Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Agenus Inc.AGEN · healthcare | |
|---|---|
| Grade |  Eweakest fifth of 371 graded peers; percentile 97.3, sampling error 2.5 points; lower is stronger |
| Rank | 361 of 371 |
| Profitability | C/Dpercentile 60.9 |
| Solvency | Epercentile 95.1 |
| Growth and financing | Dpercentile 72.1 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $226.8M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, short runwaynot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 16, 2026207 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $7.532026-10-08; market equity $339.0M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 16, 2026; the document on sec.gov.
Even if we obtain regulatory approval to market our product candidates, the availability and price of our competitors’ products could limit the demand and the price we are able to charge for our product candidates. We may not be able to implement our business plan if the acceptance of our product candidates is inhibited by price competition or the reluctance of physicians to switch from existing methods of treatment to our product candidates, or if physicians switch to other new drug or biologic products or choose to reserve our product candidates for use in limited circumstances.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 60.9 | |||||||
| Gross profitability | 49.9% | [1-2,6] | 32.2% | 23.2 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| average invested capital must exceed $1,000,000 | |||||||
| Accruals ratio | 32.7% | [1,7-9] | (6.6%) | 96.8 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 3.9 pts | [2,6,10-17] | 2.8 pts | 62.8 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 95.1 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | (0.31) | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2014-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.41x | [18-19] | 2.96x | 95.1 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 72.1 | |||||||
| Revenue growth, three-year compound | 5.2% | [2,10,12,14] | 10.0% | 59.2 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | (18.1%) | [1,9,20-21] | 2.1% | 80.9 | 704 | 2025-12-31 | |
| Net share issuance, one year | 51.7% | [3-4] | 2.5% | 76.3 | 634 | 2026-03-12 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.605; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 356 | Bolt Biotherapeutics, Inc. (BOLT) Bolt Biotherapeutics, Inc. (BOLT) Eweakest fifth; percentile 95.9 Nasdaq · Pharmaceutical Preparations market equity $7.0M; last close $3.61 Warnings: short runway, distress; 7 of 14 inputs | 95.9 | E | short runway, distress |
| 357 | Pfizer Inc. (PFE) Pfizer Inc. (PFE) Eweakest fifth; percentile 96.2 NYSE · Pharmaceutical Preparations market equity $158.6B; last close $27.83 No active warnings; 8 of 14 inputs | 96.2 | E | |
| 358 | Dare Bioscience, Inc. (DARE) Dare Bioscience, Inc. (DARE) Eweakest fifth; percentile 96.5 Nasdaq · Pharmaceutical Preparations market equity $11.8M; last close $0.76 Warnings: dilution; 7 of 14 inputs | 96.5 | E | dilution |
| 359 | Longeveron Inc. (LGVN) Longeveron Inc. (LGVN) Eweakest fifth; percentile 96.8 Nasdaq · Pharmaceutical Preparations last close $2.38 Warnings: short runway; 7 of 14 inputs | 96.8 | E | short runway |
| 360 | Clene Inc. (CLNN) Clene Inc. (CLNN) Eweakest fifth; percentile 97.0 Nasdaq · Pharmaceutical Preparations market equity $49.9M; last close $3.88 Warnings: dilution, distress; 8 of 14 inputs | 97.0 | E | dilution, distress |
| 361 | Agenus Inc. (AGEN) Agenus Inc. (AGEN) Eweakest fifth; percentile 97.3 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $339.5M; last close $7.53 Warnings: dilution, short runway; 7 of 14 inputs | 97.3 | E | dilution, short runway |
| 362 | Nektar Therapeutics (NKTR) Nektar Therapeutics (NKTR) Eweakest fifth; percentile 97.6 Nasdaq · Pharmaceutical Preparations market equity $1.4B; last close $40.77 Warnings: dilution, short runway; 8 of 14 inputs | 97.6 | E | dilution, short runway |
| 363 | Vyome Holdings, Inc. (HIND) Vyome Holdings, Inc. (HIND) Eweakest fifth; percentile 97.8 Nasdaq · Pharmaceutical Preparations market equity $14.2M; last close $2.03 Warnings: dilution, late filer, fortress balance sheet; 8 of 14 inputs | 97.8 | E | dilution, late filer, fortress balance sheet |
| 364 | Sintx Technologies, Inc. (SINT) Sintx Technologies, Inc. (SINT) Eweakest fifth; percentile 98.1 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $14.1M; last close $2.11 Warnings: dilution, short runway; 8 of 14 inputs | 98.1 | E | dilution, short runway |
| 365 | Coherus Oncology, Inc. (CHRS) Coherus Oncology, Inc. (CHRS) Eweakest fifth; percentile 98.4 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $165.3M; last close $1.06 Warnings: dilution, short runway; 10 of 14 inputs | 98.4 | E | dilution, short runway |
| 366 | Alector, Inc. (ALEC) Alector, Inc. (ALEC) Eweakest fifth; percentile 98.6 Nasdaq · Biological Products, (No Diagnostic Substances) market equity $225.5M; last close $2.02 Warnings: short runway, fortress balance sheet; 7 of 14 inputs | 98.6 | E | short runway, fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 98.4 | 2204 |
| sector peers, equal sleeves (the grade) | E | 97.3 | 371 |
| same exchange, equal sleeves | E | 97.7 | 1219 |
| sector peers, equal inputs | E | 94.3 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 97.7% | 8.0% | 87 | hotter than 87 of 100 peers |
| Distance from 52-week high | (24.1%) | (31.4%) | 60 | closer to its high than 60 of 100 peers |
| EBIT to enterprise value | (5.7%) | (1.5%) | 40 | pricier than 60 of 100 peers |
| Free cash flow yield | (22.7%) | (1.0%) | 21 | pricier than 79 of 100 peers |
| Book value to price | (0.59) | 0.28 | 3 | pricier than 97 of 100 peers |
| Sales to price | 0.34 | 0.31 | 55 | pricier than 45 of 100 peers |
| Composite equity issuance, five years | 146.3% | 20.3% | 85 | more equity-funded than 85 of 100 peers |
| Relative strength against the sector, log excess return | 0.47 | (0.14) | 87 | ahead of 87 of 100 peers |
Inputs: market equity $339.5M; EBIT -$20.2M; free cash flow -$77.2M; book equity -$199.1M; sales $114.2M; debt $30.1M; cash $18.7M[22].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 4 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (1.4%) | ✗ fail[7,9] |
| Operating cash flow above zero | -$77.2M | ✗ fail[8] |
| Return on assets improved | 72.6 pts | ✓ pass[7,9,20,23] |
| Operating cash flow exceeds net income | -$74.1M | ✗ fail[7-8] |
| Long-term leverage fell | (11.3 pts) | ✓ pass[1,9,20,24-25] |
| Current ratio improved | 20.7 pts | ✓ pass[18-19,26-27] |
| No new shares issued | 51.7% | ✗ fail[3-4] |
| Gross margin improved | (0.4 pts) | ✗ fail[2,6,10-11] |
| Asset turnover improved | 17.5 pts | ✓ pass[2,9-10,20] |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $226.8M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $114.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 38,398,354 | 2026-03-12 | 2026-03-16 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 25,308,841 | 2025-03-13 | 2025-03-17 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $18.7M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 6 | cost of revenue | us-gaap:CostOfRevenue | $1.0M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 7 | net income | us-gaap:ProfitLoss | -$3.1M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 8 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$77.2M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 9 | assets | us-gaap:Assets | $226.3M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $103.5M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 11 | cost of revenue | us-gaap:CostOfRevenue | $486,000 | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $156.3M | 2023-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 13 | cost of revenue | us-gaap:CostOfRevenue | $3.1M | 2023-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $98.0M | 2022-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 15 | cost of revenue | us-gaap:CostOfRevenue | $10.6M | 2022-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 16 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $295.7M | 2021-12-31 | 2024-03-14 | 10-K | filing · viewer · series |
| 17 | cost of revenue | us-gaap:CostOfRevenue | $3.5M | 2021-12-31 | 2024-03-14 | 10-K | filing · viewer · series |
| 18 | current assets | us-gaap:AssetsCurrent | $133.4M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 19 | current liabilities | us-gaap:LiabilitiesCurrent | $323.5M | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 20 | assets | us-gaap:Assets | $313.9M | 2023-12-31 | 2025-03-17 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $413.6M | 2022-12-31 | 2024-03-14 | 10-K | filing · viewer · series |
| 22 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 45,020,407 | 2026-08-04 | 2026-08-07 | 10-Q | filing · viewer · series |
| 23 | net income | us-gaap:ProfitLoss | -$232.3M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 24 | long term debt | us-gaap:LongTermDebtNoncurrent | $0 | 2025-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 25 | long term debt | us-gaap:LongTermDebtNoncurrent | $30.5M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 26 | current assets | us-gaap:AssetsCurrent | $45.6M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 27 | current liabilities | us-gaap:LiabilitiesCurrent | $221.4M | 2024-12-31 | 2026-03-16 | 10-K | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$67.1M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$36.0M | 2026-03-31 | 2026-05-11 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$60.6M | 2025-09-30 | 2025-11-10 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$45.8M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 97.3 is 17.3 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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