MacroGenics, Inc. (MGNX): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out how a clinical-stage biopharma like MacroGenics, Inc. actually makes money while chasing those big oncology breakthroughs. Honestly, their business model isn't just about pipelines; it's a sophisticated dance between heavy internal Research and Development (R&D)-they spent $40.8 million on that in Q2 2025-and strategic monetization through partners. See, they bring in collaboration revenue, like the $53.0 million they booked in Q3 2025, to offset those costs, all while sitting on $146.4 million in cash as of September 30, 2025. It's a high-stakes game built on proprietary platforms like DART and TRIDENT, which is why understanding their Key Partnerships and Revenue Streams is defintely the first step to seeing the full picture. Dive into the Canvas below to see exactly how they structure this risk and reward.

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

You're looking at how MacroGenics, Inc. structures its external relationships to fund its pipeline and advance its science. These partnerships are crucial for turning their proprietary platforms into potential revenue streams, so let's break down the key financial and structural details as of late 2025.

The relationship with Gilead Sciences, Inc. centers on MacroGenics' DART platform, specifically for MGD024, a CD123 × CD3 bispecific DART molecule targeting blood cancers like AML and MDS. The original October 2022 agreement included MGD024 and two additional bispecific research programs. MacroGenics received an upfront payment of $60 million. For these three programs combined, MacroGenics remains eligible to receive up to $1.6 billion in future target nomination, option exercise, development, regulatory, and commercial milestone payments. To be fair, this is a big number, but it's spread over many potential successes. In November 2025, Gilead licensed an additional preclinical program under this collaboration, which immediately triggered a $25 million payment to MacroGenics.

For Incyte Corporation and the commercialization of ZYNYZ (retifanlimab-dlwr), MacroGenics initially received a $150 million upfront payment back in 2017. By July 2024, MacroGenics had already achieved $215 million in total milestones from Incyte, including $100 million recognized in 2024 alone. Looking forward, MacroGenics is still eligible for up to $210 million more in development and regulatory milestones, plus up to $330 million in commercial milestones. MacroGenics also earns tiered royalties on worldwide net sales, ranging from 15 to 24 percent. For context on current sales, ZYNYZ generated just $3 million in net sales in the first quarter of 2025.

The partnership with Sanofi S.A. concerns TZIELD (teplizumab-mzwv), an anti-CD3 monoclonal antibody. MacroGenics retains eligibility for future milestones related to this asset. In a significant development in the third quarter of 2025, approvals in the United Kingdom and China triggered a total of $50 million in milestone payments, expected during the fourth quarter of 2025. MacroGenics remains eligible to receive up to $330 million in additional milestones related to TZIELD, based on the latest reported figures.

To immediately bolster its financial footing, MacroGenics entered a royalty purchase agreement with Sagard Healthcare Partners in June 2025 concerning ZYNYZ. MacroGenics received an upfront cash payment of $70 million for the sale of a capped royalty interest. Sagard's interest is capped at aggregate royalty payments totaling $140 million, which represents a 2.0x return on the upfront payment. After Sagard hits that cap, MacroGenics resumes collecting all future royalties. This cash infusion was key, as the company projected this, along with other partner payments, would support its cash runway through the first half of 2027.

Leveraging its technology for Antibody-Drug Conjugates (ADCs), MacroGenics has a collaboration with Synaffix (a Lonza company). The original agreement, signed in February 2022, covered up to three programs for a potential value of up to $586 million plus royalties. This was significantly expanded in March 2023, tacking on up to four additional programs and increasing the total potential deal value by up to $2.2 billion. So, MacroGenics now has the option to pursue up to seven ADC programs utilizing Synaffix's GlycoConnect technology and linker-payloads. The expanded deal also includes tiered low to high single-digit royalties on potential net sales.

Here's a quick math look at the potential future value tied up in these external collaborations:

MacroGenics retains several non-cash economic interests across these deals, which include:

• ZYNYZ: Future potential development, regulatory, and commercial milestones from Incyte.
• TZIELD: Future potential regulatory and commercial milestones from Sanofi.
• MGD024: Royalties on worldwide net sales if approved.

Also, MacroGenics continues to support a portion of global commercial manufacturing needs for ZYNYZ, which contributed to total revenue of $22.2 million for the quarter ended June 30, 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving MacroGenics, Inc. right now-the things they absolutely must execute on to keep the lights on and the pipeline moving. It's all about the science and the deal-making, especially as they refine their focus.

Research and development (R&D) of proprietary pipeline candidates

The R&D spend shows where the internal investment is going. For the third quarter ended September 30, 2025, Research and Development Expenses were $32.7 million, down from $40.5 million for the same quarter in 2024. That decrease reflects, in part, the discontinued internal development of the vobra duo program. Looking at the preceding quarters in 2025, R&D expenses were $40.8 million for Q2 2025 and $39.7 million for Q1 2025. For context, the full year 2024 R&D expenses totaled $177.2 million. MacroGenics is also focused on initiating Investigational New Drug (IND)-enabling studies for two new product candidates in 2025/2026.

Clinical trial execution for ADCs (MGC026, MGC028) and lorigerlimab

Clinical execution is a major activity, with recent strategic shifts. MacroGenics, Inc. decided not to pursue further development of lorigerlimab in prostate cancer following a review of interim data from the LORIKEET study. The LORIKEET trial was a randomized 150-patient Phase 2 study of lorigerlimab in combination with docetaxel in patients with metastatic castration-resistant prostate cancer (mCRPC). However, development continues for lorigerlimab in ovarian and gynecologic cancers via the Phase 2 LINNET study, with a clinical update expected by mid-2026. For the Antibody-Drug Conjugates (ADCs), MGC026 recently initiated two Phase 1 expansion cohorts. MGC026, which targets B7-H3, is in a Phase 1 dose escalation study, with dose expansion in selected indications expected to initiate in 2025. For MGC028, an IND application was submitted to the FDA in October 2024, and the company plans to submit an IND application for MGC030 in 2026.

Here's a quick look at the status of key programs as of late 2025:

Licensing and collaboration deal negotiation and management

This activity is critical for non-dilutive capital. MacroGenics, Inc. secured $75 million in additional non-dilutive partnership payments expected in the fourth quarter of 2025 from Sanofi and Gilead. Specifically, in November 2025, Gilead licensed an additional preclinical program, triggering a $25 million payment. Collaboration revenue for Q3 2025 was $53.0 million, compared to $101.4 million in Q3 2024, which included $50.0 million recognized from milestones under the Provention (Sanofi) Asset Purchase Agreement in 2025. The prior year's Q3 2024 collaboration revenue included $100.0 million recognized from milestones under the Incyte License Agreement.

The value tied up in existing platform collaborations is substantial:

• MGD024 (Gilead DART): MacroGenics remains eligible to receive up to $1.7 billion in payments.
• Retifanlimab (Incyte): MacroGenics has received $365.0 million to date and remains eligible for up to $540.0 million in additional milestones.
• TZIELD (Sanofi): MacroGenics remains eligible to receive up to $379.5 million in additional milestones.

Contract Development and Manufacturing Organization (CDMO) services

The CDMO segment is showing significant growth in revenue contribution. Contract manufacturing revenue for the third quarter ended September 30, 2025, was $19.8 million, a large jump from $4.6 million in Q3 2024, reflecting increased third-party production. For Q2 2025, contract manufacturing revenue was $15.4 million (versus $2.9 million in Q2 2024). The Cost of Manufacturing Services for Q3 2025 was $11.6 million, while for Q2 2025 it was $8.9 million.

Intellectual property protection and maintenance for DART/TRIDENT platforms

Protecting the core technology is foundational. MacroGenics, Inc. trademarks include DART and TRIDENT platforms, which enable the design of multi-specific molecules. The company actively manages its IP portfolio, evidenced by a patent application filed on October 15, 2024, for ADAM9-Binding Molecules, which was published on April 10, 2025. The company's ability to secure deals, like the November 2025 Gilead license, is directly tied to the strength of these proprietary platforms.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that power MacroGenics, Inc.'s operations and potential value creation as of late 2025. These aren't just line items; they are the proprietary engines and the financial fuel keeping the pipeline moving.

The foundation of MacroGenics, Inc.'s technical capability rests on its proprietary multi-specific antibody platforms. These platforms allow the creation of single molecules designed to bind to two or more targets simultaneously, aiming for a greater biological effect than traditional single-target antibodies or simple combinations. The two main platforms are:

• Proprietary DART® platform, used to create bispecific antibodies.
• Proprietary TRIDENT® platform, which builds on the DART molecule by incorporating an additional Fab domain for tri-specificity.

This platform development is underpinned by extensive intellectual property portfolio and protein engineering expertise. To protect this know-how, MacroGenics, Inc. enters into confidentiality agreements with employees and collaborators to safeguard trade secrets and proprietary information.

A significant tangible asset is the internal commercial-scale manufacturing facility located in Rockville, Maryland. This facility is fully-integrated, spanning discovery through manufacturing, and supports both clinical and commercial production of Drug Substance. The cGMP facility features:

The clinical-stage pipeline assets represent the near-term value drivers stemming from these platforms. MacroGenics, Inc. is advancing several candidates, including:

• Lorigerlimab: A bispecific, tetravalent PD-1 $\times$ CTLA-4 DART® molecule. Development for metastatic castration-resistant prostate cancer (mCRPC) was ended, but the Phase 2 LINNET study continues for platinum-resistant ovarian cancer (PROC) or clear cell gynecologic cancer (CCGC).
• MGD024: A clinical-stage CD123 $\times$ CD3 bispecific DART molecule, advanced under collaboration with Gilead Sciences, Inc.
• MGC026: A B7-H3 / TOP1i Antibody Drug Conjugate (ADC) that recently initiated two Phase 1 expansion cohorts as of November 2025.
• Other ADCs: MGC028 (ADAM9 / TOP1i ADC) and MGC030.

Financially, the company's immediate operational capacity is supported by its balance sheet. Cash, cash equivalents, and marketable securities of $146.4 million as of September 30, 2025, is a key resource. This figure, when combined with projected partner payments and cost-reduction savings, is expected to support the cash runway into late 2027. For instance, MacroGenics, Inc. secured an additional $\text{75.0 million}$ in non-dilutive partnership payments from Sanofi and Gilead, expected to be received subsequent to September 30, 2025. Also, the Gilead partnership includes eligibility for up to $\text{1.6 billion}$ in future milestones plus royalties related to three product candidates, including MGD024. That's a lot of potential upside tied to these assets. Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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:

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:

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.

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.

Finance: draft 13-week cash view by Friday.