Agenus Inc. Common Stock (AGEN)

FairStock Score: 34/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Agenus as a speculator might approach a lottery ticket, not as a Graham-style bargain. The company is a clinical-stage immunotherapy developer with only 81 employees. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $34.5M, up from $25.7M in fiscal Q2 2025, and net loss was $567,000, a huge improvement from a $30.0M loss a year earlier. But the longer record is uneven: fiscal Q1 2026 net income was $39.2M, while fiscal 2025 was a net loss of $3.1M, fiscal 2024 a net loss of $232.3M, and fiscal 2023 a net loss of $257.4M. Those swings suggest milestone payments or one-time items, not a durable moat. The FairStock figures show a P/E of 2.75 and EV/EBITDA of 2.15, which look optically cheap. However, trailing free cash flow is -$98.5M, a negative 31.5% FCF yield, and the Piotroski F-Score is 1/9 while the Altman Z-Score is -17.53, both warning signs of financial fragility. The Lynch category is none because of losses in each of the last four years. ROCE of 12.53% is respectable, but with no P/B and no ROE, I cannot anchor the valuation on book value. At $6.95, the market cap is $312.9M. The stock could be a cheap option on pipeline success, but a Graham investor wants a margin of safety in assets and earnings. Here, the safety is thin. I would require proof of sustainable positive cash flow before calling this a business rather than a funding-dependent venture.

In plain English: Agenus is a small healthcare company that develops treatments for cancer and infectious diseases. It has mostly lost money in recent years, though a few quarters have shown profits and its latest quarter had much higher revenue and only a tiny loss. At $6.95, the price looks cheap compared with its reported earnings, but the business is still not making steady cash and its financial safety looks weak.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer