MacroGenics (MGNX) H.C. Wainwright 28th Annual Global Investment Conference summary

Strategic transformation and organizational focus

• Leadership transition to a new CEO led to a renewed urgency and a simpler organizational structure, including divestiture of the embedded CDMO operation, reducing headcount from over 300 to about 140 and generating $120 million in proceeds.

• Emphasis on delivering shareholder value and transformative medicines, with a focus on next-generation antibody therapeutics across three core platforms, leveraging both proprietary and licensed technologies.

Pipeline and clinical development highlights

• Eight pipeline assets, with global rights retained for most ADC programs; two ADCs are first-in-class, including MGC028 (ADAM9) and another with an undisclosed target, which advanced to IND ahead of schedule.

• Lorigerlimab, a dual checkpoint molecule, and a T-cell engager portfolio partnered with Gilead, now includes three active programs, with the latest, MGD032, moving into IND-enabling studies.

• ADC-026 (B7-H3 targeting) to present clinical updates at ESMO; shows encouraging safety and efficacy, especially in head and neck cancer, with a unique Fc-silenced design and site-specific conjugation.

• ADC-028 (ADAM9 targeting) completed IND-enabling activities and is in dose escalation; ADC-030, a Topo 1-based molecule, is entering phase I for underserved tumor types.

• Lorigerlimab demonstrated a 25% response rate in clear cell gynecologic cancer, with ongoing dose optimization and additional data expected in 2027.

Financial position and business development

• Over $300 million raised through business development and partnerships in the past year, with a pro forma cash balance of $327 million and cash runway through the end of 2028.

• Recent transactions include the Bora divestiture, milestone payments from Sanofi and Gilead, and a royalty monetization deal with Sagard Health.

• No debt and a history of non-dilutive funding, with no traditional equity raise in over seven years; ongoing collaborations with Gilead, Sanofi, Incyte, and TerSera provide additional economic upside.