AGENUS INC

For the period ended Sep 30, 2026. Filed Nov 5, 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.

Sep 30, 2026 · Filed Nov 5, 2026

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, 2026 (Unaudited) and December 31, 2025

CONDENSED CONSOLIDATED BALANCE SHEETS

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

	September 30, 2026(unaudited)	December 31, 2025
ASSETS
Cash and cash equivalents	$66,936	$2,998
Short-term investments	20,000	—
Zydus agreements escrow receivable (Note R)	7,645	—
Zydus agreements contract assets (Note R)	32,027	—
Accounts receivable	17,076	1,831
Prepaid expenses	2,569	785
Related party note receivable from MiNK Therapeutics, Inc.	—	5,179
Assets held for sale	—	121,554
Other current assets	2,056	1,089
Total current assets	148,309	133,436
Property, plant and equipment, net of accumulated amortization and depreciation of $48,388 and $47,468 at September 30, 2026 and December 31, 2025, respectively	13,889	15,470
Operating lease right-of-use assets	6,949	7,744
Goodwill	24,092	24,092
Acquired intangible assets, net of accumulated amortization of $17,560 and $17,325 at September 30, 2026 and December 31, 2025, respectively	2,802	3,037
Equity method investment in MiNK Therapeutics, Inc.	27,325	24,277
Due from related party (MiNK Therapeutics, Inc.)	16,319	15,435
Other long-term assets	5,861	3,307
Total assets	$245,546	$226,798
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Short-term debt	$5,353	$44,655
Current portion, liability related to sale of future royalties and milestones (Note H)	118,474	109,323
Current portion, operating lease liabilities	950	1,034
Accounts payable	46,697	82,987
Accrued liabilities	31,754	34,223
Liabilities held for sale	—	50,738
Other current liabilities	463	529
Total current liabilities	203,691	323,489
Long-term debt	24,429	—
Liability related to sale of future royalties and milestones, net of current portion (Note H)	119,456	169,660
Deferred revenue	1,143	1,143
Operating lease liabilities, net of current portion	8,732	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 September 30, 2026 and December 31, 2025; liquidation value of $34,480 at September 30, 2026	—	—
Common stock, par value $0.01 per share; 800,000,000 shares authorized; 45,208,556 and 35,320,397 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	452	353
Additional paid-in capital	2,036,041	1,911,740
Accumulated other comprehensive loss	(506)	(439)
Accumulated deficit	(2,141,355)	(2,182,765)
Total stockholders’ deficit attributable to Agenus Inc.	(105,368)	(271,111)
Non-controlling interest	(6,784)	(6,750)
Total stockholders’ deficit	(112,152)	(277,861)
Total liabilities and stockholders’ deficit	$245,546	$226,798

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Revenue:
Research and development	$—	$1,087	$—	$1,421
Pre-commercial product revenue	6,078	—	17,041	—
Service revenue	—	—	—	1,036
Non-cash royalty revenue related to the sale of future royalties (Note H)	25,410	29,148	82,701	77,535
Total revenues	31,488	30,235	99,742	79,992
Operating expenses:
Cost of revenue	—	(642)	—	(1,022)
Research and development	(11,646)	(23,596)	(38,227)	(71,827)
General and administrative	(8,434)	(10,860)	(23,761)	(42,097)
Fair value adjustments	—	318	—	387
Total operating expenses	(20,080)	(34,780)	(61,988)	(114,559)
Operating income (loss)	11,408	(4,545)	37,754	(34,567)
Other income (expense):
Non-operating income (expense)	3,962	(19,298)	4,609	(19,574)
Gain from deconsolidation of MiNK Therapeutics, Inc.	—	100,924	—	100,924
MiNK Therapeutics, Inc. equity method investment fair value adjustment	1,872	—	3,048	—
Gain on Zydus asset sale	—	—	40,379	—
Interest expense, net	(14,517)	(13,170)	(44,428)	(39,254)
Net income	2,725	63,911	41,362	7,529
Dividends on Series A-1 convertible preferred stock	(54)	(54)	(163)	(162)
Less: net loss attributable to non-controlling interest	(9)	(3)	(46)	(3,164)
Less: allocation of undistributed earnings to participating securities	(1,158)	—	(10,388)	—
Net income attributable to Agenus Inc. common stockholders	$1,522	$63,860	$30,857	$10,531
Per common share data:
Net income attributable to Agenus Inc. common stockholders:
Basic	$0.02	$2.00	$0.65	$0.37
Diluted	$0.02	$1.94	$0.60	$0.37
Weighted average number of Agenus Inc. common shares outstanding:
Basic	62,648	31,886	47,400	28,184
Diluted	83,268	32,858	51,249	28,264
Other comprehensive loss:
Foreign currency translation loss	$(56)	$(56)	$(67)	$(162)
Other comprehensive loss	(56)	(56)	(67)	(162)
Comprehensive income	$2,624	$63,804	$41,178	$10,369

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)
Net income	—	—	—	—	—	—	—	—	(9)	2,734	2,725
Other comprehensive loss	—	—	—	—	—	—	—	(56)	—	—	(56)
Share-based compensation	—	—	—	—	2,825	—	—	—	—	—	2,825
Issuance of common stock, pre-funded warrants, Series A Warrants, and Series B Warrants in connection with Securities Purchase Agreement	—	—	1,626	16	84,770	—	—	—	—	—	84,786
Payment of CEO payroll in shares	—	—	5	—	16	—	—	—	—	—	16
Issuance of shares for services	—	—	16	—	30	—	—	—	—	—	30
Issuance of shares in connection with debt agreement	—	—	118	1	525	—	—	—	—	—	526
Vesting of nonvested shares	—	—	3	—	—	—	—	—	—	—	—
Employee share purchases	—	—	8	—	21	—	—	—	—	—	21
Exercise of stock options	—	—	783	8	2,714	—	—	—	—	—	2,722
Exercise of warrants	—	—	23	—	73	—	—	—	—	—	73
Issuance of shares for employee salaries	—	—	14	—	45	(3)	(15)	—	—	—	30
Retirement of treasury shares	—	—	(3)	—	(15)	3	15	—	—	—	—
Balance at September 30, 2026	32	$—	45,209	$452	$2,036,041	—	$—	$(506)	$(6,784)	$(2,141,355)	$(112,152)

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)
Net income	—	—	—	—		—		—		—		—		(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)

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