AGENUS INC
AGEN · Biological Products, (No Diagnostic Substances) · 41.6M shares · +370%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$23M (gross $55K, SBC $23M)
Grade
F38Severely distressed immuno-oncology company at the edge of cash-out with cascading partnership terminations.
Strengths
- High gross margin (91.4th pct) and Fast Track for BOT/BAL in MSS colorectal cancer
- Residual optionality via MiNK equity stake and a global Phase 3 (BATTMAN) ready to enroll
Risks
- Cash $3.0M with runway ~0.2 quarters (2.2nd pct); current ratio 0.41 — imminent funding cliff
- Going concern; Incyte, Gilead, UroGen collaborations all terminated
Notable findings
- Weak liquidityCurrent ratio 0.41 (<1)
- Net lossNet loss (net margin -2.7%)
- Cash burnNegative free cash flow (-77.2M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +370%/yr over 3y (dilution)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
99.1%
Operating margin
-17.7%
Net margin
-2.7%
Return on equity
1.1%
Return on assets
-1.4%
Revenue growth (QoQ)
-1.4%
Debt / equity
0.0×
Current ratio
0.4×
Free cash flow
-$77M
EBITDA
-$10M
Tangible book value
-$298M
Cash & investments
$3M
Cash runway
0q
Stock comp / revenue
12.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | ARMEN GARO H | Grant | 4.9K | $3.30 |
| 2026-05-29 | ARMEN GARO H | Grant | 4.6K | $3.50 |
| 2026-05-15 | ARMEN GARO H | Grant | 4.5K | $3.58 |
| 2026-05-01 | ARMEN GARO H | Grant | 4.2K | $3.84 |
| 2026-04-17 | ARMEN GARO H | Grant | 3.4K | $4.79 |
| 2026-04-03 | ARMEN GARO H | Grant | 4.6K | $3.33 |
| 2026-04-01 | HARRISON THOMAS L | Grant | 9.2K | $3.32 |
| 2026-03-20 | ARMEN GARO H | Grant | 4.0K | $3.71 |
| 2026-03-06 | ARMEN GARO H | Grant | 5.0K | $2.96 |
| 2026-02-20 | ARMEN GARO H | Grant | 4.8K | $3.06 |
| 2026-02-06 | ARMEN GARO H | Grant | 5.0K | $2.94 |
| 2026-01-23 | ARMEN GARO H | Grant | 4.6K | $3.24 |
| 2026-01-09 | ARMEN GARO H | Grant | 3.8K | $3.91 |
| 2026-01-02 | HARRISON THOMAS L | Grant | 7.7K | $3.98 |
| 2025-12-26 | ARMEN GARO H | Grant | 4.9K | $3.31 |
| 2025-12-12 | ARMEN GARO H | Grant | 4.3K | $3.79 |
| 2025-11-28 | ARMEN GARO H | Grant | 3.6K | $4.56 |
| 2025-11-14 | ARMEN GARO H | Grant | 3.8K | $4.34 |
| 2025-10-31 | ARMEN GARO H | Grant | 4.1K | $3.97 |
| 2025-10-17 | ARMEN GARO H | Grant | 4.2K | $3.88 |
| 2025-10-03 | ARMEN GARO H | Grant | 4.0K | $4.14 |
| 2025-10-01 | HARRISON THOMAS L | Grant | 5.8K | $5.01 |
| 2025-09-19 | ARMEN GARO H | Grant | 3.7K | $4.38 |
| 2025-09-05 | ARMEN GARO H | Grant | 3.8K | $4.33 |
| 2025-08-22 | ARMEN GARO H | Grant | 3.6K | $4.52 |
| 2025-08-08 | ARMEN GARO H | Grant | 3.4K | $4.80 |
| 2025-07-25 | ARMEN GARO H | Grant | 2.7K | $5.96 |
| 2025-07-11 | ARMEN GARO H | Grant | 2.3K | $7.06 |
| 2025-07-01 | HARRISON THOMAS L | Grant | 7.4K | $3.46 |
| 2025-06-27 | ARMEN GARO H | Grant | 3.4K | $4.76 |
| 2025-06-18 | ARMEN GARO H | Grant | 61K | $4.47 |
| 2025-06-18 | KLASKIN CHRISTINE M | Grant | 16K | $4.47 |
| 2025-06-18 | O'Day Steven J | Grant | 43K | $4.47 |
| 2025-06-13 | ARMEN GARO H | Grant | 3.5K | $4.70 |
| 2025-05-30 | ARMEN GARO H | Grant | 4.8K | $3.43 |
| 2025-05-16 | ARMEN GARO H | Grant | 4.7K | $3.48 |
| 2025-05-02 | Buell Jennifer | Grant | 581 | $3.11 |
| 2025-05-02 | ARMEN GARO H | Grant | 5.3K | $3.11 |
| 2025-04-18 | Buell Jennifer | Grant | 869 | $2.08 |
| 2025-04-18 | ARMEN GARO H | Grant | 7.9K | $2.08 |
| 2025-04-04 | Buell Jennifer | Grant | 1.2K | $1.56 |
| 2025-04-04 | ARMEN GARO H | Grant | 10K | $1.56 |
| 2025-04-01 | HARRISON THOMAS L | Grant | 8.9K | $2.88 |
| 2025-03-21 | ARMEN GARO H | Grant | 9.2K | $1.61 |
| 2025-03-21 | Buell Jennifer | Grant | 1.1K | $1.61 |
| 2025-03-07 | ARMEN GARO H | Grant | 6.3K | $2.35 |
| 2025-03-07 | Buell Jennifer | Grant | 409 | $2.35 |
| 2025-02-21 | ARMEN GARO H | Grant | 4.5K | $3.32 |
| 2025-02-21 | Buell Jennifer | Grant | 545 | $3.32 |
| 2025-02-21 | Buell Jennifer | Grant | 626 | $3.32 |
| 2025-02-07 | Buell Jennifer | Grant | 516 | $3.50 |
| 2025-02-07 | ARMEN GARO H | Grant | 4.3K | $3.50 |
| 2025-01-24 | Buell Jennifer | Tax withheld | 270 | $3.57 |
| 2025-01-24 | Buell Jennifer | Grant | 776 | $3.57 |
| 2025-01-24 | ARMEN GARO H | Grant | 4.2K | $3.57 |
| 2025-01-10 | ARMEN GARO H | Grant | 4.8K | $3.12 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05529316 ↗ | A Study of Botensilimab (AGEN1181) for the Treatment of Advanced Melanoma Advanced Melanoma | PHASE2 | Active Not Recruiting | 2028-02-01 |
| NCT05608044 ↗ | A Study of Botensilimab and Balstilimab for the Treatment of Colorectal Cancer Metastatic Colorectal Cancer | PHASE2 | Active Not Recruiting | 2027-09-01 |
| NCT03860272 ↗ | Fc-Engineered Anti-CTLA-4 Monoclonal Antibody in Advanced Cancer Advanced Cancer, Angiosarcoma | PHASE1 | Active Not Recruiting | 2025-01-13 |
| NCT05630183 ↗ | A Study of Botensilimab in Participants With Metastatic Pancreatic Cancer Metastatic Pancreatic Ductal Adenocarcinoma | PHASE2 | Completed | 2026-01-05 |
| NCT03894215 ↗ | RaPiDS- A Phase 2 Study of Anti-PD-1 Independently or in Combination With Anti-CTLA-4 in Second-Line Cervical Cancer Cervical Cancer | PHASE2 | Terminated | 2025-03-26 |
| NCT05033132 ↗ | A Phase II Study of Balstilimab Independently or in Combination With Zalifrelimab in Advanced Cervical Cancer Cervical Cancer | PHASE2 | Withdrawn | 2024-12-30 |
| NCT05377528 ↗ | Study of AGEN1571 in Participants With Advanced Solid Tumors Advanced Solid Tumor | PHASE1 | Completed | 2024-12-23 |
| NCT04121676 ↗ | Anti-CD137 and Anti-CTLA-4 Monoclonal Antibody in Patients With Advanced Cancer Advanced Cancer | PHASE1 | Completed | 2024-02-22 |
| NCT05025085 ↗ | A Study Investigating AGEN1777 in Participants With Advanced Solid Tumors Advanced Cancer | PHASE1 | Completed | 2023-07-11 |
| NCT03495882 ↗ | Subjects With Metastatic or Locally Advanced Solid Tumors, and Expansion Into Select Solid Tumors (Cervical) Cervical Cancer | PHASE1/PHASE2 | Completed | 2022-07-15 |
| NCT03104699 ↗ | A Study of AGEN2034 in Advanced Tumors and Cervical Cancer Advanced Cancer, Cervical Cancer | PHASE1/PHASE2 | Completed | 2022-06-15 |
| NCT02694822 ↗ | AGEN1884, an Anti-CTLA-4 Human Monoclonal Antibody in Participants With Advanced or Refractory Cancer and Who Have Progressed With PD-1/PD-L1 Inhibitor as Their Most Recent Therapy Advanced Solid Cancers, Advanced Solid Cancers Refractory to PD-1 and PD-L1 Therapies | PHASE1/PHASE2 | Completed | 2022-03-30 |
| NCT04943627 ↗ | Balstilimab Versus Investigator Choice Chemotherapy in Patients With Recurrent Cervical Cancer (BRAVA) Advanced Cancer, Metastatic Cervical Cancer | PHASE3 | Withdrawn | 2021-10-22 |
| NCT04607200 ↗ | AGEN2034 & AGEN1884 in Patients With Recurrent, Inoperable Angiosarcoma Angiosarcoma | PHASE2 | Withdrawn | 2021-09-13 |
| NCT04156100 ↗ | A Study in Subjects With Advanced Solid Tumors Advanced Solid Tumor | PHASE1 | Terminated | 2021-04-08 |
| NCT03673020 ↗ | Phase 1a Study to Evaluate Immunogenicity of ASV® Solid Tumor, Adult | PHASE1 | Completed | 2021-02-03 |
| NCT02992977 ↗ | Safety and Tolerability Study of AutoSynVax™ Vaccine in Subjects With Advanced Cancer Advanced Cancer | PHASE1 | Terminated | 2018-12-01 |
| NCT03411473 ↗ | Study of AGEN1884 With Pembrolizumab in 1L NSCLC NSCLC Stage IV | PHASE2 | Terminated | 2018-05-01 |
| NCT01687595 ↗ | Biological Efficacy Study of HerpV Vaccine With QS-21 to Treat Participants With Recurrent Genital Herpes Herpes Simplex Type 2 | PHASE2 | Completed | 2013-09-01 |
| NCT01147536 ↗ | Study of Vitespen (HSPPC-96, Oncophage ®) for Immune Response Assessment in Participants With Resectable Renal Cell Carcinoma at Intermediate Risk of Recurrence Renal Cell Carcinoma | PHASE2 | Terminated | 2012-06-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (6)
- Incyte Corporation
- Merck Sharp & Dohme
- Gilead Sciences, Inc.
- UroGen Pharma Ltd.
- Betta Pharmaceuticals Co., Ltd.
- Bristol-Myers Squibb Company
Suppliers (1)
- Canadian Cancer Trials Group
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Shareholder vote | filing ↗ |
| 2026-05-15 | Exec/director change | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-03-26 | Other | filing ↗ |
| 2026-03-16 | ResultsExhibits | filing ↗ |
| 2026-01-16 | Acquisition/disposition3.02Reg FDExhibits | filing ↗ |
| 2026-01-14 | Exec/director change | filing ↗ |
| 2026-01-08 | Material agreement3.03 | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-16 | 0001193125-26-278647 ↗ |
| 8-K | 2026-05-15 | 2026-05-12 | 0001193125-26-226693 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-215838 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-217082 ↗ |
| 8-K | 2026-03-26 | 2026-03-24 | 0001193125-26-125170 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001193125-26-107288 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001193125-26-108632 ↗ |
| 8-K | 2026-01-16 | 2026-01-15 | 0001193125-26-014678 ↗ |
| 8-K | 2026-01-14 | 2026-01-08 | 0001193125-26-012922 ↗ |
| 8-K | 2026-01-08 | 2026-01-03 | 0001193125-26-007706 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-274554 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273266 ↗ |