AGEN Nasdaq Earnings call
Agenus Inc. (AGEN) · Q2 2025 results
Share price: $7.22 · 2026-11-11
Results Q2 2025 vs Q1 2025 · previous quarter · published 27 Aug 2025 and 12 May 2025
Net loss widened on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2025
Net income -30.0M vs -26.4M
Revenue +6.8%
Net income -30.0M vs -54.8M in Q2 2024 and -26.4M last quarter.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out Nothing unusual flagged this period.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$7.22
close of 2026-11-11
P/E
2.9
today
Revenue growth, 3 years
+5.2% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.2B
Free cash flow 2024
−$0.2B
Free cash flow 2025
−$0.1B
Read between the lines
-
Key theme
When I got inside the company, had an opportunity to look under the hood my conviction that this is a strong…
Source quote
“And when I got inside the company, had an opportunity to look under the hood my conviction that this is a strong... And the most promising combination in my mind was what I was seeing with BOT/BAL. I made the decision to put away my fly rod and go back to work.”
-
Dropped
AGEN's leader said examining the company strengthened his conviction that the BOT/BAL combination is its most promising program, prompting him to go back to work.
Source quote
“A significant equity investment at a big premium, and 2 BOT/BAL licensing deals, each individually or in combination are designed... And fourth, 4 formal near term transaction proposals that we have received, including an Emeryville facility sale. And lastly, the changes in the new FDA policies that could favor rapid approval of transformative therapies and our recent...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2025. Ring: Q1 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And when I got inside the company, had an opportunity to look under the hood my conviction that this is a strong combination that will ultimately save lives, not just...”
“For the agenda, we'll specifically be discussing the growing colorectal cancer crisis, the spotlight on emerging data from BOT/BAL immunotherapy program and hear firsthand perspectives from leading clinicians.”
“Now there's been confusion about MSI-high because we've seen drugs like PD-1 drugs or PD-L1s that have shown very high efficacy as much as 100%.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2025-06-30)
| Metric | Q2 2025period end 2025-06-30 | Q1 2025period end 2025-03-31 | Change | Q2 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 25.7M | 24.1M | +6.8% | 23.5M | +9.3% |
| Gross profit | 25.4M | 23.9M | +6.3% | 23.4M | +8.8% |
| Operating income | -16.7M | -13.3M | Loss widened | -30.2M | Loss narrowed |
| Net income | -30.0M | -26.4M | Loss widened | -54.8M | Loss narrowed |
| EPS | -1.00 | -1.03 | Loss narrowed | -2.52 | Loss narrowed |
| P/E today 2.9 | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Agenus was looking for an opportunity to continue its work and to demonstrate proof of principle in a Phase III...
- New In the cases of those with 4 lines of therapy, there's nothing more to do other than best supportive care.
- New This is way more than the 10 to 14 months that has been the best case reported in the current...
- New It's really a privilege to work with like-minded internal experts and external experts like you and Dr.
- New The uniqueness of iNKT cells is that they actually are unusual because they bridge both arms of immunity, both innate...
Faded since Q1 2025
- Fading Before I get into the business update, I'd like to acknowledge a critical and growing public health crisis.
- Fading It is a relatively inexpensive access to capital.
- Fading To colon cancer patients, tumors above the rectum, where potentially Agenus could come up with a surgery-free world for managing...
- Fading Cercek and her colleagues at Sloan Kettering in MSI-high tumors where patients avoided chemotherapy, radiation, and surgery, is really…
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation; Unregistered share sale · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Unregistered share sale; Regulation FD disclosure; Other events · SEC 8-K
- Material agreement · SEC 8-K
- Shareholder vote results · SEC 8-K
- Director or officer change · SEC 8-K