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Sep 30, 2023
MacroGenics Q3 2023 Earnings Report
MacroGenics' financial results for Q3 2023 were reported, enrollment completed for TAMARACK Phase 2 study, LORIKEET Phase 2 study initiated, and IND submitted for MGC026.
Key Takeaways
MacroGenics reported a net income of $17.6 million for Q3 2023, compared to a net loss of $24.8 million for the same period in 2022. The company's cash, cash equivalents, and marketable securities balance was $256.4 million as of September 30, 2023, which, along with a subsequent $15.7 million milestone payment and anticipated future payments, is expected to extend the cash runway into 2026.
Completed enrollment of TAMARACK Phase 2 study of vobra duo ahead of schedule.
Initiated LORIKEET Phase 2 study of lorigerlimab.
Submitted IND for MGC026, a topoisomerase inhibitor-based ADC.
Received a $50.0 million milestone payment from Sanofi S.A.
MacroGenics
MacroGenics
MacroGenics Revenue by Segment
Revenue by Segment
Product sales, net Revenue
CapyFin.comContract manufacturing Revenue
CapyFin.comGovernment agreements Revenue
CapyFin.com Forward Guidance
MacroGenics anticipates that its cash, cash equivalents and marketable securities balance of $256.4 million as of September 30, 2023, plus the $15.7 million milestone subsequently received, in addition to projected and anticipated future payments from partners and product revenues should extend its cash runway into 2026.
Positive Outlook
- Cash runway extended into 2026.
- Multiple data read-outs anticipated over the next two years.
- TAMARACK study clinical update expected in the first half of 2024.
- Advancing multiple new ADC molecules from preclinical portfolio.
- IND submission for MGC026.
Challenges Ahead
- Expected funding requirements reflect anticipated expenditures related to the Phase 2 TAMARACK clinical trial.
- Expected funding requirements reflect anticipated expenditures related to the Phase 2 LORIKEET study.
- Expected funding requirements reflect anticipated expenditures related to MacroGenics’ other ongoing clinical and preclinical studies.
- Uncertainties inherent in the initiation and enrollment of future clinical trials
- Business, economic or political disruptions due to catastrophes or other events
Revenue & Expenses
Visualization of income flow from segment revenue to net income