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Agenus cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$20.1M in Q3 2026 · −$104M over twelve months

Operating cash flow−$20.1M
Free cash flow−$20.1M
Cash / net income-7.4×

Analysis

In Q3 2026, Agenus generated −$20.1M of operating cash flow. That is $5.4M less than in Q3 2025 (−$14.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$104M; the largest uses were operating cash flow ($104M), net borrowing (+) / repaid (−) ($1.5M); besides operations, cash came from other financing ($118M), other investing ($49.9M); the cash balance rose by $62.8M.

Operating cash flow was −$20.1M against net income of $2.7M — -7.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$12.3M, stock-based pay +$2.9M, receivables −$2.4M.

Free cash flow

Agenus: free cash flow by quarterAgenus: free cash flow by quarter−$28.7MQ4 2024−$25.6MQ1 2025−$20.2MQ2 2025−$14.7MQ3 2025−$16.6MQ4 2025−$36.0MQ1 2026−$31.2MQ2 2026−$20.1MQ3 2026
Operating cash flow less capital spending.
Agenus: operating cash flow against capital spendingAgenus: operating cash flow against capital spendingOperating cash flowCapital spending−$28.7M$73KQ4 2024−$25.6M$5KQ1 2025−$20.2M$1KQ2 2025−$14.7M$0Q3 2025−$16.6M$0Q4 2025−$36.0M$0Q1 2026−$31.2M$0Q2 2026−$20.1M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$20.1M, Capital spending $0.

Capital allocation, year by year

Agenus: where the cash came from (up) and went (down), by fiscal yearAgenus: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $10.1MFY2021: Net borrowing −$1.3MFY2021: Shares issued $198MFY2021: Asset sales $5.7MFY2021: Capital spending −$33.8M$213MFY2021FY2022: Operating cash flow −$175MFY2022: Net borrowing −$490KFY2022: Shares issued $99.2MFY2022: Asset sales $22.0MFY2022: Capital spending −$53.1MFY2022: Acquisitions −$2.9M$121MFY2022FY2023: Operating cash flow −$224MFY2023: Net borrowing −$8.9MFY2023: Shares issued $133MFY2023: Asset sales $3.4MFY2023: Capital spending −$10.0MFY2023: Buybacks −$606K$137MFY2023FY2024: Operating cash flow −$158MFY2024: Net borrowing $9.5MFY2024: Shares issued $33.0MFY2024: Asset sales $24KFY2024: Capital spending −$576K$42.6MFY2024FY2025: Operating cash flow −$77.2MFY2025: Shares issued $36.1MFY2025: Asset sales $359KFY2025: Capital spending −$6K$36.5MFY2025
Over these 5 years operating cash flow totalled −$625M; the largest uses were operating cash flow ($635M) and capital spending ($97.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$86.9M
Debt$35.1M
Net cash$51.8M
Due within a year$35.4M
Cash runway10 months

Agenus is burning cash: its operations consume cash, a free cash flow of −$104M a year at the current rate against $86.9M of cash and investments: a runway of about 10 months; $35.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Agenus: sources (+) and uses (−) of cash, Q3 2026Agenus: sources (+) and uses (−) of cash, Q3 2026Other financing$87.6MCash drawn (+) / kept (−)−$47.5MOperating cash flow−$20.1MOther investing−$19.9MExchange rates−$71KNet borrowing (+) / repaid (−)−$29K
Agenus: sources (+) and uses (−) of cash, TTM to Q3 2026Agenus: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$118MOperating cash flow−$104MCash drawn (+) / kept (−)−$62.8MOther investing$49.9MNet borrowing (+) / repaid (−)−$1.5MAsset & business sales$269KExchange rates−$88K

From profit to cash

Agenus: net income to operating cash flow, Q3 2026Agenus: net income to operating cash flow, Q3 2026Net income$2.7MDepreciation & amortization$513KStock-based pay$2.9MOther non-cash$739KReceivables−$2.4MPayables−$12.3MPrepaid and other assets$283KOther operating capital−$1.4MOperating cash flow−$20.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20252—11442-11440
Q2 20252—25959-25957
Q1 20251—41292-41290
Q4 20241—41856-41855

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$20.1M—−$29K—−$47.5M−$20.1M
Q2 2026−$31.2M—−$28K$14.1M$16.3M−$31.2M
Q1 2026−$36.0M—−$8.4M$996K−$32.0M−$36.0M
Q4 2025−$16.6M—$7.0M$8.6M$460K−$16.6M
Q3 2025−$14.7M—−$678K$9.0M$8.0M−$14.7M
Q2 2025−$20.2M−$1K−$1.2M$12.2M$9.0M−$20.2M
Q1 2025−$25.6M−$5K−$2.8M$6.3M$21.9M−$25.6M
Q4 2024−$28.7M−$73K$17.3M$7.1M$4.3M−$28.7M

Agenus: income statement and cash flow

Agenus, Q3 2026: revenue $31.5M (+4% year over year), operating margin 36.2%. The chart follows the revenue to costs, profit and cash.

Agenus: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.