Agenus (AGEN) is a commercial stage pharmaceutical company because of its royalties from QS-21, which is a component of Shingrix. It acts more like a clinical-stage company, however, because it pre-spent the Shingrix royalties and has an extensive clinical stage pipeline. Before the end of Q3 2020, Agenus plans to apply to the FDA to get its second commercial approval, for Balstilimab. Other potential therapies are lined up behind that. While there are risks, the stock is valued quite conservatively, so good data or FDA decisions should send it significantly higher. This article