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Agenus (AGEN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Agenus (AGEN) reported revenue of $30.2M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +18% from the quarter before. Operating margin was -15.0%, net earnings $63.9M (211.4% of revenue).
Agenus, Q3 2025: revenue $30.2M (+20% year over year), operating margin -15.0%, net earnings $63.9M, operating cash flow −$14.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.2M | +18% | +20% |
| Operating profit | −$4.5M | — | — |
| Net earnings | $63.9M | — | — |
| Operating cash flow | −$14.7M | — | — |
What changed
Revenue was $30.2M in Q3 2025, up 20% year over year and up 18% from the previous quarter. Non Cash Royalty Revenue Related to the Sale of Future Royalties was the largest line at 96% of revenue. Non Cash Royalty Revenue Related to the Sale of Future Royalties added $4.5M year over year (up 18%), 88% of the total change.
Operating costs exceeded revenue by $4.5M, an operating margin of -15.0%. Total costs fell 39% while revenue rose 20%. Net earnings were $63.9M. The effective tax rate was 0.0%. Non-operating items added $68.5M, 107% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$14.7M. Non-cash charges added back $3.0M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $84.9M.
Questions
What was Agenus' revenue in the third quarter 2025?
Agenus (AGEN) reported revenue of $30.2M for the third quarter 2025 (Q3 2025), +20% from a year earlier and +18% from the quarter before.
Was Agenus profitable in the third quarter 2025?
Operating loss was $4.5M (-15.0% of revenue) and net earnings $63.9M.
Source: Agenus 10-Q on SEC EDGAR.