Agenus Inc. (AGEN) vs Cabaletta Bio, Inc. (CABA)

Agenus Inc. and Cabaletta Bio, Inc. are both Biotechnology companies. Agenus Inc. and Cabaletta Bio, Inc. are of similar size ($375.3M and $373.0M). Cabaletta Bio, Inc. has negative trailing earnings, so its P/E is not meaningful; Agenus Inc. trades at 3.2×. Agenus Inc. has the higher net margin (69.2% vs 0.00%) and the higher return on invested capital (0.00% vs 0.00%). Across the 12 metrics below, Agenus Inc. leads on 10 and Cabaletta Bio, Inc. on 2.

Valuation

Metric AGEN CABA Biotechnology median
P/E 3.23 n/m 7.88
P/S 2.66 n/m 11.47
P/B n/m 1.49 2.52
Price to free cash flow n/m n/m 21.16
EV/EBITDA 9.48 n/m 0.74
EV/Sales 2.92 n/m 10.73
Earnings yield 30.99% (75.85%) (28.84%)
Free cash flow yield (27.80%) (49.59%) (23.03%)

Profitability

Metric AGEN CABA Biotechnology median
Gross margin 99.52% 0.00% 65.16%
Operating margin 27.28% 0.00% 0.00%
Net margin 69.18% 0.00% 0.00%
Free cash flow margin (73.97%) 0.00% 0.00%
Return on equity (33.86%) (93.20%) (57.72%)
Return on assets 51.30% (75.36%) (49.22%)
Return on invested capital 0.00% 0.00% 0.00%

Growth

Metric AGEN CABA Biotechnology median
Revenue growth (TTM) 30.47% — 5.64%
EPS growth (last fiscal year) 100.00% 10.26% —
Revenue growth, 5-year CAGR 5.31% — 8.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AGEN CABA Biotechnology median
Debt to equity (0.15) 0.00 0.00
Current ratio 0.34 5.79 4.73
Net debt to EBITDA (4.10) 0.84 0.96

Dividend

Metric AGEN CABA Biotechnology median
Dividend yield — — 2.10%
Payout ratio 0.00 0.00 0.00

Size

Metric AGEN CABA Biotechnology median
Market cap 375.30m 373.00m 162.10m

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