Macrogenics, Inc. (MGNX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Macrogenics, Inc. (MGNX) surge como uma força pioneira, revolucionando o tratamento do câncer por meio de estratégias imunoterapêuticas de ponta. Ao alavancar tecnologias sofisticadas de engenharia de anticorpos e colaborações estratégicas, esta empresa inovadora de biotecnologia está transformando a maneira como abordamos intervenções complexas de doenças, oferecendo esperança aos pacientes e ultrapassando os limites das soluções médicas personalizadas. Seu modelo de negócios exclusivo representa uma mistura sofisticada de inovação científica, parcerias estratégicas e desenvolvimento terapêutico direcionado que os posiciona na vanguarda da pesquisa e tratamento de imuno-oncologia.

Macrogenics, Inc. (MGNX) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

A Macrogenics estabeleceu parcerias farmacêuticas críticas com as seguintes empresas:

Parceiro	Detalhes da colaboração	Ano iniciado
Gilead Sciences	MONJUVI (TAFASITAMAB) Parceria de Comercialização	2020
Janssen Biotech	Colaboração de Desenvolvimento de Margeximab	2019
Incyte Corporation	MGD015 Colaboração inibidor do ponto de verificação imune	2018

Parcerias de pesquisa com instituições acadêmicas

A macrogênica colabora com várias instituições de pesquisa:

• Universidade Johns Hopkins
• Universidade da Pensilvânia
• Instituto de Câncer Dana-Farber
• Memorial Sloan Kettering Cancer Center

Rede de ensaios clínicos

A macrogênica mantém redes de ensaios clínicos ativos em vários centros de pesquisa:

Tipo de rede	Número de centros ativos	Escopo geográfico
Ensaios Oncológicos	87	Estados Unidos, Europa
Ensaios de imunoterapia	42	América do Norte, Europa

Acordos de licenciamento

As parcerias atuais de licenciamento de tecnologia incluem:

• Terapêutica icônica: Tecnologia conjugada de drogas de anticorpos
• SeaGen Inc.: Plataformas de engenharia de anticorpos
• Regeneron Pharmaceuticals: Tecnologias de anticorpos biespecíficos

Relacionamentos de fabricação contratados

A Macrogenics estabeleceu parcerias de fabricação com:

• Grupo Lonza
• Samsung Biologics
• Wuxi Biologics

Macrogenics, Inc. (MGNX) - Modelo de negócios: Atividades -chave

Desenvolvimento de tratamentos de câncer imunoterapêutico

A macrogênica se concentra no desenvolvimento de tratamentos inovadores com câncer imunoterapêutico, com ênfase específica nas plataformas de anticorpos monoclonais.

Categoria de tratamento	Número de programas ativos	Estágio de desenvolvimento
Terapias de imuno-oncologia	7	Pré -clínico para a fase 3
Programas de anticorpos terapêuticos	5	Desenvolvimento Clínico

Condução de pesquisa pré -clínica e clínica

A macrogênica investe recursos significativos em pesquisa e desenvolvimento em várias áreas terapêuticas.

• Total de despesas de P&D em 2023: US $ 323,4 milhões
• Pessoal de pesquisa: aproximadamente 350 cientistas e pesquisadores
• Instalações de pesquisa: vários centros de pesquisa dedicados

Avançar plataformas terapêuticas de anticorpos monoclonais

Tecnologia da plataforma	Características únicas	Status de desenvolvimento atual
Plataforma Dart®	Tecnologia de anticorpos de alvo duplo	Vários programas de estágio clínico
Tecnologia de otimização do FC	Desempenho aprimorado de anticorpos	Integrado em vários candidatos terapêuticos

Gerenciando pipelines de descoberta e desenvolvimento de medicamentos

A macrogênica mantém uma robusta estratégia de descoberta e desenvolvimento de medicamentos nos domínios de oncologia e imunologia.

• Total de candidatos ativos de drogas: 12
• Oncologia Foco: 9 Programas
• Programas de imunologia: 3 programas

Buscando aprovações regulatórias para novas terapias

Terapia	Status regulatório	Indicação alvo
Enoblituzumab	Ensaios clínicos de fase 3	Câncer de cabeça e pescoço
Retifanimab	FDA aprovado (2022)	Carcinoma de células Merkel

Macrogenics, Inc. (MGNX) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa de biotecnologia

A Macrogenics opera instalações de pesquisa localizadas em Rockville, Maryland, abrangendo aproximadamente 130.000 pés quadrados de laboratório e espaço de escritório. A partir de 2023, a infraestrutura de pesquisa da empresa suporta vários programas de desenvolvimento terapêutico.

Métrica da instalação	Especificação
Espaço total de pesquisa	130.000 pés quadrados
Localização	Rockville, Maryland
Laboratórios de pesquisa	Várias zonas de pesquisa especializadas

Portfólio de propriedade intelectual

A macrogênica mantém uma estratégia de propriedade intelectual robusta com várias famílias de patentes.

• A partir do quarto trimestre 2023, a empresa possuía 272 patentes emitidas globalmente
• O portfólio de patentes cobre candidatos terapêuticos em oncologia e imunoterapia
• Aplicações de patentes em andamento em várias jurisdições

Talento científico e de pesquisa especializado

A macrogênica emprega uma força de trabalho altamente especializada dedicada à pesquisa e desenvolvimento de biotecnologia.

Métrica da força de trabalho	2023 dados
Total de funcionários	518 funcionários
Pesquisadores de doutorado	Aproximadamente 65% da equipe de pesquisa
Pessoal de pesquisa e desenvolvimento	Aproximadamente 320 funcionários

Tecnologias proprietárias de engenharia de anticorpos

A macrogênica se desenvolveu Tecnologias de otimização do FC e Plataforma de re-alvo de afinidade dupla (Dart®) como ativos tecnológicos centrais.

• A plataforma Dart® permite o design de anticorpos múltiplos específicos
• A tecnologia proprietária aprimora os recursos de segmentação terapêutica
• Vários programas de estágio clínico utilizando essas tecnologias

Equipamento sofisticado de laboratório e teste

A empresa mantém instrumentação científica avançada que apoia processos complexos de pesquisa e desenvolvimento.

Categoria de equipamento	Quantidade
Sistemas de cromatografia líquida de alta eficiência (HPLC)	12 unidades
Espectrômetros de massa	8 unidades
Laboratórios de cultura de células	6 instalações dedicadas
Instrumentos de citometria de fluxo	9 unidades

Macrogenics, Inc. (MGNX) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de tratamento de câncer imunoterapêutico

A Macrogenics relatou 8 programas de oncologia em estágio clínico em andamento a partir do quarto trimestre 2023. Os candidatos a produtos principais da empresa incluem:

Produto	Indicação	Estágio clínico
Margetuximab	Câncer de mama HER2+ metastático	Fase 3
Enoblituzumab	Câncer de cabeça e pescoço	Fase 2
MGD024	Tumores sólidos avançados	Fase 1

Abordagens terapêuticas direcionadas para doenças complexas

A Macrogenics investiu US $ 197,4 milhões em despesas de P&D em 2022, com foco em plataformas terapêuticas avançadas.

• Tecnologia proprietária de engenharia da FC
• Plataformas de anticorpos biespecíficos
• Terapêutica imune -célula envolvente

Potenciais tratamentos inovadores com resultados aprimorados dos pacientes

O oleoduto clínico inclui 4 programas com potencial de designação de terapia inovadora a partir de 2023.

Plataforma de tecnologia	Mecanismo único	Impacto potencial
Moléculas Dart®	Anticorpo de segmentação dupla	Resposta imune aprimorada
Plataforma TRA	Redirecionamento de células T.	Direcionamento de precisão

Medicina personalizada através de tecnologias de anticorpos de precisão

A Macrogenics relatou 15 parcerias de pesquisa colaborativa ativa em 2022, concentrando -se no desenvolvimento de anticorpos de precisão.

Desenvolvimento de novas plataformas terapêuticas imunooncológicas

O valor total do pipeline terapêutico estimado em US $ 2,3 bilhões a partir do quarto trimestre 2023, com 6 programas distintos de imunooncologia em desenvolvimento.

• Estratégia abrangente de pesquisa de imuno-oncologia
• Recursos avançados de engenharia molecular
• Potencial para múltiplas aplicações clínicas

Macrogenics, Inc. (MGNX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com prestadores de serviços de saúde

A macrogênica mantém o envolvimento direto por meio de interações direcionadas com oncologistas, hematologistas e médicos especializados. A partir do quarto trimestre de 2023, a empresa relatou 237 pontos de contato com médicos ativos em 42 locais clínicos.

Tipo de engajamento	Número de interações	Área de cobertura
Especialistas em oncologia	157	Estados Unidos
Especialistas em hematologia	80	América do Norte

Programas de apoio ao paciente para ensaios clínicos

A macrogênica implementa estratégias abrangentes de apoio ao paciente para participantes do ensaio clínico.

• Inscrição do paciente: 412 pacientes em ensaios em andamento em dezembro de 2023
• Taxa de retenção de pacientes: 87,3%
• Orçamento dos Serviços de Apoio ao Paciente: US $ 3,2 milhões anualmente

Comunicação científica com a comunidade de pesquisa médica

A empresa comunica ativamente os resultados da pesquisa por meio de canais estratégicos.

Canal de comunicação	Alcance anual	Métricas de engajamento
Publicações revisadas por pares	24 publicações	6.500 citações científicas
Apresentações da conferência médica	18 conferências	3.200 participantes profissionais

Plataformas digitais para disseminação de informações sobre terapia

A macrogênica utiliza plataformas digitais para distribuição abrangente de informações de terapia.

• Site visitantes exclusivos: 47.300 mensalmente
• Taxa de engajamento de conteúdo digital: 22,6%
• Downloads de recursos médicos online: 8.750 trimestralmente

Interações de pesquisa colaborativa com instituições médicas

A macrogênica mantém colaborações estratégicas de pesquisa com instituições de pesquisa acadêmica e médica.

Tipo de colaboração	Número de parcerias	Investimento em pesquisa
Parcerias de pesquisa acadêmica	12	US $ 5,7 milhões
Instituições de Pesquisa Clínica	8	US $ 4,3 milhões

Macrogenics, Inc. (MGNX) - Modelo de Negócios: Canais

Força de vendas direta para mercados de oncologia especializados

A Macrogenics mantém uma equipe de vendas especializada focada nos mercados de oncologia. No quarto trimestre 2023, a empresa registrou 87 membros da equipe comercial dedicados ao engajamento direto de vendas.

Tipo de canal de vendas	Número de representantes	Segmento de mercado -alvo
Vendas de especialidade de oncologia	87	Especialistas em Hematologia/Oncologia

Apresentações da conferência médica

A macrogênica participa ativamente de conferências importantes de oncologia para mostrar pesquisas e desenvolvimentos clínicos.

• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)

Redes de publicação científica

Em 2023, a Macrogenics publicou 24 artigos científicos revisados ​​por pares nos principais periódicos de oncologia, incluindo Medicina Natural e Journal of Clinical Oncology.

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	24
Jornais de oncologia de primeira linha	5

Marketing digital e plataformas científicas on -line

A macrogênica aproveita os canais digitais para comunicação científica e envolvimento do mercado.

• Rede Científica do LinkedIn: 12.500 seguidores
• Site corporativo Recursos científicos: 45.000 visitantes mensais
• Portal de informações de ensaios clínicos dedicados

Parcerias de distribuidores farmacêuticos

A macrogênica colabora com vários distribuidores farmacêuticos para expandir o alcance do mercado.

Distribuidor	Escopo da parceria	Cobertura geográfica
Amerisourcebergen	Distribuição abrangente de oncologia	Estados Unidos
Cardinal Health	Distribuição farmacêutica especializada	América do Norte

Macrogenics, Inc. (MGNX) - Modelo de negócios: segmentos de clientes

Centros de tratamento oncológicos

Macrogênica tem como alvo 1.248 centros de câncer abrangentes nos Estados Unidos a partir de 2024. Esses centros representam Compradores primários de tratamentos imunoterapêuticos avançados.

Segmento de clientes	Número total	Volume anual de tratamento
Centros Nacionais de Câncer	51	378.000 pacientes
Centros de Oncologia Comunitária	1,197	612.000 pacientes

Especialistas em hematologia

A macrogênica se concentra em 8.362 especialistas em hematologia praticando nos Estados Unidos.

• Foco na subespecialidade em tratamentos de câncer de sangue
• Influência de prescrição potencial para 142.000 pacientes anualmente
• Mercado -alvo para intervenções imunoterapêuticas especializadas

Pesquisadores de imuno-oncologia

A empresa tem como alvo 3.675 grupos de pesquisa de imuno-oncologia ativos globalmente.

Categoria de pesquisa	Número de grupos de pesquisa	Financiamento anual de pesquisa
Pesquisa acadêmica	2,341	US $ 1,2 bilhão
Pesquisa farmacêutica	1,334	US $ 2,7 bilhões

Instituições médicas acadêmicas

A macrogênica se envolve com 276 instituições médicas acadêmicas de primeira linha em todo o mundo.

• Potencial de colaboração de pesquisa
• Parcerias de ensaios clínicos
• Oportunidades de transferência de tecnologia

Departamentos de compras farmacêuticas

A empresa faz interface com 642 departamentos de compras farmacêuticas em toda a América do Norte e Europa.

Região geográfica	Departamentos de compras	Orçamento anual de compras
América do Norte	412	US $ 3,6 bilhões
Europa	230	US $ 2,1 bilhões

Macrogenics, Inc. (MGNX) - Modelo de negócios: estrutura de custos

Extensos investimentos em pesquisa e desenvolvimento

A Macrogenics reportou despesas de P&D de US $ 385,5 milhões no ano fiscal de 2022.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 385,5 milhões	72.3%
2021	US $ 336,2 milhões	68.9%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para a macrogênica em 2022 foram de aproximadamente US $ 218,3 milhões.

• Ensaios de Fase I: US $ 45,6 milhões
• Ensaios de Fase II: US $ 92,7 milhões
• Ensaios de Fase III: US $ 80,0 milhões

Custos de conformidade regulatória

As despesas anuais de conformidade regulatória totalizaram US $ 32,4 milhões em 2022.

Manutenção da propriedade intelectual

Categoria IP	Custo anual
Registro de patentes	US $ 5,2 milhões
Manutenção de patentes	US $ 3,8 milhões

Compensação de pessoal científico avançado

As despesas totais de pessoal para a equipe científica em 2022 foram de US $ 156,7 milhões.

• Salário médio do cientista: US $ 185.000
• Compensação sênior do pesquisador: US $ 245.000
• Liderança científica executiva: US $ 365.000

Macrogenics, Inc. (MGNX) - Modelo de negócios: fluxos de receita

Financiamento de pesquisa colaborativa

No quarto trimestre 2023, a Macrogenics reportou US $ 74,3 milhões em financiamento colaborativo de pesquisa de parcerias estratégicas com empresas farmacêuticas.

Parceiro	Pesquisa Quantidade de financiamento	Ano
Gilead Sciences	US $ 35,2 milhões	2023
Janssen Pharmaceuticals	US $ 22,5 milhões	2023
Outras colaborações de pesquisa	US $ 16,6 milhões	2023

Pagamentos marcantes de acordos de parceria

Em 2023, a macrogênica recebeu US $ 56,7 milhões em pagamentos marcantes de vários acordos de parceria.

• Gilead Sciences Milestone Payment: $ 28,3 milhões
• Janssen Pharmaceuticals Milestone Pagamento: US $ 18,9 milhões
• Outros pagamentos de marcos de parceria: US $ 9,5 milhões

Possíveis royalties de drogas

Royalties potenciais de medicamentos projetados para 2024 estimados em US $ 12,4 milhões.

Vendas de produtos de terapias aprovadas

As vendas totais de produtos para 2023 foram de US $ 43,2 milhões, principalmente da Margenza (Margeximab-CMKB) para câncer de mama metastático positivo para HER2.

Produto	Volume de vendas	Receita
Margenza	3.750 prescrições	US $ 43,2 milhões

Receita de licenciamento de tecnologias terapêuticas

A receita de licenciamento para 2023 totalizou US $ 21,6 milhões, incluindo transferência de tecnologia e acordos de licenciamento de propriedade intelectual.

• Licenciamento de tecnologia de imuno-oncologia: US $ 12,3 milhões
• Licenciamento de plataforma de anticorpos biespecíficos: US $ 9,3 milhões

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.