MeritValue

AGENUS INC

AGENdata completeness 100%17 fiscal years on file
The thesis, from the filings

AGENUS INC earns about -83% on equity, but has diluted owners by 12889% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$295.7M1$98M2$156.3M3$103.5M3$114.2M3
Net income−$28.7M4−$230.7M5−$257.4M6−$232.3M6−$3.08M6
Operating cash flow$10.1M7−$175.4M8−$224.2M9−$158.3M9−$77.2M9
Capital expenditure$33.8M10$53.1M11$9.95M12$576,00012$6,00012
Free cash flow (derived)−$23.7M7−$228.4M8−$234.2M9−$158.9M9−$77.2M9
Total debt$13.6M13$13.2M14$12.9M15$66.3M16$89.3M16
Cash & equivalents$291.9M17$178.7M18$76.1M19$40.4M19$3M19
Diluted shares228,91914.1M17.9M21.5M29.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$91.18
your share of equity
Profit it earned you last year
−$1.04
Free cash flow it threw off
−$25.96
Debt you’d be carrying
$30.04

10 shares is a claim on −$91.18 of net worth that earned you −$1.04 and generated −$25.96 of cash last year, against $30.04 of debt.

iii. Is this a good business?
Moat signal · return on equity
-83% avg · 5y
FY21 -83%FY22 —FY23 —FY24 —FY25 —

It earned an average -83% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12889% shares · 5y

Share count is up 12889% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 559% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-031620 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-040289 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-108632 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-031620 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-040289 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-108632 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031620 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-040289 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-108632 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-031620 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-040289 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-108632 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008517 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-031620 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-040289 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-108632 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-24-031620 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-25-040289 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-108632 (CashAndCashEquivalentsAtCarryingValue)