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Dec 31, 2022
MacroGenics Q4 2022 Earnings Report
Reported financial results and corporate progress for the year ended December 31, 2022.
Key Takeaways
MacroGenics reported its 2022 financial results, highlighting a cash runway extended through 2025, modifications to the TAMARACK study design, and encouraging lorigerlimab monotherapy clinical data. The company added $250 million in non-dilutive funding over the past eight months and anticipates submitting an IND application for a new ADC later this year.
Cash runway extended through 2025 with $250 million in non-dilutive funding over past eight months.
TAMARACK study design modified with objective of accelerating data readout.
Encouraging lorigerlimab monotherapy clinical data presented at ASCO-GU.
FDA approved TZIELD to delay the onset of Stage 3 type 1 diabetes (T1D) in adult and pediatric patients aged 8 years and older with Stage 2 T1D.
Forward Guidance
MacroGenics anticipates that its cash, cash equivalents and marketable securities balance of $154.3 million as of December 31, 2022, plus the $100 million proceeds received from DRI related to the sale of the Company’s TZIELD royalty interest, projected and anticipated future payments from partners and product revenues should extend its cash runway through 2025.
Positive Outlook
- Cash, cash equivalents and marketable securities balance of $154.3 million as of December 31, 2022
- $100 million proceeds received from DRI related to the sale of the Company’s TZIELD royalty interest
- Projected and anticipated future payments from partners
- Product revenues should extend its cash runway through 2025
- Expected funding requirements reflect anticipated expenditures related to the Phase 2 TAMARACK clinical trial
Challenges Ahead
- The Company’s expected funding requirements reflect anticipated expenditures related to the Phase 2 TAMARACK clinical trial
- The planned Phase 2 study of lorigerlimab in mCRPC as well as MacroGenics’ other clinical and preclinical studies currently ongoing.
Historical Earnings Impact
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