MacroGenics Inc · Q2 2023 earnings

Briefing

Reported financial results for the second quarter of 2023 and provided corporate progress update.

MacroGenics reported a net income of $57.5 million for the quarter ended June 30, 2023, compared to a net loss of $41.3 million for the same period in 2022. Total revenue was $13.1 million, and the company's cash, cash equivalents, and marketable securities totaled $240.3 million as of June 30, 2023, not including the $50 million milestone from Sanofi subsequently earned.

• Advanced enrollment of TAMARACK Phase 2 study in metastatic castration-resistant prostate cancer (mCRPC) under revised protocol.
• Initiated lorigerlimab Phase 2 study in mCRPC patients.
• Achieved $50 million milestone related to Sanofi’s announcement of positive top-line data from TZIELD® (teplizumab-mzwv) type 1 diabetes study.
• Plans to submit an investigational new drug (IND) application to the FDA by year-end for the first of potentially multiple new ADC molecules which incorporate a topoisomerase inhibitor payload.

Headline financials

Revenue & EPS history

MacroGenics anticipates that its cash, cash equivalents and marketable securities balance of $240.3 million as of June 30, 2023, plus the $50 million milestone subsequently earned, in addition to projected and anticipated future payments from partners and product revenues should extend its cash runway into 2026. The Company’s expected funding requirements reflect anticipated expenditures related to the Phase 2 TAMARACK clinical trial, the Phase 2 study of lorigerlimab in mCRPC as well as MacroGenics’ other ongoing clinical and preclinical studies.