Agenus Inc.
AGEN Healthcare Biotechnology
Agenus Inc.’s revenue for fiscal 2025 (year ended December 2025) was $114.2 million, up 10.4% from fiscal 2024. In the quarter to June 2026, revenue grew 34.4%, EPS grew 98.6%, free cash flow fell 55.3% and total debt fell 11.2%, each against the same quarter a year earlier.
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Agenus Inc. (AGEN) Altman Z-score
Agenus Inc.'s Altman Z-score for fiscal 2025 is −14.16, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −14.16 | 1.51 |
| FY2024 | −15.67 | (5.61) |
| FY2023 | −10.06 | (4.00) |
| FY2022 | −6.06 | (3.89) |
| FY2021 | −2.17 | 8.12 |
| FY2020 | −10.29 | 1.25 |
| FY2019 | −11.54 | 2.71 |
| FY2018 | −14.25 | (2.73) |
| FY2017 | −11.52 | (2.79) |
| FY2016 | −8.73 | (5.21) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.84) | — | −1.01 | |
| Retained earnings / total assets | (9.62) | — | −13.47 | |
| EBIT / total assets | (0.09) | — | −0.29 | |
| Market value of equity / total liabilities | 0.19 | — | 0.11 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Distress zone | −14.16 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −38.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CYPH Cypherpunk Technologies Inc. compare | 13.5× |
| FULC Fulcrum Therapeutics, Inc. compare | 8.2× |
| ARTV Artiva Biotherapeutics, Inc. compare | 1.3× |
| ARCT Arcturus Therapeutics Holdings Inc. compare | −0.6× |
| SRZN Surrozen, Inc. compare | −7.5× |
| OCGN Ocugen, Inc. compare | −13.4× |
| AGEN Agenus Inc. | −14.2× |
| BNTC Benitec Biopharma Limited compare | −66.0× |
| CTNM Contineum Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets