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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.
Revenue by Segment
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.
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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