Operational cash flow remains fundamentally challenged, with free cash flow margins frequently exceeding -100%, such as the -107% margin recorded in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -87.53M | -158.31M | -158.31M | -224.2M | -175.37M | 10.14M | -139.1M | -18.68M | -131.09M | -94.23M | -79.96M | -47.18M | -38.23M | -19.53M | 1.01M | -16.25M | -14.76M | -24.19M | -28.91M | -26.69M | -44.94M | -66.33M | -60.22M | -51.19M | -50.83M | -36.83M | -15.13M | -13.5M |
| Operating CF Margin % | - | -138.63% | -153.02% | -143.43% | -178.91% | 3.43% | -157.76% | -12.45% | -356.39% | -219.76% | -354.23% | -190.09% | -548.01% | -641.48% | 6.34% | -589.63% | -439.28% | -725.65% | -1090.54% | -480.72% | -6492.82% | -10528.27% | -8517.5% | -1150.37% | -1490.06% | -808.47% | -3419.21% | -13500% |
| Operating CF Growth % | 121.05% | 0% | 29.39% | -27.84% | -1828.66% | 107.29% | -644.55% | 85.75% | -39.13% | -17.84% | -69.5% | -23.38% | -95.74% | -2028.99% | 106.23% | -10.1% | 39% | 16.32% | -8.32% | 40.61% | 32.25% | -10.13% | -17.66% | -0.7% | -38.04% | -143.33% | -12.11% | - |
| Net Income | 64.61M | -232.27M | -232.27M | -257.44M | -230.66M | -28.72M | -182.89M | -111.56M | -162.04M | -120.69M | -127M | -87.88M | -42.49M | -30.07M | -11.32M | -23.28M | -21.91M | -30.32M | -28.7M | -36.8M | -51.88M | -74.1M | -68.75M | -65.93M | -55.88M | -73.54M | -46.73M | -18.1M |
| Depreciation & Amortization | 7.38M | 13.34M | 13.34M | 13.59M | 6.95M | 6.79M | 7.18M | 6.66M | 6.29M | 6.01M | 4.95M | 14.2M | 1.58M | 586.34K | 1.62M | 2.25M | 3.44M | 4.11M | 4.67M | 5.42M | 5.66M | 5.59M | 4.81M | 6.49M | 5.47M | 4.15M | 1.68M | 1M |
| Stock-Based Compensation | 10.29M | 17.39M | 17.39M | 22.87M | 18.34M | 19.58M | 10.42M | 9.89M | 7.63M | 12.43M | 13.19M | 7.44M | 4.67M | 4.13M | 4.3M | 2.65M | 3.15M | 3.13M | 5.58M | 3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58K | 10.91M | 23.56K | 14.73K | -5.39M | 4.58K | 2.73M | 11.03K | 23.31M | -1.97M | -2.28M | -13.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -166.32M | 15.89M | 10.62M | -13.98M | 5.92M | 22.25M | 17.25M | 17.58M | 5.95M | 14.49M | 18.48M | 17.83M | 4M | 1.82M | 3.14M | -19.11M | 2.14M | 3.97M | 2.24M | 2.07M | 4.91M | 228.46K | 4.15M | 1.53M | 2.39M | 35.82M | 28.27M | 5M |
| Working Capital Changes | -1.39M | 27.33M | 32.6M | 10.76M | 24.08M | -9.74M | 8.95M | 58.68M | 170.05K | -6.48M | 10.4M | 6.63M | -6.01M | 1.27M | 3.26M | -2.08M | 386.7K | -2.8M | 535.84K | -444.23K | -3.62M | 1.96M | -432.84K | 6.73M | -2.81M | -3.25M | 1.65M | -1.4M |
| Change in Receivables | -6.57M | -1.73M | 25.34M | -23.46M | 122K | -394K | 16.19M | -15.36M | 196.35K | 10.22M | -1.55M | -9.33M | 1.2K | 551.13K | -552.33K | 35K | -35K | -2.26M | 318.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55K | 24K | 8.71K | 17.63M | 7.5K | -95.7K | 16.02K | 4.05K | 6.36K | 297.6K | -97.66K | 284.5K | -72.23K | -187.59K | -81.31K | 58.15K | -8.95K | -158.42K | -702K | 219.56K | 0 |
| Change in Payables | 8.98M | 23.5M | 2.01M | 21.37M | 6.49M | 10.82M | 2.77M | -234K | 5.37M | 1.65M | 419.71K | 2.67M | -45.9K | 189.64K | -181.85K | 4.43K | -198.12K | 296.09K | -133.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 70.09M | 27K | 27K | 3.4M | -33.61M | -43.15M | -4.44M | -4.66M | -3.59M | 2.06M | 17.6M | -31.23M | -16.81M | -363.52K | -103.44K | -29.46K | 9.93M | 2.16M | -4M | 13.19M | 15.39M | 41.77M | 3.93M | -32.53M | -28.17M | 2.99M | -1.63M | -4.9M |
| Capital Expenditures | -1K | -576K | -576K | -9.95M | -53.06M | -33.81M | -3.47M | -4.66M | -3.6M | -3.12M | -12.52M | -3.59M | -2.82M | -813.52K | -103.44K | -54.55K | -130.44K | -243.87K | -206.01K | -11.21K | -329.89K | -2.66M | -3.97M | -18.54M | -2.31M | -1.67M | -2.64M | -4.9M |
| CapEx % of Revenue | 0% | 0.5% | 0.56% | 6.37% | 54.13% | 11.44% | 3.93% | 3.1% | 9.78% | 7.28% | 55.46% | 14.47% | 40.42% | 26.72% | 0.65% | 1.98% | 3.88% | 7.31% | 7.77% | 0.2% | 47.66% | 422.28% | 561.48% | 416.6% | 67.65% | 36.55% | 596.86% | 4900% |
| Acquisitions | 63.95M | 0 | 0 | 0 | -2.92M | 0 | -975K | 0 | 6.19K | 120K | 0 | -7.18M | 514.47K | 0 | 0 | 0 | 0 | 53.55K | 0 | 0 | 33.26K | 0 | 12.57M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 359K | 24K | 24K | 3.36M | 22M | 5.66M | 0 | 0 | 6.19K | 120K | 30.12M | -20.46M | -14.51M | 450K | 0 | 23.88K | 50.3K | 2.34M | 2M | 0 | 2.98M | 1.96M | 3.02M | -7.27M | -300K | 1.66M | 1.02M | 0 |
| Cash from Financing | 32.01M | 122.84M | 122.84M | 119.87M | 95.83M | 225.26M | 183.85M | 31.32M | 128.28M | 80.54M | -2.46M | 189.58M | 52.81M | 25.78M | 9.81M | 7.24M | 4.54M | 17.63M | 42.9M | 3.76M | 20.55M | 41.79M | 47.85M | 107.8M | 51.27M | -1.44M | 66.48M | 42.6M |
| Debt Issued (Net) | -3.32M | 2.35M | 9.52M | -8.93M | -490K | -1.32M | 2.96M | -320K | -162.13M | 14.52M | -144.66K | 107.89M | -3.37M | -608.85K | -100K | 0 | -6.24M | -255K | -2.93M | 0 | 20.98M | 42.25M | -5.95M | 15.32M | -5.55M | -2.23M | -906K | 2.1M |
| Equity Issued (Net) | 37.22M | 36.22M | 38.82M | 127.98M | 95.42M | 218.99M | 176.42M | 30M | 86.03M | 66.02M | 1.5M | 109.67M | 0 | 26.46M | 9.87M | 7.98M | 11.53M | 18.53M | 46.57M | 65.83K | 469.3K | 327.3K | 54.62M | 92.59M | 562.58K | 218.89K | 601K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -460.96K | 0 | -592.88K | -790.5K | -790.5K | -790.5K | -790.5K | -790.5K | -790.5K | -790.5K | -817.01K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -92K | -87K | 0 | -5.17M | -3.79M | -1.65M | 0 | 0 | 0 | -527K | -667.05K | 0 | 0 | 0 | -592.88K | 0 | 0 | -54.94K | -257.68K | -12.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.9M | 84.27M | 74.5M | 807K | 898K | 7.59M | 4.47M | 1.64M | 204.39M | 775 | -3.82M | -27.98M | 56.64M | -73.79K | 632.71K | 54.47K | 49.32K | 141.31K | 46.56K | 4.49M | -101.04K | 0 | 0 | -110.93K | 56.25M | 572.34K | 66.79M | 40.5M |
| Net Change in Cash | 14.59M | -35.71M | -35.71M | -101.56M | -113.26M | 192.09M | 40.7M | 8.75M | -7.13M | -11.26M | -65.25M | 110.99M | -1.64M | 5.88M | 10.72M | -9.03M | -284.84K | -4.4M | 9.99M | -9.74M | -9M | 17.24M | -8.44M | 24.08M | -27.74M | -35.27M | 49.72M | 24.2M |
| Free Cash Flow | -87.53M | -158.89M | -158.89M | -234.16M | -228.44M | -23.67M | -142.56M | -23.34M | -134.69M | -97.35M | -92.48M | -50.77M | -41.05M | -20.35M | 909.16K | -16.3M | -14.89M | -24.44M | -29.12M | -26.7M | -45.27M | -68.99M | -64.19M | -69.72M | -53.14M | -38.49M | -17.78M | -18.4M |
| FCF Margin % | -70.66% | -139.14% | -153.57% | -149.8% | -233.04% | -8.01% | -161.69% | -15.55% | -366.17% | -227.03% | -409.7% | -204.56% | -588.42% | -668.19% | 5.7% | -591.61% | -443.16% | -732.96% | -1098.31% | -480.92% | -6540.48% | -10950.56% | -9078.97% | -1566.96% | -1557.71% | -845.03% | -4016.07% | -18400% |
| FCF Growth % | 40.17% | 0% | 32.14% | -2.5% | -865.12% | 83.4% | -510.83% | 82.67% | -38.36% | -5.26% | -82.17% | -23.66% | -101.78% | -2337.94% | 105.58% | -9.5% | 39.07% | 16.07% | -9.04% | 41.01% | 34.38% | -7.46% | 7.93% | -31.21% | -38.06% | -116.53% | 3.39% | - |
| FCF per Share | -2.29 | -5.34 | -7.40 | -13.09 | -16.22 | -2.07 | -16.53 | -3.46 | -24.32 | -19.78 | -21.24 | -12.98 | -13.74 | -1.50 | 0.04 | -0.82 | -0.92 | -1.86 | -2.76 | -3.44 | -5.93 | -9.08 | -8.62 | -10.73 | -9.69 | -8.21 | -4.33 | -4.80 |
| FCF Conversion (FCF/Net Income) | -1.35x | -1376.65x | 0.70x | 0.91x | 0.80x | -0.42x | 0.77x | 0.17x | 0.82x | 0.78x | 0.63x | 0.54x | 0.90x | 0.65x | -0.09x | 0.70x | 0.67x | 0.80x | 1.01x | 0.73x | 0.87x | 0.90x | 1.07x | 0.78x | 0.91x | 0.50x | 0.32x | 0.75x |
| Interest Paid | 516K | 0 | 2.28M | 3.17M | 1.14M | 1.15M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and financing
As reported in recent financial statements, Agenus exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, such as the -0.92 observed in 2026Q1, indicating that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio suggests that net income is heavily influenced by non-cash accounting adjustments and milestone recognition rather than core operational performance. Investors should interpret these earnings figures with caution, as they do not appear to represent a sustainable or cash-generative business model at this stage of development.
Based on the provided cash flow data, Agenus has consistently burned cash, with FCF margins frequently exceeding -100%, such as the -107% margin recorded in 2024Q4, highlighting the company's ongoing struggle to achieve self-sustaining operations while funding its extensive immuno-oncology clinical pipeline.
The consistent negative FCF trajectory underscores the high capital intensity required to maintain the company's R&D efforts. Without a shift toward recurring commercial revenue, the current cash burn rate appears to be a structural feature of the business model rather than a temporary phase.
According to quarterly cash flow filings, working capital changes have been highly erratic, swinging from a $14.8M inflow in 2024Q1 to a $23.8M outflow in 2026Q1, which suggests that the timing of partner payments and operational liabilities creates significant, unpredictable pressure on the company's limited cash reserves.
This volatility in working capital management reflects the lumpy nature of collaboration-based revenue and the difficulty in timing cash inflows against fixed R&D obligations. The reliance on these fluctuations to manage liquidity warrants close monitoring, as any delay in milestone receipts could exacerbate the company's already strained cash position.
As indicated by the cash flow statements, the company's reliance on non-cash adjustments and asset-related inflows, such as the $63.9M acquisition-related item in 2026Q1, obscures the underlying operational burn, making it difficult to assess the true cash-generating potential of the core immuno-oncology platform.
The presence of large, non-recurring items in the cash flow statement suggests that the headline figures may mask the true extent of the operational deficit. Analysts should look past these one-time events to understand the underlying cash burn, which appears to be the primary driver of the company's current liquidity risk.
Quick answers to the most common questions about buying AGEN stock.
Agenus Inc. (AGEN) generated $-158.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agenus Inc. (AGEN) reported negative free cash flow of $158.9M in 2025, indicating capital requirements exceeded cash from operations.
Agenus Inc. (AGEN) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Agenus Inc. (AGEN) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.