Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 11, 2026
Agenus Inc (AGEN)
A forensic read on Agenus Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-38.0
Distress distance
Watch
Earnings quality
5
Forensic signals
4.1
P / E (ttm)
$341M
Market cap
10.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Agenus Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -38.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+28.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +66% over the last 2 years to FY2025 (+28.9%/yr). The count is growing — 17.9M shares in FY2023, 29.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~28.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~40%.
12% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 12% of revenue in FY2025 — about $0.46 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 28.9% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
FCF ($234M)
FY2023
Shareholder returns.Returned $606,000 to shareholders (buybacks + dividends) in FY2023, but free cash flow was ($234M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
6d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 1 to 6 days FY2024→FY2025 (receivables +350% vs revenue +10%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 60 → 1 → 6 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-3%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 3 consecutive quarters (Dec 2025 +4, Mar 2026 +16, Jun 2026 +36 days). In the latest of them the receivable balance grew +1977% against sales +34%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$114.2M
Revenue Growth YoY+10.4%
Revenue CAGR (2yr)-14.5%
Net Margin0.1%
Free Cash Flow-$77.2M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Agenus Inc's actual 10-K/10-Q/8-K filings?
Goodwill impairments.Took $600,000 of goodwill writedowns across 1 year (FY2024 ($600,000)). Writedowns mean past acquisitions underperformed what was paid for them.