Agenus Inc. (AGEN) Stock

Agenus Inc. (AGEN) is a Healthcare stock trading at $8.09 (as of 2026-08-21), with a market capitalization of $336.68M and a trailing P/E of 2.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Agenus Inc. is a clinical-stage immuno-oncology company that discovers and develops immuno-oncology products. Its portfolio includes an antibody expression/display platform and related display technologies, as well as vaccine programs and multiple therapeutic candidates targeting immune checkpoints and the tumor microenvironment for patients in the U.S. and internationally.

Understand Agenus Inc.: how it makes money

Agenus Inc. develops immuno-oncology products, including an antibody expression platform (Retrocyte Display), vaccine programs (Prophage and the QS-21 Stimulon adjuvant), and clinical-stage candidates such as Balstilimab, and it makes money from a small amount of reported revenue that includes non-cash royalty revenue.

With pre-commercial product revenue shown as 0.0B in the latest quarter, the company’s reported revenue base is heavily dependent on non-cash royalty recognition and other small revenue lines, which makes near-term profitability sensitive to accounting-recognized items rather than recurring product sales.

Revenue by segment (latest quarter)
Pre-Comp	$0.0B
R&D Rev	$0.0B
Other Rev	$0.0B

Business quality (Strong): The business is clinical-stage, and the latest quarter shows essentially 0.0B total revenue, so reported margins and operating results may be hard to interpret without understanding the drivers of small and non-cash revenue items.

Valuation: At 1× earnings, AGEN trades 92% below the Pharmaceutical Products average (17×). Note: one-time items can distort reported P/E.

Bull case

Clinical-stage programs with reported efficacy and safety datapoints: For Botensilimab and Balstilimab, confirmed overall response rate is 19.4%, with a six-month overall survival rate of 90.0%, and grade 3 or higher treatment-related diarrhea or colitis incidence of 16.0%.
Non-cash royalty revenue contributes to the revenue line: Non-Cash Royalty Revenue is listed as 0.03 USD_B in the period, and gross margin is shown as 100.0% for 2026-03-31.
Advancing late-stage clinical work for a lead asset: Balstilimab has completed Phase II clinical trial for second line cervical cancer.

Bear case

Revenue is very small in the latest quarter: Total revenue is shown as 0.0B for 2026-03-31, and pre-commercial product revenue is shown as 0.0B.
Near-term operating results may depend on non-cash and small revenue items: Non-cash royalty revenue is listed, but revenue from pre-commercial product is 0.0B, which increases sensitivity to recognition of non-cash or other non-product revenue lines.
Safety includes meaningful rates of serious treatment-related events: Grade 3 or higher treatment-related diarrhea or colitis incidence is 16.0%.

Valuation — source: SEC EDGAR (first-party)
Price	$8.09
Market Cap	$336.68M
P/E Ratio	2.4
EV / EBITDA	7.8
Price / Sales	2.55
FCF Yield	-59.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$114.20M
Net Margin	-2.7%
Revenue Growth (YoY)	10.4%
EPS Growth (YoY)	-100.0%
FCF Growth (YoY)	-51.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	-13.90 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Stock P/E	2.4
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2
vs Sector	-89.1%
vs Industry	-86.2%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock Fund Advisors ($9.68M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Garo H. Armen
Employees	316
Country	US
IPO Date	2000-02-08

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.