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Agenus (AGEN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Agenus (AGEN) reported revenue of $33.7M for the first quarter 2026 (Q1 2026), +40% from a year earlier and -1% from the quarter before. Operating margin was 44.6%, net earnings $39.2M (116.1% of revenue).
Agenus, Q1 2026: revenue $33.7M (+40% year over year), operating margin 44.6%, net earnings $39.2M, operating cash flow −$36.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.7M | -1% | +40% |
| Operating profit | $15.1M | +5% | — |
| Net earnings | $39.2M | — | — |
| Operating cash flow | −$36.0M | — | — |
What changed
Revenue was $33.7M in Q1 2026, up 40% year over year and down 1% from the previous quarter. Non Cash Royalty Revenue Related to the Sale of Future Royalties was the largest line at 86% of revenue. Non Cash Royalty Revenue Related to the Sale of Future Royalties added $5.6M year over year (up 24%), 58% of the total change.
Operating profit was $15.1M, a 44.6% margin (up 99.9 points year over year). Total costs fell 50% while revenue rose 40%. Net earnings were $39.2M. The effective tax rate was 0.0%. Non-operating items added $24.2M, 62% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$36.0M. Non-cash charges added back $583K of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $76.8M.
Questions
What was Agenus' revenue in the first quarter 2026?
Agenus (AGEN) reported revenue of $33.7M for the first quarter 2026 (Q1 2026), +40% from a year earlier and -1% from the quarter before.
Was Agenus profitable in the first quarter 2026?
Operating profit was $15.1M (44.6% of revenue) and net earnings $39.2M.
Source: Agenus 10-Q on SEC EDGAR.