MacroGenics, Inc. (MGNX): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique de la biotechnologie, MacroGenics, Inc. (MGNX) émerge comme une force pionnière, révolutionnant le traitement du cancer à travers des stratégies immunothérapeutiques de pointe. En tirant parti des technologies sophistiquées d'ingénierie d'anticorps et des collaborations stratégiques, cette entreprise de biotechnologie innovante transforme la façon dont nous abordons les interventions complexes des maladies, offrant de l'espoir aux patients et repoussant les limites des solutions médicales personnalisées. Leur modèle commercial unique représente un mélange sophistiqué d'innovation scientifique, de partenariats stratégiques et de développement thérapeutique ciblé qui les positionne à la pointe de la recherche et du traitement par immuno-oncologie.

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

La macrogénique a établi des partenariats pharmaceutiques critiques avec les sociétés suivantes:

Partenaire	Détails de collaboration	Année initiée
Sciences de Gilead	Partenariat de commercialisation de Monjuvi (Tafasitamab)	2020
Janssen Biotech	Collaboration de développement de margetuximab	2019
Incyte Corporation	MGD015 Collaboration de l'inhibiteur du point de contrôle immunitaire	2018

Partenariats de recherche avec les établissements universitaires

La macrogénique collabore avec plusieurs institutions de recherche:

• Université Johns Hopkins
• Université de Pennsylvanie
• Dana-Farber Cancer Institute
• Memorial Sloan Kettering Cancer Center

Réseau d'essais cliniques

La macrogénique maintient des réseaux d'essais cliniques actifs dans plusieurs centres de recherche:

Type de réseau	Nombre de centres actifs	Portée géographique
Essais en oncologie	87	États-Unis, Europe
Essais d'immunothérapie	42	Amérique du Nord, Europe

Accords de licence

Les partenariats actuels sur les licences technologiques comprennent:

• Thérapeutique emblématique: Technologie conjuguée des anticorps
• Seenen Inc.: Plates-formes d'ingénierie d'anticorps
• Regeneron Pharmaceuticals: Technologies d'anticorps bispécifiques

Relations de fabrication contractuelles

La macrogénique a établi des partenariats de fabrication avec:

• Groupe Lonza
• Samsung Biologics
• Biologiques wuxi

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: Activités clés

Développer des traitements par cancer immunothérapeutique

La macrogénique se concentre sur le développement de traitements innovants sur le cancer immunothérapeutique avec un accent spécifique sur les plateformes d'anticorps monoclonales.

Catégorie de traitement	Nombre de programmes actifs	Étape de développement
Thérapies immuno-oncologiques	7	Préclinique à la phase 3
Programmes d'anticorps thérapeutiques	5	Développement clinique

Effectuer des recherches précliniques et cliniques

La macrogénique investit des ressources importantes dans la recherche et le développement dans plusieurs domaines thérapeutiques.

• Total des dépenses de R&D en 2023: 323,4 millions de dollars
• Personnel de recherche: environ 350 scientifiques et chercheurs
• Installations de recherche: plusieurs centres de recherche dédiés

Plateformes thérapeutiques de l'anticorps monoclonal avancé

Technologie de plate-forme	Caractéristiques uniques	État de développement actuel
Plate-forme Dart®	Technologie des anticorps à double ciblage	Plusieurs programmes de stade clinique
Technologie d'optimisation du FC	Performance améliorée des anticorps	Intégré dans plusieurs candidats thérapeutiques

Gestion des pipelines de découverte et de développement de médicaments

La macrogénique maintient une solide stratégie de découverte et de développement de médicaments dans les domaines en oncologie et en immunologie.

• Total des candidats en médicaments actifs: 12
• Focus en oncologie: 9 programmes
• Programmes d'immunologie: 3 programmes

Poursuivre les approbations réglementaires pour les nouvelles thérapies

Thérapie	Statut réglementaire	Indication cible
Enoblituzumab	Essais cliniques de phase 3	Cancer de la tête et du cou
Retifanlimabab	Approuvé par la FDA (2022)	Carcinome à cellules Merkel

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

La macrogénique exploite des installations de recherche situées à Rockville, Maryland, couvrant environ 130 000 pieds carrés de laboratoire et de bureaux. Depuis 2023, l'infrastructure de recherche de l'entreprise soutient plusieurs programmes de développement thérapeutique.

Métrique de l'installation	Spécification
Espace de recherche total	130 000 pieds carrés
Emplacement	Rockville, Maryland
Laboratoires de recherche	Plusieurs zones de recherche spécialisées

Portefeuille de propriété intellectuelle

La macrogénique maintient une solide stratégie de propriété intellectuelle avec plusieurs familles de brevets.

• Au quatrième trimestre 2023, la société détenait 272 brevets délivrés à l'échelle mondiale
• Le portefeuille de brevets couvre les candidats thérapeutiques en oncologie et immunothérapie
• Demandes de brevet en cours dans plusieurs juridictions

Talent scientifique et de recherche spécialisés

La macrogénique utilise une main-d'œuvre hautement spécialisée dédiée à la recherche et au développement de la biotechnologie.

Métrique de la main-d'œuvre	2023 données
Total des employés	518 employés
Chercheurs de doctorat	Environ 65% du personnel de recherche
Personnel de recherche et de développement	Environ 320 employés

Technologies d'ingénierie d'anticorps propriétaires

La macrogénique s'est développée Technologies d'optimisation du FC et Plateforme de re-cibler à double affinité (DART®) en tant qu'actifs technologiques de base.

• La plate-forme DART® permet une conception d'anticorps multi-spécifiques
• La technologie propriétaire améliore les capacités de ciblage thérapeutique
• Plusieurs programmes de stade clinique utilisant ces technologies

Équipement sophistiqué de laboratoire et de test

La société maintient des instruments scientifiques avancés soutenant des processus de recherche et de développement complexes.

Catégorie d'équipement	Quantité
Systèmes de chromatographie liquide à haute performance (HPLC)	12 unités
Spectromètres de masse	8 unités
Laboratoires de culture cellulaire	6 installations dédiées
Instruments de cytométrie en flux	9 unités

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer immunothérapeutique innovantes

La macrogénique a rapporté 8 programmes en oncologie en stade clinique en cours au quatrième trimestre 2023. Les candidats principaux de l'entreprise comprennent:

Produit	Indication	Étape clinique
Margée	Cancer du sein HER2 + métastatique	Phase 3
Enoblituzumab	Cancer de la tête et du cou	Phase 2
MGD024	Tumeurs solides avancées	Phase 1

Approches thérapeutiques ciblées pour les maladies complexes

MacroGenics a investi 197,4 millions de dollars dans les dépenses de R&D en 2022, en se concentrant sur les plateformes thérapeutiques avancées.

• Technologie d'ingénierie FC propriétaire
• Plates-formes d'anticorps bispécifiques
• Cellules immunitaires engageantes thérapeutiques

Traitements de percés potentiels avec des résultats améliorés pour les patients

Le pipeline clinique comprend 4 programmes avec un potentiel de désignation de thérapie révolutionnaire à partir de 2023.

Plate-forme technologique	Mécanisme unique	Impact potentiel
Molécules de dart®	Anticorps à double ciblage	Réponse immunitaire améliorée
Trate	Redirection des cellules T	Ciblage de précision

Médecine personnalisée à travers les technologies d'anticorps de précision

La macrogénique a rapporté 15 partenariats de recherche collaborative actifs en 2022, en se concentrant sur le développement des anticorps de précision.

Développement de nouvelles plateformes thérapeutiques immunooncologiques

Valeur totale du pipeline thérapeutique estimé à 2,3 milliards de dollars au T2 2023, avec 6 programmes d'immunoncologie distincts en développement.

• Stratégie de recherche complète de l'immuno-oncologie
• Capacités avancées d'ingénierie moléculaire
• Potentiel pour plusieurs applications cliniques

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: relations clients

Engagement direct avec les prestataires de soins de santé

La macrogénique maintient un engagement direct grâce à des interactions ciblées avec des oncologues, des hématologues et des médecins spécialisés. Au quatrième trimestre 2023, la société a signalé 237 points de contact avec les médecins actifs sur 42 sites cliniques.

Type d'engagement	Nombre d'interactions	Zone de couverture
Spécialistes en oncologie	157	États-Unis
Spécialistes de l'hématologie	80	Amérique du Nord

Programmes de soutien aux patients pour les essais cliniques

La macrogénique met en œuvre des stratégies complètes de soutien aux patients pour les participants à l'essai clinique.

• Inscription des patients: 412 patients en essais en cours en décembre 2023
• Taux de rétention des patients: 87,3%
• Budget des services de soutien aux patients: 3,2 millions de dollars par an

Communication scientifique avec la communauté de la recherche médicale

L'entreprise communique activement les résultats de la recherche par le biais de canaux stratégiques.

Canal de communication	Portée annuelle	Métriques d'engagement
Publications évaluées par des pairs	24 publications	6 500 citations scientifiques
Présentations de la conférence médicale	18 conférences	3 200 participants professionnels

Plateformes numériques pour la dissémination de l'information thérapeutique

La macrogénique exploite les plates-formes numériques pour une distribution complète des informations de thérapie.

• Site Web Visiteurs uniques: 47 300 mois
• Taux d'engagement du contenu numérique: 22,6%
• Téléchargements de ressources médicales en ligne: 8 750 trimestriels

Interactions de recherche collaborative avec les institutions médicales

La macrogénique maintient des collaborations de recherche stratégique avec des établissements de recherche universitaires et médicaux.

Type de collaboration	Nombre de partenariats	Investissement en recherche
Partenariats de recherche universitaire	12	5,7 millions de dollars
Institutions de recherche clinique	8	4,3 millions de dollars

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: canaux

Force de vente directe pour les marchés d'oncologie spécialisés

La macrogénique maintient une équipe de vente spécialisée axée sur les marchés en oncologie. Au quatrième trimestre 2023, la société a rapporté 87 membres de l'équipe commerciale dédiés à l'engagement direct des ventes.

Type de canal de vente	Nombre de représentants	Segment du marché cible
Ventes spécialisées en oncologie	87	Spécialistes de l'hématologie / oncologie

Présentations de la conférence médicale

La macrogénique participe activement à des conférences en oncologie clés pour présenter la recherche et les développements cliniques.

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de l'American Association for Cancer Research (AACR)

Réseaux de publication scientifique

En 2023, MacroGenics a publié 24 articles scientifiques évalués par des pairs dans les principales revues en oncologie, y compris la médecine de la nature et le Journal of Clinical Oncology.

Métrique de publication	2023 données
Publications totales évaluées par des pairs	24
Revues en oncologie de niveau supérieur	5

Marketing numérique et plateformes scientifiques en ligne

La macrogénique exploite les canaux numériques pour la communication scientifique et l'engagement du marché.

• LinkedIn Scientific Network: 12 500 abonnés
• Site Web d'entreprise Ressources scientifiques: 45 000 visiteurs mensuels
• Portail d'informations sur les essais cliniques dédiés

Partenariats de distributeurs pharmaceutiques

La macrogénique collabore avec plusieurs distributeurs pharmaceutiques pour étendre la portée du marché.

Distributeur	Portée du partenariat	Couverture géographique
Amerisourcebergen	Distribution complète en oncologie	États-Unis
Santé cardinale	Distribution pharmaceutique spécialisée	Amérique du Nord

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

La macrogénique cible 1 248 centres de cancer complets aux États-Unis à partir de 2024. Ces centres représentent Acheteurs principaux de traitements immunothérapeutiques avancés.

Segment de clientèle	Nombre total	Volume de traitement annuel
Centres nationaux de cancer	51	378 000 patients
Centres d'oncologie communautaire	1,197	612 000 patients

Spécialistes de l'hématologie

La macrogénique se concentre sur 8 362 spécialistes de l'hématologie pratiquant aux États-Unis.

• Focus de la surspécialité sur les traitements du cancer du sang
• Influence potentielle de prescription pour 142 000 patients par an
• Marché cible pour les interventions immunothérapeutiques spécialisées

Chercheurs à immuno-oncologie

La société cible 3 675 groupes de recherche sur immuno-oncologie actifs dans le monde.

Catégorie de recherche	Nombre de groupes de recherche	Financement de la recherche annuelle
Recherche académique	2,341	1,2 milliard de dollars
Recherche pharmaceutique	1,334	2,7 milliards de dollars

Établissements médicaux académiques

La macrogénique s'engage avec 276 établissements médicaux académiques de haut niveau dans le monde.

• Potentiel de collaboration de recherche
• Partenariats d'essais cliniques
• Opportunités de transfert de technologie

Services d'approvisionnement pharmaceutique

La société interface avec 642 services d'approvisionnement pharmaceutique à travers l'Amérique du Nord et l'Europe.

Région géographique	Départements d'approvisionnement	Budget d'achat annuel
Amérique du Nord	412	3,6 milliards de dollars
Europe	230	2,1 milliards de dollars

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: Structure des coûts

Investissements approfondis de recherche et développement

La macrogénique a déclaré des dépenses de R&D de 385,5 millions de dollars pour l'exercice 2022.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	385,5 millions de dollars	72.3%
2021	336,2 millions de dollars	68.9%

Dépenses des essais cliniques

Les coûts des essais cliniques pour la macrogénique en 2022 étaient d'environ 218,3 millions de dollars.

• Essais de phase I: 45,6 millions de dollars
• Essais de phase II: 92,7 millions de dollars
• Essais de phase III: 80,0 millions de dollars

Coûts de conformité réglementaire

Les dépenses annuelles de conformité réglementaire ont totalisé 32,4 millions de dollars en 2022.

Maintenance de la propriété intellectuelle

Catégorie IP	Coût annuel
Dépôt de brevet	5,2 millions de dollars
Entretien de brevets	3,8 millions de dollars

Compensation avancée du personnel scientifique

Les dépenses totales du personnel pour le personnel scientifique en 2022 étaient de 156,7 millions de dollars.

• Salaire moyen des scientifiques: 185 000 $
• Rémunération des chercheurs seniors: 245 000 $
• Leadership scientifique exécutif: 365 000 $

Macrogenics, Inc. (MGNX) - Modèle d'entreprise: Strots de revenus

Financement de recherche collaborative

Depuis le quatrième trimestre 2023, MacroGenics a déclaré 74,3 millions de dollars en financement de recherche collaborative à partir de partenariats stratégiques avec des sociétés pharmaceutiques.

Partenaire	Montant de financement de la recherche	Année
Sciences de Gilead	35,2 millions de dollars	2023
Janssen Pharmaceuticals	22,5 millions de dollars	2023
Autres collaborations de recherche	16,6 millions de dollars	2023

Paiements d'étape des accords de partenariat

En 2023, la macrogénique a reçu 56,7 millions de dollars en paiements d'étape à partir de divers accords de partenariat.

• Gilead Sciences Milestone Paiement: 28,3 millions de dollars
• Janssen Pharmaceuticals Paiement jalon: 18,9 millions de dollars
• Autre partenariat Milestone Payments: 9,5 millions de dollars

Royalités de drogue potentielles

Les redevances potentielles projetées pour 2024 estimées à 12,4 millions de dollars.

Ventes de produits des thérapies approuvées

Les ventes totales de produits pour 2023 étaient de 43,2 millions de dollars, principalement de Margeza (margetuximab-CMKB) pour le cancer du sein métastatique HER2 positif.

Produit	Volume des ventes	Revenu
Margenza	3 750 ordonnances	43,2 millions de dollars

Licence des revenus des technologies thérapeutiques

Les revenus de licence pour 2023 ont totalisé 21,6 millions de dollars, y compris le transfert de technologie et les accords de licence de propriété intellectuelle.

• Licence de technologie d'immuno-oncologie: 12,3 millions de dollars
• Licence de plate-forme d'anticorps bispécifique: 9,3 millions de dollars

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.