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) Beneish M-score
Agenus Inc.'s Beneish M-score for fiscal 2025 is 12.57; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 12.57 | 17.86 |
| FY2024 | −5.29 | (7.22) |
| FY2023 | 1.93 | 1.84 |
| FY2022 | 0.09 | 1.26 |
| FY2021 | −1.17 | 3.46 |
| FY2020 | −4.63 | (5.08) |
| FY2019 | 0.44 | 4.03 |
| FY2018 | −3.59 | (0.14) |
| FY2017 | −3.44 | 0.45 |
| FY2016 | −3.89 | (6.77) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 15.60 | — | 14.36 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.28 | — | 0.52 | |
| Sales growth index | 1.10 | — | 0.98 | |
| Depreciation index | 0.25 | — | 0.03 | |
| SG&A index | 0.69 | — | −0.12 | |
| Total accruals to total assets | 0.33 | — | 1.53 | |
| Leverage index | 1.28 | — | −0.42 | |
| Beneish M-score | Flagged by the model | 12.57 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ARTV Artiva Biotherapeutics, Inc. compare | −22.6× |
| SRZN Surrozen, Inc. compare | −14.3× |
| ARCT Arcturus Therapeutics Holdings Inc. compare | −1.3× |
| BNTC Benitec Biopharma Limited compare | 11.0× |
| CYPH Cypherpunk Technologies Inc. compare | 11.1× |
| AGEN Agenus Inc. | 12.6× |
| FULC Fulcrum Therapeutics, Inc. compare | 21.2× |
| CTNM Contineum Therapeutics, Inc. compare | — |
| OCGN Ocugen, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI