AGENUS INC

For the period ended Sep 30, 2025. Filed Nov 10, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 10, 2025

AGEN$7.15+11.0%Stored close · as of Nov 6, 2026

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Contents

Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

	September 30, 2025(unaudited)	December 31, 2024
ASSETS
Cash and cash equivalents	$3,458	$40,437
Accounts receivable	538	407
Related party note receivable from MiNK Therapeutics, Inc.	5,725	—
Prepaid expenses	885	2,315
Assets held for sale	122,149	—
Other current assets	1,195	2,415
Total current assets	133,950	45,574
Property, plant and equipment, net of accumulated amortization and depreciation of $47,166 and $72,553 at September 30, 2025 and December 31, 2024, respectively	15,987	120,087
Operating lease right-of-use assets	8,027	27,308
Goodwill	24,092	24,092
Acquired intangible assets, net of accumulated amortization of $17,240 and $16,986 at September 30, 2025 and December 31, 2024, respectively	3,122	3,376
Equity method investment in MiNK Therapeutics, Inc.	30,482	—
Due from related parties (MiNK Therapeutics, Inc.)	15,043	—
Other long-term assets	3,188	5,834
Total assets	$233,891	$226,271
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current portion, long-term debt	$10,610	$2,698
Current portion, liability related to sale of future royalties and milestones	103,047	111,978
Current portion, deferred revenue	45	31
Current portion, operating lease liabilities	1,113	2,446
Accounts payable	85,289	61,470
Accrued liabilities	31,752	34,961
Liabilities held for sale	54,566	—
Other current liabilities	710	7,817
Total current liabilities	287,132	221,401
Long-term debt, net of current portion	23,599	30,473
Liability related to sale of future royalties and milestones, net of current portion	192,126	224,389
Deferred revenue, net of current portion	1,143	1,143
Operating lease liabilities, net of current portion	10,383	54,551
Other long-term liabilities	376	738
Commitments and contingencies
STOCKHOLDERS’ DEFICIT
Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at September 30, 2025 and December 31, 2024; liquidation value of $34,263 at September 30, 2025	0	0
Common stock, par value $0.01 per share; 800,000,000 shares authorized; 32,814,429 and 23,634,670 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	329	236
Additional paid-in capital	1,899,281	1,857,662
Accumulated other comprehensive loss	(1,560)	(1,398)
Accumulated deficit	(2,172,187)	(2,182,880)
Total stockholders’ deficit attributable to Agenus Inc.	(274,137)	(326,380)
Non-controlling interest	(6,731)	19,956
Total stockholders’ deficit	(280,868)	(306,424)
Total liabilities and stockholders’ deficit	$233,891	$226,271

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Revenue:
Research and development	$1,087	$—	$1,421	$267
Service revenue	—	454	1,036	1,353
Non-cash royalty revenue related to the sale of future royalties	29,148	24,658	77,535	75,006
Total revenues	30,235	25,112	79,992	76,626
Operating expenses:
Cost of revenue	(642)	(146)	(1,022)	(368)
Research and development	(23,596)	(41,058)	(71,827)	(121,753)
General and administrative	(10,860)	(17,275)	(42,097)	(50,947)
Fair value adjustments	318	1,863	387	1,863
Operating loss	(4,545)	(31,504)	(34,567)	(94,579)
Other income (expense):
Non-operating income (expense)	(19,298)	19	(19,574)	6,054
Gain from deconsolidation of MiNK Therapeutics, Inc.	100,924	—	100,924	—
Interest expense, net	(13,170)	(35,729)	(39,254)	(96,940)
Net income (loss)	63,911	(67,214)	7,529	(185,465)
Dividends on Series A-1 convertible preferred stock	(54)	(54)	(162)	(161)
Less: net loss attributable to non-controlling interest	(3)	(828)	(3,164)	(4,112)
Net income (loss) attributable to Agenus Inc. common stockholders	$63,860	$(66,440)	$10,531	$(181,514)
Per common share data:
Net income (loss) attributable to Agenus Inc. comm stockholders:
Basic	$2.00	$(3.08)	$0.37	$(8.65)
Diluted	$1.94	$(3.08)	$0.37	$(8.65)
Weighted average number of Agenus Inc. common shares outstanding:
Basic	31,886	21,550	28,184	20,995
Diluted	32,858	21,550	28,264	20,995
Other comprehensive loss:
Foreign currency translation loss	$(56)	$(346)	$(162)	$(392)
Other comprehensive loss	(56)	(346)	(162)	(392)
Comprehensive income (loss)	$63,804	$(66,786)	$10,369	$(181,906)

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(Amounts in thousands)

	Convertible
Preferred Stock · Common Stock · Treasury Stock
Number ofShares · ParValue · Number ofShares · ParValue · AdditionalPaid-InCapital · Numberof Shares · Amount · AccumulatedOtherComprehensiveIncome (Loss) · Non-controllingInterest · AccumulatedDeficit · Total
Balance at December 31, 2024	32	$0	23,635	$236		$1,857,662		—		$—		$(1,398)		$19,956		$(2,182,880)		(306,424)
Net loss	—	—	—	—		—		—		—		—		(1,104)		(25,266)		(26,370)
Other comprehensive loss	—	—	—	—		—		—		—		(70)		—		—		(70)
Share-based compensation	—	—	—	—		2,587		—		—		—		597		—		3,184
Shares sold at the market	—	—	2,783	28		6,315		—		—		—		—		—		6,343
Payment of CEO payroll in shares	—	—	33	1		88		—		—		—		—		—		89
Issuance of warrants	—	—	—	—		398		—		—		—		—		—		398
Issuance of shares for services	—	—	11	—		39		—		—		—		—		—		39
Issuance of shares in connection with debt agreement	—	—	66	1		219		—		—		—		—		—		220
Vesting of nonvested shares	—	—	1	—		—		—		—		—		—		—		—
Exercise of stock options and employee share purchases	—	—	18	—		43		—		—		—		1		—		44
Issuance of shares for employee salaries	—	—	24	—		171		(8)		(22)		—		—		—		149
Retirement of treasury shares	—	—	(8)	—		(22)		8		22		—		—		—		—
Balance at March 31, 2025	32	$0	26,563	$266		$1,867,500		—		$—		$(1,468)		$19,450		$(2,208,146)		$(322,398)
Net loss	—	—	—	—		—		—		—		—		(2,057)		(27,955)		(30,012)
Other comprehensive loss	—	—	—	—		—		—		—		(36)		—		—		(36)
Share-based compensation	—	—	—	—		2,438		—		—		—		900		—		3,338
Shares sold at the market	—	—	3,136	31		12,186		—		—		—		—		—		12,217
Payment of CEO payroll in shares	—	—	40	—		114		—		—		—		—		—		114
Issuance of shares for services	—	—	9	—		26		—		—		—		—		—		26
Issuance of shares in connection with debt agreement	—	—	179	2		402		—		—		—		—		—		404
Vesting of nonvested shares	—	—	15	—		—		—		—		—		—		—		—
Issuance of shares for employee salaries	—	—	91	1		103		(29)		(65)		—		—		—		39
Retirement of treasury shares	—	—	(29)	—		(65)		29		65		—		—		—		—
Balance at June 30, 2025	32	$0	30,004	$300		$1,882,704		—		$—		$(1,504)		$18,293		$(2,236,101)		$(336,308)
Net income (loss)	—	—	—	—		—		—		—		—		(3)		63,914		63,911
Other comprehensive loss	—	—	—	—		—		—		—		(56)		—		—		(56)
Share-based compensation	—	—	—	—		2,792		—		—		—		16		—		2,808
Shares sold at the market	—	—	1,654	17		8,949		—		—		—		—		—		8,966
Payment of CEO payroll in shares	—	—	20	—		98		—		—		—		—		—		98
Issuance of shares for services	—	—	86	1		335		—		—		—		—		—		336
Issuance of shares in connection with debt agreement	—	—	74	1		371		—		—		—		—		—		372
Deconsolidation of a subsidiary	—	—	—		—		—		—		—		(25,037)		—		(25,037)
Vesting of nonvested shares	—	—	59	1		(1)		—		—		—		—		—		—
Employee share purchases	—	—	30	—		78		—		—		—		—		—		78
Issuance of shares for certain employee bonuses	—	—	1,353	14		6,034		(466)		(2,084)		—		—		—		3,964
Retirement of treasury shares	—	—	(466)	(5)		(2,079)		466		2,084		—		—		—		—
Balance at September 30, 2025	32	$0	32,814	$329		$1,899,281		—		$—		$(1,560)		$(6,731)		$(2,172,187)		$(280,868)

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

(Amounts in thousands)

	Convertible
Preferred Stock · Common Stock
	Number ofShares	ParValue	Number ofShares	ParValue	AdditionalPaid-InCapital	AccumulatedOtherComprehensiveIncome (Loss)	Non-controllingInterest	AccumulatedDeficit	Total
Balance at December 31, 2023	32	$0	19,718	$197	$1,796,095	$(955)	$11,949	$(1,955,668)	$(148,382)
Net loss	—	—	—	—	—	—	(1,568)	(61,886)	(63,454)
Other comprehensive loss	—	—	—	—	—	(116)	—	—	(116)
Share-based compensation	—	—	—	—	3,477	—	719	—	4,196
Shares sold at the market	—	—	1,249	13	17,158	—	—	—	17,171
Payment of CEO payroll in shares	—	—	7	—	89	—	—	—	89
Vesting of nonvested shares	—	—	8	—	—	—	—	—	—
Exercise of stock options and employee share purchases	—	—	12	—	166	—	7	—	173
Balance at March 31, 2024	32	$0	20,994	$210	$1,816,985	$(1,071)	$11,107	$(2,017,554)	$(190,323)
Net loss	—	—	—	—	—	—	(1,716)	(53,081)	(54,797)
Other comprehensive income	—	—	—	—	—	70	—	—	70
Share-based compensation	—	—	—	—	8,449	—	841	—	9,290
Shares sold at the market	—	—	117	1	1,989	—	—	—	1,990
Issuance of warrants, net of expenses	—	—	—	—	6,983	—	—	—	6,983
Vesting of nonvested shares	—	—	2	—	—	—	—	—	—
Payment of CEO payroll in shares	—	—	11	—	114	—	—	—	114
MiNK private placement stock sale	—	—	—	—	(4,434)	—	10,234	—	5,800
Exercise of stock options	—	—	2	—	28	—	6	—	34
Balance at June 30, 2024	32	$0	21,126	$211	$1,830,114	$(1,001)	$20,472	$(2,070,635)	$(220,839)
Net loss	—	—	—	—	—	—	(828)	(66,386)	(67,214)
Other comprehensive loss	—	—	—	—	—	(346)	—	—	(346)
Share-based compensation	—	—	—	—	8,399	—	881	—	9,280
Shares sold at the market	—	—	503	5	6,771	—	—	—	6,776
Payment of CEO payroll in shares	—	—	16	—	98	—	—	—	98
Vesting of nonvested shares	—	—	7	—	—	—	—	—	—
Exercise of stock options and employee share purchases	—	—	33	1	433	—	7	—	441
Balance at September 30, 2024	32	$0	21,685	$217	$1,845,815	$(1,347)	$20,532	$(2,137,021)	$(271,804)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.