IOVA, IBRX, ALLO

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. (AGEN) is a clinical-stage immuno-oncology company focused on discovering and developing innovative therapeutic products designed to harness the body's immune system to fight cancer and other serious diseases. The company operates by advancing a diverse pipeline of investigational medicines through clinical trials, with the ultimate goal of providing new treatment options for patients. Its core business revolves around developing proprietary technologies and drug candidates in the cutting-edge field of immuno-oncology.

The company's main products and services encompass several key areas. Agenus utilizes its proprietary Retrocyte Display platform for identifying fully human and humanized monoclonal antibodies, a foundational technology for its antibody pipeline. It also offers QS-21 Stimulon, a saponin-based vaccine adjuvant used to enhance the immune response to vaccines. Agenus boasts an extensive pipeline of clinical-stage assets, including Balstilimab, an anti-PD-1 antagonist that has completed Phase II trials for cervical cancer, and several next-generation immune modulators such as AGEN1181 (anti-CTLA-4), AGEN2373 (anti-CD137), and bi-functional antibodies like AGEN1777 (anti-TIGIT). The pipeline also includes cell therapies, such as AGENT 797 (iNKT cells), which is in Phase 1 clinical trials for various solid tumors, hematological malignancies, multiple myeloma, and viral ARDS.

Agenus primarily serves the global pharmaceutical and biotechnology market by developing therapies for patients with significant unmet medical needs, particularly in oncology. Its products are aimed at treating various cancers, including solid tumors and hematological malignancies, and it also explores applications in other conditions like viral ARDS. The company further extends its reach through strategic collaborations with major pharmaceutical partners such as Incyte Corporation, Merck Sharpe & Dohme, and Gilead Sciences, Inc., which contribute to the development and potential commercialization of its pipeline assets and technologies.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Agenus Inc. (AGEN) faces several key business risks inherent to its nature as a clinical-stage immuno-oncology company.

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Better Bets vs. Agenus (AGEN)

Peer Outperformance in Biotechnology

AGEN has trailed 63% of its 372 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that AGEN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
89%
of 465 industry peers · 138.7% return
3Y
37%
of 413 industry peers · -58.3% return
5Y
37%
of 372 industry peers · -90.8% return
null
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is AGEN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 6.4%44.5%85.7% CAH 376% · MCK 327% · COR 161%
Health Care Services 20 19.3%36.2%5.5% HIMS 282% · RDNT 143% · DGX 77%
Managed Health Care 8 30.8%-7.0%3.4% OSCR 69% · HQY 32% · ELV 9%
Health Care Facilities 24 2.4%7.1%-2.7% THC 276% · NHC 260% · ENSG 137%
Health Care Equipment 50 -0.1%-0.8%-15.8% POCI 11213% · UFPT 377% · GKOS 225%
Pharmaceuticals 63 -5.2%3.1%-36.6% LQDA 2541% · INDV 1125% · ETON 1074%
Health Care Supplies 12 27.3%-7.0%-37.6% LNTH 287% · HAE 50% · MMSI 21%
Life Sciences Tools & Services 113 -1.0%-11.7%-65.0% SNWV 1798% · NTRA 283% · MEDP 228%
Health Care Technology 21 -27.8%-50.9%-73.0% SPOK 72% · HSTM 3% · VEEV -1%
Biotechnology ← 373 -10.0%-25.4%-78.4% CELZ 1343% · DNTH 1123% · ELVN 1028%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Agenus Earnings Notes12/16/2025
2Can Agenus Stock Recover If Markets Fall?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AGENGILDINCYIOVAIBRXALLOMedian
NameAgenus Gilead S.Incyte Iovance .Immunity.Allogene. 
Mkt Price9.58152.16124.6411.048.541.6210.31
Mkt Cap0.4189.125.05.09.00.57.0
Rev LTM13330,4565,8203251665245
Op Inc LTM3611,7161,840-296-252-180-72
FCF LTM-9912,9431,890-296-289-103-101
FCF 3Y Avg-1389,736899-340-357-168-153
CFO LTM-9913,5521,980-264-281-102-100
CFO 3Y Avg-13610,296974-319-347-168-152

Growth & Margins

AGENGILDINCYIOVAIBRXALLOMedian
NameAgenus Gilead S.Incyte Iovance .Immunity.Allogene. 
Rev Chg LTM30.5%5.5%26.9%34.5%192.9%-30.5%
Rev Chg 3Y Avg18.3%3.6%18.5%4,780.4%1,513.7%-18.5%
Rev Chg Q34.4%10.2%37.7%65.7%93.9%-37.7%
QoQ Delta Rev Chg LTM7.1%2.4%8.6%13.8%17.6%-8.6%
Op Inc Chg LTM139.2%7.6%85.0%27.9%11.8%25.2%26.6%
Op Inc Chg 3Y Avg68.1%-0.8%552.7%10.4%11.9%20.2%16.1%
Op Mgn LTM27.0%38.5%31.6%-91.1%-151.9%-3,886.1%-32.0%
Op Mgn 3Y Avg-44.7%37.0%18.3%-554.2%-9,371.8%--44.7%
QoQ Delta Op Mgn LTM20.7%-1.6%4.6%34.2%33.5%-20.7%
CFO/Rev LTM-74.2%44.5%34.0%-81.3%-169.6%-2,202.5%-77.8%
CFO/Rev 3Y Avg-104.6%35.2%18.1%-464.4%-10,711.0%--104.6%
FCF/Rev LTM-74.2%42.5%32.5%-91.2%-174.0%-2,211.2%-82.7%
FCF/Rev 3Y Avg-105.5%33.3%16.5%-482.4%-11,114.6%--105.5%

Valuation

AGENGILDINCYIOVAIBRXALLOMedian
NameAgenus Gilead S.Incyte Iovance .Immunity.Allogene. 
Mkt Cap0.4189.125.05.09.00.57.0
P/S3.06.24.315.354.1114.810.8
P/Op Inc11.016.113.6-16.8-35.6-3.04.0
P/EBIT2.6-197.612.7-16.8-10.2-3.2-6.7
P/E4.3-58.415.5-17.2-9.0-3.2-6.1
P/CFO-4.014.012.6-18.8-31.9-5.2-4.6
Total Yield23.6%0.4%6.4%-5.9%-11.1%-30.9%-2.7%
Dividend Yield0.0%2.2%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-76.7%7.7%4.8%-29.9%-9.4%-45.6%-19.6%
D/E0.10.10.00.00.10.10.1
Net D/E0.10.1-0.2-0.00.1-0.50.0

Returns

AGENGILDINCYIOVAIBRXALLOMedian
NameAgenus Gilead S.Incyte Iovance .Immunity.Allogene. 
1M Rtn25.1%5.0%0.2%37.8%6.1%-19.8%5.6%
3M Rtn204.1%21.1%8.7%162.2%-2.6%-27.0%14.9%
6M Rtn195.7%13.0%38.0%232.5%28.2%-27.0%33.1%
12M Rtn142.5%39.1%50.7%423.2%236.2%29.6%96.6%
3Y Rtn-57.6%123.2%115.8%142.6%405.3%-48.9%119.5%
1M Excs Rtn23.3%3.4%-1.8%34.3%2.3%-21.9%2.8%
3M Excs Rtn200.8%17.9%5.4%158.9%-5.9%-30.3%11.6%
6M Excs Rtn161.6%-5.9%17.4%193.8%-5.0%-48.8%6.2%
12M Excs Rtn129.0%24.2%36.3%430.1%230.8%18.8%82.7%
3Y Excs Rtn-138.4%44.8%34.6%41.5%344.7%-133.4%38.0%

Comparison Analyses

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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 HYDROCHLORIDEchlorpromazine hydrochlorideconcentrate602202152.1%-26.8%-60.4%-59.9%-88.2%
ANDA207108  HYDROMORPHONE HYDROCHLORIDEhydromorphone hydrochloridesolution422202026.1%44.3%4.3%-25.7%-82.8%
NDA208019  POKONZApotassium chloridefor solution8192015-36.8%-58.1%-20.5%-52.5%-93.6%
NDA204768  TIVORBEXindomethacincapsule2242014-37.3%-26.4%28.3%-32.5%-88.6%
ANDA200343  HYDROCODONE BITARTRATE AND ACETAMINOPHENacetaminophensolution1252012148.2%79.8%66.0%29.2%-81.0%
ANDA040894  HYDROCODONE BITARTRATE AND ACETAMINOPHENacetaminophensolution7192011-29.5%-46.8%8.3%-14.1%-89.7%
ANDA077471  HYDROMORPHONE HYDROCHLORIDEhydromorphone hydrochloridetablet120920098.5%12.7%25.4%-44.4%-88.7%
ANDA040893  MEPERIDINE HYDROCHLORIDEmeperidine hydrochloridetablet624200923.9%-62.0%-52.2%-58.2%-95.6%
NDA021978  VERDESOdesonideaerosol, foam919200614.1%20.2%52.1%-1.8%-95.1%
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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 HYDROCHLORIDEchlorpromazine hydrochlorideconcentrate602202152.1%-26.8%-60.4%-59.9%-88.2%
ANDA207108  HYDROMORPHONE HYDROCHLORIDEhydromorphone hydrochloridesolution422202026.1%44.3%4.3%-25.7%-82.8%
NDA208019  POKONZApotassium chloridefor solution8192015-36.8%-58.1%-20.5%-52.5%-93.6%
NDA204768  TIVORBEXindomethacincapsule2242014-37.3%-26.4%28.3%-32.5%-88.6%
ANDA200343  HYDROCODONE BITARTRATE AND ACETAMINOPHENacetaminophensolution1252012148.2%79.8%66.0%29.2%-81.0%
ANDA040894  HYDROCODONE BITARTRATE AND ACETAMINOPHENacetaminophensolution7192011-29.5%-46.8%8.3%-14.1%-89.7%
ANDA077471  HYDROMORPHONE HYDROCHLORIDEhydromorphone hydrochloridetablet120920098.5%12.7%25.4%-44.4%-88.7%
ANDA040893  MEPERIDINE HYDROCHLORIDEmeperidine hydrochloridetablet624200923.9%-62.0%-52.2%-58.2%-95.6%
NDA021978  VERDESOdesonideaerosol, foam919200614.1%20.2%52.1%-1.8%-95.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Discovery, development and manufacturing of a comprehensive pipeline of immunological agents11410315698 
Non-cash royalty revenue related to the sale of future royalties    44
Other revenues    0
Research and development    244
Royalty sales milestone    0
Service revenue    7
Total11410315698296


Operating Income by Segment
$ Mil2025202420232022
Discovery, development and manufacturing of a comprehensive pipeline of immunological agents-20-120-160-179
Total-20-120-160-179


Net Income by Segment
$ Mil2025202420232022
Discovery, development and manufacturing of a comprehensive pipeline of immunological agents-3-232-257-231
Total-3-232-257-231


Price Behavior

Price Behavior
Market Price$9.43 
Market Cap ($ Bil)0.4 
First Trading Date02/08/2000 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$7.43$4.47
DMA Trendupup
Distance from DMA26.9%111.2%
 3M1YR
Volatility189.7%118.2%
Downside Capture-427.88108.98
Upside Capture222.80191.08
Correlation (SPY)-1.0%17.0%
AGEN Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta3.25-1.190.371.481.531.71
Up Beta0.775.204.212.192.421.31
Down Beta3.50-11.09-1.26-0.240.361.31
Up Capture413%306%213%424%320%819%
Bmk +ve Days10213268138427
Stock +ve Days10212963126353
Down Capture553%-600%-250%120%134%113%
Bmk -ve Days11213259113324
Stock -ve Days11213562120382

[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
AGEN142.6%117.7%1.20-
Sector ETF (XLV)29.5%16.1%1.4122.2%
Equity (SPY)17.4%13.0%0.9616.2%
Gold (GLD)9.7%29.6%0.316.8%
Commodities (DBC)42.7%20.7%1.603.4%
Real Estate (VNQ)4.3%13.6%0.0612.7%
Bitcoin (BTCUSD)-23.0%44.8%-0.4613.9%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AGEN
AGEN-38.5%104.1%0.01-
Sector ETF (XLV)7.1%15.2%0.2827.5%
Equity (SPY)13.5%17.2%0.6028.3%
Gold (GLD)18.1%18.9%0.773.8%
Commodities (DBC)11.0%19.5%0.443.6%
Real Estate (VNQ)0.9%18.9%-0.0624.8%
Bitcoin (BTCUSD)14.4%52.4%0.4518.7%

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-22.8%88.1%0.11-
Sector ETF (XLV)10.9%16.7%0.5326.4%
Equity (SPY)15.4%17.9%0.7326.7%
Gold (GLD)11.7%16.4%0.584.2%
Commodities (DBC)8.5%18.1%0.386.7%
Real Estate (VNQ)4.7%20.7%0.1921.0%
Bitcoin (BTCUSD)63.8%66.2%1.039.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity6.8 Mil
Short Interest: % Change Since 83120261.7%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest7.7 days
Basic Shares Quantity41.3 Mil
Short % of Basic Shares16.5%

Earnings Returns History

Updated 8/18/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/2026-14.7%-6.3%-18.6%
3/16/20266.1%19.7%52.3%
11/10/20255.8%9.0%2.8%
8/11/2025-11.0%-3.5%5.6%
5/12/202520.3%19.6%84.5%
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%
...
SUMMARY STATS   
# Positive91114
# Negative151310
Median Positive5.8%9.2%12.8%
Median Negative-5.7%-6.3%-18.4%
Max Positive20.3%22.6%84.5%
Max Negative-20.4%-32.6%-38.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/2026-14.7%-6.3%-18.6%
3/16/20266.1%19.7%52.3%
11/10/20255.8%9.0%2.8%
8/11/2025-11.0%-3.5%5.6%
5/12/202520.3%19.6%84.5%
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%
5/7/2024-7.3%-14.4%35.7%
3/14/2024-8.9%-15.8%-38.1%
11/7/20234.9%-19.7%0.1%
8/8/2023-8.1%-1.5%-5.9%
5/9/2023-5.7%-4.4%18.2%
3/14/20234.7%-4.1%-23.4%
11/8/2022-6.7%22.6%3.3%
8/9/2022-1.9%20.3%-2.7%
5/10/20229.2%3.9%11.8%
3/1/2022-4.1%8.1%3.3%
11/9/20216.5%-12.7%-20.6%
8/9/2021-4.1%9.2%13.7%
5/6/2021-4.2%2.9%36.8%
3/15/20212.7%-6.3%-18.1%
10/29/20200.8%5.8%0.5%
8/10/2020-2.8%9.9%15.4%
SUMMARY STATS   
# Positive91114
# Negative151310
Median Positive5.8%9.2%12.8%
Median Negative-5.7%-6.3%-18.4%
Max Positive20.3%22.6%84.5%
Max Negative-20.4%-32.6%-38.1%

SEC Filings

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Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202303/14/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/11/202610-Q
12/31/202503/16/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/12/202510-Q
12/31/202403/17/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/07/202410-Q
12/31/202303/14/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/09/202310-Q
12/31/202203/16/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/07/202110-Q
12/31/202003/16/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/16/202010-K
09/30/201911/07/201910-Q
Core Cache Last Updated: 9/28/2026