Agenus

Balance sheet resilience is weak. Cash was about 3.0 million dollars at year‑end 2025, improved to about 35.0 million dollars at March 31, 2026 after the Zydus transaction and ATM activity, yet both the 2025 10‑K and Q1 2026 10‑Q include going‑concern language.

Debt principal at March 31, 2026 was approximately 30.5 million dollars with maturities in 2026. July 2026 private placement adds roughly 85 million dollars gross and significant warrants, extending runway into Q3 2027 (or longer if exercised) but creating dilution.

TTM operating cash outflow approximates negative 88 million dollars (FY25 operating cash flow −77.2M, plus Q1‑26 −36.0M, less Q1‑25 −25.6M). Non‑cash royalty revenue inflates reported revenue and margins without contributing cash.