AGENUS INC

For the period ended Mar 31, 2026. Filed May 11, 2026.

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.

Mar 31, 2026 · Filed May 11, 2026

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

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	March 31, 2026(unaudited)	December 31, 2025
ASSETS
Cash and cash equivalents	$34,996	$2,998
Zydus agreements escrow receivable (Note R)	7,500	—
Zydus agreements contract assets (Note R)	40,000	—
Accounts receivable	6,562	1,831
Prepaid expenses	4,188	785
Related party note receivable from MiNK Therapeutics, Inc.	—	5,179
Assets held for sale	—	121,554
Other current assets	2,038	1,089
Total current assets	95,284	133,436
Property, plant and equipment, net of accumulated amortization and depreciation of $47,893 and $47,468 at March 31, 2026 and December 31, 2025, respectively	14,947	15,470
Operating lease right-of-use assets	7,458	7,744
Goodwill	24,092	24,092
Acquired intangible assets, net of accumulated amortization of $17,403 and $17,325 at March 31, 2026 and December 31, 2025, respectively	2,959	3,037
Equity method investment in MiNK Therapeutics, Inc.	22,927	24,277
Due from related parties (MiNK Therapeutics, Inc.)	15,776	15,435
Other long-term assets	3,013	3,307
Total assets	$186,456	$226,798
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current portion, long-term debt	$30,193	$44,655
Current portion, liability related to sale of future royalties and milestones (Note H)	109,405	109,323
Current portion, operating lease liabilities	1,054	1,034
Accounts payable	71,084	82,987
Accrued liabilities	36,987	34,223
Liabilities held for sale	—	50,738
Other current liabilities	514	529
Total current liabilities	249,237	323,489
Liability related to sale of future royalties and milestones, net of current portion (Note H)	153,985	169,660
Deferred revenue, net of current portion	1,143	1,143
Operating lease liabilities, net of current portion	9,827	10,108
Other long-term liabilities	247	259
Commitments and contingencies
STOCKHOLDERS’ DEFICIT
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized:
Series A-1 convertible preferred stock; 31,620 shares designated, issued, and outstanding at March 31, 2026 and December 31, 2025; liquidation value of $34,371 at March 31, 2026	—	—
Common stock, par value $0.01 per share; 800,000,000 shares authorized; 38,521,761 and 35,320,397 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	385	353
Additional paid-in capital	1,922,370	1,911,740
Accumulated other comprehensive loss	(437)	(439)
Accumulated deficit	(2,143,539)	(2,182,765)
Total stockholders’ deficit attributable to Agenus Inc.	(221,221)	(271,111)
Non-controlling interest	(6,762)	(6,750)
Total stockholders’ deficit	(227,983)	(277,861)
Total liabilities and stockholders’ deficit	$186,456	$226,798

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except per share amounts)

	Three Months Ended March 31,
	2026	2025
Revenue:
Pre-commercial product revenue	$4,591	$—
Service revenue	—	510
Non-cash royalty revenue related to the sale of future royalties (Note H)	29,145	23,556
Total revenues	33,736	24,066
Operating expenses:
Cost of revenue	—	(137)
Research and development	(11,822)	(21,522)
General and administrative	(6,860)	(15,718)
Total operating expenses	(18,682)	(37,377)
Operating income (loss)	15,054	(13,311)
Other income (expense):
Non-operating income (expense)	(208)	(264)
MiNK Therapeutics, Inc. equity method investment fair value adjustment	(1,350)	—
Gain on Zydus asset sale	40,379	—
Interest expense, net	(14,669)	(12,795)
Net income (loss)	39,206	(26,370)
Dividends on Series A-1 convertible preferred stock	(54)	(54)
Less: net loss attributable to non-controlling interest	(20)	(1,104)
Net income (loss) attributable to Agenus Inc. common stockholders	$39,172	$(25,320)
Per common share data:
Net income (loss) attributable to Agenus Inc. comm stockholders:
Basic	$1.03	$(1.03)
Diluted	$1.02	$(1.03)
Weighted average number of Agenus Inc. common shares outstanding:
Basic	37,941	24,469
Diluted	38,285	24,469
Other comprehensive income (loss):
Foreign currency translation gain (loss)	$2	$(70)
Other comprehensive income (loss)	2	(70)
Comprehensive income (loss)	$39,174	$(25,390)

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, 2025	32	$—	35,320	$353	$1,911,740	—	$—	$(439)	$(6,750)	$(2,182,765)	(277,861)
Net loss	—	—	—	—	—	—	—	—	(20)	39,226	39,206
Other comprehensive income	—	—	—	—	—	—	—	2	—	—	2
Share-based compensation	—	—	—	—	766	—	—	—	8	—	774
Shares sold to Zynext Ventures USA LLC, net of issuance costs	—	—	2,133	21	6,402	—	—	—	—	—	6,423
Shares sold at the market	—	—	284	3	993	—	—	—	—	—	996
Payment of CEO payroll in shares	—	—	27	—	88	—	—	—	—	—	88
Modification of warrants	—	—	—	—	435	—	—	—	—	—	435
Issuance of shares for services	—	—	418	4	1,390	—	—	—	—	—	1,394
Issuance of shares in connection with debt agreement	—	—	141	2	439	—	—	—	—	—	441
Vesting of nonvested shares	—	—	158	2	(2)	—	—	—	—	—	—
Employee share purchases	—	—	21	—	55	—	—	—	—	—	55
Issuance of shares for employee salaries	—	—	28	—	91	(8)	(27)	—	—	—	64
Retirement of treasury shares related to employee withholding	—	—	(8)	—	(27)	8	27	—	—	—	—
Balance at March 31, 2026	32	$—	38,522	$385	$1,922,370	—	$—	$(437)	$(6,762)	$(2,143,539)	$(227,983)

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 related to employee withholding	—	—	(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)

ContentsView on SEC.gov

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