MacroGenics, Inc.

MacroGenics reported 2024 total revenue of $150 million versus $58.7 million in 2023. 2024 revenue included $118.9 million from collaborative and other agreements, $16.4 million in net sales margin, and $13.1 million in contract manufacturing revenue. R&D expense was $177.2 million in 2024 versus $166.6 million in 2023, and SG&A was $71 million versus $52.2 million in 2023. Net loss was $67 million in 2024 versus $9.1 million in 2023. Cash, cash equivalents and marketable securities were $201.7 million at December 31, 2024, down from $229.8 million a year earlier. Management said that cash plus anticipated partner payments should extend runway into the second half of 2026. There was no formal next-quarter or full-year 2025 financial guidance given on the call.

Scott Koenig framed 2024 as a year of strong execution and said the company is well positioned to build on that momentum in 2025. He emphasized a broad pipeline, including lorigerlimab, MGC026, and MGC028, and highlighted business development progress, especially the sale of MARGENZA to TerSera and the $100 million received from Incyte during the year. He also noted the board continues searching for his successor and that he remains committed through the transition.

Jim Karrels focused on the year-end financial picture: revenue of $150 million, R&D of $177.2 million, SG&A of $71 million, and net loss of $67 million. He attributed the revenue increase primarily to an $85 million net increase from Incyte milestones, and the higher SG&A to an $8 million amendment fee related to the MARGENZA sale, plus stock compensation and severance tied to the CEO separation agreement. He said the $201.7 million cash balance, together with future partner payments, should fund operations into the second half of 2026, with spending driven by LORIKEET and other ongoing clinical and preclinical studies.

Analysts focused on when key data would arrive, what would drive enrollments and event accrual, and how the vobra duo results affect the ADC strategy. Management said LORIKEET is fully enrolled, ORR could be disclosed in the back half of 2025, and rPFS timing depends on events; they also said LINNET is a single-agent ovarian/clear cell study because those settings are relatively untreated by checkpoint inhibitors. On MGC026, management said the Phase 1 study is enrolling well, initial data likely won’t come until the latter half of 2025, and tumor expansion choices will be guided by the data rather than pre-selection. They also said vobra duo’s toxicity profile, including pleural effusions, was part of why internal development is being stopped, while MGC026 is viewed as a differentiated B7-H3 ADC.