MacroGenics Q2 2022 Earnings Report
Key Takeaways
MacroGenics reported a net loss of $41.3 million for the second quarter of 2022, with total revenue of $26.0 million. The company is implementing cost-saving measures through corporate restructuring, including a 15% workforce reduction and closure of two facilities, to extend its cash runway into 2024. They also dosed the first patient in Phase 1 study of MGD024 and plan to initiate MGC018 Phase 2/3 study in prostate cancer by year-end.
First patient dosed in Phase 1 study of MGD024 in CD123-positive hematologic malignancies.
Plan to initiate MGC018 Phase 2/3 study in prostate cancer by year-end.
Initiated cost-saving measures through corporate restructuring, focusing on key clinical programs and extending cash runway into 2024.
$30 million milestone payments received in July from Incyte as part of collaboration agreement.
MacroGenics
MacroGenics
MacroGenics Revenue by Segment
Forward Guidance
MacroGenics anticipates that its cash, cash equivalents and marketable securities balance of $133.7 million as of June 30, 2022, combined with $34.5 million in payments subsequently received from collaboration partners, anticipated and potential collaboration payments, product revenues and savings from the execution of the Company's restructuring plan should extend its cash runway into 2024.
Positive Outlook
- Cash runway extended into 2024.
- Focus on key clinical programs.
- Potential for future collaboration payments.
- Savings from corporate restructuring.
- Continuation of ongoing preclinical and clinical studies.
Challenges Ahead
- Workforce reduction of approximately 15%.
- Closure of two satellite facilities.
- One-time employee termination-related charges.
- Uncertainty in achieving anticipated collaboration payments.
- Dependence on product revenues to extend cash runway.