Agenus Inc. Reports 9.3% Revenue Growth and $30M Net Loss in Q2 2025

Agenus Inc. reported its financial results for the second quarter of 2025, revealing total revenues of $25.7 million, a 9.3% increase from $23.5 million in the same period last year. The revenue growth was primarily driven by a rise in non-cash royalty revenue related to the sale of future royalties, which increased to $24.8 million from $22.6 million. However, the company experienced a net loss of $30.0 million for the quarter, a significant improvement compared to a net loss of $54.8 million in the prior year. For the first half of 2025, total revenues were $49.8 million, down from $51.5 million in the first half of 2024, with a net loss of $56.4 million compared to $118.3 million in the same period last year.

Agenus' operating expenses for the second quarter decreased to $42.4 million from $47.0 million in the previous year, reflecting a reduction in research and development costs, which fell to $26.7 million from $36.8 million. The decrease in expenses was attributed to lower third-party service costs and a reduction in personnel-related expenses due to headcount reductions. General and administrative expenses also saw a decline, totaling $15.5 million compared to $16.8 million in the prior year. The company’s cash and cash equivalents at the end of the quarter stood at $9.5 million, a decrease of $30.9 million from December 31, 2024.

Strategically, Agenus has made significant moves, including the announcement of an Asset Purchase Agreement with Zydus Pharmaceuticals, which involves the sale of its manufacturing operations for $75 million, along with potential contingent payments of up to $50 million. This agreement also includes a licensing deal for the development and commercialization of its lead assets, botensilimab and balstilimab, in India and Sri Lanka. The company anticipates closing this transaction in the third quarter of 2025, which is expected to enhance its financial position.

Operationally, Agenus has been focusing on its immuno-oncology pipeline, which includes multiple antibody programs and cell therapies. The company has also been actively managing its liquidity, with plans to secure additional funding through various means, including out-licensing agreements and equity sales. Despite the current cash position, management believes that the anticipated cash inflows from the Zydus transaction and ongoing market offerings will be sufficient to meet liquidity needs through 2026.

Looking ahead, Agenus continues to face challenges, including the need for additional funding to support its operations and clinical trials. The company has expressed substantial doubt about its ability to continue as a going concern for the next year, emphasizing the importance of securing further financing. As it navigates these challenges, Agenus remains committed to advancing its clinical programs and exploring strategic partnerships to enhance its market position in the competitive biotechnology landscape.