Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-14

Agenus (AGEN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,350,325
Garo Armen total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
66.21%
Say-on-pay support, latest vote
Companies that benchmark against AGEN
7 companies name AGEN as a compensation peer

Each company listed discloses AGEN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AGEN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Garo Armen$715,260$429,156$0$141,000$0$0$64,909$1,350,325
Chairman and Chief Executive Officer
Steven O'Day594,880297,440000010,500902,820
Chief Medical Officer
Christine Klaskin298,2240027,257006,538332,019
Vice President of Finance

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Garo Armen$1,350,325
Steven O'Day902,820
Christine Klaskin332,019

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Garo H. ArmenDirector2026-05-01A4,233$4$16,255CommonForm 4 ↗
Garo H. ArmenDirector2026-05-15A4,540416,253CommonForm 4 ↗
Garo H. ArmenDirector2026-05-29A4,644416,254CommonForm 4 ↗
Garo H. ArmenDirector2026-06-12A4,925316,253CommonForm 4 ↗
Garo H. ArmenDirector2026-06-26A5,364316,253CommonForm 4 ↗
Thomas HarrisonDirector2026-07-01A8,547430,624CommonForm 4 ↗
Timothy R. WrightDirector2026-07-01A2,267.77Derivative, Class A CommonForm 4 ↗
Garo H. ArmenDirector2026-07-10A4,852316,254CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Garo ArmenOPTION2025-06-1737,500$141,000
Christine KlaskinOPTION2025-06-177,25027,257
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Garo Armen$0$0$141,0000.0%
Christine Klaskin0027,2570.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Steven O'DayOption4,18912.26
Christine KlaskinOption2,61912.26
Garo ArmenOption45,22511.9
Steven O'DayOption84149
Christine KlaskinOption1,31113.25
Garo ArmenOption37,5003.02
Garo ArmenOption10,05049
Christine KlaskinOption68449
Christine KlaskinOption7,2503.02
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation philosophy emphasizes equity-based incentives that reward long-term performance and align executives' interests with those of stockholders. Fixed compensation (base salary) is balanced against performance-oriented incentives (annual bonus opportunities and multi-year equity awards). Target compensation levels are set with reference to our peer group to remain competitive for biotechnology talent.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantAon Radford
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1612,751,2666,507,225229,28966.21%Passed
20252025-06-175,162,3395,184,095470,62849.89%Failed
20242024-06-118,811,6081,193,315272,01088.07%Passed
20232023-06-12181,293,80719,195,3133,828,09390.43%Passed
20202020-06-1666,080,49531,700,340435,36767.58%Passed
20172017-06-2846,749,3471,471,154158,61596.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1666.21%a
20252025-06-1749.89%b
20242024-06-1188.07%c

a. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" will not be counted as votes cast or shares voting on Proposal 4, and will have no effect on the vote.”.

b. Approved under the standard stated in the filing — “Abstentions and “broker non-votes” will not be counted as votes cast or shares voting on Proposal 2, and will have no effect on the vote.”.

c. Approved under the standard stated in the filing — “Abstentions and "broker non-votes" will not be counted as votes cast or shares voting on Proposal 3, and will have no effect on the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Brian CorveseIndependent · Compensation (Chair) · Corporate Governance and Nominating · Executive (Chair)$262,500$0$112,822$0$0$375,322
Timothy R. WrightIndependent · Audit & Finance · Compensation · Corporate Governance and Nominating · Executive · Affiliate Transactions141,667057,78700199,454
Thomas HarrisonIndependent · Lead Independent Director · Audit & Finance (Chair) · Corporate Governance and Nominating (Chair)110,833064,20800175,041
Susan HirschIndependent · Audit & Finance · Compensation · Affiliate Transactions95,000055,03500150,035
Jennifer BuellEmployee director00000
Garo H. ArmenEmployee director · Board Chair · Executive Committee00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$610,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$610,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Agenus names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Agenus.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Inhibrx2025Mark Lappe$695,250$0$0$479,723$2,892,473
2Voyager Therapeutics, Inc.2025Alfred Sandrock674,903611,900843,900361,9172,508,370
3Repare Therapeutics2024Lloyd Segal630,500278,0001,203,960242,7432,368,837
4Karyopharm Therapeutics Inc.2025Richard Paulson770,000838,996241,544350,3502,320,902
5Fate Therapeutics, Inc.2025Bahram Valamehr600,00001,283,868360,0002,248,568
6Precision BioSciences, Inc.2025Michael Amoroso650,8751,025,086002,189,467
7MacroGenics, Inc.2025Eric Risser561,56852,0001,049,386251,9002,078,854
8Seres Therapeutics, Inc.2025Eric Shaff408,33301,338,87001,775,549
9Mersana Therapeutics, Inc.2024Michael Huber632,500133,635518,044322,5751,613,754
10Inovio Pharmaceuticals, Inc.2025Jacqueline Shea728,000346,101351,955144,1441,587,155
11Agenus2025Garo Armen715,2600141,00001,350,325
12Zentalis Pharmaceuticals, Inc.2025Julie Eastland700,00099,77256,975441,0001,300,731
13Atara Biotherapeutics, Inc.2025AnhCo Nguyen668,8000001,068,069
Instil Bio, Inc.not in coverage universe
ALX Oncologynot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Agenus125%Options 100not disclosedAon Radford
ALX Oncologynot disclosednot disclosednot disclosednot disclosed
Atara Biotherapeutics, Inc.not disclosedRSU 100not disclosedPearl Meyer
Fate Therapeutics, Inc.100%Options 100NoAon's Human Capital Solutions practice (Radford)
Inhibrx115%Options 100not disclosednot disclosed
Inovio Pharmaceuticals, Inc.33%not disclosedYes — Relative TSRAon (Human Capital Solutions practice)
Instil Bio, Inc.not disclosednot disclosednot disclosednot disclosed
Karyopharm Therapeutics Inc.90%not disclosedYes — Relative TSRAlpine Rewards, LLC (through September 2025); Willis Towers Watson (beginning August 2025)
MacroGenics, Inc.85%not disclosednot disclosedAlpine Rewards, LLC
Mersana Therapeutics, Inc.85%Options 75 · RSU 25not disclosedPearl Meyer & Partners, LLC
Precision BioSciences, Inc.115%RSU 100not disclosedAon
Repare Therapeutics70%not disclosednot disclosedAon plc (Human Capital Solutions practice)
Seres Therapeutics, Inc.not disclosedOptions 100not disclosedAlpine Rewards, LLC
Voyager Therapeutics, Inc.97.5%not disclosedNoAlpine Rewards, LLC
Zentalis Pharmaceuticals, Inc.105%not disclosednot disclosedAnderson Pay Advisors LLC / Pay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Garo ArmenDEF 14A2026-04-300001193125-26-197536Section “Summary Compensation Table”. As printed: 1,350,325. Filing ↗machine: r2 · c21 · span 404620–404629
2Section 01, Steven O'DayDEF 14A2026-04-300001193125-26-197536Section “Summary Compensation Table”. As printed: 902,820. Filing ↗machine: t14 · r4 · c21 · span 421620–421627
3Section 01, Christine KlaskinDEF 14A2026-04-300001193125-26-197536Section “Summary Compensation Table”. As printed: 332,019. Filing ↗machine: r6 · c21 · span 438605–438612
4Section 03, Garo Armen OPTIONDEF 14A2026-04-300001193125-26-197536Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t16 · r2 · c17 · span 484553–484560
5Section 03, Christine Klaskin OPTIONDEF 14A2026-04-300001193125-26-197536Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t16 · r3 · c17 · span 491416–491422
6Section 07, pay ratio10-K2026-03-160001193125-26-108632Section “CEO Pay Ratio”. As printed: —. Filing ↗
7Section 08, Brian CorveseDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 375,322. Filing ↗machine: t25 · r2 · c10 · span 937194–937201
8Section 08, Timothy R. WrightDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 199,454. Filing ↗machine: t25 · r5 · c10 · span 949927–949934
9Section 08, Thomas HarrisonDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 175,041. Filing ↗machine: t25 · r3 · c10 · span 941440–941447
10Section 08, Susan HirschDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 150,035. Filing ↗machine: t25 · r4 · c10 · span 945682–945689
11Section 08, Jennifer BuellDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 0. Filing ↗
12Section 08, Garo H. ArmenDEF 14A2026-04-300001193125-26-197536Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, Garo H. Armen 2026-05-01Form 42026-05-050001193125-26-206908Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Garo H. Armen 2026-05-15Form 42026-05-190001193125-26-231046Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Garo H. Armen 2026-05-29Form 42026-06-020001193125-26-252375Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Garo H. Armen 2026-06-12Form 42026-06-160001193125-26-271889Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Garo H. Armen 2026-06-26Form 42026-06-300001193125-26-289278Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Thomas Harrison 2026-07-01Form 42026-07-070001193125-26-297094Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Timothy R. Wright 2026-07-01Form 42026-07-070001193125-26-297088Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Garo H. Armen 2026-07-10Form 42026-07-140001193125-26-303047Insider equity transaction reported since the proxy statement. Filing ↗
21Section 06, 2026 voteForm 8-K2026-06-230001193125-26-278647Item 5.07 · say-on-pay result. As reported: 66.21% (votes for as printed: 12,751,266). Filing ↗
22Section 06, 2025 voteForm 8-K2025-06-200000950170-25-088502Item 5.07 · say-on-pay result. As reported: 49.89% (votes for as printed: 5,162,339). Filing ↗
23Section 06, 2024 voteForm 8-K2024-06-140000950170-24-073614Item 5.07 · say-on-pay result. As reported: 88.07% (votes for as printed: 8,811,608). Filing ↗
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 610,000 + equity 0 + all other 0 = 610,000, summed across the director compensation table rows.machine: formula: Σ = 610,000
26Inhibrx, Section 10b CEO totalDEF 14A2026-04-230002007919-26-000014CEO total compensation as printed in Inhibrx's own proxy. As printed: 2,892,473. Filing ↗machine: span 234894–234903
27Voyager Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050297CEO total compensation as printed in Voyager Therapeutics, Inc.'s own proxy. As printed: 2,508,370. Filing ↗machine: t9 · r1 · c47 · span 370852–370861
28Repare Therapeutics, Section 10b CEO totalDEF 14A2025-04-290001193125-25-103764CEO total compensation as printed in Repare Therapeutics's own proxy. As printed: 2,368,837. Filing ↗machine: r2 · c29 · span 358846–358855
29Karyopharm Therapeutics Inc., Section 10b CEO totalDEF 14A2026-04-130001503802-26-000023CEO total compensation as printed in Karyopharm Therapeutics Inc.'s own proxy. As printed: 2,320,902. Filing ↗machine: r2 · c29 · span 1192339–1192348
30Fate Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177094CEO total compensation as printed in Fate Therapeutics, Inc.'s own proxy. As printed: 2,248,568. Filing ↗machine: r2 · c31 · span 391551–391560
31Precision BioSciences, Inc., Section 10b CEO totalDEF 14A2026-04-080001140361-26-013757CEO total compensation as printed in Precision BioSciences, Inc.'s own proxy. As printed: 2,189,467. Filing ↗machine: r2 · c19 · span 829996–830005
32MacroGenics, Inc., Section 10b CEO totalDEF 14A2026-04-080001125345-26-000021CEO total compensation as printed in MacroGenics, Inc.'s own proxy. As printed: 2,078,854. Filing ↗machine: r2 · c57 · span 494189–494198
33Seres Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182036CEO total compensation as printed in Seres Therapeutics, Inc.'s own proxy. As printed: 1,775,549. Filing ↗machine: r2 · c29 · span 928055–928064
34Mersana Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-290001104659-25-040448CEO total compensation as printed in Mersana Therapeutics, Inc.'s own proxy. As printed: 1,613,754. Filing ↗machine: t16 · r1 · c41 · span 608188–608197
35Inovio Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-070001055726-26-000011CEO total compensation as printed in Inovio Pharmaceuticals, Inc.'s own proxy. As printed: 1,587,155. Filing ↗machine: r4 · c24 · span 548358–548367
36Agenus (subject), Section 10b CEO totalDEF 14A2026-04-300001193125-26-197536CEO total compensation as printed in Agenus's own proxy. As printed: 1,350,325. Filing ↗machine: r2 · c21 · span 404620–404629
37Zentalis Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-300001725160-26-000027CEO total compensation as printed in Zentalis Pharmaceuticals, Inc.'s own proxy. As printed: 1,300,731. Filing ↗machine: r2 · c48 · span 319348–319357
38Atara Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177285CEO total compensation as printed in Atara Biotherapeutics, Inc.'s own proxy. As printed: 1,068,069. Filing ↗machine: span 714260–714269
39Section 10a, Voyager Therapeutics, Inc. reciprocityDEF 14A0001104659-26-050297Voyager Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Agenus. Filing ↗
40Section 10a, MacroGenics, Inc. reciprocityDEF 14A0001125345-26-000021MacroGenics, Inc. names Agenus in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Seres Therapeutics, Inc. reciprocityDEF 14A0001193125-26-182036Seres Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Agenus. Filing ↗
42Section 10a, Mersana Therapeutics, Inc. reciprocityDEF 14A0001104659-25-040448Mersana Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Agenus. Filing ↗
43Section 10a, Precision BioSciences, Inc. reciprocityDEF 14A0001140361-26-013757Precision BioSciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Agenus. Filing ↗
44Section 10a, Repare Therapeutics reciprocityDEF 14A0001193125-25-103764Repare Therapeutics's most recent proxy was read; its disclosed peer group does not include Agenus. Filing ↗