Agenus

AGEN

Biotechnology · Healthcare

Price

$5.01

+0.01 (+0.20%)

Market Cap

$208.6M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+159.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.4M (2021) → 29.7M (2025)

Agenus 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 a

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+40.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+200.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

9.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 months

$35M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Agenus grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

98.3%

Premium pricing power — 98.3% gross margin

Operating Margin

44.6%

Excellent — 44.6% operating margin

ROCE

20.5%

Exceptional — 20.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+24.5%

Fast-growing sales (24.5% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-135%

Weak — only -135% of profit becomes cash

FCF Margin

-70.7%

Burning cash (-70.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

0.14x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

2.9x

Attractive valuation — P/E 2.9

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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