MacroGenics (MGNX) Barclays 28th Annual Global Healthcare Conference summary

Pipeline overview and strategy

• Focus on next-generation antibody therapeutics for cancer, leveraging ADCs, T-cell engagers, and dual checkpoint inhibitors.

• Three ADC programs: MGC026 (B7-H3), MGC028 (ADAM9), and MGC030 (undisclosed Topo 1 target), all advancing through clinical or preclinical stages.

• Broad partnerships, notably with Gilead for T-cell engagers and ongoing openness to further collaborations.

• Well-capitalized with over $190 million in cash and a history of securing non-dilutive capital and milestone payments.

• 2026 highlighted as a pivotal year with multiple clinical data readouts and strategic updates expected.

ADC program developments

• MGC026 (B7-H3 ADC) uses a site-specific linker and potent exatecan payload, showing robust internalization and no ILD observed to date.

• Early clinical data indicate activity across multiple solid tumor types; two expansion cohorts are enrolling, with specific tumor types undisclosed.

• MGC028 (ADAM9 ADC) is a second-generation molecule with improved safety, no ocular toxicity, and broad tumor expression; data expected in the second half of 2026.

• MGC030 is a first-in-class Topo 1 ADC with strong preclinical data, IND planned for Q3 2026, and target not yet disclosed.

• Strategic focus on less crowded tumor indications and potential for future partnerships to support late-stage development.

Lorigerlimab and dual checkpoint approach

• Lorigerlimab targets PD-1 and CTLA-4, with over 300 patients dosed and promising early safety and efficacy signals.

• Recent LINNET study in gynecologic cancers paused due to grade 4/5 adverse events, with ongoing FDA discussions and a partial clinical hold.

• Mid-2026 update planned to address regulatory status, safety, efficacy, and future development strategy.

• Considering alternative dosing and enhanced patient screening to mitigate adverse events.

• Early data suggest full PD-1 receptor occupancy at lower doses, supporting dosing flexibility.