AGENUS INC Segments Disclosure
(22) Segment and Geographic Information
Segments
We are managed and currently operate as two segments. However, we have concluded that our operating segments meet the criteria required by ASC 280 to be aggregated into one reportable segment. Our operating segments have similar economic characteristics and are similar with respect to the five qualitative characteristics specified in ASC 280. Accordingly, we have one reportable segment. Our one reportable segment is focused on the discovery, development and manufacturing of a comprehensive pipeline of immunological agents designed to expand patient populations benefiting from cancer immunotherapy.
Our (“CEO”) serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing company performance and making decisions regarding resource allocation. Our CODM evaluates company performance based on net loss, as included in the Consolidated Statements of Operations and Comprehensive Income (Loss), ensuring resource
allocation decisions support company goals. The measure of segment assets is total assets, as included in the Consolidated Balance Sheets. Refer to the consolidated financial statements for other financial information regarding our single reportable segment.
The following table presents selected financial information related to our single reportable segment for the years ended December 31, 2025, 2024, and 2023 (in thousands):
|
|
Year Ended December 31, |
|
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenues |
|
$ |
114,196 |
|
|
$ |
103,463 |
|
|
$ |
156,314 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
External expenses |
|
|
(70,213 |
) |
|
|
(133,683 |
) |
|
|
(202,205 |
) |
Payroll related expenses |
|
|
(39,664 |
) |
|
|
(61,814 |
) |
|
|
(75,955 |
) |
Other operating expenses |
|
|
(24,488 |
) |
|
|
(28,441 |
) |
|
|
(37,703 |
) |
Operating loss |
|
|
(20,169 |
) |
|
|
(120,475 |
) |
|
|
(159,549 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|||
Interest expense |
|
|
(55,618 |
) |
|
|
(120,421 |
) |
|
|
(103,859 |
) |
Interest income |
|
|
345 |
|
|
|
2,795 |
|
|
|
5,934 |
|
Other income |
|
|
72,359 |
|
|
|
5,830 |
|
|
|
37 |
|
Net loss |
|
$ |
(3,083 |
) |
|
$ |
(232,271 |
) |
|
$ |
(257,437 |
) |
In the table above, “Other operating expenses” includes items such as depreciation and amortization expense, stock-based compensation expense, fair value adjustments and expenses related to certain foreign subsidiaries.
Geographic Information
The following is geographical information regarding our revenues for the years ended December 31, 2025, 2024 and 2023 and our long-lived assets as of December 31, 2025 and 2024 (in thousands):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue: |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
113,160 |
|
|
$ |
101,460 |
|
|
$ |
153,336 |
|
Rest of world |
|
|
1,036 |
|
|
|
2,003 |
|
|
|
2,978 |
|
|
|
$ |
114,196 |
|
|
$ |
103,463 |
|
|
$ |
156,314 |
|
In the table above, revenue by geographic region is allocated based on the domicile of our respective business operations.
|
|
2025 |
|
|
2024 |
|
||
Long-lived Assets: |
|
|
|
|
|
|
||
United States |
|
$ |
17,602 |
|
|
$ |
122,887 |
|
Rest of world |
|
|
1,175 |
|
|
|
3,034 |
|
Total |
|
$ |
18,777 |
|
|
$ |
125,921 |
|
In the table above, long-lived assets include “Property, plant and equipment, net” and “Other long-term assets” from the consolidated balance sheets, by the geographic location where the asset resides.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.