The removal of SEC investigation risk and class action dismissal, combined with a strengthened balance sheet from the Zydus deal and the start of Phase 3 enrollment, represent a material de-risking of the BOT+BAL program. Monitor for regulatory submission updates in the U.S. and EU, and for the next quarterly cash burn rate to gauge whether the $50M annualized operating expense target is being met.
Price Chart
Executive Summary
Agenus reported Q1 2026 total revenue of $33.7M (up from $24.1M YoY) and net income of $39.2M vs a net loss of $26.4M in Q1 2025, driven by $29.1M in non-cash royalty revenue and $4.6M in pre-commercial product revenue from BOT+BAL early access programs. The company ended the quarter with $35.0M in cash (up from $3.0M at year-end 2025) after closing the Zydus collaboration, which delivered $91M in upfront capital. The SEC investigation concluded with no enforcement action, and the related securities class action was dismissed, removing two key legal overhangs.
Key Financial Metrics
Key Facts
- Total revenue $33.7M in Q1 2026 vs $24.1M in Q1 2025 (up 39.8% YoY)
- Net income of $39.2M vs net loss of $26.4M in Q1 2025
- Operating income of $15.1M vs operating loss of $(13.3)M in Q1 2025
- Cash and equivalents $35.0M at March 31, 2026 vs $3.0M at December 31, 2025
- Zydus collaboration closed in January 2026 with $91M upfront capital
- SEC investigation concluded May 4, 2026 with no enforcement action recommended
- Securities class action dismissed in its entirety by U.S. District Court on March 24, 2026
- Phase 3 BATTMAN trial commenced patient enrollment in April 2026
- Pre-commercial product revenue of $4.6M from BOT+BAL early access programs
- Subsequent to quarter-end, received $11.7M in net proceeds from ATM equity sales
Financial Impact
Revenue increased 39.8% YoY to $33.7M; net income swung positive by $65.6M vs prior year loss; cash position improved by $32.0M from year-end 2025
Risk Factors
- Lead plaintiff has filed a Notice of Appeal on the class action dismissal
- Cash payments of $51.8M in Q1 included one-time Zydus closing costs; recurring burn rate still to be confirmed
- BOT+BAL remains unapproved; regulatory outcomes are binary and years away
- Dilution risk from ATM program — $11.7M in net proceeds raised post-quarter-end
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-215838 |
| Document: agen-20260511.htm | 0001193125-26-215838 |
| Document: 0001193125-26-215838-index-headers.html | 0001193125-26-215838 |
| Document: 0001193125-26-215838-index.html | 0001193125-26-215838 |
| Document: 0001193125-26-215838.txt | 0001193125-26-215838 |
| 8-K Data (Synthetic) | 0001193125-26-215838 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $7.00 $6.94 | ▼ −0.86% | ▲ +0.89% | $8.15 (+16.50%) |
Aug 12, 2026 7w ago | Institutional Cluster | $6.90 $6.89 | ▼ −0.14% | ▲ +1.75% | $8.15 (+18.19%) |
Aug 7, 2026 7w ago | S-3 | $7.00 $7.76 | ▼ −10.87% | ▼ −11.78% | $8.15 (−16.50%) |
Aug 6, 2026 8w ago | 8-K | $7.49 $8.24 | ▲ +10.01% | ▲ +9.41% | $8.15 (+8.88%) |
Jul 18, 2026 10w ago | S-3 | $4.97 $7.15 | ▼ −43.86% | ▼ −39.74% | $8.15 (−64.08%) |
Jul 13, 2026 11w ago | 8-K | $6.12 $7.00 | ▼ −14.38% | ▼ −11.19% | $8.15 (−33.25%) |
May 13, 2026 20w ago | DEFA14A | $3.47 $3.39 | ▼ −2.31% | ▼ −1.69% | $8.15 (+135.01%) |
May 11, 2026 20w ago | 8-K | $3.26 $3.11 | ▼ −4.60% | ▼ −4.30% | $8.15 (+150.15%) |
Dec 4, 2025 43w ago | Court Ruling | $4.06 $3.22 | ▲ +20.69% | ▲ +21.18% | $8.15 (−100.86%) |
US Market Status
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