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Agenus (Agenus) Piotroski F-Score

: 3 (As of Today)
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Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Agenus has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Agenus's Piotroski F-Score or its related term are showing as below:

AGEN' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 3   Max: 7
Current: 3

During the past 13 years, the highest Piotroski F-Score of Agenus was 7. The lowest was 2. And the median was 3.


Agenus Piotroski F-Score Historical Data

The historical data trend for Agenus's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Agenus Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 2.00 7.00 2.00 3.00

Agenus Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.00 1.00 1.00 2.00 3.00

Competitive Comparison

For the Biotechnology subindustry, Agenus's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Agenus Piotroski F-Score Distribution

For the Biotechnology industry and Healthcare sector, Agenus's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Agenus's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -68.254 + -69.016 + -62.201 + -46.29 = $-245.8 Mil.
Cash Flow from Operations was -58.526 + -60.043 + -65.231 + -40.402 = $-224.2 Mil.
Revenue was 22.902 + 25.296 + 24.314 + 83.801 = $156.3 Mil.
Gross Profit was -36.51 + -34.243 + -27.432 + 16.818 = $-81.4 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(413.556 + 412.854 + 383.593 + 335.472 + 313.913) / 5 = $371.8776 Mil.
Total Assets at the begining of this year (Dec22) was $413.6 Mil.
Long-Term Debt & Capital Lease Obligation was $75.3 Mil.
Total Current Assets was $112.4 Mil.
Total Current Liabilities was $255.9 Mil.
Net Income was -48.325 + -46.434 + -54.222 + -71.093 = $-220.1 Mil.

Revenue was 25.941 + 20.926 + 22.772 + 28.386 = $98.0 Mil.
Gross Profit was -17.044 + -26.058 + -23.547 + -32.586 = $-99.2 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(465.958 + 441.305 + 456.174 + 429.019 + 413.556) / 5 = $441.2024 Mil.
Total Assets at the begining of last year (Dec21) was $466.0 Mil.
Long-Term Debt & Capital Lease Obligation was $75.9 Mil.
Total Current Assets was $213.1 Mil.
Total Current Liabilities was $189.0 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Agenus's current Net Income (TTM) was -245.8. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Agenus's current Cash Flow from Operations (TTM) was -224.2. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-245.761/413.556
=-0.59426293

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-220.074/465.958
=-0.47230437

Agenus's return on assets of this year was -0.59426293. Agenus's return on assets of last year was -0.47230437. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Agenus's current Net Income (TTM) was -245.8. Agenus's current Cash Flow from Operations (TTM) was -224.2. ==> -224.2 > -245.8 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=75.279/371.8776
=0.20242951

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=75.91/441.2024
=0.17205255

Agenus's gearing of this year was 0.20242951. Agenus's gearing of last year was 0.17205255. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=112.416/255.897
=0.43930175

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=213.122/188.952
=1.12791608

Agenus's current ratio of this year was 0.43930175. Agenus's current ratio of last year was 1.12791608. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Agenus's number of shares in issue this year was 19.203. Agenus's number of shares in issue last year was 15.223. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=-81.367/156.313
=-0.52053892

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=-99.235/98.025
=-1.01234379

Agenus's gross margin of this year was -0.52053892. Agenus's gross margin of last year was -1.01234379. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=156.313/413.556
=0.377973

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=98.025/465.958
=0.21037304

Agenus's asset turnover of this year was 0.377973. Agenus's asset turnover of last year was 0.21037304. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+0+1+0+0+0+1+1
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Agenus has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Agenus  (NAS:AGEN) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Agenus Piotroski F-Score Related Terms

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Agenus (Agenus) Business Description

Traded in Other Exchanges
Address
3 Forbes Road, Lexington, MA, USA, 02421
Agenus Inc is an American clinical-stage company with a pipeline of therapies designed to activate the body's immune system to fight cancer and infections, including immune-modulatory antibodies, adoptive cell therapies through its subsidiary MiNK Therapeutics Inc. and vaccine adjuvants through its subsidiary SaponiQx Inc. This robust product pipeline is supported by company's in-house capabilities, including current good manufacturing practice (cGMP) manufacturing and a clinical operations platform. The company's antibody candidates are botensilimab (a proprietary next-generation Fc-engineered CTLA-4 antibody, also known as AGEN1811) and balstilimab (a PD-1 antibody).
Executives
Ulf Wiinberg director
Steven J O'day officer: Chief Medical Officer 2344 BANYAN DRIVE, LOS ANGELES CA 90049
Garo H Armen officer: Chairman & CEO 3 FORBES ROAD, LEXINGTON MA 02421
Christine M Klaskin officer: VP Finance 3 FORBES ROAD, LEXINGTON MA 02421
Adam Krauss officer: Chief Legal Officer 139 GRANIT STREET, MEDFIELD MA 02052
Susan B Hirsch director 280 OLD SOMERSET ROAD, WATCHUNG NJ 07069
Paul N Clark director 5301 STEVENS CREEK BLVD, MS 1A-LC, SANTA CLARA CA 95051
Incyte Corp 10 percent owner 1801 AUGUSTINE CUT-OFF, WILMINGTON DE 19803
Alex Duncan officer: Chief Technology Officer 3 FORBES ROAC, LEXINGTON MA 02421
Christian Cortis officer: See Remarks 3 FORBES ROAD, LEXINGTON MA 02421
Evan Kearns officer: V.P. and General Counsel AGENUS INC., 3 FORBES ROAK, LEXINGTON MA 02421
Jennifer Buell officer: Chief Operating Officer 3 FORBES ROAD, LEXINGTON MA 02421
Allison M Jeynes-ellis director FLAT 52, WILLIAM HUNT MANSIONS, LONDON X0 SW13 8HT
Wadih Jordan director ANTIGENICS INC., 162 FIFTH AVE., SUITE 900, NEW YORK NY 10010
Brian Corvese director C/O ANTIGENICS INC., 162 FIFTH AVENUE, SUITE 900, NEW YORK NY 10010