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Net Income (Loss) Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | Note C – Net Income (Loss) Per Share The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except for per share data):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Amounts used for basic and diluted per share calculations: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Agenus Inc. common stockholders |  | $ | 63,860 |  |  | $ | (66,440 | ) |  | $ | 10,531 |  |  | $ | (181,514 | )
Weighted average number of Agenus Inc. common shares outstanding - basic |  |  | 31,886 |  |  |  | 21,550 |  |  |  | 28,184 |  |  |  | 20,995 |
Effect of potentially dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Share based compensation awards |  |  | 914 |  |  |  | — |  |  |  | 22 |  |  |  | — |
Warrants |  |  | 58 |  |  |  | — |  |  |  | 58 |  |  |  | — |
Weighted average number of Agenus Inc. common shares outstanding - diluted |  |  | 32,858 |  |  |  | 21,550 |  |  |  | 28,264 |  |  |  | 20,995 |
Net income (loss) attributable to Agenus Inc. per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.00 |  |  | $ | (3.08 | ) |  | $ | 0.37 |  |  | $ | (8.65 | )
Diluted |  | $ | 1.94 |  |  | $ | (3.08 | ) |  | $ | 0.37 |  |  | $ | (8.65 | )
Basic net income (loss) per common share is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our Amended and Restated Directors’ Deferred Compensation Plan, or “DDCP”). Diluted income (loss) per common share is calculated by dividing income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (including common shares issuable under our DDCP) plus the dilutive effect of outstanding instruments such as warrants, stock options, non-vested shares and convertible preferred stock. Because we reported a net loss attributable to common stockholders for the three and nine months ended September 30, 2024, diluted loss per common share is the same as basic loss per common share, as the effect of utilizing the fully diluted share count would have reduced the net loss per common share. The following securities (listed on an as-if-converted-to-Common-Stock basis) have been excluded from the computation of diluted weighted average shares outstanding as of September 30, 2025 and 2024, as they would be anti-dilutive (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Warrants |  |  | 974 |  |  |  | 965 |  |  |  | 974 |  |  |  | 965 |
Stock options |  |  | 4,429 |  |  |  | 3,313 |  |  |  | 5,125 |  |  |  | 3,313 |
Non-vested shares |  |  | 74 |  |  |  | 36 |  |  |  | 90 |  |  |  | 36 |
Series A-1 convertible preferred stock |  |  | 17 |  |  |  | 17 |  |  |  | 17 |  |  |  | 17 |

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