AGENUS INC
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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FY2025 · Filed Mar 16, 2026
AGEN$7.02-1.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(Amounts in thousands, except per share amounts)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net loss | $(3,083) | $(232,271) | $(257,437) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 9,999 | 13,343 | 13,588 |
| Share-based compensation | 13,770 | 17,390 | 22,869 |
| Non-cash royalty revenue | (108,588) | (100,978) | (114,572) |
| Non-cash interest expense | 54,440 | 118,095 | 100,551 |
| Loss (gain) on sale or disposal of assets, net | 937 | 1,153 | (1,408) |
| Gain from deconsolidation of MiNK Therapeutics, Inc. | (100,924) | — | — |
| Loss on impairment of assets | 234 | 1,973 | — |
| Gain on forgiveness of liability | — | (1,788) | — |
| Gain on lease terminations | — | (5,334) | — |
| Unrealized loss on long-term investments | 26,119 | 1,542 | 2,126 |
| Fair value adjustments | (387) | (3,954) | (556) |
| Other, net | 2,954 | (90) | (119) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,728) | 25,344 | (23,461) |
| Prepaid expenses | 1,260 | 5,782 | 6,032 |
| Accounts payable | 23,500 | 2,013 | 21,366 |
| Deferred revenue | 1 | 20 | (12,249) |
| Accrued liabilities and other current liabilities | 4,499 | 136 | 20,613 |
| Other operating assets and liabilities | (198) | (691) | (1,545) |
| Net cash used in operating activities | (77,195) | (158,315) | (224,202) |
| Cash flows from investing activities: | |||
| Proceeds from sale of property, plant and equipment | 359 | 24 | 3,363 |
| Purchases of property, plant and equipment | (6) | (576) | (9,954) |
| Purchases of available-for-sale securities | — | — | (14,647) |
| Proceeds from sale of available-for-sale securities | — | — | 30,000 |
| Purchase of long-term investment | — | — | (5,396) |
| Proceeds from sale of long-term investment | 841 | 579 | 34 |
| Net cash provided by investing activities | 1,194 | 27 | 3,400 |
| Cash flows from financing activities: | |||
| Net proceeds from sale of equity | 36,136 | 33,023 | 133,157 |
| Net proceeds from sale of subsidiary shares in private placement | — | 5,800 | — |
| Proceeds from employee stock purchases and option exercises | 169 | 647 | 807 |
| Purchase of treasury shares to satisfy tax withholdings | (87) | — | (4,566) |
| Purchase of subsidiary shares | — | — | (606) |
| Proceeds from Ligand Purchase Agreement, net of expenses | — | 73,851 | — |
| Proceeds from the issuance of long-term debt, net | 12,500 | 20,000 | — |
| Impact to cash resulting from deconsolidation certain subsidiaries | (1,974) | — | — |
| Payment of long-term debt | (2,500) | — | — |
| Payment of finance lease obligations | (7,651) | (10,481) | (8,926) |
| Net cash provided by financing activities | 36,593 | 122,840 | 119,866 |
| Effect of exchange rate changes on cash | 47 | (260) | (628) |
| Net decrease in cash, cash equivalents and restricted cash | (39,361) | (35,708) | (101,564) |
| Cash, cash equivalents and restricted cash, beginning of period | 44,071 | 79,779 | 181,343 |
| Cash, cash equivalents and restricted cash, end of period | $4,710 | $44,071 | $79,779 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $1,175 | $2,278 | $3,168 |
| Supplemental disclosures - non-cash activities: | |||
| Issuance of stock options for payment of certain employee bonuses | — | 9,321 | — |
| Issuance of common stock, $0.01 par value, in connection with the issuance of long-term debt | — | 220 | — |
| Issuance of common stock, $0.01 par value, for payment of certain employee bonuses | 3,964 | — | 7,288 |
| Issuance of common stock, $0.01 par value, in connection with payment for services | — | — | 690 |
| Issuance of subsidiary stock options for payment of certain employee bonuses | — | 1,032 | — |
| Issuance of subsidiary shares for employee bonus | — | — | 1,011 |
| Insurance financing agreements | 706 | 771 | 707 |
| Lease right-of-use assets obtained in exchange for new operating lease liabilities | 107 | 105 | 318 |
|---|---|---|---|
| Lease right-of-use assets obtained in exchange for new finance lease liabilities | 10,140 | 122 | 4,812 |
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