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Agenus (AGEN)
NASDAQ:AGEN
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Agenus
(NASDAQ:AGEN)
26Underperform
Positive Factors
Clinical trial results
BOT/BAL has shown strong data with a potentially differentiated profile in neoadjuvant CRC across both MSS and microsatellite instability-high (MSI-H) tumor types.
Financial performance
The company reported operating expenses of $28.7M, which was a ~50% decline from 3Q24, and a higher decline than estimated.
Investor confidence
Longer follow-up response and survival data are likely to reinvigorate investor confidence in the de-risked nature of the upcoming confirmatory Ph. III study.
Negative Factors
Cash flow concerns
AGEN's equity weakness is largely attributed to the prolonged cash runway overhang, particularly as an accelerated approval path is not accessible in the near term.
Funding challenges
The company would either need to initiate late stage trials or seek a partner to advance these indications toward potential FDA approval.
Regulatory challenges
Next steps for Bot/Bal commercialization path are unclear.
Agenus (AGEN) vs. S&P 500 (SPY)
Market Cap
$43.66M
Dividend YieldN/A
Average Volume (3M)479.98K
Price to Earnings (P/E)―
Beta (1Y)2.89
Revenue Growth-33.81%
EPS Growth23.02%
CountryUS
Employees316
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-10.69
Shares Outstanding25,308,842
10 Day Avg. Volume445,145
30 Day Avg. Volume479,983
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.39
Price to Cash Flow (P/CF)-0.40
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.00Price Target Upside306.98% Upside
Rating ConsensusHold
Number of Analyst Covering4
Agenus Business Overview & Revenue Model
Company DescriptionAgenus 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.
How the Company Makes MoneyAgenus makes money primarily through the development and commercialization of its immuno-oncology products. The company's revenue streams include collaboration agreements, licensing deals, and milestone payments from partnerships with other pharmaceutical and biotechnology companies. Agenus often enters into strategic alliances to co-develop and commercialize its products, receiving upfront payments and potential royalties on sales. Additionally, the company may earn revenue from the sale of proprietary adjuvants and other immune-modulatory agents. These partnerships and licensing agreements are significant contributors to Agenus' earnings, as they provide both immediate financial support and long-term revenue potential from successful product commercialization.
Agenus Financial Statement Overview
Summary
Agenus faces significant financial challenges, including declining revenues, persistent losses, and high leverage. The negative equity and cash flow issues highlight concerns about sustainability and potential insolvency risks. Strategic adjustments are necessary to improve financial health.Income Statement
Agenus shows declining revenue with a significant decrease from 2021 to 2024. The company has consistently operated at a loss, with negative net income and gross profit margins over multiple years. The EBIT and EBITDA margins also reflect operational challenges, indicating persistent profitability issues.30
Negative
Balance Sheet
The company's balance sheet reveals negative stockholders' equity indicating potential solvency concerns. The debt-to-equity ratio is not meaningful due to negative equity, and total liabilities consistently exceed total assets. This high leverage poses substantial financial risk.20
Very Negative
Cash Flow
Agenus reports negative operating and free cash flow, indicating struggles in generating cash from operations. The free cash flow has shown a negative growth trajectory, and the company relies heavily on financing activities to fund its operations, which is unsustainable long-term.25
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 103.46M | 156.31M | 98.02M | 295.67M | 88.17M | Gross Profit |
| -52.55M | -81.37M | -99.23M | 113.59M | -56.80M | EBIT |
| -120.47M | -159.55M | -179.43M | 42.28M | -117.23M | EBITDA |
| -101.30M | -145.92M | -161.85M | 44.02M | -114.63M | Net Income Common Stockholders |
| -227.21M | -245.76M | -271.51M | -94.70M | -240.13M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 40.44M | 76.11M | 193.36M | 306.92M | 99.87M | Total Assets |
| 226.27M | 313.91M | 413.56M | 465.96M | 214.51M | Total Debt |
| 94.87M | 88.47M | 78.43M | 58.29M | 55.73M | Net Debt |
| 54.43M | 12.36M | -100.25M | -233.64M | -44.14M | Total Liabilities |
| 532.70M | 462.30M | 468.46M | 418.05M | 426.01M | Stockholders Equity |
| -326.38M | -160.33M | -61.28M | 34.44M | -203.67M |
| Cash Flow | Free Cash Flow | |||
| -158.89M | -234.16M | -228.44M | -23.67M | -142.56M | Operating Cash Flow |
| -158.31M | -224.20M | -175.37M | 10.14M | -139.10M | Investing Cash Flow |
| 27.00K | 3.40M | -33.61M | -43.15M | -4.44M | Financing Cash Flow |
| 122.84M | 119.87M | 95.83M | 225.26M | 183.85M |
Agenus Technical Analysis
Neutral
1.72
Price Trends
2.53
Negative
2.85
Negative
4.88
Negative
Market Momentum
-0.34
Negative
28.49
Positive
28.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AGEN, the sentiment is Neutral. The current price of 1.72 is above the 20-day moving average (MA) of 1.67, below the 50-day MA of 2.53, and below the 200-day MA of 4.88, indicating a neutral trend. The MACD of -0.34 indicates Negative momentum. The RSI at 28.49 is Positive, neither overbought nor oversold. The STOCH value of 28.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AGEN.
Agenus Risk Analysis
Agenus disclosed 85 risk factors in its most recent earnings report. Agenus reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Agenus Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $5.08B | 20.68 | 19.71% | ― | 52.97% | ― | |
52 Neutral | $1.41B | ― | 18.68% | ― | 36.00% | 63.50% | |
50 Neutral | $1.62B | ― | -600.68% | ― | -98.62% | -86.21% | |
48 Neutral | $6.36B | 1.24 | -44.94% | 2.70% | 18.33% | 1.47% | |
46 Neutral | $65.62M | ― | -273.36% | ― | 194.23% | 45.50% | |
43 Neutral | $1.04B | ― | -26.84% | ― | 1.99% | 15.95% | |
26 Underperform | $43.66M | ― | 260.68% | ― | -33.81% | 23.02% |
* Healthcare Sector Average
Performance Comparison
AGEN
Agenus
1.72
-7.20
-80.72%
ARWR
Arrowhead Pharmaceuticals
11.80
-13.59
-53.53%
BCRX
BioCryst
6.77
1.90
39.01%
CLDX
Celldex
16.41
-22.78
-58.13%
SRPT
Sarepta Therapeutics
55.65
-70.66
-55.94%
ADAP
Adaptimmune Therapeutics
0.23
-1.04
-81.89%
Agenus Earnings Call Summary
Earnings Call Date: Mar 11, 2025 | % Change Since: -20.00% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Agenus' significant progress in reducing operational costs and promising clinical outcomes from BOT/BAL trials, garnering external validation. However, financial challenges such as a reduced cash balance and net loss, along with the temporary shelving of pipeline products, were noted. Nonetheless, the strategic plans to monetize assets and focus on high-potential programs indicate a forward-looking approach.Highlights
Significant Operational Burn Reduction
Agenus reduced its annualized operational burn to approximately $50 million by the middle of the year, aligning with their strategic cost reduction goals.
Promising Clinical Outcomes of BOT/BAL
BOT/BAL showed promising results in colorectal cancer, demonstrating durable responses and prolonged survival in refractory microsatellite stable colorectal cancer, offering potential revolutionary treatment options.
External Validation and Trials
Leading global oncology centers are independently conducting trials with BOT/BAL, reinforcing confidence in its potential benefits for patients.
Revenue Recognition
Agenus recognized revenue of $103.5 million for the year ended December 31, 2024.
Strategic Asset Monetization
Agenus is engaged in discussions for monetizing non-core assets, including its Emeryville manufacturing facility, to strengthen its financial position.
Lowlights
Reduced Cash Balance
The company ended the year with a cash balance of $40.4 million, down from $76.1 million the previous year.
Net Loss
Agenus incurred a net loss of $232.3 million or $10.59 per share for the year ended December 31, 2024.
Pipeline Products Put on Hold
Some pipeline products have been shelved temporarily due to the current market's lack of interest in immuno-oncology.
Company Guidance
In the recent earnings call, Agenus Inc. provided substantial guidance regarding its financial performance and strategic direction. The company reported a significant reduction in its annualized burn rate to approximately $50 million by mid-2025, aligning with its strategy to optimize resource allocation. Despite ending 2024 with a consolidated cash balance of $40.4 million, down from $76.1 million the previous year, Agenus remains committed to its revolutionary BOT/BAL program, which has demonstrated promising clinical outcomes in colorectal cancer. The company's revenue for 2024 was $103.5 million, with a net loss of $232.3 million or $10.59 per share. For Q4 2024, revenue stood at $26.8 million against a net loss of $46.8 million or $2.04 per share. Agenus is actively pursuing external partnerships and monetizing non-core assets to bolster its financial position while continuing to advance the BOT/BAL program, particularly in neoadjuvant settings for colorectal cancer.Agenus Corporate Events
Business Operations and Strategy
Agenus Regains Rights to LAG-3 and TIM-3 Programs
Neutral
Feb 10, 2025
Agenus Inc. and Incyte Corporation entered a License, Development, and Commercialization Agreement in 2015, which allowed Incyte exclusive rights to certain immuno-oncology programs. However, by February 2025, Incyte decided to terminate the agreement as part of its strategic portfolio reprioritization, effective February 2026, returning the rights of LAG-3 and TIM-3 programs back to Agenus. This decision provides Agenus the opportunity to regain full control over these assets and explore future developments and partnerships, potentially impacting its strategic positioning in the immuno-oncology market.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.