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Side-by-side financial comparison of AGENUS INC (AGEN) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $34.2M, roughly 1.5× AGENUS INC). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -31.0%, a 98.4% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 27.5%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs 10.5%).
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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
AGEN vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $34.2M | $51.6M |
| Net Profit | $-10.6M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 42.1% | 97.0% |
| Net Margin | -31.0% | 67.3% |
| Revenue YoY | 27.5% | 32.8% |
| Net Profit YoY | 77.3% | 67.0% |
| EPS (diluted) | $0.09 | $0.90 |
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 | $51.6M | ||
| Q3 25 | $30.2M | $49.1M | ||
| Q2 25 | $25.7M | $47.6M | ||
| Q1 25 | $24.1M | $37.5M | ||
| Q4 24 | $26.8M | $38.9M | ||
| Q3 24 | $25.1M | $35.1M | ||
| Q2 24 | $23.5M | $32.4M | ||
| Q1 24 | $28.0M | $29.5M |
| Q4 25 | $-10.6M | $34.8M | ||
| Q3 25 | $63.9M | $25.4M | ||
| Q2 25 | $-30.0M | $26.0M | ||
| Q1 25 | $-26.4M | $18.9M | ||
| Q4 24 | $-46.8M | $20.8M | ||
| Q3 24 | $-67.2M | $15.8M | ||
| Q2 24 | $-54.8M | $14.8M | ||
| Q1 24 | $-63.5M | $17.3M |
| 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% | 97.0% | ||
| Q3 25 | -15.0% | 72.1% | ||
| Q2 25 | -65.0% | 71.3% | ||
| Q1 25 | -55.3% | 71.7% | ||
| Q4 24 | -96.5% | 82.5% | ||
| Q3 24 | -125.5% | 60.6% | ||
| Q2 24 | -128.4% | 61.3% | ||
| Q1 24 | -117.4% | 78.8% |
| Q4 25 | -31.0% | 67.3% | ||
| Q3 25 | 211.4% | 51.7% | ||
| Q2 25 | -116.8% | 54.6% | ||
| Q1 25 | -109.6% | 50.4% | ||
| Q4 24 | -174.4% | 53.5% | ||
| Q3 24 | -267.7% | 45.1% | ||
| Q2 24 | -233.1% | 45.6% | ||
| Q1 24 | -226.6% | 58.5% |
| Q4 25 | $0.09 | $0.90 | ||
| Q3 25 | $1.94 | $0.65 | ||
| Q2 25 | $-1.00 | $0.69 | ||
| Q1 25 | $-1.03 | $0.51 | ||
| Q4 24 | $-1.95 | $0.56 | ||
| Q3 24 | $-3.08 | $0.44 | ||
| Q2 24 | $-2.52 | $0.42 | ||
| Q1 24 | $-3.04 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $44.7M | — |
| Stockholders' EquityBook value | $-271.1M | $672.5M |
| Total Assets | $226.8M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0M | $92.1M | ||
| Q3 25 | $3.5M | $99.0M | ||
| Q2 25 | $9.5M | $79.6M | ||
| Q1 25 | $18.5M | $51.7M | ||
| Q4 24 | $40.4M | $49.9M | ||
| Q3 24 | $44.8M | $44.1M | ||
| Q2 24 | $93.7M | $47.4M | ||
| Q1 24 | $52.9M | $34.8M |
| 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 | $672.5M | ||
| Q3 25 | $-274.1M | $634.3M | ||
| Q2 25 | $-354.6M | $597.9M | ||
| Q1 25 | $-341.8M | $563.2M | ||
| Q4 24 | $-326.4M | $516.9M | ||
| Q3 24 | $-292.3M | $484.6M | ||
| Q2 24 | $-241.3M | $471.3M | ||
| Q1 24 | $-201.4M | $452.9M |
| Q4 25 | $226.8M | $7.4B | ||
| Q3 25 | $233.9M | $7.0B | ||
| Q2 25 | $185.2M | $6.5B | ||
| Q1 25 | $200.2M | $6.0B | ||
| Q4 24 | $226.3M | $5.5B | ||
| Q3 24 | $238.5M | $5.2B | ||
| Q2 24 | $292.4M | $4.9B | ||
| Q1 24 | $256.6M | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.6M | $18.2M | ||
| Q3 25 | $-14.7M | $11.5M | ||
| Q2 25 | $-20.2M | $7.7M | ||
| Q1 25 | $-25.6M | $3.5M | ||
| Q4 24 | $-28.7M | $37.8M | ||
| Q3 24 | $-53.3M | $-17.6M | ||
| Q2 24 | $-38.2M | $11.5M | ||
| Q1 24 | $-38.2M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | $-20.2M | $7.6M | ||
| Q1 25 | $-25.6M | $3.5M | ||
| Q4 24 | $-28.7M | $37.5M | ||
| Q3 24 | $-53.3M | $-17.6M | ||
| Q2 24 | $-38.6M | $11.4M | ||
| Q1 24 | $-38.2M | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | -78.7% | 15.9% | ||
| Q1 25 | -106.5% | 9.2% | ||
| Q4 24 | -107.0% | 96.4% | ||
| Q3 24 | -212.2% | -50.3% | ||
| Q2 24 | -164.4% | 35.1% | ||
| Q1 24 | -136.5% | 35.8% |
| Q4 25 | 0.0% | 0.5% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.0% | 0.2% | ||
| Q4 24 | 0.3% | 0.7% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 2.0% | 0.3% | ||
| Q1 24 | 0.1% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | -0.23× | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
