AGENUS INC
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 2026
AGEN$7.15+11.0%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share amounts)
| June 30, 2026(unaudited) | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $18,738 | $2,998 |
| Zydus agreements escrow receivable (Note R) | 7,616 | — |
| Zydus agreements contract assets (Note R) | 32,860 | — |
| Accounts receivable | 14,725 | 1,831 |
| Prepaid expenses | 2,853 | 785 |
| Related party note receivable from MiNK Therapeutics, Inc. | — | 5,179 |
| Assets held for sale | — | 121,554 |
| Other current assets | 2,018 | 1,089 |
| Total current assets | 78,810 | 133,436 |
| Property, plant and equipment, net of accumulated amortization and depreciation of $47,977 and $47,468 at June 30, 2026 and December 31, 2025, respectively | 14,322 | 15,470 |
| Operating lease right-of-use assets | 7,205 | 7,744 |
| Goodwill | 24,092 | 24,092 |
| Acquired intangible assets, net of accumulated amortization of $17,482 and $17,325 at June 30, 2026 and December 31, 2025, respectively | 2,880 | 3,037 |
| Equity method investment in MiNK Therapeutics, Inc. | 25,452 | 24,277 |
| Due from related parties (MiNK Therapeutics, Inc.) | 16,075 | 15,435 |
| Other long-term assets | 3,856 | 3,307 |
| Total assets | $172,692 | $226,798 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Short-term debt | $30,068 | $44,655 |
| Current portion, liability related to sale of future royalties and milestones (Note H) | 113,671 | 109,323 |
| Current portion, operating lease liabilities | 1,102 | 1,034 |
| Accounts payable | 58,984 | 82,987 |
| Accrued liabilities | 27,515 | 34,223 |
| Liabilities held for sale | — | 50,738 |
| Other current liabilities | 480 | 529 |
| Total current liabilities | 231,820 | 323,489 |
| Liability related to sale of future royalties and milestones, net of current portion (Note H) | 135,794 | 169,660 |
| Deferred revenue | 1,143 | 1,143 |
| Operating lease liabilities, net of current portion | 9,538 | 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 June 30, 2026 and December 31, 2025; liquidation value of $34,371 at June 30, 2026 | — | — |
| Common stock, par value $0.01 per share; 800,000,000 shares authorized; 42,615,618 and 35,320,397 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | 427 | 353 |
| Additional paid-in capital | 1,945,037 | 1,911,740 |
| Accumulated other comprehensive loss | (450) | (439) |
| Accumulated deficit | (2,144,089) | (2,182,765) |
| Total stockholders’ deficit attributable to Agenus Inc. | (199,075) | (271,111) |
| Non-controlling interest | (6,775) | (6,750) |
| Total stockholders’ deficit | (205,850) | (277,861) |
| Total liabilities and stockholders’ deficit | $172,692 | $226,798 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue: | ||||
| Research and development | $— | $334 | $— | $334 |
| Pre-commercial product revenue | 6,372 | — | 10,963 | — |
| Service revenue | — | 526 | — | 1,036 |
| Non-cash royalty revenue related to the sale of future royalties (Note H) | 28,146 | 24,831 | 57,291 | 48,387 |
| Total revenues | 34,518 | 25,691 | 68,254 | 49,757 |
| Operating expenses: | ||||
| Cost of revenue | — | (243) | — | (380) |
| Research and development | (14,759) | (26,710) | (26,581) | (48,231) |
| General and administrative | (8,466) | (15,518) | (15,326) | (31,237) |
| Fair value adjustments | — | 69 | — | 69 |
| Total operating expenses | (23,225) | (42,402) | (41,907) | (79,779) |
| Operating income (loss) | 11,293 | (16,711) | 26,347 | (30,022) |
| Other income (expense): | ||||
| Non-operating income (expense) | 856 | (12) | 648 | (276) |
| MiNK Therapeutics, Inc. equity method investment fair value adjustment | 2,526 | — | 1,176 | — |
| Gain on Zydus asset sale | — | — | 40,379 | — |
| Interest expense, net | (15,242) | (13,289) | (29,911) | (26,084) |
| Net income (loss) | (567) | (30,012) | 38,639 | (56,382) |
| Dividends on Series A-1 convertible preferred stock | (54) | (54) | (109) | (108) |
| Less: net loss attributable to non-controlling interest | (17) | (2,057) | (37) | (3,161) |
| Net income (loss) attributable to Agenus Inc. common stockholders | $(604) | $(28,009) | $38,567 | $(53,329) |
| Per common share data: | ||||
| Net income (loss) attributable to Agenus Inc. common stockholders: | ||||
| Basic | $(0.01) | $(1.00) | $0.97 | $(2.03) |
| Diluted | $(0.01) | $(1.00) | $0.96 | $(2.03) |
| Weighted average number of Agenus Inc. common shares outstanding: | ||||
| Basic | 41,338 | 28,117 | 39,649 | 26,303 |
| Diluted | 41,338 | 28,117 | 40,123 | 26,303 |
| Other comprehensive loss: | ||||
| Foreign currency translation loss | $(13) | $(36) | $(11) | $(106) |
| Other comprehensive loss | (13) | (36) | (11) | (106) |
| Comprehensive income (loss) | $(617) | $(28,045) | $38,556 | $(53,435) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
| 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 income | — | — | — | — | — | — | — | — | (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) |
| Net loss | — | — | — | — | — | — | — | — | (17) | (550) | (567) |
| Other comprehensive loss | — | — | — | — | — | — | — | (13) | — | — | (13) |
| Share-based compensation | — | — | — | — | 6,971 | — | — | — | 4 | — | 6,975 |
| Shares sold at the market | — | — | 3,649 | 37 | 14,058 | — | — | — | — | — | 14,095 |
| Payment of CEO payroll in shares | — | — | 32 | — | 113 | — | — | — | — | — | 113 |
| Modification of warrants | — | — | — | — | 171 | — | — | — | — | — | 171 |
| Issuance of shares for services | — | — | 56 | 2 | 232 | — | — | — | — | — | 234 |
| Issuance of shares in connection with debt agreement | — | — | 113 | 1 | 401 | — | — | — | — | — | 402 |
| Exercise of stock options | — | — | 226 | 2 | 642 | — | — | — | — | — | 644 |
| Issuance of shares for employee salaries | — | — | 25 | — | 106 | (7) | (27) | — | — | — | 79 |
| Retirement of treasury shares related to employee withholding | — | — | (7) | — | (27) | 7 | 27 | — | — | — | — |
| Balance at June 30, 2026 | 32 | $— | 42,616 | $427 | $1,945,037 | — | $— | $(450) | $(6,775) | $(2,144,089) | $(205,850) |
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
| 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) |
| 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) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.