MacroGenics (MGNX) reported $110.71 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 964.5%. EPS of $0.90 for the same period compares to -$0.52 a year ago.The reported revenue represents a surprise of +14.09% over the Zacks Consensus Estimate of $97.04 million. With the consensus EPS estimate being $0.17, the EPS surprise was +429.41%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

Company Performance - MacroGenics reported quarterly earnings of $0.90 per share, significantly exceeding the Zacks Consensus Estimate of $0.17 per share, compared to a loss of $0.52 per share a year ago, representing an earnings surprise of 429.41% [1] - The company posted revenues of $110.71 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 14.09%, compared to revenues of $10.4 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 61.5% since the beginning of the year, while the S&P 500 has gained 19.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.21 on revenues of $49.6 million, and for the current fiscal year, it is -$2.06 on revenues of $155.98 million [7] Industry Outlook - The Medical - Products industry, to which MacroGenics belongs, is currently ranked in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact MacroGenics' stock performance [5]

Financial Data and Key Metrics Changes - MacroGenics reported total revenue of $110.7 million for Q3 2024, a significant increase from $10.4 million in Q3 2023, primarily due to a $100 million milestone from Incyte related to retifanlimab [9] - Research and development expenses rose to $40.5 million in Q3 2024 from $30.1 million in Q3 2023, driven by increased costs in the preclinical ADC pipeline and the TAMARACK clinical trial [10] - Selling, general and administrative expenses increased to $14.1 million in Q3 2024 from $12.4 million in Q3 2023, mainly due to higher stock-based compensation and professional fees [11] - Net income for Q3 2024 was $56.3 million, compared to $17.6 million in Q3 2023, with the 2024 figure including the $100 million milestone from Incyte [12] - Cash, cash equivalents, and marketable securities totaled $200.4 million as of September 30, 2024, down from $229.8 million at the end of 2023, not including anticipated payments from the MARGENZA transaction [14] Business Line Data and Key Metrics Changes - The company is focusing on its proprietary pipeline, particularly the ADC vobramitamab duocarmazine (vobra duo), which targets B7-H3 in solid tumors [17] - The TAMARACK Phase II study is ongoing, with interim results indicating that only 35.9% of the primary endpoint events had accrued as of July 2024, suggesting that final data will be available in early 2025 [19][20] - Development efforts for vobra duo in alternative tumor types have been paused until the final safety and efficacy data from the TAMARACK study are available [21] Market Data and Key Metrics Changes - The company is assessing the competitive treatment landscape for mCRPC as it evaluates future development alternatives for vobra duo [20] - The LORIKEET study, which is a randomized Phase II trial of lorigerlimab in combination with docetaxel, is expected to complete enrollment by early 2025, with clinical data updates anticipated in the first half of 2025 [27] Company Strategy and Development Direction - MacroGenics aims to advance its clinical-stage assets while exploring new early-stage product candidates, particularly in the B7-H3 pathway [33] - The company has sold global rights to margetuximab (MARGENZA) to TerSera Therapeutics, which is expected to strengthen its financial position and focus on key priorities [32] - The company is committed to a seamless transition in leadership as the current CEO plans to step down early next year, with a search for a successor already underway [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, emphasizing the importance of advancing the pipeline and expanding partnerships [36] - The anticipated funding requirements reflect expected expenditures related to ongoing clinical studies, with a cash runway projected into 2026 [15] Other Important Information - The company has initiated a Phase I dose escalation study of MGC026, another B7-H3 ADC, with initial clinical data expected in 2025 [23][67] - The company is exploring additional molecules for potential future IND submissions, including MGC028, which targets ADAM9 [30] Q&A Session Summary Question: What data is needed for vobra duo's future? - Management indicated that final rPFS, safety profile, and competitive landscape will be assessed before making decisions on vobra duo [39] Question: Update on CEO search process? - A search committee has been formed, and the current CEO will remain until a successor is selected, ensuring a smooth transition [43] Question: Progress on MGC026 Phase I study? - The Phase I dose escalation is progressing well, with initial clinical data expected in 2025 [43] Question: Reasons for pausing the lorigerlimab combo? - The decision was made to pause the combination study to assess final data from the TAMARACK study before proceeding [46] Question: Differences in safety profiles between vobra duo and MGC026? - Management expects distinct safety profiles due to the different mechanisms of action, but specifics are not yet available [50] Question: Enrollment and data availability for LORIKEET trial? - Enrollment is expected to complete by early 2025, with data on rPFS and PSA reductions anticipated, but overall survival data may take longer [65]

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 September 30, 2024 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 inc ...

Strengthened financial position resulting from recently announced MARGENZA® transaction and previously announced receipt of milestone payment from Incyte related to advancement of ZYNYZ®ADAM9-directed ADC (MGC028) Investigational New Drug (IND) application submitted to FDA Conference call scheduled for today at 4:30 p.m. ET  ROCKVILLE, Md., Nov. 05, 2024 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing inn ...

Scott Koenig, M.D., Ph.D., to step down as President and CEO Board to initiate search process to identify new CEO ROCKVILLE, MD, Oct. 30, 2024 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (NASDAQ: MGNX), a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today announced that Scott Koenig, M.D., Ph.D., intends to step down as President and Chief Executive Officer early next year. The Company's Board of ...

ROCKVILLE, MD, Oct. 29, 2024 (GLOBE NEWSWIRE) --  MacroGenics, Inc. (Nasdaq: MGNX), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer, today announced that the Company will release its financial results for the third quarter of 2024 after the market closes on Tuesday, November 5, 2024. MacroGenics will host a conference call to discuss the financial results and recent corporate progress on Tuesday, November ...

NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of MacroGenics, Inc. (NASDAQ: MGNX). Shareholders who purchased shares of MGNX during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/macrogenics-inc-loss-submission-form-2/?id=104509&from=3 CLASS PERIOD: March 7, ...

SAN FRANCISCO, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges MacroGenics, Inc. (NASDAQ: MGNX) investors who suffered substantial losses to submit your losses now. Class Period: Mar. 7, 2024 – May 9, 2024 Lead Plaintiff Deadline: Sept. 24, 2024 Visit: www.hbsslaw.com/investor-fraud/mgnx Contact the Firm Now: MGNX@hbsslaw.com 844-916-0895 Class Action Lawsuit Against MacroGenics, Inc. (MGNX): On July 30, 2024, shares in beleaguered pharmaceutical company MacroGenics crashed after the company provided ...

NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of stock or sellers of puts of MacroGenics, Inc. (NASDAQ: MGNX) between March 7, 2024 and May 9, 2024, both dates inclusive (the "Class Period"), of the important September 24, 2024 lead plaintiff deadline. SO WHAT: If you purchased stock or sold puts of MacroGenics during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a cont ...