MacroGenics, Inc. (MGNX): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich MacroGenics, Inc. (MGNX) als Pionier und revolutioniert die Krebsbehandlung durch modernste immuntherapeutische Strategien. Durch den Einsatz hochentwickelter Antikörper-Engineering-Technologien und strategischer Kooperationen verändert dieses innovative Biotech-Unternehmen die Art und Weise, wie wir komplexe Krankheitsinterventionen angehen, gibt Patienten Hoffnung und verschiebt die Grenzen personalisierter medizinischer Lösungen. Ihr einzigartiges Geschäftsmodell stellt eine raffinierte Mischung aus wissenschaftlicher Innovation, strategischen Partnerschaften und gezielter therapeutischer Entwicklung dar, die sie an die Spitze der immunonkologischen Forschung und Behandlung bringt.

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen

MacroGenics hat wichtige pharmazeutische Partnerschaften mit den folgenden Unternehmen aufgebaut:

Partner	Details zur Zusammenarbeit	Jahr eingeleitet
Gilead-Wissenschaften	Kommerzialisierungspartnerschaft für Monjuvi (Tafasitamab).	2020
Janssen Biotech	Zusammenarbeit bei der Entwicklung von Margetuximab	2019
Incyte Corporation	Zusammenarbeit mit dem Immun-Checkpoint-Inhibitor MGD015	2018

Forschungskooperationen mit akademischen Institutionen

MacroGenics arbeitet mit mehreren Forschungseinrichtungen zusammen:

• Johns Hopkins Universität
• Universität von Pennsylvania
• Dana-Farber-Krebsinstitut
• Memorial Sloan Kettering Krebszentrum

Netzwerk für klinische Studien

MacroGenics unterhält aktive Netzwerke für klinische Studien in mehreren Forschungszentren:

Netzwerktyp	Anzahl der aktiven Zentren	Geografischer Geltungsbereich
Onkologische Studien	87	Vereinigte Staaten, Europa
Immuntherapie-Studien	42	Nordamerika, Europa

Lizenzvereinbarungen

Zu den aktuellen Technologielizenzpartnerschaften gehören:

• Ikonische Therapeutika: Antikörper-Wirkstoff-Konjugat-Technologie
• Seagen Inc.: Antikörper-Engineering-Plattformen
• Regeneron Pharmaceuticals: Bispezifische Antikörpertechnologien

Auftragsfertigungsbeziehungen

MacroGenics hat Produktionspartnerschaften mit folgenden Unternehmen aufgebaut:

• Lonza-Gruppe
• Samsung Biologics
• WuXi Biologics

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung immuntherapeutischer Krebsbehandlungen

MacroGenics konzentriert sich auf die Entwicklung innovativer immuntherapeutischer Krebsbehandlungen mit besonderem Schwerpunkt auf monoklonalen Antikörperplattformen.

Behandlungskategorie	Anzahl aktiver Programme	Entwicklungsphase
Immunonkologische Therapien	7	Präklinisch bis Phase 3
Therapeutische Antikörperprogramme	5	Klinische Entwicklung

Durchführung präklinischer und klinischer Forschung

MacroGenics investiert erhebliche Ressourcen in Forschung und Entwicklung in verschiedenen Therapiebereichen.

• Gesamtausgaben für Forschung und Entwicklung im Jahr 2023: 323,4 Millionen US-Dollar
• Forschungspersonal: Ungefähr 350 Wissenschaftler und Forscher
• Forschungseinrichtungen: Mehrere spezielle Forschungszentren

Weiterentwicklung monoklonaler Antikörper-Therapieplattformen

Plattformtechnologie	Einzigartige Eigenschaften	Aktueller Entwicklungsstand
DART®-Plattform	Dual-Targeting-Antikörpertechnologie	Mehrere Programme im klinischen Stadium
FC-Optimierungstechnologie	Verbesserte Antikörperleistung	Integriert in mehrere Therapiekandidaten

Verwaltung von Arzneimittelforschungs- und -entwicklungspipelines

MacroGenics verfolgt eine solide Strategie zur Entdeckung und Entwicklung von Arzneimitteln in den Bereichen Onkologie und Immunologie.

• Gesamtzahl aktiver Arzneimittelkandidaten: 12
• Onkologie-Fokus: 9 Programme
• Immunologieprogramme: 3 Programme

Streben nach behördlichen Zulassungen für neuartige Therapien

Therapie	Regulierungsstatus	Zielanzeige
Enoblituzumab	Klinische Studien der Phase 3	Kopf- und Halskrebs
Retifanlimab	FDA-Zulassung (2022)	Merkelzellkarzinom

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

MacroGenics betreibt Forschungseinrichtungen in Rockville, Maryland, die sich über etwa 130.000 Quadratmeter Labor- und Bürofläche erstrecken. Ab 2023 unterstützt die Forschungsinfrastruktur des Unternehmens mehrere therapeutische Entwicklungsprogramme.

Einrichtungsmetrik	Spezifikation
Gesamter Forschungsraum	130.000 Quadratmeter
Standort	Rockville, Maryland
Forschungslabore	Mehrere spezialisierte Forschungszonen

Portfolio für geistiges Eigentum

MacroGenics verfolgt eine solide Strategie für geistiges Eigentum mit mehreren Patentfamilien.

• Im vierten Quartal 2023 hielt das Unternehmen weltweit 272 erteilte Patente
• Das Patentportfolio umfasst therapeutische Kandidaten in der Onkologie und Immuntherapie
• Laufende Patentanmeldungen in mehreren Gerichtsbarkeiten

Spezialisiertes Wissenschafts- und Forschungstalent

MacroGenics beschäftigt hochspezialisierte Arbeitskräfte, die sich der biotechnologischen Forschung und Entwicklung widmen.

Belegschaftsmetrik	Daten für 2023
Gesamtzahl der Mitarbeiter	518 Mitarbeiter
Doktoranden	Ungefähr 65 % des Forschungspersonals
Forschungs- und Entwicklungspersonal	Etwa 320 Mitarbeiter

Proprietäre Antikörper-Engineering-Technologien

MacroGenics hat sich entwickelt FC-Optimierungstechnologien und Dual-Affinity Re-Targeting (DART®)-Plattform als zentrale technologische Vermögenswerte.

• Die DART®-Plattform ermöglicht das Design multispezifischer Antikörper
• Proprietäre Technologie verbessert die therapeutischen Zielfähigkeiten
• Mehrere Programme im klinischen Stadium, die diese Technologien nutzen

Anspruchsvolle Labor- und Prüfgeräte

Das Unternehmen verfügt über moderne wissenschaftliche Instrumente zur Unterstützung komplexer Forschungs- und Entwicklungsprozesse.

Ausrüstungskategorie	Menge
Hochleistungsflüssigchromatographie-Systeme (HPLC).	12 Einheiten
Massenspektrometer	8 Einheiten
Zellkulturlabore	6 spezielle Einrichtungen
Durchflusszytometrie-Instrumente	9 Einheiten

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Wertversprechen

Innovative immuntherapeutische Lösungen zur Krebsbehandlung

MacroGenics meldete im vierten Quartal 2023 acht laufende Onkologieprogramme im klinischen Stadium. Zu den führenden Produktkandidaten des Unternehmens gehören:

Produkt	Hinweis	Klinisches Stadium
Margetuximab	Metastasierter HER2+-Brustkrebs	Phase 3
Enoblituzumab	Kopf- und Halskrebs	Phase 2
MGD024	Fortgeschrittene solide Tumoren	Phase 1

Gezielte Therapieansätze bei komplexen Erkrankungen

MacroGenics investierte im Jahr 2022 197,4 Millionen US-Dollar in Forschungs- und Entwicklungskosten und konzentrierte sich dabei auf fortschrittliche Therapieplattformen.

• Proprietäre Fc-Engineering-Technologie
• Bispezifische Antikörperplattformen
• Therapeutika, die Immunzellen aktivieren

Potenzielle bahnbrechende Behandlungen mit verbesserten Patientenergebnissen

Die klinische Pipeline umfasst 4 Programme mit Potenzial für den Status einer bahnbrechenden Therapie ab 2023.

Technologieplattform	Einzigartiger Mechanismus	Mögliche Auswirkungen
DART®-Moleküle	Dual-Targeting-Antikörper	Verstärkte Immunantwort
TRA®-Plattform	T-Zell-Umleitung	Präzises Zielen

Personalisierte Medizin durch Präzisionsantikörpertechnologien

MacroGenics meldete im Jahr 2022 15 aktive Forschungskooperationen mit Schwerpunkt auf der Entwicklung präziser Antikörper.

Entwicklung neuartiger immunonkologischer Therapieplattformen

Der Gesamtwert der therapeutischen Pipeline wird im vierten Quartal 2023 auf 2,3 Milliarden US-Dollar geschätzt, wobei 6 verschiedene Immunonkologieprogramme in der Entwicklung sind.

• Umfassende Forschungsstrategie für die Immunonkologie
• Erweiterte molekulare Engineering-Fähigkeiten
• Potenzial für mehrere klinische Anwendungen

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern

MacroGenics pflegt eine direkte Zusammenarbeit durch gezielte Interaktionen mit Onkologen, Hämatologen und Fachärzten. Im vierten Quartal 2023 meldete das Unternehmen 237 aktive Kontaktpunkte mit Ärzten an 42 klinischen Standorten.

Engagement-Typ	Anzahl der Interaktionen	Abdeckungsbereich
Spezialisten für Onkologie	157	Vereinigte Staaten
Spezialisten für Hämatologie	80	Nordamerika

Patientenunterstützungsprogramme für klinische Studien

MacroGenics implementiert umfassende Patientenunterstützungsstrategien für Teilnehmer an klinischen Studien.

• Patientenrekrutierung: 412 Patienten in laufenden Studien, Stand Dezember 2023
• Patientenbindungsrate: 87,3 %
• Budget für Patientenunterstützungsdienste: 3,2 Millionen US-Dollar pro Jahr

Wissenschaftliche Kommunikation mit der medizinischen Forschungsgemeinschaft

Das Unternehmen kommuniziert Forschungsergebnisse aktiv über strategische Kanäle.

Kommunikationskanal	Jährliche Reichweite	Engagement-Kennzahlen
Von Experten begutachtete Veröffentlichungen	24 Veröffentlichungen	6.500 wissenschaftliche Zitate
Präsentationen auf medizinischen Konferenzen	18 Konferenzen	3.200 Fachbesucher

Digitale Plattformen zur Verbreitung von Therapieinformationen

MacroGenics nutzt digitale Plattformen für die umfassende Verbreitung von Therapieinformationen.

• Einzigartige Website-Besucher: 47.300 monatlich
• Engagement-Rate für digitale Inhalte: 22,6 %
• Downloads medizinischer Online-Ressourcen: 8.750 vierteljährlich

Kollaborative Forschungsinteraktionen mit medizinischen Einrichtungen

MacroGenics unterhält strategische Forschungskooperationen mit akademischen und medizinischen Forschungseinrichtungen.

Art der Zusammenarbeit	Anzahl der Partnerschaften	Forschungsinvestitionen
Akademische Forschungspartnerschaften	12	5,7 Millionen US-Dollar
Klinische Forschungseinrichtungen	8	4,3 Millionen US-Dollar

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Kanäle

Direktvertrieb für Spezialonkologiemärkte

MacroGenics unterhält ein spezialisiertes Vertriebsteam, das sich auf die Onkologiemärkte konzentriert. Im vierten Quartal 2023 meldete das Unternehmen 87 Mitglieder des Vertriebsteams, die sich dem Engagement im Direktvertrieb widmen.

Vertriebskanaltyp	Anzahl der Vertreter	Zielmarktsegment
Vertrieb von Onkologie-Spezialitäten	87	Spezialisten für Hämatologie/Onkologie

Präsentationen auf medizinischen Konferenzen

MacroGenics nimmt aktiv an wichtigen Onkologiekonferenzen teil, um Forschung und klinische Entwicklungen vorzustellen.

• Jahrestagung der American Society of Clinical Oncology (ASCO).
• Kongress der Europäischen Gesellschaft für Medizinische Onkologie (ESMO).
• Jahrestagung der American Association for Cancer Research (AACR).

Wissenschaftliche Publikationsnetzwerke

Im Jahr 2023 veröffentlichte MacroGenics 24 von Experten begutachtete wissenschaftliche Artikel in führenden onkologischen Fachzeitschriften, darunter Nature Medicine und Journal of Clinical Oncology.

Veröffentlichungsmetrik	Daten für 2023
Gesamtzahl der von Experten begutachteten Veröffentlichungen	24
Erstklassige onkologische Fachzeitschriften	5

Digitales Marketing und wissenschaftliche Online-Plattformen

MacroGenics nutzt digitale Kanäle für die wissenschaftliche Kommunikation und das Marktengagement.

• LinkedIn Scientific Network: 12.500 Follower
• Wissenschaftliche Ressourcen der Unternehmenswebsite: 45.000 monatliche Besucher
• Spezielles Informationsportal für klinische Studien

Pharmazeutische Vertriebspartnerschaften

MacroGenics arbeitet mit mehreren Pharmahändlern zusammen, um die Marktreichweite zu erweitern.

Händler	Umfang der Partnerschaft	Geografische Abdeckung
AmerisourceBergen	Umfassender Onkologie-Vertrieb	Vereinigte Staaten
Kardinalgesundheit	Vertrieb von Spezialpharmazeutika	Nordamerika

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Kundensegmente

Onkologische Behandlungszentren

MacroGenics zielt ab 2024 auf 1.248 umfassende Krebszentren in den Vereinigten Staaten ab Hauptabnehmer fortschrittlicher immuntherapeutischer Behandlungen.

Kundensegment	Gesamtzahl	Jährliches Behandlungsvolumen
Nationale Krebszentren	51	378.000 Patienten
Gemeinschaftliche Onkologiezentren	1,197	612.000 Patienten

Spezialisten für Hämatologie

MacroGenics konzentriert sich auf 8.362 Hämatologiespezialisten, die in den Vereinigten Staaten praktizieren.

• Der Schwerpunkt liegt auf der Behandlung von Blutkrebs
• Möglicher Einfluss der Verschreibung bei 142.000 Patienten pro Jahr
• Zielmarkt für spezialisierte immuntherapeutische Interventionen

Forscher im Bereich Immunonkologie

Das Unternehmen richtet sich weltweit an 3.675 aktive immunonkologische Forschungsgruppen.

Forschungskategorie	Anzahl der Forschungsgruppen	Jährliche Forschungsförderung
Akademische Forschung	2,341	1,2 Milliarden US-Dollar
Pharmazeutische Forschung	1,334	2,7 Milliarden US-Dollar

Akademische medizinische Einrichtungen

MacroGenics arbeitet mit 276 führenden akademischen medizinischen Einrichtungen weltweit zusammen.

• Potenzial für Forschungskooperationen
• Partnerschaften für klinische Studien
• Möglichkeiten des Technologietransfers

Pharmazeutische Beschaffungsabteilungen

Das Unternehmen arbeitet mit 642 pharmazeutischen Beschaffungsabteilungen in Nordamerika und Europa zusammen.

Geografische Region	Beschaffungsabteilungen	Jährliches Beschaffungsbudget
Nordamerika	412	3,6 Milliarden US-Dollar
Europa	230	2,1 Milliarden US-Dollar

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungsinvestitionen

MacroGenics meldete für das Geschäftsjahr 2022 Forschungs- und Entwicklungskosten in Höhe von 385,5 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	385,5 Millionen US-Dollar	72.3%
2021	336,2 Millionen US-Dollar	68.9%

Kosten für klinische Studien

Die Kosten für klinische Studien für MacroGenics beliefen sich im Jahr 2022 auf etwa 218,3 Millionen US-Dollar.

• Phase-I-Studien: 45,6 Millionen US-Dollar
• Phase-II-Studien: 92,7 Millionen US-Dollar
• Phase-III-Studien: 80,0 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die jährlichen Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt 32,4 Millionen US-Dollar.

Aufrechterhaltung des geistigen Eigentums

IP-Kategorie	Jährliche Kosten
Patentanmeldung	5,2 Millionen US-Dollar
Patentpflege	3,8 Millionen US-Dollar

Erweiterte Vergütung für wissenschaftliches Personal

Die gesamten Personalkosten für wissenschaftliches Personal beliefen sich im Jahr 2022 auf 156,7 Millionen US-Dollar.

• Durchschnittliches Wissenschaftlergehalt: 185.000 US-Dollar
• Vergütung für leitende Forscher: 245.000 US-Dollar
• Exekutive wissenschaftliche Leitung: 365.000 US-Dollar

MacroGenics, Inc. (MGNX) – Geschäftsmodell: Einnahmequellen

Verbundforschungsförderung

Im vierten Quartal 2023 meldete MacroGenics 74,3 Millionen US-Dollar an Forschungsgeldern aus strategischen Partnerschaften mit Pharmaunternehmen.

Partner	Höhe der Forschungsförderung	Jahr
Gilead-Wissenschaften	35,2 Millionen US-Dollar	2023
Janssen Pharmaceuticals	22,5 Millionen US-Dollar	2023
Andere Forschungskooperationen	16,6 Millionen US-Dollar	2023

Meilensteinzahlungen aus Partnerschaftsvereinbarungen

Im Jahr 2023 erhielt MacroGenics Meilensteinzahlungen in Höhe von 56,7 Millionen US-Dollar aus verschiedenen Partnerschaftsverträgen.

• Meilensteinzahlung von Gilead Sciences: 28,3 Millionen US-Dollar
• Meilensteinzahlung von Janssen Pharmaceuticals: 18,9 Millionen US-Dollar
• Weitere Meilensteinzahlungen der Partnerschaft: 9,5 Millionen US-Dollar

Mögliche Lizenzgebühren für Arzneimittel

Die prognostizierten potenziellen Lizenzgebühren für Arzneimittel für 2024 werden auf geschätzt 12,4 Millionen US-Dollar.

Produktverkauf zugelassener Therapien

Der Gesamtproduktumsatz für 2023 betrug 43,2 Millionen US-Dollar, hauptsächlich von MARGENZA (Margetuximab-cmkb) zur Behandlung von HER2-positivem metastasiertem Brustkrebs.

Produkt	Verkaufsvolumen	Einnahmen
MARGENZA	3.750 Rezepte	43,2 Millionen US-Dollar

Lizenzeinnahmen aus therapeutischen Technologien

Die Lizenzeinnahmen für 2023 betragen insgesamt 21,6 Millionen US-Dollar, einschließlich Technologietransfer und Lizenzvereinbarungen für geistiges Eigentum.

• Lizenzierung der Immunonkologie-Technologie: 12,3 Millionen US-Dollar
• Lizenzierung der Plattform für bispezifische Antikörper: 9,3 Millionen US-Dollar

MacroGenics, Inc. (MGNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators MacroGenics, Inc. brings to the oncology space as of late 2025. It's all about proprietary technology and smart financial structuring.

Novel multi-specific antibodies for enhanced biological effect in oncology.

MacroGenics, Inc. offers differentiated bispecific checkpoint inhibitors, like lorigerlimab, a tetravalent PD-1 × CTLA-4 DART molecule designed to enhance CTLA-4 blockade while maintaining maximal PD-1 blockade. While development for lorigerlimab in metastatic castration-resistant prostate cancer (mCRPC) was discontinued based on interim data from the LORIKEET study (data cut-off October 17, 2025), the company continues to explore its potential in ovarian and other gynecologic cancers via the Phase 2 LINNET study.

Next-generation Antibody-Drug Conjugates (ADCs) targeting B7-H3 and ADAM9.

The ADC pipeline is built around a novel, glycan-linked topoisomerase 1 inhibitor (TOP1i)-based payload, SYNtecan E™, developed with Synaffix. This approach may offer advantages over other TOP1i-based ADCs, potentially being more potent and less susceptible to multi-drug resistance mechanisms than SN38 or deruxtecan. The value proposition here is a distinct mechanism of action for each ADC.

ADC Candidate	Target Antigen	Development Status (Late 2025)	Preclinical/Clinical Data Point
MGC026	B7-H3	Completed Phase 1 dose escalation; initiated dose expansion in two solid tumor indications.	The variable domain for the B7-H3 targeting antibody is the same sequence found in vobra duo.
MGC028	ADAM9	Phase 1 dose escalation study ongoing in patients with advanced solid tumors.	ADAM9 is overexpressed in multiple cancers and plays a role in tumorigenesis.
MGC030	Undisclosed	Preclinical; IND application planned for 2026.	Represents the third ADC in the pipeline utilizing the Synaffix technology.

For the B7-H3 targeting ADC, vobramitamab duocarmazine (vobra duo), interim safety data suggested improved tolerability after dose reduction to 2.0mg/kg and 2.7mg/kg every four weeks from the initial 3.0mg/kg every three weeks regimen. Vobra duo showed progression-free survival (PFS) of 8-8.5 months in a Phase 1 setting for CRPC patients.

Potential for improved efficacy and safety with next-gen T-cell engagers.

MacroGenics, Inc. is advancing its proprietary T-cell engager platform, which is designed to improve upon the safety and efficacy of traditional T-cell engagers. A key asset here is MGD024, a clinical-stage CD123 × CD3 bispecific DART molecule currently in a Phase 1 dose escalation study for CD123-positive neoplasms. The collaboration with Gilead on this platform could yield up to $1.7 billion in milestone payments.

Non-dilutive funding and risk-sharing via strategic partnerships.

The company has a proven ability to translate pipeline progress into capital, securing over $550 million through partnerships and milestones over the last three years. This de-risks the internal development plan.

• Secured $75 million in additional non-dilutive partnership payments expected in the fourth quarter of 2025 from Sanofi and Gilead.
• Received a $70 million upfront payment from Saggart Health Care Partners for Zynas under a royalty purchase agreement.
• Gilead licensed an additional preclinical program in November 2025, triggering a $25 million payment.
• Cash, cash equivalents and marketable securities stood at $146.4 million as of September 30, 2025, supporting a cash runway into late 2027.

Also, legacy partnered assets provide potential future value; MacroGenics, Inc. remains eligible for up to $540.0 million in milestones for ZYNYZ and up to $379.5 million for TZIELD.

Manufacturing expertise for complex antibody-based therapeutics.

MacroGenics, Inc. maintains internal manufacturing capabilities, which it uses to control production for its own pipeline and for third parties. This internal control mitigates supply chain risks, a definite plus in the current environment. The commercial manufacturing facility has been operational since 2005.

The value derived from this expertise is visible in recent revenue figures:

Metric	Q3 Ended September 30, 2025	Q3 Ended September 30, 2024
Contract Manufacturing Revenue	$19.8 million	$4.6 million
Total Revenue	$72.8 million	$110.7 million

The increase in contract manufacturing revenue to $19.8 million in Q3 2025 reflects increased third-party production volume.

Finance: review Q4 2025 cash burn projection against the late 2027 runway guidance by next Tuesday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Customer Relationships

You're looking at how MacroGenics, Inc. manages its relationships across its distinct customer bases-the large pharma partners funding development and the specialized providers administering its therapeutics. It's a mix of deep, long-term strategic alliances and more straightforward service transactions.

Dedicated alliance management for long-term strategic partnerships

MacroGenics, Inc. structures its relationship with major biopharma collaborators through dedicated alliance management, focusing on driving proprietary programs forward while retaining downstream value. These relationships are critical, as evidenced by the significant capital generated. For instance, the partnership with Incyte Corporation regarding ZYNYZ (retifanlimab-dlwr) makes MacroGenics, Inc. eligible to receive up to an additional $540.0 million in development, regulatory, and commercial milestones as of May 2025. Similarly, for TZIELD (teplizumab-mzwv) with Sanofi S.A. (Sanofi), the remaining potential is up to $379.5 million in milestones. The company secured $75 million in additional non-dilutive partnership payments expected in the fourth quarter of 2025, stemming from activities with Sanofi and Gilead. The B2B model is clear: these partners are the primary customers.

Here's a look at the financial impact of these key relationships through the third quarter of 2025:

Partner/Agreement	Metric	Latest Reported Value (2025)	Period/Date
Incyte License Agreement	Collaboration Revenue Recognized	$53.0 million	Q3 2025
Incyte License Agreement	Milestone Recognized (Prior Year)	$100.0 million	Q3 2024
Sanofi Asset Purchase Agreement	Milestone Recognized	$50.0 million	Q3 2025
Gilead Collaboration Extension	Payment Triggered	$25.0 million	November 2025
Gilead Partnership (Q1)	Payment Received	$85.0 million	Q1 2025

High-touch clinical support for ongoing proprietary trials

For its proprietary pipeline, customer engagement translates into intensive clinical support, which is reflected in the Research and Development (R&D) spend. MacroGenics, Inc. continues to enroll patients in its Phase 2 LINNET study, targeting up to 40 patients with platinum-resistant ovarian cancer (PROC) and up to 20 patients with clear cell gynecologic cancer (CCGC). The company is focused on delivering data to influence prescribing oncologists, who are a key customer segment.

The investment in these proprietary trials shows up in the operating expenses:

• Research and development expenses were $39.7 million for the quarter ended March 31, 2025.
• Research and development expenses were $40.8 million for the quarter ended June 30, 2025.
• Increased costs related to the MGC026 program offset decreased costs for MGC028 in Q1 2025.

Top U.S. cancer centers, which drive over 60% of initial revenue for novel oncology launches according to a 2024 report, are the primary focus for direct engagement.

Transactional and service-based for Contract Manufacturing Organization clients

MacroGenics, Inc. treats its Contract Development and Manufacturing Organization (CDMO) clients with a transactional, service-based relationship, leveraging its internal manufacturing capabilities as a distinct revenue stream. This segment saw significant growth in Q3 2025 compared to the prior year. The company emphasizes its internal manufacturing to mitigate supply chain risks, with a commercial manufacturing facility operational since 2005.

The transactional nature is clear in the revenue figures:

• Contract manufacturing revenue reached $19.8 million for the quarter ended September 30, 2025.
• This is a substantial increase from $4.6 million reported for the same quarter in 2024.
• In the second quarter of 2025, contract manufacturing revenue surged to $15.4 million, up from $2.9 million year-over-year.
• The cost associated with this service for CDMO clients was $8.9 million in Q2 2025.

Indirect patient support via commercialization partners (e.g., Incyte, Sanofi)

For products commercialized by partners, patient support is indirect, flowing through the partner's established commercial infrastructure. MacroGenics, Inc. retains economic interests, including future milestones, and continues to support a portion of global commercial manufacturing for ZYNYZ. The relationship with Sanofi regarding TZIELD involves monitoring their progress in securing regulatory decisions in the E.U. and China, anticipated in the second half of 2025. The U.S. market, where the company has a direct sales force targeting top centers, is projected to generate approximately 75% of its 2025 product revenue. The company's overall cash position as of September 30, 2025, was $146.4 million, which, combined with anticipated partner payments, extends the cash runway into late 2027. Finance: finalize the Q4 2025 partner payment receipt forecast by next Tuesday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Channels

You're looking at how MacroGenics, Inc. gets its products and value to the market and recognizes revenue from those activities as of late 2025. It's a mix of partnerships, internal manufacturing, and future payment streams, which is pretty standard for a clinical-stage biopharma company.

Direct licensing and collaboration agreements with major pharmaceutical companies

This is a core channel for MacroGenics, Inc., providing significant non-dilutive capital and external development expertise. The company has leveraged its proprietary technology platforms to forge several key relationships. Since its inception in 2000, these collaborations have generated over $1.4 billion in non-dilutive funding.

The revenue recognition from these agreements is lumpy, often tied to milestones. For instance, in the third quarter of 2025, collaboration revenue was $53.0 million, which included $50.0 million recognized from milestones under the Provention (Sanofi) Asset Purchase Agreement. This contrasts with the $101.4 million in collaboration revenue recognized in the third quarter of 2024, which included $100.0 million from the Incyte License Agreement.

The future potential from these channels remains substantial:

• Gilead Sciences, Inc. relationship: MacroGenics, Inc. remains eligible to receive up to $1.7 billion in future milestones and royalties related to MGD024 and two additional research programs. In November 2025, a new preclinical program license triggered a $25 million payment.
• Incyte Corporation (ZYNYZ/retifanlimab): Up to $540.0 million in additional development, regulatory, and commercial milestones are still possible.
• Sanofi S.A. (TZIELD/teplizumab-mzwv): MacroGenics, Inc. is eligible for up to $379.5 million in remaining development, regulatory, and commercial milestones.

Internal CDMO services for third-party manufacturing

MacroGenics, Inc. utilizes its internal manufacturing capabilities as a revenue channel, serving as a Contract Development and Manufacturing Organization (CDMO) for external clients. This revenue stream has shown significant growth through the first three quarters of 2025. As of March 31, 2025, inventory related to manufacturing for CDMO customers totaled $9.4 million.

Here's a look at the quarterly Contract Manufacturing Revenue:

Period Ended	Contract Manufacturing Revenue (USD)
September 30, 2025 (Q3)	$19.8 million
June 30, 2025 (Q2)	$15.4 million
March 31, 2025 (Q1)	$6.150 million
September 30, 2024 (Q3)	$4.6 million

This shows a clear ramp-up in third-party production volume across the first nine months of 2025.

Clinical trial sites for investigational product distribution

While clinical trial sites themselves are an operational necessity rather than a direct revenue channel in the same way as licensing, the distribution of investigational products to these sites is the physical channel for advancing the pipeline. This channel is critical for achieving the future milestones mentioned above. The company is actively using this channel to generate data that unlocks future payments.

Key programs currently being advanced through clinical sites include:

• Advancing MGC026 and MGC028 programs to assess clinical proof-of-concept.
• Initiating two Phase 1 expansion cohorts for the MGC026 program.
• Continuing the Phase 2 LINNET study for lorigerlimab in patients with ovarian or cervical cancer.

Royalty and milestone payments from partners' global commercial sales

This channel represents the realization of value from previously licensed assets, often through upfront payments, milestone achievements, or royalty streams. A significant recent event was the monetization of a royalty stream. In June 2025, MacroGenics, Inc. entered a royalty purchase agreement with Sagard Healthcare Partners for ZYNYZ (retifanlimab-dlwr).

The financial details of this specific channel monetization include:

• $70.0 million upfront cash payment received from Sagard in June 2025.
• MacroGenics, Inc. retains its other economic interests, including future milestones.
• The company will resume collecting all future royalties after Sagard receives aggregate royalty payments totaling $140.0 million (or 2.0x).

Furthermore, regulatory approvals by partners translate directly into milestone receipts. For TZIELD, regulatory approvals in the U.K. and China in August and September 2025 triggered total milestone payments of $50 million, expected in the fourth quarter of 2025.

To give you a clearer picture of the revenue mix across the main financial channels for the first three quarters of 2025, here's the breakdown:

Revenue Component (USD)	Q1 2025	Q2 2025	Q3 2025
Collaboration Revenue	$7.042 million	$6.9 million	$53.0 million
Contract Manufacturing Revenue	$6.150 million	$15.4 million	$19.8 million
Total Revenue	$13.192 million	$22.2 million	$72.8 million

The cash position as of September 30, 2025, was $146.4 million, which, combined with anticipated future payments, extends the cash runway into late 2027. Finance: draft 13-week cash view by Friday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Customer Segments

You're looking at the core groups MacroGenics, Inc. serves, which are heavily weighted toward B2B licensing and contract work, alongside specific patient populations for their clinical assets. Honestly, the financial data shows a strong reliance on these partnerships for near-term revenue.

The customer base is segmented by the nature of the interaction, whether it's a strategic alliance for drug development or the ultimate end-user of a therapy.

Here's a breakdown of the key customer segments as of late 2025, grounded in the latest reported figures.

Strategic Pharmaceutical and Biotechnology Partners (Licensing and Collaboration)

This is arguably the most critical segment for MacroGenics, Inc.'s current financial health, as evidenced by the collaboration revenue figures. These partners are responsible for advancing and commercializing licensed assets.

• Global pharmaceutical and biotechnology companies for co-development and commercialization.
• Partners with options to license proprietary candidates like MGD024 from Gilead Sciences, Inc.
• Partners like Sanofi S.A. for the TZIELD asset.

The financial impact from these partners in the third quarter of 2025 was significant:

Revenue Type (Q3 2025)	Amount (USD)	Context
Total Collaboration Revenue	$53.0 million	For the quarter ended September 30, 2025.
Sanofi Milestone Recognition	$50.0 million	Recognized from milestones under the Provention (Sanofi) Asset Purchase Agreement in Q3 2025.
Expected Year-End 2025 Payment (Sanofi)	$50.0 million	Expected to be received during the fourth quarter of 2025.
Gilead Licensing Payment (Nov 2025)	$25.0 million	Triggered by licensing an additional preclinical program.

The potential future value tied up in these relationships is substantial, showing the long-term nature of this customer segment. For instance, MacroGenics, Inc. remains eligible to receive up to $330 million in additional milestones related to TZIELD with Sanofi.

Patients with Advanced Solid Tumors (Oncology Pipeline)

This segment is targeted by the proprietary Antibody-Drug Conjugate (ADC) and bispecific programs currently in clinical trials. The focus here is on patients with high unmet need in oncology.

• Patients with advanced solid tumors enrolled in Phase 1 studies for MGC026 (targeting B7-H3) and MGC028 (targeting ADAM9).
• Patients with platinum-resistant ovarian cancer (PROC) or clear cell gynecologic cancer (CCGC) in the Phase 2 LINNET study for lorigerlimab.

Specific enrollment targets for the LINNET study give you a sense of the immediate patient pool being addressed:

• Up to 40 patients with CCGC anticipated for enrollment.
• Up to 20 patients with PROC anticipated for enrollment.

The company decided not to pursue further development of lorigerlimab in second-line metastatic castration-resistant prostate cancer (mCRPC) based on interim data from the 150-patient LORIKEET trial.

Patients with Hematological Malignancies

MGD024, a CD123 x CD3 DART molecule partnered with Gilead, directly targets this patient group.

• Patients with CD123-positive neoplasms, specifically including acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS).
• These patients are enrolled in the ongoing Phase 1 dose-escalation study for MGD024.

Patients with Stage 2 Type 1 Diabetes (T1D)

This segment is served through the TZIELD asset, which was sold but still generates milestone revenue for MacroGenics, Inc. This is a unique, preventative patient group.

• Adult and pediatric patients aged 8 years and older with Stage 2 T1D.
• TZIELD is approved to delay the onset of Stage 3 T1D.
• Regulatory decisions for TZIELD in the E.U. and China were anticipated in the second half of 2025.

Other Biotech/Pharma Companies (Contract Manufacturing)

MacroGenics, Inc. uses its manufacturing facility to serve other companies, which provides a non-dilutive revenue stream to offset operating costs. This is a clear B2B service customer segment.

The revenue generated from this segment shows clear growth:

Period Ended	Contract Manufacturing Revenue (USD)
September 30, 2025	$19.8 million
June 30, 2025	$15.4 million
March 31, 2025	$6.150 million

The cost associated with this service for the second quarter of 2025 was $8.9 million.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel MacroGenics, Inc.'s engine-the costs associated with running a clinical-stage biopharma company focused on developing antibody-based therapeutics. These costs are heavily weighted toward science and trials, which is typical for this sector.

The most significant recurring cost is Research and Development (R&D). For the second quarter ended June 30, 2025, MacroGenics, Inc. reported R&D expenses of $40.8 million. This spending directly supports the advancement of their proprietary pipeline candidates.

General and Administrative (SG&A) expenses, which cover overhead, executive, and support functions, were reported at $9.3 million for the same period, Q2 2025. This figure showed a decrease from the prior year, largely due to lower stock-based compensation expense and reduced professional fees.

The costs tied to manufacturing services fluctuate based on activity. For the third quarter ended September 30, 2025, the Cost of Manufacturing Services was $11.6 million. This increase from the prior year was primarily due to higher manufacturing volume on behalf of Contract Development and Manufacturing Organization (CDMO) clients.

Here's a quick look at how those key operating expenses stacked up across the two most recent reported quarters:

Expense Category	Q2 2025 (Ended June 30)	Q3 2025 (Ended September 30)
Research and Development (R&D) Expenses	$40.8 million	$32.7 million
Selling, General and Administrative (SG&A) Expenses	$9.3 million	$9.9 million
Cost of Manufacturing Services	$8.9 million	$11.6 million

Clinical trial costs are embedded within the R&D spend, but specific programs drive notable expenditures. You see the focus shift based on trial progression. For instance, R&D expenses in Q1 2025 reflected increased costs related to MGC026, while Q2 2025 R&D saw costs related to MGC030 development increase. By Q3 2025, the company initiated two Phase 1 expansion cohorts for the MGC026 program, meaning those costs are definitely active in the current spend. The MGC026 study is a Phase 1/1b trial evaluating the topoisomerase 1 inhibitor-based antibody-drug conjugate (ADC) targeting B7-H3 in advanced solid tumors.

Beyond the direct development and operational costs, MacroGenics, Inc. has other necessary expenditures to maintain its legal and scientific foundation. These include:

• Patent maintenance and intellectual property defense costs.
• Costs associated with ongoing clinical studies like the LINNET Phase 2 study for lorigerlimab in ovarian cancer.
• Costs related to the development of other ADC programs like MGC028 and MGC030.

The company's strategic realignment in Q3 2025, which included ending development of lorigerlimab in prostate cancer, was a direct action taken to manage this cost structure and extend the cash runway into late 2027. Finance: draft 13-week cash view by Friday.

MacroGenics, Inc. (MGNX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for MacroGenics, Inc. as of late 2025; it's a mix of ongoing partnerships and recent non-dilutive financing moves. Here's the quick math on the key components driving the top line right now.

The core operational revenue is split between collaboration activities and manufacturing services.

Revenue Component	Amount (Q3 2025)	Context
Collaboration revenue	$53.0 million	For the quarter ended September 30, 2025
Contract manufacturing revenue	$19.8 million	For the quarter ended September 30, 2025, reflecting increased third-party production

Milestone payments from partners are a significant, though lumpy, source of funding. MacroGenics anticipates a substantial near-term inflow.

• Upfront and milestone payments from partners expected in Q4 2025: $75 million total from Sanofi and Gilead.
• This expected Q4 inflow includes a $25 million payment from Gilead in November 2025 for licensing an additional preclinical program.
• The Sanofi portion of this expected inflow is $50 million, triggered by TZIELD approvals in the United Kingdom and China in August and September 2025, respectively.

Royalties on net sales of partnered products provide a recurring, albeit variable, revenue stream. MacroGenics retains its other economic interests for these products, including future milestones.

• ZYNYZ (retifanlimab-dlwr) royalties are tiered at 15-24% of net sales.
• MacroGenics remains eligible to receive up to $540.0 million in additional development, regulatory, and commercial milestones related to ZYNYZ.
• For TZIELD (teplizumab-mzwv), MacroGenics remains eligible for up to $379.5 million in additional development, regulatory, and commercial milestones.
• ZYNYZ sales in Q1 2025 were $3 million.

Asset monetization provided a significant, immediate cash boost. This is non-dilutive cash flow, meaning no new shares were issued to secure the funds.

In June 2025, MacroGenics executed a royalty purchase agreement for ZYNYZ with Sagard Healthcare Partners.

Monetization Event	Amount Received	Details
ZYNYZ Royalty Sale Upfront Payment	$70 million	Received in June 2025 for capped royalty interest on future global net sales
Royalty Resumption Trigger	$140 million (or 2.0x)	Aggregate payments Sagard must receive before MacroGenics resumes collecting all future royalties
Historical Non-Dilutive Funding	Over $550 million	Generated from corporate development efforts over the past three years (as of August 2025)

Finance: draft 13-week cash view by Friday.