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ROCKVILLE, Md., March 20, 2025 (GLOBE NEWSWIRE) — MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today provided an update on its recent corporate progress and reported financial results for the year ended December 31, 2024.
“We concluded 2024 with the achievement of multiple clinical development milestones, including the completion of enrollment in the LORIKEET Phase 2 study evaluating lorigerlimab in combination with docetaxel in patients with mCRPC. We look forward to building upon this momentum in 2025 as we work to advance our novel pipeline of clinical product candidates, including lorigerlimab, MGC026 and MGC028,” said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. “Finally, we have determined that the results of the TAMARACK Phase 2 study of vobra duo in mCRPC do not support additional financial investment by MacroGenics. We believe the B7-H3 target continues to have potential and are pleased with the progress being made with our alternate anti-B7-H3 ADC, MGC026.”
Updates on Proprietary Investigational Programs
Lorigerlimab is a bispecific, tetravalent PD-1 × CTLA-4 DART® molecule designed to enhance CTLA-4 blockade on dual-expressing, tumor-infiltrating lymphocytes compared to a PD-1/CTLA-4 monoclonal antibody (mAb) combination therapy, while maintaining maximal PD-1 blockade on all PD-1-expressing cells.
Emerging ADC Pipeline. MacroGenics is developing two clinical and one preclinical antibody-drug conjugate (ADC) molecules that each incorporate a novel, glycan-linked topoisomerase I inhibitor (TOP1i)-based payload developed by the Company’s collaboration partner, Synaffix (a Lonza company). These three candidates are described below.
Updates on Selected Partnered Programs
Update on Vobramitamab Duocarmazine
Vobramitamab duocarmazine (vobra duo) is an ADC with a cleavable peptide linker designed to deliver a DNA-alkylating duocarmycin payload to solid tumors that express B7-H3.
2024 Financial Results
Conference Call Information
To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.
The listen-only webcast of the conference call can be accessed under “Events & Presentations” in the Investor Relations section of MacroGenics’ website at https://ir.macrogenics.com/events-and-presentations/events. A recorded replay of the webcast will be available shortly after the conclusion of the call and archived on MacroGenics’ website for 30 days following the call.
MACROGENICS, INC. SELECTED CONSOLIDATED BALANCE SHEET DATA (Amounts in thousands) |
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December 31, 2024 | December 31, 2023 | ||||||
Cash, cash equivalents and marketable securities | $ | 201,667 | $ | 229,805 | |||
Total assets | 261,655 | 298,418 | |||||
Deferred revenue | 71,822 | 80,894 | |||||
Total stockholders’ equity | 116,057 | 152,613 | |||||
MACROGENICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Amounts in thousands, except share and per share data) |
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Year Ended December 31, | |||||||||||
2024 | 2023 | 2022 | |||||||||
Revenues: | |||||||||||
Collaborative and other agreements | $ | 118,856 | $ | 29,421 | $ | 119,303 | |||||
Product sales, net | 16,426 | 17,939 | 16,727 | ||||||||
Contract manufacturing | 13,057 | 9,833 | 13,988 | ||||||||
Government agreements | 1,623 | 1,556 | 1,923 | ||||||||
Total revenues | 149,962 | 58,749 | 151,941 | ||||||||
Costs and expenses: | |||||||||||
Cost of product sales | 847 | 619 | 3,351 | ||||||||
Cost of manufacturing services | 11,452 | 7,603 | 4,033 | ||||||||
Research and development | 177,194 | 166,583 | 207,026 | ||||||||
Selling, general and administrative | 71,047 | 52,188 | 58,949 | ||||||||
Total costs and expenses | 260,540 | 226,993 | 273,359 | ||||||||
Loss from operations | (110,578 | ) | (168,244 | ) | (121,418 | ) | |||||
Gain on royalty monetization arrangement | — | 150,930 | — | ||||||||
Gain on sale of MARGENZA | 36,250 | — | — | ||||||||
Interest and other income | 9,421 | 9,686 | 1,660 | ||||||||
Interest and other expense | (1,115 | ) | (1,430 | ) | — | ||||||
Loss before income taxes | (66,022 | ) | (9,058 | ) | (119,758 | ) | |||||
Income tax provision | 944 | — | — | ||||||||
Net loss | (66,966 | ) | (9,058 | ) | (119,758 | ) | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on investments | 10 | (1 | ) | 56 | |||||||
Comprehensive loss | $ | (66,956 | ) | $ | (9,059 | ) | $ | (119,702 | ) | ||
Basic and diluted net loss per common share | $ | (1.07 | ) | $ | (0.15 | ) | $ | (1.95 | ) | ||
Basic and diluted weighted average common shares outstanding | 62,621,185 | 61,929,198 | 61,433,124 | ||||||||
About MacroGenics, Inc.
MacroGenics (the Company) is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative monoclonal antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates primarily from its proprietary suite of next-generation antibody-based technology platforms, which have applicability across broad therapeutic domains. The combination of MacroGenics’ technology platforms and protein engineering expertise has allowed the Company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies. For more information, please see the Company’s website at www.macrogenics.com. MacroGenics, the MacroGenics logo and DART are trademarks or registered trademarks of MacroGenics, Inc.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for MacroGenics (“Company”), including statements about the Company’s strategy, future operations, clinical development of and regulatory plans for the Company’s therapeutic candidates, expected timing of the release of clinical updates and safety and efficacy data for the Company’s ongoing clinical trials and other statements containing the words “subject to”, “believe”, “anticipate”, “plan”, “expect”, “intend”, “estimate”, “potential,” “project”, “may”, “will”, “should”, “would”, “could”, “can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks that TZIELD, lorigerlimab, ZYNYZ, or any other product candidate’s revenue, expenses and costs may not be as expected, risks relating to TZIELD, lorigerlimab, ZYNYZ, or any other product candidate’s market acceptance, competition, reimbursement and regulatory actions; future data updates, including timing and results of efficacy and safety data with respect to product candidates in ongoing clinical trials; our ability to provide manufacturing services to our customers; the uncertainties inherent in the initiation and enrollment of future clinical trials; the availability of financing to fund the internal development of our product candidates; expectations of expanding ongoing clinical trials; expectations for the timing and steps required in the regulatory review process; expectations for regulatory approvals; expectations of future milestone payments; the impact of competitive products; our ability to enter into agreements with strategic partners and other matters that could affect the availability or commercial potential of the Company’s product candidates; business, economic or political disruptions due to catastrophes or other events, including natural disasters, terrorist attacks, civil unrest and actual or threatened armed conflict, or public health crises; costs of litigation and the failure to successfully defend lawsuits and other claims against us; and other risks described in the Company’s filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views only as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
CONTACTS:
Jim Karrels, Senior Vice President, CFO
1-301-251-5172
info@macrogenics.com
Argot Partners
1-212-600-1902
macrogenics@argotpartners.com
Source: MacroGenics, Inc.