MacroGenics (MGNX) Q3 2026 earnings summary

Executive summary

• Sold CDMO Operations to Bora for $119.6M net cash proceeds, shifting focus to pipeline development; cash, marketable securities, anticipated partner payments and cost savings are expected to support operations through 2028.

• Pipeline progress included MGC028 Phase 1 dose-escalation completion, first MGC030 patient dosed, and interim MGC026 and lorigerlimab results presented at ESMO 2026.

Financial highlights

• Q3 revenue was $18.7M vs. $53.0M YoY; royalty revenue rose to $8.6M from $3.3M, while collaborative and other agreements revenue fell to $10.1M from $49.7M.

• Q3 net loss was $20.1M vs. net income of $16.8M YoY; operating loss was $20.3M vs. operating income of $10.4M, and loss per share was $0.32 vs. earnings per share of $0.27.

• Lower collaborative revenue reflected $50.0M of Provention/Sanofi milestone revenue in Q3 2025 versus $10.0M from Gilead’s 2026 option exercise; ZYNYZ royalties increased $5.3M.

• 9M revenue was $58.2M vs. $66.9M YoY; net loss was $37.3M vs. $60.5M, including $95.1M income from discontinued operations in 2026.

• 9M operating loss was $72.1M vs. $76.2M; R&D expense was $104.4M vs. $113.2M, and G&A was $26.0M vs. $29.9M.

Outlook and guidance

• Cash, cash equivalents and marketable securities, anticipated partner payments and cost savings are expected to support the operating plan through 2028; cost-saving measures will continue.

• MGC028 randomized evaluation across two dose levels in its lead indication was planned by year-end 2026, with an interim efficacy and safety update expected in H1 2027.

• MGC026 SCCHN monotherapy cohort enrollment and lorigerlimab 3 mg/kg Q3W cohort enrollment were expected to complete by year-end 2026; updated results expected in mid-2027 and H1 2027, respectively.

• Pipeline development and trials are expected to drive R&D spending and losses; management may delay or reduce programs or expenses if new arrangements or capital are unavailable.