Cambridge biotech tracker · Lexington
Agenus
Listed on Nasdaq as AGEN, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $18.7M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $24.6M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.3 mo
- Under 12 months
- Net loss
- $567K
- Q2 '26
- R&D expense
- $14.8M
- 64% of opex
- Raised, last 4 qtrs
- +$35.7M
- net financing cash flow
- Next readout
- Sep 2027
- Phase 2 · cash runs out first
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.3 months
Cash at Q2 '26 divided by the average burn of the last four quarters, $8.2M a month.
Management’s own date
Into Q3 2027
Jul–Sep 2027
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Based on our current operating plan and projections, our existing cash and cash equivalents, together with the net proceeds of the private placement, are expected to fund our operations and capital expenditure requirements into the third quarter of 2027, assuming no exercise of the Series A or Series B Warrants.”
Cash against the calendar
What the runway has to reach.
Sep 2027estimated
A Study of Botensilimab and Balstilimab for the Treatment of Colorectal Cancer
Metastatic Colorectal Cancer
NCT05608044 on ClinicalTrials.govDoes the cash reach it?
Cash runs out first
- Runway
- 2.3 months
- Time to the date
- 10 months
It is about 10 months out. At the current burn the cash runs out roughly 8 months before it. Something has to move first: a raise, a partnership, or the spending plan.
Pipeline
2 active trials, through phase 2.
Phase 1 · 1Phase 2 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of Botensilimab and Balstilimab for the Treatment of Colorectal CancerNCT05608044 · Metastatic Colorectal CancerPhase 2Sep 2027est. | Phase 2 | Active, not recruiting | ||
| Fc-Engineered Anti-CTLA-4 Monoclonal Antibody in Advanced CancerNCT03860272 · Advanced Cancer, AngiosarcomaPhase 1Jan 2025 | Phase 1 | Active, not recruiting | ||
| A Study of Botensilimab in Participants With Metastatic Pancreatic CancerNCT05630183 · Metastatic Pancreatic Ductal AdenocarcinomaPhase 2Jan 2026 | Phase 2 | Completed | ||
| A Study of Botensilimab (AGEN1181) for the Treatment of Advanced MelanomaNCT05529316 · Advanced MelanomaPhase 2Apr 2026 | Phase 2 | Terminated |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash runs out before the next catalyst
The next dated event is a phase 2 readout in Sep 2027, about 10 months out. At the current burn the money runs out roughly 8 months earlier, so the financing decision comes before the data does. That is the hardest raise to run, and the reason burn plans get built backwards from the readout date rather than forwards from the budget.
About 2.3 months of runway
Cash and investments of $18.7M at Q2 '26 against an average operating cash burn of $24.6M per quarter over the last four reported quarters runs out around August 2026. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position down $26.1M since Q3 '24
Net financing inflows of $35.7M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $30.6M above net loss
Operating cash outflow exceeded the reported net loss in Q2 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 64% of operating expenses
$14.8M of R&D against $23.2M of total operating expenses in Q2 '26, with G&A at $8.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $34.5M in Q2 '26
The balance sheet carries $1.1M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Stockholders' deficit of $199M
Liabilities exceed assets on the balance sheet. That is common with royalty financings, convertible debt, or large deferred revenue balances, and it is a fact auditors and exchange listing rules both pay attention to.
$30.1M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $2.14B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $44.8M | −$53.3M | −$67.2M | $41.1M | $17.3M | $25.1M | $9.3M | $4.6M |
| Q4 '24 · Dec 31, 24 | $40.4M | −$28.7M | −$46.8M | $33.8M | $20.9M | $26.8M | $4.6M | $24.4M |
| Q1 '25 · Mar 31, 25 | $18.5M | −$25.6M | −$26.4M | $21.5M | $15.7M | $24.1M | $3.3M | $3.6M |
| Q2 '25 · Jun 30, 25 | $9.5M | −$20.2M | −$30.0M | $26.7M | $15.5M | $25.7M | $3.4M | $10.9M |
| Q3 '25 · Sep 30, 25 | $3.5M | −$14.7M | $63.9M | $23.6M | $10.9M | $30.2M | $2.8M | $6.7M |
| Q4 '25 · Dec 31, 25 | $3.0M | −$16.6M | −$10.6M | $7.5M | $12.3M | $34.2M | $2.3M | $15.4M |
| Q1 '26 · Mar 31, 26 | $35.0M | −$36.0M | $39.2M | $11.8M | $6.9M | $33.7M | $866K | −$993K |
| Q2 '26 · Jun 30, 26 | $18.7M | −$31.2M | −$567K | $14.8M | $8.5M | $34.5M | $3.3M | $14.7M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.