Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AGENUS INC files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
22.6
42.9
36.8
150
88.2
296
98
156
103
114
Cost of revenue
2.35
3.47
10.6
3.11
0.49
1.02
Gross profit
85.8
292
87.5
153
103
113
Research and development
95
116
125
168
143
179
187
235
156
79.3
General and administrative
33.1
33.7
37.3
46
59.2
76.4
81
78.7
71.9
54.4
Operating income
-107
-104
-124
-70.1
-117
25.7
-179
-160
-120
-20.2
Interest expense
19.4
31.3
64.1
104
120
55.6
Interest income
2.26
5.93
2.8
0.35
Other non-operating income
-2.2
1.98
-2.18
0.03
-1.86
5.05
12.6
0.04
5.83
-2.22
Pre-tax income
-127
-121
-257
-232
-3.08
Income tax
0
0
0
0
0
0
0
0
0
0
Net income to minority interests
-2.35
-3.9
-1.98
-4.8
-10.6
-11.7
-5.06
-3.2
Net income
-127
-121
-160
-108
-181
-24.1
-220
-246
-227
-0.1
EBITDA
-103
-97.8
-118
-63.5
-110
32.5
-172
-146
-107
-10.2
EPS, basic
-29.27
-24.66
-28.87
-16.04
-21.05
-2.21
-15.64
-13.75
-10.59
0.00
EPS, diluted
-29.27
-24.66
-28.87
-16.04
-21.05
-2.21
-15.64
-13.75
-10.59
0.00
Shares, basic (weighted)
4.34
0
0.01
0.01
0.01
0.01
14.1
17.9
21.5
29.7
Shares, diluted (weighted)
4.34
0
0.01
0.01
0.01
0.01
14.1
17.9
21.5
29.7
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
71.4
60.2
53.1
61.8
99.9
292
179
76.1
40.4
3
Short-term investments
4.99
15
14.7
Receivables
11.4
1.13
0.94
16.3
1.16
1.52
2.74
25.8
0.41
1.83
Inventory
0.09
0.08
0.06
0
Other current assets
0.84
1.08
1.5
1.02
2.01
3.17
3.19
2.37
2.42
1.09
Total current assets
91.3
73.6
74.8
86.5
114
332
213
112
45.6
133
Property, plant and equipment
25.6
26.2
25.1
26.3
26.8
60
133
133
120
15.5
Lease right-of-use assets
7.36
33.5
31.1
31.3
29.6
27.3
7.74
Goodwill
22.4
23
22.9
23.2
25.5
24.9
25.5
24.7
24.1
24.1
Intangible assets
16.4
14.4
12.3
10.5
10.9
8.49
6.23
4.41
3.38
3.04
Other non-current assets
1.28
1.21
1.21
1.42
4.12
9.54
4.45
9.34
5.83
3.31
Total assets
157
138
136
155
215
466
414
314
226
227
Accounts payable
5.43
8.09
13.6
13.6
17
30.5
40.9
61.4
61.5
83
Accrued liabilities
27.9
21.6
24.6
31.3
29.1
42.1
38.3
45.3
35
34.2
Deferred revenue
2.61
4.48
1.81
29.2
17.2
12.4
12.3
0.02
0.03
0
Short-term debt
0.15
20.6
0.15
0.65
0.83
0.73
0.58
0.15
2.7
44.7
Total current liabilities
40.9
56.4
68.1
122
130
157
189
256
221
323
Long-term debt
131
142
13.2
13.4
18.9
12.8
12.6
12.8
30.5
0
Lease liabilities
8.02
34.1
42.1
63.3
62.5
54.6
10.1
Other non-current liabilities
4.81
3.27
2.77
4.19
1.51
1.58
14.7
5.42
0.74
0.26
Total liabilities
196
214
311
387
426
418
468
462
533
505
Total debt
131
163
13.4
14
19.7
13.6
13.2
12.9
33.2
44.7
Paid-in capital
867
952
1,005
1,060
1,258
1,520
1,645
1,796
1,858
1,912
Retained earnings
-905
-1,026
-1,177
-1,285
-1,466
-1,490
-1,710
-1,956
-2,183
-2,183
Other comprehensive income
-1.53
-2.17
-1.54
-1.32
2.77
1.49
0.92
-0.96
-1.4
-0.44
Shareholders' equity
-39.1
-75.8
-172
-225
-204
34.4
-61.3
-160
-326
-271
Minority interests
-2.08
-5.98
-7.83
13.5
6.38
11.9
20
-6.75
Total equity
-39.1
-75.8
-175
-231
-211
47.9
-54.9
-148
-306
-278
Total liabilities and equity
157
138
136
155
215
466
414
314
226
227
Shares outstanding
19.7
23.6
35.3
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-127
-121
-162
-112
-183
-28.7
-231
-257
-232
-3.08
Depreciation and amortization
4.95
6.01
6.29
6.66
7.18
6.79
6.95
13.6
13.3
10
Stock-based compensation
13.2
12.4
7.63
9.89
10.4
19.6
18.3
22.9
17.4
13.8
Deferred income tax
0
0
0
Change in receivables
-1.55
10.2
0.2
-15.4
16.2
-0.39
0.12
-23.5
25.3
-1.73
Change in inventory
0.01
0.02
0.06
Change in payables
0.42
1.65
5.37
-0.23
2.77
10.8
6.49
21.4
2.01
23.5
Cash from operations
-80
-94.2
-131
-18.7
-139
10.1
-175
-224
-158
-77.2
Capital expenditures
-12.5
-3.12
-3.6
-4.66
-3.47
-33.8
-53.1
-9.95
-0.58
-0.01
Acquisitions
-0.98
-2.92
Purchases of investments
-15
-24.6
-14.6
0
Sales and maturities of investments
25
30
0
Cash from investing
17.6
2.06
-3.59
-4.66
-4.44
-43.2
-33.6
3.4
0.03
1.19
Debt issued
15
6.2
Debt repaid
-162
-1.46
-0.46
-2.5
Share buybacks
-0.61
Cash from financing
-2.46
80.5
128
31.3
184
225
95.8
120
123
36.6
Net change in cash
-65.3
-11.3
-7.13
8.75
40.7
192
-113
-102
-35.7
-39.4
Free cash flow
-92.5
-97.3
-135
-23.3
-143
-23.7
-228
-234
-159
-77.2
Interest paid
1.12
1.12
1.17
1.22
1.18
1.15
1.14
3.17
2.28
1.18
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $8.54 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
99.5%
Gross profit / revenue.
Operating margin
27.3%
Operating income / revenue.
EBITDA margin
30.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
69.2%
Net income / revenue.
FCF margin
-74.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-74.2%
Cash from operations / revenue.
Return on assets (ROA)
53.2%
Net income / average total assets.
R&D / revenue
43.5%
Research and development expense / revenue.
Stock-based pay / revenue
8.0%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
3.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
10.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
5.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
9.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
9.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
5.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
0.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-18.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
1.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
38.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
28.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
410.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.34x
Current assets / current liabilities.
Quick ratio
0.14x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.08x
(Cash + short-term investments) / current liabilities.
Debt / assets
17.4%
Total debt / total assets.
Liabilities / assets
219.2%
Total liabilities / total assets.
Net debt
$11.3M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
0.28x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.22
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$3.21
Revenue / diluted weighted shares.
FCF per share
-$2.38
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.38
Cash from operations / diluted weighted shares.
Book value per share
-$4.67
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
4.19x
Market cap / net income. Only when net income is positive.
P/S
2.90x
Market cap / revenue.
EV/Sales
2.98x
Enterprise value / revenue.
EV/EBIT
10.9x
Enterprise value / operating income, when both are positive.
EV/EBITDA
9.67x
Enterprise value / EBITDA, when both are positive.
FCF yield
-25.6%
Free cash flow / market cap.
Earnings yield
23.9%
Net income / market cap (the inverse of P/E).
What was AGENUS INC's revenue in fiscal 2025?
AGENUS INC reported revenue of $114.2M for fiscal 2025, 10.4% higher than the year before.
Was AGENUS INC profitable in fiscal 2025?
No. It reported a net loss of $101.0K.
How much free cash flow did AGENUS INC generate in fiscal 2025?
Cash from operations of $77.2M minus capital expenditures of $6.0K left free cash flow of -$77.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.