MacroGenics Q2 2024 Earnings Report
Key Takeaways
MacroGenics reported a net loss of $55.7 million for Q2 2024, compared to a net income of $57.5 million for Q2 2023. Total revenue decreased to $10.8 million from $13.1 million in the same quarter last year, primarily due to less revenue recognized under the Provention Asset Purchase Agreement. The company's cash, cash equivalents, and marketable securities balance was $140.4 million as of June 30, 2024, excluding the $100 million milestone received from Incyte subsequent to the quarter-end.
Received $100 million in milestones from Incyte related to ZYNYZ® development post quarter-end.
Cash runway is confirmed into 2026, supported by current cash balance, Incyte milestone, and anticipated future payments.
Total revenue was $10.8 million for the quarter ended June 30, 2024, compared to total revenue of $13.1 million for the quarter ended June 30, 2023.
Net loss was $55.7 million for the quarter ended June 30, 2024, compared to net income of $57.5 million for the quarter ended June 30, 2023.
MacroGenics
MacroGenics
MacroGenics Revenue by Segment
Forward Guidance
MacroGenics anticipates that its cash, cash equivalents and marketable securities balance of $140.4 million as of June 30, 2024, plus the $100.0 million in milestones subsequently received from Incyte, in addition to projected and anticipated future payments from partners and product revenues should support its cash runway into 2026.
Positive Outlook
- Cash runway extended into 2026.
- Milestone payment of $100 million received from Incyte.
- Anticipated future payments from partners.
- Projected product revenues.
- Ongoing clinical and preclinical studies.