MacroGenics Provides Update on Corporate Progress and 2024 Financial Results

Core Insights - MacroGenics, Inc. has achieved multiple clinical development milestones in 2024, including the completion of enrollment in the LORIKEET Phase 2 study for lorigerlimab in combination with docetaxel for mCRPC patients [2][5] - The company has decided to discontinue further internal development of vobra duo based on the results of the TAMARACK Phase 2 study, while expressing optimism about the potential of the B7-H3 target and the progress of MGC026 [2][10] Clinical Development Updates - The LORIKEET Phase 2 trial is a randomized study involving 150 patients, evaluating lorigerlimab in combination with docetaxel, with clinical updates expected in the second half of 2025 [5][6] - A new LINNET Phase 2 study will evaluate lorigerlimab as monotherapy in patients with platinum-resistant ovarian cancer or clear cell gynecologic cancer, targeting enrollment of up to 60 patients [6] - MGC026, a TOP1i-based ADC targeting B7-H3, is currently in a Phase 1 dose escalation study, with dose expansion expected to begin in 2025 [6][7] - MGC028, another TOP1i-based ADC targeting ADAM9, has shown promising preclinical results and is currently in a Phase 1 study [7] Financial Performance - As of December 31, 2024, MacroGenics reported cash, cash equivalents, and marketable securities of $201.7 million, down from$229.8 million in 2023, with a cash runway projected into the second half of 2026 [5][10] - Total revenue for the year ended December 31, 2024, was $150.0 million, a significant increase from$58.7 million in 2023, primarily due to milestone payments from the Incyte License Agreement [10][18] - Research and development expenses rose to $177.2 million in 2024 from$166.6 million in 2023, driven by increased costs related to MGC028 and lorigerlimab [10][12] - The net loss for 2024 was $67.0 million, compared to a net loss of$9.1 million in 2023 [10][18] Strategic Collaborations and Partnerships - MacroGenics continues to collaborate with Gilead Sciences on MGD024, a next-generation CD123 × CD3 DART molecule, currently in a Phase 1 study [11] - The company has received $365.0 million in upfront and milestone payments from Incyte for the licensed monoclonal antibody retifanlimab, with potential for an additional$540.0 million in future milestones [11] - MARGENZA's global rights were sold to TerSera Therapeutics for an initial payment of $40.0 million, with additional milestone payments possible [11][18]