Revenue growth remains highly erratic, fluctuating between a 68% contraction and a 195% expansion, while gross margins have swung wildly from -64.1% in 2024Q3 to 98.3% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 123.87M | 114.2M | 103.46M | 156.31M | 98.02M | 295.67M | 88.17M | 150.05M | 36.78M | 42.88M | 22.57M | 24.82M | 6.98M | 3.04M | 15.96M | 2.76M | 3.36M | 3.33M | 2.65M | 5.55M | 692.13K | 629.98K | 707.07K | 4.45M | 3.41M | 4.55M | 442.63K | 100K |
| Revenue Growth % | 24.46% | 10.37% | -33.81% | 59.47% | -66.85% | 235.34% | -41.24% | 307.92% | -14.21% | 89.95% | -9.04% | 255.7% | 129.13% | -80.92% | 479.18% | -17.97% | 0.77% | 25.76% | -52.25% | 702.2% | 9.87% | -10.9% | -84.11% | 30.43% | -25.1% | 929.08% | 342.63% | - |
| Cost of Goods Sold | 59.28M | 80.36M | 156.01M | 237.68M | 197.26M | 182.08M | 144.97M | 168.34M | 124.6M | 116.13M | 94.97M | 70.44M | 22.35M | 13.54M | 11.24M | 0 | 122.95K | 0 | 0 | 0 | 0 | 0 | 4.8K | 1.94M | 1.34M | 1.06M | -1.31M | 0 |
| COGS % of Revenue | - | 70.37% | 150.79% | 152.05% | 201.24% | 61.58% | 164.42% | 112.19% | 338.74% | 270.83% | 420.73% | 283.85% | 320.32% | 444.7% | 70.4% | - | 3.66% | - | - | - | - | - | 0.68% | 43.63% | 39.2% | 23.36% | -296.55% | - |
| Gross Profit | 64.58M | 33.84M | -52.55M | -81.37M | -99.23M | 113.59M | -56.8M | -18.29M | -87.82M | -73.25M | -72.4M | -45.63M | -15.37M | -10.5M | 4.72M | 2.76M | 3.24M | 3.33M | 2.65M | 5.55M | 692.13K | 629.98K | 702.27K | 2.51M | 2.07M | 3.49M | 1.76M | 100K |
| Gross Margin % | 52.14% | 29.63% | -50.79% | -52.05% | -101.24% | 38.42% | -64.42% | -12.19% | -238.74% | -170.83% | -320.73% | -183.85% | -220.32% | -344.7% | 29.6% | 100% | 96.34% | 100% | 100% | 100% | 100% | 100% | 99.32% | 56.37% | 60.8% | 76.64% | 396.55% | 100% |
| Gross Profit Growth % | - | 164.39% | 35.41% | 18.01% | -187.36% | 299.99% | -210.51% | 79.17% | -19.89% | -1.17% | -58.67% | -196.82% | -46.46% | -322.18% | 71.42% | -14.86% | -2.92% | 25.76% | -52.25% | 702.2% | 9.87% | -10.29% | -72% | 20.91% | -40.58% | 98.89% | 1655.24% | - |
| Operating Expenses | 56.38M | 54.39M | 67.92M | 78.18M | 80.19M | 87.84M | 60.44M | 51.85M | 37.34M | 33.74M | 33.13M | 28.37M | 21.25M | 14.48M | 11.46M | 21.84M | 24.99M | 31.01M | 40.49M | 38.83M | 49.93M | 74.54M | 67.5M | 70.24M | 59.45M | 45.12M | 28.44M | 18.9M |
| OpEx % of Revenue | - | 47.63% | 65.65% | 50.02% | 81.81% | 29.71% | 68.55% | 34.55% | 101.51% | 78.69% | 146.75% | 114.32% | 304.57% | 475.66% | 71.83% | 792.61% | 743.81% | 930.2% | 1527.48% | 699.35% | 7214.07% | 11832.77% | 9546.68% | 1578.61% | 1742.6% | 990.52% | 6425.4% | 18900% |
| Selling, General & Admin | 45.53M | 54.39M | 71.88M | 78.74M | 81.01M | 76.36M | 59.22M | 46.04M | 37.34M | 33.74M | 33.13M | 28.37M | 21.25M | 14.48M | 11.46M | 10.82M | 12.11M | 14.11M | 19.83M | 17.04M | 21.29M | 27.46M | 25.78M | 21.72M | 19.47M | 13.76M | 9.19M | 6.9M |
| SG&A % of Revenue | - | 47.63% | 69.47% | 50.37% | 82.64% | 25.83% | 67.16% | 30.68% | 101.51% | 78.69% | 146.75% | 114.32% | 304.57% | 475.66% | 71.83% | 392.64% | 360.5% | 423.22% | 748.07% | 306.92% | 3075.64% | 4359.57% | 3646.63% | 488.05% | 570.61% | 302.11% | 2076.15% | 6900% |
| Research & Development | 38.53M | 0 | 155.53M | 234.57M | 0 | 178.61M | 142.62M | 168.34M | 124.6M | 116.13M | 94.97M | 70.44M | 22.35M | 13.01M | 10.56M | 11.02M | 12.88M | 16.9M | 20.66M | 21.79M | 28.64M | 47.08M | 41.72M | 48.53M | 39.98M | 31.36M | 17.58M | 11M |
| R&D % of Revenue | - | - | 150.32% | 150.06% | - | 60.41% | 161.75% | 112.19% | 338.74% | 270.83% | 420.73% | 283.85% | 320.32% | 427.09% | 66.19% | 399.97% | 383.31% | 506.99% | 779.42% | 392.42% | 4138.43% | 7473.2% | 5900.05% | 1090.57% | 1171.99% | 688.41% | 3970.64% | 11000% |
| Other Operating Expenses | -1.9M | 0 | -159.48M | -235.13M | -815K | -167.13M | -141.4M | -162.53M | -2.18M | -16.89M | -19.52M | -7.18M | 835K | -5.09M | -4.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.68M | 1M |
| Operating Income | 8.2M | -20.56M | -120.47M | -159.55M | -179.43M | 25.75M | -117.23M | -70.14M | -123.82M | -103.8M | -107.48M | -80.7M | -43.32M | -24.98M | -6.74M | -19.09M | -21.75M | -27.68M | -37.84M | -33.28M | -50.61M | -73.91M | -69.69M | -67.74M | -57.37M | -41.63M | -26.69M | -18.8M |
| Operating Margin % | 6.62% | -18% | -116.44% | -102.07% | -183.04% | 8.71% | -132.96% | -46.74% | -336.62% | -242.09% | -476.13% | -325.18% | -620.91% | -820.36% | -42.23% | -692.61% | -647.47% | -830.19% | -1427.48% | -599.35% | -7312.63% | -11732.77% | -9855.8% | -1522.25% | -1681.8% | -913.87% | -6028.85% | -18800% |
| Operating Income Growth % | - | 82.94% | 24.49% | 11.08% | -796.89% | 121.96% | -67.15% | 43.36% | -19.29% | 3.42% | -33.18% | -86.29% | -73.42% | -270.57% | 64.68% | 12.25% | 21.41% | 26.86% | -13.72% | 34.25% | 31.52% | -6.06% | -2.88% | -18.06% | -37.83% | -55.99% | -41.94% | - |
| EBITDA | 15.57M | -10.56M | -107.13M | -145.96M | -172.48M | 32.53M | -110.06M | -63.48M | -117.53M | -97.79M | -102.53M | -66.5M | -41.74M | -24.39M | -5.12M | -16.83M | -18.31M | -23.57M | -33.17M | -27.86M | -44.96M | -68.32M | -64.88M | -61.25M | -51.91M | -37.48M | -25.01M | -17.8M |
| EBITDA Margin % | 12.57% | -9.24% | -103.55% | -93.38% | -175.96% | 11% | -124.82% | -42.3% | -319.53% | -228.08% | -454.21% | -267.95% | -598.21% | -801.11% | -32.07% | -610.88% | -545.15% | -706.96% | -1251.18% | -501.72% | -6495.51% | -10844.85% | -9175.58% | -1376.5% | -1521.57% | -822.79% | -5650.24% | -17800% |
| EBITDA Growth % | 117.75% | 90.15% | 26.6% | 15.38% | -630.14% | 129.56% | -73.38% | 45.99% | -20.18% | 4.62% | -54.18% | -59.33% | -71.1% | -376.6% | 69.6% | 8.08% | 22.3% | 28.94% | -19.07% | 38.04% | 34.2% | -5.31% | -5.92% | -18% | -38.5% | -49.85% | -40.5% | - |
| D&A (Non-Cash Add-back) | 7.38M | 10M | 13.34M | 13.59M | 6.95M | 6.79M | 7.18M | 6.66M | 6.29M | 6.01M | 4.95M | 14.2M | 1.58M | 586.34K | 1.62M | 2.25M | 3.44M | 4.11M | 4.67M | 5.42M | 5.66M | 5.59M | 4.81M | 6.49M | 5.47M | 4.15M | 1.68M | 1M |
| EBIT | 80.82M | 52.19M | -114.64M | -159.51M | -168.79M | 36.99M | -121.81M | -70.11M | -136.77M | -101.82M | -109.68M | -86.67M | -41.22M | -27.65M | -6.63M | -19.07M | -17.03M | -27.68M | -37.84M | -33.28M | -49.24M | -73.91M | -66.8M | -66.96M | -57.37M | -41.63M | -26.68M | -18.86M |
| Net Interest Income | -57.15M | -55.27M | -117.63M | -97.92M | -61.86M | -65.72M | -61.08M | -41.45M | -25.27M | -18.87M | -17.32M | -6.6M | -1.26M | -2.42M | -4.69M | -4.19M | -4.83M | -5.21M | -5.31M | -4.99M | -1.41M | -190.7K | 929.1K | 918.84K | 1.22M | 2.68M | 5.76M | 0 |
| Interest Income | 21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.93K | 23.34K | 18.79K | 37.56K | 137.48K | 965.84K | 0 | 1.88M | 2.77M | 1.46M | 1.17M | 1.59M | 3.37M | 6.18M | 0 |
| Interest Expense | 57.17M | 55.27M | 117.63M | 97.92M | 61.86M | 65.72M | 61.08M | 41.45M | 25.27M | 18.87M | 17.32M | 6.6M | 1.26M | 2.43M | 4.72M | 4.21M | 4.87M | 5.34M | 5.08M | 4.99M | 3.29M | 2.96M | 530.88K | 247.07K | 365.17K | 690K | 424.65K | 0 |
| Other Income/Expense | 54.3M | 17.47M | -111.8M | -97.89M | -51.23M | -54.47M | -65.66M | -41.42M | -38.22M | -16.89M | -19.52M | -12.57M | 834.71K | -5.09M | -4.58M | -4.19M | -153.77K | -2.82M | 7.04M | -3.52M | -1.27M | -189.55K | 69.69M | 882.79K | -1.96M | -34.6M | -25.8M | 0 |
| Pretax Income | 62.49M | -3.08M | -232.27M | -257.44M | -230.66M | -28.72M | -182.89M | -111.56M | -162.04M | -120.69M | -127M | -87.88M | -42.49M | -30.07M | -11.32M | -24.07M | -22.7M | -31.59M | -29.49M | -52.67M | -52.67M | -74.89M | 12.59M | -66.85M | -57.1M | -76.22M | -52.49M | 0 |
| Pretax Margin % | 50.45% | -2.7% | -224.5% | -164.69% | -235.31% | -9.71% | -207.43% | -74.35% | -440.53% | -281.48% | -562.6% | -354.12% | -608.94% | -987.62% | -70.95% | -873.29% | -675.58% | -947.54% | -1112.3% | -948.63% | -7609.93% | -11888.35% | 1780.44% | -1502.41% | -1673.82% | -1673.39% | -11857.69% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.95M | 0 | -2.99M | -5.39M | 5.12M | -586.34K | -1.62M | 4.19M | 153.77K | -1.47M | -9.15M | 3.52M | 2.64M | 189.7K | 69.54M | -1.8M | -1.5M | 31.91M | 20.04M | -700K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 7.99% | 0% | 2.36% | 6.13% | -12.04% | 1.95% | 14.33% | -17.41% | -0.68% | 4.65% | 31.02% | -6.68% | -5.02% | -0.25% | 552.39% | 2.69% | 2.62% | -41.87% | -38.19% | - |
| Net Income | 64.61M | 115K | -227.21M | -245.76M | -220.07M | -23.93M | -180.91M | -107.66M | -159.69M | -120.69M | -127M | -87.88M | -42.49M | -30.07M | -11.32M | -23.28M | -21.91M | -30.32M | -28.7M | -36.8M | -51.88M | -74.1M | -56.16M | -65.93M | -55.88M | -73.54M | -46.73M | -18.1M |
| Net Margin % | 52.16% | 0.1% | -219.61% | -157.22% | -224.51% | -8.09% | -205.19% | -71.75% | -434.14% | -281.48% | -562.6% | -354.12% | -608.94% | -987.62% | -70.95% | -844.63% | -652.05% | -909.36% | -1082.49% | -662.7% | -7495.73% | -11762.88% | -7942.85% | -1481.76% | -1637.92% | -1614.51% | -10557.24% | -18100% |
| Net Income Growth % | 133.9% | 100.05% | 7.55% | -11.67% | -819.81% | 86.77% | -68.05% | 32.58% | -32.31% | 4.96% | -44.51% | -106.85% | -41.28% | -165.55% | 51.35% | -6.25% | 27.74% | -5.65% | 22.01% | 29.08% | 29.99% | -31.95% | 14.82% | -18% | 24.02% | -57.38% | -158.17% | - |
| Net Income (Continuing) | 62.49M | -3.08M | -232.27M | -257.44M | -230.66M | -28.72M | -182.89M | -111.56M | -162.04M | -120.69M | -127M | -87.88M | -42.49M | -30.07M | -11.32M | -23.28M | -21.91M | -30.32M | -30.8M | -36.8M | -51.88M | -74.1M | -68.75M | -66.04M | -55.88M | -73.54M | -46.73M | -18.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -6.76M | -6.75M | 19.96M | 11.95M | 6.38M | 13.47M | -7.83M | -5.98M | -2.08M | 0 | 0 | 0 | 0 | 0 | 5.58M | 5.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.69 | -0.00 | -10.59 | -13.75 | -15.64 | -2.11 | -21.00 | -22.10 | -28.83 | -24.53 | -29.17 | -22.47 | -14.22 | -2.21 | -0.48 | -1.17 | -1.36 | -2.30 | -2.72 | -4.75 | -6.80 | -9.76 | -7.54 | -10.15 | -10.19 | -15.68 | -11.37 | -5.99 |
| EPS Growth % | 119.15% | 99.97% | 22.98% | 12.08% | -641.23% | 89.95% | 4.98% | 23.34% | -17.53% | 15.91% | -29.82% | -58.02% | -543.44% | -360.42% | 58.97% | 13.97% | 40.87% | 15.44% | 42.74% | 30.15% | 30.33% | -29.44% | 25.71% | 0.39% | 35.01% | -37.91% | -89.82% | - |
| EPS (Basic) | - | -0.00 | -10.59 | -13.75 | -15.64 | -2.11 | -21.00 | -22.10 | -28.83 | -24.53 | -29.17 | -22.47 | -14.22 | -2.21 | -0.48 | -1.17 | -1.36 | -2.30 | -2.72 | -4.75 | -6.80 | -9.76 | -7.54 | -10.15 | -10.19 | -15.68 | -11.37 | -5.99 |
| Diluted Shares Outstanding | 38.28M | 29.73M | 21.47M | 17.89M | 14.09M | 11.45M | 8.63M | 6.75M | 5.54M | 4.92M | 4.35M | 3.91M | 2.99M | 13.6M | 23.63M | 19.9M | 16.11M | 13.17M | 10.54M | 7.75M | 7.63M | 7.6M | 7.45M | 6.5M | 5.48M | 4.69M | 4.11M | 3.83M |
| Basic Shares Outstanding | 37.94M | 29.73M | 21.47M | 17.89M | 14.09M | 11.45M | 8.63M | 6.75M | 5.54M | 4.92M | 4.35M | 3.91M | 2.99M | 13.6M | 23.63M | 19.9M | 16.11M | 13.17M | 10.54M | 7.75M | 7.63M | 7.6M | 7.45M | 6.5M | 5.48M | 4.69M | 4.11M | 3.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and financing risk
As indicated by the quarterly income statement data, Agenus exhibits significant top-line volatility, with revenue growth fluctuating between a 68% contraction and a 195% expansion, reflecting a reliance on lumpy milestone payments rather than a consistent, predictable commercial revenue stream from its core immuno-oncology pipeline.
The revenue profile remains heavily dependent on collaboration milestones, which obscures the underlying commercial traction of the company's proprietary assets. Investors should note that the absence of a stable, recurring revenue base makes year-over-year growth comparisons less meaningful for assessing long-term operational durability.
Based on reported financial figures, Agenus's gross margins have demonstrated extreme variability, swinging from a negative 64.1% in 2024Q3 to a peak of 98.3% in 2026Q1, highlighting the inherent difficulty in maintaining consistent manufacturing efficiency for clinical-stage antibody production and platform-related royalty accounting.
This margin volatility suggests that the company's cost of goods sold is highly sensitive to the specific nature of revenue recognition in any given quarter. The lack of a stable margin floor implies that the company has yet to achieve the economies of scale necessary to support a sustainable commercial business model.
According to the provided income statement data, Agenus has struggled to achieve positive operating leverage, as evidenced by persistent operating losses that frequently exceed gross profit, suggesting that the company's R&D and SG&A expenditures are not yet scaling efficiently against its current revenue generation capacity.
The company's inability to consistently scale operating income relative to gross profit indicates that the current cost structure is dominated by fixed clinical trial and administrative burdens. Without a significant shift toward commercial-stage revenue, the operating margin will likely remain under pressure from ongoing pipeline development costs.
As reported in recent financial statements, the company's net income figures appear heavily influenced by non-operating items and milestone recognition, with a notable 116.3% net margin in 2026Q1 that likely reflects one-time accounting events rather than a fundamental improvement in core operational profitability.
Investors should exercise caution when interpreting these net income spikes, as they do not appear to correlate with sustained operational cash flow. The frequent divergence between net income and operating performance warrants further investigation into the specific accounting treatments applied to collaboration and royalty monetization agreements.
Based on the most recent data showing cash and equivalents at approximately $2,998,000, Agenus faces a critical liquidity risk that may necessitate dilutive financing or asset divestitures, potentially undermining the long-term value proposition of its proprietary Fc-engineering platform and its ongoing clinical development programs.
The current cash position appears insufficient to support the company's historical R&D burn rate, suggesting that the market's focus on clinical data readouts may be secondary to the immediate need for capital. This liquidity profile creates a significant overhang that could limit management's ability to execute on its strategic objectives.
Quick answers to the most common questions about buying AGEN stock.
For fiscal year 2025, Agenus Inc. (AGEN) reported total revenue of $114.2M. This represents a 114096.0% increase compared to $0.1M in 1999.
Agenus Inc. (AGEN) is profitable, generating $0.1M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
Agenus Inc. (AGEN) reported an operating income of $-20.6M, resulting in an operating profit margin of -18.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Agenus Inc. (AGEN) generated $33.8M in gross profit for the year, representing a gross profit margin of 29.6%. This demonstrates the company's core pricing power and production efficiency.