AGEN Agenus Inc. - Common Stock
$3.19
Price · May 20, 2026
Fundamentals as of May 11, 2026
52W Range
$3–$7
9% of range
Analyst Rating
BUY
8 analysts
Price Target
$16
+387% upside
P/E (TTM)
—
ROE
1.0%
Net Profit Margin
-2.7%
AGEN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.19
Market Cap
$111M
P/E (TTM)
—
EPS (TTM)
$0.00
Revenue (TTM)
$114M
Div Yield
—
ROE
1.0%
Debt/Equity
-0.2
52W Range
$3 – $7
AGEN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$114M
2016-12-31
→
2025-12-31
EPS
$0.00
2020-12-31
→
2025-12-31
Free Cash Flow
$-77M
2016-12-31
→
2025-12-31
Margins
-2.7%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AGEN
Peer Median
P/S (TTM)
1.0
14.1
P/B
-0.4
2.2
EV / EBITDA
-7.6
—
Price / FCF
-1.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AGEN
Peer Median
Operating Margin
-17.7%
—
Net Profit Margin
-2.7%
-505.5%
ROA
-1.4%
-57.6%
ROE
1.0%
-77.2%
ROIC
8.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AGEN
Peer Median
Debt / Equity
-0.2
—
Current Ratio
0.4
3.6
Quick Ratio
0.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AGEN
Peer Median
Revenue YoY
10.4%
—
Revenue CAGR 3Y
5.2%
—
Revenue CAGR 5Y
5.3%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AGEN
Peer Median
AGEN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 5 62.5%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
2 analysts · 2026-05-17
Median
$15.50
← Below all targets
$3.19
Low
$8.00
High
$23.00
Median target
$15.50
+386.7%
Mean target
$15.50
+386.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.44%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $0.00 | $2.14 | -2.1% |
| Dec. 31, 2025 | $-0.31 | $-1.07 | 0.76% |
| Sept. 30, 2025 | $1.94 | $2.02 | -0.08% |
| June 30, 2025 | $-1.00 | $1.38 | -2.4% |
| March 31, 2025 | $-1.03 | $-1.69 | 0.66% |
| Dec. 31, 2024 | $-2.04 | $-2.59 | 0.55% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AGEN | $111M | — | 10.4% | -2.7% | 1.0% | — |
| CNTB | $159M | -2.8 | -99.8% | -86687.5% | -97.9% | — |
| GALT | $271M | -8.7 | — | — | 25.0% | — |
| SPRB | $120M | -1.7 | -51.3% | — | -139.9% | — |
| OKUR | — | -0.7 | — | -1733.7% | -88.6% | — |
| KRRO | $75M | -0.6 | 181.5% | -1834.5% | -140.8% | — |
| RCEL | $105M | -2.0 | 11.5% | -67.8% | 328.9% | 82.1% |
| GNLX | $166M | -5.1 | 0.00% | -401812.5% | -181.4% | — |
| CRDF | $192M | -4.1 | -13.2% | -7732.0% | -88.2% | — |
| PYXS | $72M | -0.9 | -14.2% | -574.5% | -112.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114M | $103M | $156M | $98M | $296M | $88M | $150M | $37M | $43M | $23M | $25M | $7M | |
| Cost of Revenue | $1M | $486.0K | $3M | $11M | $3M | $2M | · | · | · | · | · | $0 | |
| R&D Expense | $79M | $156M | $235M | $187M | $179M | $143M | $168M | $125M | $116M | $95M | $70M | $22M | |
| SG&A Expense | $54M | $72M | $79M | $81M | $76M | $59M | $46M | $37M | $34M | $33M | $28M | $21M | |
| Operating Income | $-20M | $-120M | $-160M | $-179M | $26M | $-117M | $-70M | $-124M | $-104M | $-107M | $-81M | $-43M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | · | · | $1M | |
| Interest Income | $345.0K | $3M | $6M | $2M | · | · | · | · | · | · | · | · | |
| Other Non-op | $72M | $6M | $37.0K | $11M | $5M | $-2M | $28.0K | $-2M | $2M | $-2M | $-6M | $2M | |
| Pretax Income | $-3M | $-232M | $-257M | · | · | · | · | · | $-121M | $-127M | $-93M | $-42M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-5M | $0 | |
| Net Income | $-3M | $-232M | $-257M | $-231M | $-29M | $-183M | $-112M | · | $-121M | $-127M | $-88M | $-42M | |
| EPS (Basic) | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 | $-1.05 | · | · | · | · | · | · | |
| EPS (Diluted) | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 | $-1.05 | · | · | · | · | · | · | |
| Shares (Basic) | 29,734,000 | 21,473,000 | 17,894,000 | 14,087,000 | 228,919 | 172,504 | · | · | · | · | · | · | |
| Shares (Diluted) | 29,734,000 | 21,473,000 | 17,894,000 | 14,087,000 | 228,919 | 172,504 | · | · | · | · | · | · | |
| EBITDA | $-20M | $-120M | $-160M | $-179M | $26M | $-117M | $-70M | $-124M | $-104M | $-107M | $-81M | · |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3M | $40M | $76M | $179M | $292M | $100M | $62M | $53M | $60M | $71M | $137M | $26M | |
| Short-term Investments | · | · | · | $15M | $15M | · | · | · | · | $5M | $35M | $15M | |
| Receivables | $2M | $407.0K | $26M | $3M | $2M | $1M | $16M | $938.0K | $1M | $11M | $10M | $463.0K | |
| Inventory | · | · | · | · | · | · | $0 | $55.0K | $79.5K | $88.2K | $88.2K | $95.7K | |
| Prepaid Expense | $785.0K | $2M | $8M | $14M | $20M | $11M | $7M | $19M | $11M | $3M | $2M | $1M | |
| Other Current Assets | $1M | $2M | $2M | $3M | $3M | $2M | $1M | $1M | $1M | $838.5K | $582.3K | $640.0K | |
| Current Assets | $133M | $46M | $112M | $213M | $332M | $114M | $87M | $75M | $74M | $91M | $184M | $43M | |
| PP&E (Net) | $15M | $120M | $133M | $133M | $60M | $27M | $26M | $25M | $26M | $26M | $15M | $6M | |
| PP&E (Gross) | $63M | $193M | $195M | $187M | $111M | $74M | $69M | $63M | $60M | $57M | $45M | $34M | |
| Accum. Depreciation | $47M | $73M | $62M | $54M | $51M | $47M | $43M | $38M | $34M | $31M | $29M | $28M | |
| Goodwill | $24M | $24M | $25M | $25M | $25M | $25M | $23M | $23M | $23M | $22M | $23M | $18M | |
| Intangibles | $3M | $3M | $4M | $6M | $8M | $11M | $11M | $12M | $14M | $16M | $19M | $7M | |
| Other Non-current Assets | $3M | $6M | $9M | $4M | $10M | $4M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Total Assets | $227M | $226M | $314M | $414M | $466M | $215M | $155M | $136M | $138M | $157M | $242M | $75M | |
| Accounts Payable | $83M | $61M | $61M | $41M | $30M | $17M | $14M | $14M | $8M | $5M | $4M | $2M | |
| Accrued Liabilities | $34M | $35M | $45M | $38M | $42M | $29M | $31M | $25M | $22M | $28M | $14M | $6M | |
| Current Liabilities | $323M | $221M | $256M | $189M | $157M | $130M | $122M | $68M | $56M | $41M | $29M | $9M | |
| Capital Leases | $10M | $55M | $63M | $63M | $42M | $34M | $8M | · | · | · | · | · | |
| Other Non-current Liabilities | $259.0K | $738.0K | $5M | $15M | $2M | $2M | $4M | $3M | $3M | $5M | $8M | $3M | |
| Long-term Debt | $45M | $33M | $13M | $13M | $14M | $20M | $14M | $13M | $163M | $131M | $114M | $6M | |
| Total Debt | $45M | $33M | $13M | $13M | $14M | $20M | $14M | $13M | $163M | $131M | $114M | · | |
| Common Stock | $353.0K | $236.0K | $197.0K | $3M | $3M | $2M | $1M | $1M | $1M | $877.9K | $863.9K | $627.2K | |
| Paid-in Capital | $1.91B | $1.86B | $1.80B | $1.64B | $1.52B | $1.26B | $1.06B | $1.01B | $952M | $867M | $851M | $716M | |
| Retained Earnings | $-2.18B | $-2.18B | $-1.96B | $-1.71B | $-1.49B | $-1.47B | $-1.28B | $-1.18B | $-1.03B | $-905M | $-779M | $-691M | |
| Treasury Stock | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| AOCI | $-439.0K | $-1M | $-955.0K | $915.0K | $1M | $3M | $-1M | $-2M | $-2M | $-2M | $-2M | $-2M | |
| Stockholders' Equity | $-271M | $-326M | $-160M | $-61M | $34M | $-204M | $-225M | $-172M | $-76M | $-39M | $71M | $23M | |
| Liabilities + Equity | $227M | $226M | $314M | $414M | $466M | $215M | $155M | $136M | $138M | $157M | $242M | $75M | |
| Shares Outstanding | 35,320,397 | 23,634,670 | 19,718,662 | · | · | · | · | · | · | · | · | · |
Cash Flow 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $10M | $13M | $14M | $7M | $7M | $7M | $7M | $6M | $6M | $5M | $2M | $2M | |
| Stock-based Comp | $14M | $17M | $23M | $18M | $20M | $10M | $10M | $8M | $12M | $13M | $7M | $5M | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | · | · | · | $-5M | · | |
| Amort. of Intangibles | $300.0K | $500.0K | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $462.0K | |
| Operating Cash Flow | $-77M | $-158M | $-224M | $-175M | $10M | $-139M | $-19M | $-131M | $-94M | $-80M | $-47M | $-38M | |
| CapEx | $6.0K | $576.0K | $10M | $53M | $34M | $3M | $5M | $4M | $3M | $13M | $4M | $3M | |
| Investing Cash Flow | $1M | $27.0K | $3M | $-34M | $-43M | $-4M | $-5M | $-4M | $2M | $18M | · | $-17M | |
| Debt Issued | · | · | · | · | · | $6M | · | · | $15M | · | $109M | · | |
| Net Debt Issued | $-2M | · | · | · | · | $6M | · | · | $15M | · | $109M | · | |
| Financing Cash Flow | $37M | $123M | $120M | $96M | $225M | $184M | $31M | $128M | $81M | $-2M | · | $53M | |
| Net Change in Cash | $-39M | $-36M | $-102M | $-113M | $192M | $41M | $9M | $-7M | $-11M | $-65M | $111M | $-2M | |
| Free Cash Flow | $-77M | $-159M | $-234M | $-228M | $-24M | $-143M | $-23M | $-135M | $-97M | $-92M | $-51M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% | -133.0% | -46.7% | -336.6% | -242.1% | -476.1% | -325.2% | · | |
| Net Margin | -2.7% | -224.5% | -164.7% | -235.3% | -9.7% | · | · | · | -281.5% | -562.6% | -354.1% | · | |
| Pretax Margin | -2.7% | · | · | · | · | · | · | · | -281.5% | -562.6% | -375.8% | · | |
| EBITDA Margin | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% | -133.0% | -46.7% | -336.6% | -242.1% | -476.1% | -325.2% | · | |
| ROA | -1.4% | -86.0% | -70.8% | -52.4% | -8.4% | · | · | · | -81.7% | -63.6% | -55.5% | · | |
| ROE | 1.0% | 95.5% | 232.3% | 1718.9% | 34.0% | · | · | · | 210.0% | -803.7% | -187.5% | · | |
| ROIC | 8.9% | · | · | · | · | · | · | · | -119.0% | -117.4% | -41.1% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.2 | 0.4 | 1.1 | 2.1 | 0.9 | 0.7 | 1.1 | 1.3 | 2.2 | 6.4 | · | |
| Quick Ratio | 0.0 | 0.2 | 0.4 | 1.0 | 2.0 | 0.8 | 0.6 | 0.8 | 1.1 | 2.1 | 6.3 | · | |
| Debt / Equity | -0.2 | -0.1 | -0.1 | -0.2 | 0.4 | -0.1 | -0.1 | -0.1 | -2.2 | -3.3 | 1.6 | · | |
| LT Debt / Equity | 0.0 | -0.1 | -0.1 | -0.2 | 0.4 | -0.1 | -0.1 | -0.1 | -1.9 | -3.3 | 1.6 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.2 | 0.9 | 0.5 | 1.0 | 0.3 | 0.3 | 0.1 | 0.2 | · | |
| Receivables Turnover | 102.1 | 7.9 | 10.9 | 46.0 | 221.1 | 10.1 | 17.4 | 35.5 | 6.9 | 2.1 | 4.8 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 10.4% | -33.8% | 59.5% | -66.8% | 235.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.2% | -29.5% | 21.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 5.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $114M | $103M | $156M | $98M | $296M | $88M | $150M | $37M | $43M | $23M | $25M | $7M | |
| Net Income TTM | $-3M | $-232M | $-257M | $-231M | $-29M | $-183M | $-112M | $-162M | $-121M | $-127M | $-88M | $-42M | |
| Market Cap | $111M | · | · | · | · | · | · | · | · | · | · | · | |
| Enterprise Value | $153M | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | · | -0.3 | -1.2 | -3.0 | -574.5 | -59.4 | -98.6 | · | -56.6 | -71.6 | -78.9 | -69.0 | |
| P/S | 1.0 | · | · | · | · | · | · | · | · | · | · | · | |
| P/B | -0.4 | · | · | · | · | · | · | · | · | · | · | · | |
| P / Cash Flow | -1.4 | · | · | · | · | · | · | · | · | · | · | · | |
| P / FCF | -1.4 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / EBITDA | -7.6 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | -2.0 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 1.3 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 0.00% | -386.5% | -82.8% | -33.2% | -0.17% | -1.7% | -1.0% | · | -1.8% | -1.4% | -1.3% | -1.5% |
Income Statement 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34M | $34M | $30M | $26M | $24M | $27M | $25M | $24M | $28M | $84M | $24M | $25M | $23M | $28M | $23M | $21M | |
| Cost of Revenue | $0 | $0 | $642.0K | $243.0K | $137.0K | $118.0K | $146.0K | $115.0K | $107.0K | $260.0K | $303.0K | $254.0K | $2M | $8M | $308.0K | $2M | |
| R&D Expense | $12M | $8M | $24M | $27M | $22M | $34M | $41M | $37M | $44M | $67M | $51M | $59M | $57M | $53M | $46M | $45M | |
| SG&A Expense | $7M | $12M | $11M | $16M | $16M | $21M | $17M | $17M | $17M | $21M | $19M | $20M | $18M | $25M | $18M | $19M | |
| Operating Expenses | $19M | · | · | · | $37M | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Income | $15M | $14M | $-5M | $-17M | $-13M | $-26M | $-32M | $-30M | $-33M | $-4M | $-46M | $-55M | $-54M | $-58M | $-42M | $-45M | |
| Interest Income | $21.0K | $29.0K | $74.0K | $54.0K | $188.0K | $429.0K | $1M | $539.0K | $808.0K | · | · | · | · | · | · | · | |
| Other Non-op | $39M | $-9M | $82M | $-12.0K | $-264.0K | $-224.0K | $19.0K | $7M | $-1M | $-201.0K | $442.0K | $-244.0K | $40.0K | $980.0K | $537.0K | $9M | |
| Net Income | $39M | $-11M | $64M | $-30M | $-26M | $-47M | $-67M | $-55M | $-63M | $-49M | $-65M | $-73M | $-71M | $-74M | $-57M | $-49M | |
| EPS (Basic) | $1.03 | $0.03 | $2.00 | $-1.00 | $-1.03 | $-1.95 | $-3.08 | $-2.52 | $-3.04 | $-2.22 | $-3.29 | $-3.93 | $-4.31 | $-15.09 | $-0.19 | $-0.17 | |
| EPS (Diluted) | $1.02 | $0.09 | $1.94 | $-1.00 | $-1.03 | $-1.95 | $-3.08 | $-2.52 | $-3.04 | $-2.22 | $-3.29 | $-3.93 | $-4.31 | $-15.09 | $-0.19 | $-0.17 | |
| Shares (Basic) | 37,941,000 | -54,738,000 | 31,886,000 | 28,117,000 | 24,469,000 | -41,507,000 | 21,550,000 | 21,062,000 | 20,368,000 | -34,438,000 | 18,908,000 | 17,569,000 | 15,855,000 | 13,264,803 | 286,854 | 277,033 | |
| Shares (Diluted) | 38,285,000 | -55,710,000 | 32,858,000 | 28,117,000 | 24,469,000 | -41,507,000 | 21,550,000 | 21,062,000 | 20,368,000 | -34,438,000 | 18,908,000 | 17,569,000 | 15,855,000 | 13,264,803 | 286,854 | 277,033 | |
| EBITDA | $15M | · | $-5M | $-17M | $-13M | · | $-32M | $-30M | $-33M | · | $-46M | $-55M | $-54M | · | $-42M | $-45M |
Balance Sheet 27
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $35M | $3M | $3M | $10M | $18M | $40M | $45M | $94M | $53M | $76M | $106M | $143M | $165M | $179M | $208M | $228M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | $15M | $24M | · | $10M | $10M | |
| Receivables | $7M | $2M | $538.0K | $709.0K | $354.0K | $407.0K | $207.0K | $719.0K | $476.0K | · | $1M | $1M | $1M | · | $9M | $19M | |
| Prepaid Expense | $4M | $785.0K | $885.0K | $1M | $2M | $2M | $2M | $2M | $4M | · | $16M | $9M | $11M | · | $22M | $29M | |
| Other Current Assets | $2M | $1M | $1M | $2M | $2M | $2M | $3M | $3M | $3M | · | $2M | $3M | $4M | · | $2M | $3M | |
| Current Assets | $95M | $133M | $134M | $13M | $23M | $46M | $50M | $100M | $60M | · | $126M | $171M | $206M | · | $251M | $289M | |
| PP&E (Net) | $15M | $15M | $16M | $113M | $117M | $120M | $124M | $128M | $130M | · | $140M | $143M | $140M | · | $101M | $89M | |
| PP&E (Gross) | · | $63M | · | · | · | $193M | · | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $48M | $47M | $47M | $75M | $76M | $73M | $71M | $68M | $65M | · | $61M | $58M | $56M | · | $53M | $52M | |
| Goodwill | $24M | $24M | $24M | $24M | $24M | $24M | $25M | $25M | $25M | · | $25M | $25M | $26M | · | $24M | $24M | |
| Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $4M | $4M | $4M | · | $4M | $5M | $6M | · | $7M | $8M | |
| Other Non-current Assets | $3M | $3M | $3M | $5M | $6M | $6M | $7M | $7M | $8M | · | $11M | $9M | $4M | · | $8M | $8M | |
| Total Assets | $186M | $227M | $234M | $185M | $200M | $226M | $238M | $292M | $257M | · | $335M | $384M | $413M | · | $429M | $456M | |
| Accounts Payable | $71M | $83M | $85M | $74M | $64M | $61M | $46M | $51M | $51M | · | $41M | $52M | $47M | · | $40M | $41M | |
| Accrued Liabilities | $37M | $34M | $32M | $39M | $36M | $35M | $37M | $41M | $41M | · | $38M | $30M | $33M | · | $29M | $30M | |
| Current Liabilities | $249M | $323M | $287M | $235M | $208M | $221M | $271M | $271M | $256M | · | $198M | $204M | $191M | · | $173M | $160M | |
| Capital Leases | $10M | $10M | $10M | $53M | $54M | $55M | $55M | $56M | $62M | · | $63M | $62M | $63M | · | $64M | $65M | |
| Other Non-current Liabilities | $247.0K | $259.0K | $376.0K | $752.0K | $761.0K | $738.0K | $777.0K | $1M | $3M | · | $8M | $11M | $14M | · | $1M | $2M | |
| Long-term Debt | $30M | $45M | $34M | $34M | $34M | $33M | $13M | $13M | $14M | · | $13M | $13M | $14M | · | · | · | |
| Total Debt | $30M | · | $34M | $34M | $34M | · | $13M | $13M | $14M | · | $13M | $13M | $14M | · | $13M | $14M | |
| Common Stock | $385.0K | $353.0K | $329.0K | $300.0K | $266.0K | $236.0K | $217.0K | $211.0K | $210.0K | · | $4M | $4M | $3M | · | $3M | $3M | |
| Paid-in Capital | $1.92B | $1.91B | $1.90B | $1.88B | $1.87B | $1.86B | $1.85B | $1.83B | $1.82B | · | $1.78B | $1.75B | $1.72B | · | $1.61B | $1.58B | |
| Retained Earnings | $-2.14B | $-2.18B | $-2.17B | $-2.24B | $-2.21B | $-2.18B | $-2.14B | $-2.07B | $-2.02B | · | $-1.91B | $-1.85B | $-1.78B | · | $-1.64B | $-1.58B | |
| AOCI | $-437.0K | $-439.0K | $-2M | $-2M | $-1M | $-1M | $-1M | $-1M | $-1M | · | $-1M | $-717.0K | $917.0K | · | $644.0K | $2M | |
| Stockholders' Equity | $-221M | $-271M | $-274M | $-355M | $-342M | $-326M | $-292M | $-241M | $-201M | · | $-129M | $-93M | $-59M | · | $-20M | $3M | |
| Liabilities + Equity | $186M | $227M | $234M | $185M | $200M | $226M | $238M | $292M | $257M | · | $335M | $384M | $413M | · | $429M | $456M | |
| Shares Outstanding | 38,521,761 | 35,320,397 | 32,814,429 | 30,004,430 | 26,563,545 | 23,634,670 | 21,685,192 | 21,126,226 | 20,994,143 | · | · | · | · | · | · | · |
Cash Flow 9
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $583.0K | $597.0K | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $5M | $3M | $3M | $3M | $2M | $2M | $2M | |
| Stock-based Comp | $1M | $3M | $3M | $4M | $3M | $5M | $5M | $4M | $4M | $5M | $6M | $6M | $5M | $4M | $4M | $5M | |
| Operating Cash Flow | $-36M | $-17M | $-15M | $-20M | $-26M | $-29M | $-53M | $-38M | $-38M | $-40M | $-65M | $-60M | $-59M | $-47M | $-32M | $-43M | |
| CapEx | $0 | $0 | $0 | $1.0K | $5.0K | $73.0K | $7.0K | $461.0K | $35.0K | $223.0K | $3M | $4M | $2M | $14M | $16M | $18M | |
| Investing Cash Flow | $69M | $780.0K | $76.0K | $281.0K | $57.0K | $-21.0K | $56.0K | $-237.0K | $229.0K | $3M | $12M | $517.0K | $-11M | $-6M | $-16M | $-4M | |
| Net Debt Issued | $-8M | · | · | · | $-2M | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-993.0K | $15M | $7M | $11M | $4M | $24M | $5M | $79M | $15M | $7M | $18M | $38M | $56M | $24M | $28M | $28M | |
| Net Change in Cash | $32M | $-460.0K | $-8M | $-9M | $-22M | $-4M | $-49M | $41M | $-23M | $-30M | $-36M | $-22M | $-14M | $-30M | $-20M | $-19M | |
| Free Cash Flow | $-36M | · | · | · | $-26M | · | · | · | $-38M | · | · | · | $-60M | · | · | · |
Profitability 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 44.6% | · | -15.0% | -65.0% | -55.3% | · | -125.4% | -128.4% | -117.4% | · | -190.6% | -216.1% | -237.3% | · | -182.9% | -213.0% | |
| Net Margin | 116.2% | · | 211.4% | -116.8% | -109.6% | · | -267.7% | -233.1% | -226.6% | · | -265.4% | -290.3% | -309.6% | · | -249.1% | -235.3% | |
| EBITDA Margin | 44.6% | · | -15.0% | -65.0% | -55.3% | · | -125.4% | -128.4% | -117.4% | · | -190.6% | -216.1% | -237.3% | · | -182.9% | -213.0% | |
| ROA | 20.3% | · | 27.1% | -12.6% | -11.6% | · | -23.4% | -16.2% | -19.0% | · | -16.9% | -17.5% | -16.6% | · | -13.1% | -15.2% | |
| ROE | -13.9% | · | -22.6% | 10.1% | 9.7% | · | 31.9% | 32.8% | 48.8% | · | 86.3% | 163.6% | 331.1% | · | -528.3% | 40.4% |
Liquidity & Solvency 4
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | · | 0.5 | 0.1 | 0.1 | · | 0.2 | 0.4 | 0.2 | · | 0.6 | 0.8 | 1.1 | · | 1.5 | 1.8 | |
| Quick Ratio | 0.2 | · | 0.0 | 0.0 | 0.1 | · | 0.2 | 0.3 | 0.2 | · | 0.5 | 0.8 | 1.0 | · | 1.3 | 1.6 | |
| Debt / Equity | -0.1 | · | -0.1 | -0.1 | -0.1 | · | -0.0 | -0.1 | -0.1 | · | -0.1 | -0.1 | -0.2 | · | -0.7 | 4.0 | |
| LT Debt / Equity | · | · | -0.1 | -0.1 | -0.1 | · | 0.0 | 0.0 | 0.0 | · | -0.1 | -0.1 | -0.2 | · | · | · |
Efficiency 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | |
| Receivables Turnover | 9.8 | · | 81.2 | 36.0 | 58.0 | · | 40.6 | 22.8 | 29.6 | · | 4.9 | 2.5 | 16.9 | · | 1.5 | 2.0 |
Valuation (TTM) 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $114M | · | $105M | $98M | $101M | · | $101M | $101M | $101M | · | $95M | $92M | $93M | · | $323M | $311M | |
| Net Income TTM | $47M | · | $-60M | $-178M | $-212M | · | $-250M | $-256M | $-272M | · | $-266M | $-250M | $-227M | · | $21M | $-7M | |
| Market Cap | $129M | · | $126M | $137M | $40M | · | $119M | $354M | $244M | · | · | · | · | · | · | · | |
| Enterprise Value | $124M | · | $157M | $161M | $55M | · | $87M | $274M | $204M | · | · | · | · | · | · | · | |
| P/E | 3.6 | · | -1.2 | -0.6 | -0.2 | · | -0.5 | -1.3 | -0.8 | · | -1.9 | -3.7 | -6.1 | · | 236.7 | -3807.7 | |
| P/S | 1.1 | · | 1.2 | 1.4 | 0.4 | · | 1.2 | 3.5 | 2.4 | · | · | · | · | · | · | · | |
| P/B | -0.6 | · | -0.5 | -0.4 | -0.1 | · | -0.4 | -1.5 | -1.2 | · | · | · | · | · | · | · | |
| P / Cash Flow | -3.6 | · | · | · | -1.6 | · | · | · | -6.4 | · | · | · | · | · | · | · | |
| P / FCF | -3.6 | · | · | · | -1.6 | · | · | · | -6.4 | · | · | · | · | · | · | · | |
| EV / EBITDA | 8.2 | · | -34.6 | -9.7 | -4.1 | · | -2.8 | -9.1 | -6.2 | · | · | · | · | · | · | · | |
| EV / FCF | -3.4 | · | · | · | -2.2 | · | · | · | -5.3 | · | · | · | · | · | · | · | |
| EV / Revenue | 1.1 | · | 1.5 | 1.6 | 0.5 | · | 0.9 | 2.7 | 2.0 | · | · | · | · | · | · | · | |
| Earnings Yield | 27.8% | · | -82.3% | -167.0% | -640.4% | · | -217.7% | -76.3% | -125.6% | · | -51.9% | -26.9% | -16.3% | · | 0.42% | -0.03% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $114M | $103M | $156M | $98M | $296M |
| Operating Margin % | -17.7% | -116.4% | -102.1% | -183.0% | 8.7% |
| Net Income | $-3M | $-232M | $-257M | $-231M | $-29M |
| Diluted EPS | $0.00 | $-10.59 | $-13.75 | $-15.64 | $-0.11 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | -0.2 | -0.1 | -0.1 | -0.2 | 0.4 |
| Current Ratio | 0.4 | 0.2 | 0.4 | 1.1 | 2.1 |
| Quick Ratio | 0.0 | 0.2 | 0.4 | 1.0 | 2.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-77M | $-159M | $-234M | $-228M | $-24M |
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