AGENUS INC Goodwill & Intangibles Disclosure
(3) Goodwill and Acquired Intangible Assets
Our goodwill balance was $24.1 million at both December 31, 2025 and 2024. There were no changes to the carrying amount during 2025.
Acquired intangible assets consisted of the following at December 31, 2025 and 2024 (in thousands):
|
|
As of December 31, 2025 |
|
|||||||||||
|
|
Amortization |
|
Gross carrying |
|
|
Accumulated |
|
|
Net carrying |
|
|||
Intellectual Property |
|
7-15 years |
|
$ |
16,841 |
|
|
$ |
(15,861 |
) |
|
$ |
980 |
|
Trademarks |
|
4-4.5 years |
|
|
882 |
|
|
|
(882 |
) |
|
|
— |
|
Other |
|
2-7 years |
|
|
582 |
|
|
|
(582 |
) |
|
|
— |
|
In-process research and development |
|
Indefinite |
|
|
2,057 |
|
|
|
— |
|
|
|
2,057 |
|
Total |
|
|
|
$ |
20,362 |
|
|
$ |
(17,325 |
) |
|
$ |
3,037 |
|
|
|
As of December 31, 2024 |
|
|||||||||||
|
|
Amortization |
|
Gross carrying |
|
|
Accumulated |
|
|
Net carrying |
|
|||
Intellectual Property |
|
7-15 years |
|
$ |
16,841 |
|
|
$ |
(15,522 |
) |
|
$ |
1,319 |
|
Trademarks |
|
4-4.5 years |
|
|
882 |
|
|
|
(882 |
) |
|
|
— |
|
Other |
|
2-7 years |
|
|
582 |
|
|
|
(582 |
) |
|
|
— |
|
In-process research and development |
|
Indefinite |
|
|
2,057 |
|
|
|
— |
|
|
|
2,057 |
|
Total |
|
|
|
$ |
20,362 |
|
|
$ |
(16,986 |
) |
|
$ |
3,376 |
|
The weighted average amortization period of our finite-lived intangible assets is approximately 9 years. Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $0.3 million, $0.5 million and $1.5 million, respectively. Amortization expense related to acquired intangibles is estimated at, $0.3 million for each of 2026, 2027 and 2028, and $39,000 for 2029.
IPR&D acquired in a business combination is capitalized at fair value until the underlying project is completed and is subject to impairment testing. Once the project is completed, the carrying value of IPR&D is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the acquired IPR&D are expensed as incurred.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 16, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Mar 15, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.