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Jun 30, 2024
MacroGenics Q2 2024 Earnings Report
MacroGenics reported a net loss for Q2 2024, with revenue decrease primarily due to less revenue recognized under the Provention Asset Purchase Agreement, offset by increased revenue from Gilead collaboration and contract manufacturing. The company received $100 million in milestones related to Incyte's advancement of ZYNYZ® subsequent to quarter-end and confirms cash runway guidance into 2026.
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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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