MacroGenics (MGNX) Stifel 2026 Healthcare Conference 2026 summary

Strategic priorities and financing

• Divested the embedded CDMO operation earlier in 2026 and refocused development on ADCs and T-cell engagers; ~$290M in non-dilutive capital was brought in over the prior 12 months.

• Three clinical-stage ADCs and an expanding T-cell engager portfolio are central to plans for multiple pipeline inflection points in 2027.

• Q2 cash was ~$173M; pro forma cash was $327M including Bora proceeds and Sanofi and Gilead milestone payments.

• Partnering is expected to remain active in 2027, with a higher bar emphasizing participation in asset rights and long-term upside alongside capital.

MGC026 B7-H3 ADC

• Dose-expansion cohorts cover head and neck, endometrial, melanoma and sarcoma, selected for biological rationale and opportunities outside heavily contested indications such as prostate and small cell lung cancer.

• Dose escalation showed a confirmed 29% response rate at 6–9 mg across five tumor types; the ESMO head-and-neck cohort was heavily pretreated, with 86% treated in fourth line or later.

• ESMO data included deep, durable responses and no treatment-related AEs; no ILD was observed as of the data cut, supporting evaluation of a pembrolizumab combination.

• Head-and-neck enrollment is expected to reach 40 patients by year-end 2026, with an update in mid-2027; analysis will examine treatment-line and HPV-positive versus HPV-negative subsets.

• Additional framing on endometrial, melanoma and sarcoma cohorts is expected in 2027; frontline positioning and potential partnering remain under assessment as competition evolves.

Other ADC programs

• MGC028, an ADAM9-targeting ADC, uses a Synaffix linker with exatecan payload; its first-generation maytansine ADC was discontinued after ocular toxicity prevented reaching target concentrations.

• Phase I dose escalation for MGC028 began in early 2025 and progressed through dose levels; a clinical update was planned for later in 2026 and could include clinical and qualitative information.

• Soluble shed ADAM9 measured below 10 ng/mL and was not considered a meaningful antigen sink or impediment to systemic exposure.

• A third ADC against an undisclosed potential first-in-class target cleared FDA review in Q2 2026 after an accelerated Q2 IND submission; the first patient was recently dosed in cohorts focused on pancreatic, colorectal, esophageal and bladder cancers.

• Research is exploring next-generation ADCs, including alternatives to TOP1 killing and approaches such as dual payloads, to address TOP1 resistance and seek synergy.