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Side-by-side financial comparison of AGENUS INC (AGEN) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
AGENUS INC is the larger business by last-quarter revenue ($34.2M vs $25.8M, roughly 1.3× KKR Real Estate Finance Trust Inc.). AGENUS INC runs the higher net margin — -31.0% vs -101.7%, a 70.7% gap on every dollar of revenue. On growth, AGENUS INC posted the faster year-over-year revenue change (27.5% vs -26.6%). Over the past eight quarters, AGENUS INC's revenue compounded faster (10.5% CAGR vs -18.8%).
Agenus Inc. is a Lexington, Massachusetts-based biotechnology company focused on immunotherapy including immuno-oncology, a field that uses the immune system to control or cure cancer. The company is developing checkpoint modulators (CPMs), patient-specific anti-cancer vaccines, and adjuvants designed for use with various vaccines. CPM development is a particularly fast-moving field, since early products have produced unprecedented clinical benefits for patients.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
AGEN vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $34.2M | $25.8M |
| Net Profit | $-10.6M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | 42.1% | -105.1% |
| Net Margin | -31.0% | -101.7% |
| Revenue YoY | 27.5% | -26.6% |
| Net Profit YoY | 77.3% | -229.6% |
| EPS (diluted) | $0.09 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $34.2M | $25.8M | ||
| Q3 25 | $30.2M | $25.3M | ||
| Q2 25 | $25.7M | $30.2M | ||
| Q1 25 | $24.1M | $31.3M | ||
| Q4 24 | $26.8M | $35.1M | ||
| Q3 24 | $25.1M | $37.0M | ||
| Q2 24 | $23.5M | $40.4M | ||
| Q1 24 | $28.0M | $39.1M |
| Q4 25 | $-10.6M | $-26.2M | ||
| Q3 25 | $63.9M | $13.8M | ||
| Q2 25 | $-30.0M | $-29.7M | ||
| Q1 25 | $-26.4M | $-4.9M | ||
| Q4 24 | $-46.8M | $20.3M | ||
| Q3 24 | $-67.2M | $-7.4M | ||
| Q2 24 | $-54.8M | $25.8M | ||
| Q1 24 | $-63.5M | $-3.1M |
| Q4 25 | — | — | ||
| Q3 25 | 97.9% | — | ||
| Q2 25 | 99.1% | — | ||
| Q1 25 | 99.4% | — | ||
| Q4 24 | 99.6% | — | ||
| Q3 24 | 99.4% | — | ||
| Q2 24 | 99.5% | — | ||
| Q1 24 | 99.6% | — |
| Q4 25 | 42.1% | -105.1% | ||
| Q3 25 | -15.0% | 50.4% | ||
| Q2 25 | -65.0% | -101.3% | ||
| Q1 25 | -55.3% | -18.3% | ||
| Q4 24 | -96.5% | 55.8% | ||
| Q3 24 | -125.5% | -19.6% | ||
| Q2 24 | -128.4% | 63.3% | ||
| Q1 24 | -117.4% | -8.7% |
| Q4 25 | -31.0% | -101.7% | ||
| Q3 25 | 211.4% | 54.4% | ||
| Q2 25 | -116.8% | -98.5% | ||
| Q1 25 | -109.6% | -15.5% | ||
| Q4 24 | -174.4% | 57.7% | ||
| Q3 24 | -267.7% | -20.0% | ||
| Q2 24 | -233.1% | 63.9% | ||
| Q1 24 | -226.6% | -7.9% |
| Q4 25 | $0.09 | $-0.49 | ||
| Q3 25 | $1.94 | $0.12 | ||
| Q2 25 | $-1.00 | $-0.53 | ||
| Q1 25 | $-1.03 | $-0.15 | ||
| Q4 24 | $-1.95 | $0.22 | ||
| Q3 24 | $-3.08 | $-0.19 | ||
| Q2 24 | $-2.52 | $0.29 | ||
| Q1 24 | $-3.04 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.0M | $84.6M |
| Total DebtLower is stronger | $44.7M | — |
| Stockholders' EquityBook value | $-271.1M | $1.2B |
| Total Assets | $226.8M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0M | $84.6M | ||
| Q3 25 | $3.5M | $204.1M | ||
| Q2 25 | $9.5M | $107.7M | ||
| Q1 25 | $18.5M | $106.4M | ||
| Q4 24 | $40.4M | $104.9M | ||
| Q3 24 | $44.8M | $108.8M | ||
| Q2 24 | $93.7M | $107.2M | ||
| Q1 24 | $52.9M | $106.5M |
| Q4 25 | $44.7M | — | ||
| Q3 25 | $34.2M | — | ||
| Q2 25 | $33.9M | — | ||
| Q1 25 | $33.6M | — | ||
| Q4 24 | $33.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-271.1M | $1.2B | ||
| Q3 25 | $-274.1M | $1.2B | ||
| Q2 25 | $-354.6M | $1.2B | ||
| Q1 25 | $-341.8M | $1.3B | ||
| Q4 24 | $-326.4M | $1.3B | ||
| Q3 24 | $-292.3M | $1.4B | ||
| Q2 24 | $-241.3M | $1.4B | ||
| Q1 24 | $-201.4M | $1.4B |
| Q4 25 | $226.8M | $6.5B | ||
| Q3 25 | $233.9M | $6.5B | ||
| Q2 25 | $185.2M | $6.8B | ||
| Q1 25 | $200.2M | $6.6B | ||
| Q4 24 | $226.3M | $6.4B | ||
| Q3 24 | $238.5M | $6.8B | ||
| Q2 24 | $292.4M | $7.1B | ||
| Q1 24 | $256.6M | $7.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.6M | $72.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.6M | $72.3M | ||
| Q3 25 | $-14.7M | $18.5M | ||
| Q2 25 | $-20.2M | $21.1M | ||
| Q1 25 | $-25.6M | $15.9M | ||
| Q4 24 | $-28.7M | $132.6M | ||
| Q3 24 | $-53.3M | $49.1M | ||
| Q2 24 | $-38.2M | $30.6M | ||
| Q1 24 | $-38.2M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-20.2M | — | ||
| Q1 25 | $-25.6M | — | ||
| Q4 24 | $-28.7M | — | ||
| Q3 24 | $-53.3M | — | ||
| Q2 24 | $-38.6M | — | ||
| Q1 24 | $-38.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -78.7% | — | ||
| Q1 25 | -106.5% | — | ||
| Q4 24 | -107.0% | — | ||
| Q3 24 | -212.2% | — | ||
| Q2 24 | -164.4% | — | ||
| Q1 24 | -136.5% | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | -0.23× | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AGEN
| Non Cash Royalty Revenue | $31.1M | 91% |
| Other | $3.2M | 9% |
KREF
Segment breakdown not available.
