Agenus Inc.

Worth knowing

• Profit looks boosted by one-off gains. Reported profit is 2.8× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 2.8× operating cash profit, lifted by income outside the core business.

  Agenus's reported profit is 2.8× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Agenus's reported profit is 2.8× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.

• Profitable, but burning cash. Reports a profit, but free cash flow is negative.

  Agenus reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

• Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

  Agenus's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

• Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

  Agenus paid employees $14M in stock in 2025, 12% of its $114M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.