Developing Breakthrough Biologics, Life-changing Medicines® Corporate Update June 10, 2025 Legal Notices The information in this slide deck is current as of June 10, 2025, unless otherwise noted, and is qualified in its entirety by reference to MacroGenics' Annual, Quarterly and Current Reports filed with the SEC. MacroGenics undertakes no obligation to update any of the information herein. Cautionary Note on Forward-Looking Statements Any statements in this presentation about future expectations, plans and ...

MacroGenics, Inc. (NASDAQ: MGNX ) has been a story I've covered for quite a while now, with my most recent write-up focusing on the various factors stacking against the investment thesis. The story hasI have my PhD in biochemistry and have worked for years analyzing clinical trials and biotech companies. It is my passion to educate everyone possible on the science behind the businesses that we invest in, and it's my mission to help you do your due diligence and not get burned by the pitfalls of investing in ...

Financial Data and Key Metrics Changes - The company reported a cash runway extending through the first half of 2027, with $154 million in cash and cash equivalents as of March 31, 2025, and an additional $70 million from a transaction with Saggart Health Care Partners [5][36][38] - Over the last three years, the company has raised over $550 million from various partnerships and milestones, demonstrating a strong ability to finance operations through non-dilutive capital sources [38] Business Line Data and Key Metrics Changes - The company has three assets on the market: Margemza for HER2 positive breast cancer, TZEAL for type one diabetes, and Zynas, an anti-PD-1 antibody recently approved for frontline anal cancer [4][36] - The Lorigirlimab program is being developed for prostate cancer and ovarian cancer, with early clinical results showing a confirmed overall response rate (ORR) of 26% in castrate-resistant prostate cancer [12][15] Market Data and Key Metrics Changes - The ADC portfolio includes three molecules leveraging the Sinefix drug linker technology, targeting B7H3, with clinical validation established across multiple indications [21][22] - The company sees a competitive landscape for ADCs, expecting multiple players to establish a presence due to the broad range of indications for B7H3 [22] Company Strategy and Development Direction - The company is focused on developing innovative medicines through its proprietary platforms, including DART and Trident, and aims to translate early research insights into robust product candidates [3][4] - The company plans to advance additional molecules, including MGC030, with an IND submission expected in 2026, and aims to maintain a prolific research output with new INDs every 12 to 18 months [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory complexities and maintain a strong cash position, highlighting the importance of non-dilutive financing [5][38] - The company anticipates multiple inflection points and data updates over the next year, particularly for the Lorigirlimab program and ongoing ADC studies [34] Other Important Information - The company has a partnership with Gilead for a T cell engager molecule, which is currently in dose escalation, with Gilead holding an exclusive opt-in right [33] - The company is exploring accelerated approval paths for its ovarian cancer studies, particularly in aggressive forms of the disease [20] Q&A Session Summary Question: What is the status of the Lorigirlimab program? - The Lorigirlimab program has shown promising early results, with a confirmed ORR of 26% in prostate cancer, and the study is expected to provide updates later this year [12][15] Question: How does the company view the competitive landscape for ADCs? - The company believes there will be multiple players in the ADC market due to the expansive nature of indications for B7H3, and it is confident in its differentiating features [22] Question: What are the future plans for the pipeline? - The company plans to continue advancing its pipeline, with several IND submissions expected in the coming years, and aims to maintain a strong research output [34][36]

Core Viewpoint - MacroGenics has entered into a royalty purchase agreement with Sagard, receiving a $70 million upfront payment for a capped royalty interest on future global net sales of its PD-1 inhibitor, ZYNYZ [1][2]. Group 1: Royalty Purchase Agreement - The agreement allows MacroGenics to receive an upfront payment of $70 million for its royalty rights on global net sales of ZYNYZ [2]. - After Sagard receives a total of $140 million in royalty payments (2.0x), MacroGenics will regain the right to collect all future royalties on global net sales [2]. Group 2: Financial Position - As of March 31, 2025, MacroGenics had $154.1 million in cash, cash equivalents, and marketable securities, which, along with the $70 million upfront payment and anticipated future payments, is expected to support its cash runway through the first half of 2027 [3]. Group 3: Product Information - ZYNYZ (retifanlimab-dlwr) is a humanized monoclonal antibody targeting PD-1, indicated for the first-line treatment of adult patients with inoperable locally recurrent or metastatic squamous cell carcinoma of the anal canal (SCAC) [4]. - ZYNYZ is also indicated for the treatment of adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC) in the U.S., approved under accelerated approval based on tumor response rate [5]. Group 4: Company Overview - MacroGenics is a biopharmaceutical company focused on discovering, developing, manufacturing, and commercializing innovative monoclonal antibody-based therapeutics for cancer treatment [6]. - The company generates its pipeline from proprietary next-generation antibody-based technology platforms and has entered into several strategic collaborations with global pharmaceutical and biotechnology companies [6]. Group 5: About Sagard - Sagard is a multi-strategy alternative asset management firm with over $25 billion under management, investing in various sectors including venture capital and private equity [7].

Core Viewpoint - MacroGenics, Inc. is set to present at the Goldman Sachs 46th Annual Global Healthcare Conference on June 10, 2025, highlighting its focus on innovative antibody-based therapeutics for cancer treatment [1]. Company Overview - MacroGenics is a biopharmaceutical company dedicated to discovering, developing, manufacturing, and commercializing monoclonal antibody-based therapeutics specifically for cancer treatment [3]. - The company utilizes a proprietary suite of next-generation antibody-based technology platforms, which are applicable across various therapeutic domains, to generate its pipeline of product candidates [3]. - MacroGenics has established several strategic collaborations with global pharmaceutical and biotechnology companies, leveraging its technology platforms and protein engineering expertise to create promising product candidates [3]. Event Information - The presentation at the Goldman Sachs conference will take place at 8:00 am ET in Miami, FL, and will be accessible via a webcast on the company's Investor Relations website [1][2]. - An archived replay of the webcast will be available on the company's website for 30 days following the event [2].

Industry Overview - The Zacks Medical - Products industry is facing increased uncertainty due to the reimposition of tariffs on medical devices, particularly a rise from 10% to 30% on Chinese-made components, which may disrupt U.S. MedTech economics [1] - Companies in the industry are primarily focused on research and development, catering to vital therapeutic areas such as cardiovascular, nephrology, and urology devices, with increasing procedure volumes driving sales [4] - Supply-chain disruptions, inflationary pressures, and labor shortages are straining gross and operating margins, with these challenges expected to persist into 2025 [5] Major Trends - The adoption of AI, medical mechatronics, and robotics is transforming the industry, with innovations in minimally invasive surgeries and automated patient management [6] - 3D printing is reshaping the landscape by producing various medical products, highlighting a shift towards precision and improved clinical outcomes [7] - The COVID-19 pandemic has led to a significant rise in demand for diagnostic testing kits, with many rapid, point-of-care devices entering development [8] - Emerging markets are showing strong demand for medical products due to factors like aging populations and government investment in healthcare infrastructure [9] Industry Performance - The industry has outperformed its own sector, rising 10% over the past year, while the Zacks Medical sector declined by 15.6% [13] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 20.3X, compared to the S&P 500's 19.9X and the sector's 19.4X [16] Company Highlights - **Insulet (PODD)**: Focused on diabetes management with the Omnipod Insulin Management System, experiencing an 18.1% revenue growth forecast for 2025 and a 32.1% growth in earnings [25] - **MacroGenics (MGNX)**: Reported a revenue increase to $150 million in 2024 from $58.7 million in 2023, driven by collaboration revenues and milestone payments [29] - **Cellectar Biosciences (CLRB)**: Developing cancer detection and treatment agents, with a lead asset showing a 98.2% clinical benefit rate in trials [36] - **Allurion Technologies (ALUR)**: Focused on obesity treatment with a weight loss platform, but faced a 32% revenue decline year-over-year in Q4 2024 due to operational challenges [42]

Company Performance - MacroGenics reported a quarterly loss of $0.65 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.61, and an improvement from a loss of $0.84 per share a year ago, indicating a surprise of -6.56% [1] - The company posted revenues of $13.19 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 5.45%, but showing an increase from $9.1 million in the same quarter last year [2] - Over the last four quarters, MacroGenics has surpassed consensus EPS estimates only once and has topped consensus revenue estimates just once [2] Stock Performance - MacroGenics shares have declined approximately 51.1% since the beginning of the year, contrasting with the S&P 500's decline of -0.6% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.50 on revenues of $18.13 million, and for the current fiscal year, it is -$2.21 on revenues of $78.51 million [7] Industry Outlook - The Medical - Products industry, to which MacroGenics belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The earnings outlook for MacroGenics is favorable, with a Zacks Rank of 2 (Buy), suggesting that the shares are expected to outperform the market in the near future [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36112 MACROGENICS, INC. (Exact name of registrant as specified in its charter) Delaware 06-1591613 (State or other jurisdiction of incorpo ...

Core Viewpoint - MacroGenics, Inc. is advancing its clinical pipeline, particularly with the initiation of the Phase 2 LINNET study for lorigerlimab, targeting unmet needs in ovarian and gynecologic cancers, while also reporting financial results for Q1 2025 [1][2]. Clinical Development Updates - The first patient has been dosed in the LINNET Phase 2 study of lorigerlimab for platinum-resistant ovarian cancer and clear cell gynecologic cancer, with a focus on addressing significant unmet needs [2][7]. - The LORIKEET Phase 2 trial, involving 150 patients, is ongoing to evaluate lorigerlimab in combination with docetaxel for metastatic castration-resistant prostate cancer (mCRPC), with results expected in the second half of 2025 [6][7]. - MacroGenics is developing three antibody-drug conjugates (ADCs) in collaboration with Synaffix, including MGC026, MGC028, and MGC030, targeting various solid tumors [4][6]. Financial Performance - Total revenue for Q1 2025 was $13.2 million, an increase from $9.1 million in Q1 2024, primarily due to collaborative agreements and contract manufacturing [8][13]. - Research and development expenses decreased to $39.7 million in Q1 2025 from $46.0 million in Q1 2024, while selling, general and administrative expenses also fell to $10.7 million from $14.7 million [8][13]. - The net loss for Q1 2025 was $41.0 million, compared to a net loss of $52.2 million in Q1 2024, indicating improved financial performance [8][13]. Cash Position and Guidance - As of March 31, 2025, MacroGenics had cash, cash equivalents, and marketable securities totaling $154.1 million, down from $201.7 million at the end of 2024, which supports operations into the second half of 2026 [8][11]. - The company plans to implement cost-saving measures to extend its financial runway while continuing to progress its clinical pipeline [8][11].

Summary of MacroGenics Conference Call Company Overview - **Company**: MacroGenics - **Industry**: Precision Medicines, specifically in oncology and immunotherapy Key Points and Arguments 1. **R&D Focus**: MacroGenics has a strong history of drug discovery and development, currently having four assets in the clinic, all homegrown, leveraging both internal platform technology and licensed drug linker chemistry for their ADC portfolio [3][49] 2. **Lead Asset**: The lead asset is Lorigirilimab, a bispecific molecule targeting PD-1 and CTLA-4, with a randomized phase two study fully enrolled, expecting data later this year [4][50] 3. **ADC Programs**: Two ADC programs utilizing a Topo-1 based drug linker are in phase one dose escalation, with promising prospects anticipated [5][50] 4. **T Cell Engager**: A bispecific molecule targeting CD3 and CD123 is part of an option-based deal with Gilead, also in phase one dose escalation [5][51] 5. **Future Innovations**: Additional molecules are being advanced in research labs, with one ADC program, MGC030, expected to enter the clinic next year [6][52] Bispecific Molecule Insights 1. **Lorigirilimab's Efficacy**: Initial monotherapy data showed a 26% confirmed overall response rate (ORR) in a late-line castrate-resistant prostate cancer population, with significant PSA reductions [11][12] 2. **Durability of Response**: Patients exhibited long durable responses, with some remaining on study for over two years, which is notable compared to previous treatments [12] 3. **Lorikeet Study**: A randomized phase two study combining Lorigirilimab with docetaxel is ongoing, aiming to demonstrate improved progression-free survival (PFS) compared to docetaxel monotherapy [13][18] Ovarian Cancer Study 1. **Lynette Study**: Focuses on ovarian and gynecological cancers, aiming to show meaningful activity and durability in a historically less responsive indication [19][20] 2. **Response Rates**: Traditional PD-1 monotherapy has shown single-digit response rates, while combinations with CTLA-4 have improved this to 25-30% [19][20] B7-H3 Targeting 1. **MGC026 Development**: A next-generation ADC targeting B7-H3 is being developed, leveraging a proprietary platform that enhances potency and reduces toxicity [25][26] 2. **Broad Application**: B7-H3 has a wide expression across various solid tumors, with ongoing studies in small cell lung cancer and other indications [29][30] Financial and Operational Insights 1. **Cash Position**: As of year-end 2024, MacroGenics had $200 million in cash, with a runway extending into the second half of 2026 [34] 2. **Non-Dilutive Capital**: The company has successfully raised approximately $475 million in non-dilutive capital over the past three years, avoiding formal market offerings since February 2019 [35][37] 3. **Gilead Collaboration**: The partnership with Gilead includes an exclusive option for the CD123 CD3 DART molecule, with ongoing phase one trials focusing on hematologic malignancies [38][39] Leadership Transition 1. **CEO Search**: A nationwide search for a new CEO is underway, with Scott Koenig continuing to support the company during the transition [45]