Agenus Inc.

AI-generated fair value estimate for this company.

Method: 10-year FCF DCF on recurring licensing/royalty cash flow: $15M normalized annual base (excludes lumpy, non-recurring upfront/milestone payments embedded in the $132.7M TTM revenue and $91.8M TTM net income); 20% growth years 1-5, 10% years 6-10; 16% discount rate (clinical/regulatory/binary-event risk); 3% terminal growth; $60M assumed net cash; 45.02M shares outstanding.

Reasoning: Agenus is a clinical-stage biotech whose reported TTM profitability is driven by one-time partnership payments rather than sustainable operations, so intrinsic value is better estimated from a heavily risk-adjusted DCF on ongoing recurring royalty/license cash flow, discounted at a high rate reflecting binary clinical and regulatory risk.