Core Viewpoint - MacroGenics (MGNX) has experienced a bearish trend, losing 17.5% in the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure, suggesting that bulls may be gaining control [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a downtrend, buying interest emerges to push the stock price up towards the opening price [4][5]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for MGNX, which is a bullish indicator, as it typically leads to price appreciation [7]. - The consensus EPS estimate for the current year has increased by 3% over the last 30 days, reflecting analysts' agreement on the company's potential for better earnings [8]. - MGNX holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, indicating strong potential for outperformance in the market [9][10].

Core Insights - MacroGenics, Inc. is a biopharmaceutical company focused on developing innovative antibody-based therapeutics for cancer treatment [3] - Eric Risser, President and CEO of MacroGenics, will participate in a fireside chat at the Stifel 2025 Healthcare Conference on November 13, 2025 [1] - The company utilizes proprietary next-generation antibody-based technology platforms to generate its pipeline of product candidates [3] Company Overview - MacroGenics specializes in monoclonal antibody-based therapeutics for cancer [3] - The company has established several strategic collaborations with global pharmaceutical and biotechnology companies [3] - More information about MacroGenics can be found on its official website [3]

Summary of MacroGenics FY Conference Call - September 08, 2025 Company Overview - **Company**: MacroGenics (NasdaqGS: MGNX) - **Focus**: Development of next-generation antibodies for cancer treatment with a promising pipeline of four clinical-stage programs across three modalities, including ADC technology and multi-specific platforms [3][4] Pipeline and Product Development - **Clinical Programs**: - Three molecules leveraging the Cinefix platform, with two currently in the clinic and one expected to enter next year [3] - DART and Trident platforms for T cell engagers and bispecifics [4] - **Approved Products**: - Margemza for HER2-positive breast cancer - TZeal for type 1 diabetes - Zyniz for anal cancer and Merkel cell carcinoma [5] - **Cash Position**: - Cash and marketable securities of approximately $177 million, with a cash runway extending through 2027 [5][6] - Recent capital increase from a $70 million royalty monetization deal [6] Key Pipeline Assets - **Lorigirlimab**: - A bispecific molecule targeting PD-1 and CTLA-4, currently in studies for castrate-resistant prostate cancer and gynecologic cancers [7][13] - Phase 1 data shows a confirmed overall response rate (ORR) of 26% in heavily pretreated patients, significantly higher than traditional PD-1 agents [14][33] - **ADC Portfolio**: - Utilizes Cinefix platform for site-specific conjugation and potent payloads [20][21] - Exoticon as a payload shows higher potency compared to other agents, with ongoing phase 1 studies [22][24] Strategic Priorities for 2025 and 2026 - **Development Focus**: - Continue advancing Lorigirlimab studies and ADC portfolio [31] - IND submission for O30 expected next year [29] - **Corporate Strategy**: - Active exploration of partnerships and maintaining operational efficiency to enhance financial position [32] Market Context and Competitive Landscape - **Prostate Cancer Treatment**: - The field has evolved with various modalities, and Lorigirlimab's 26% response rate is notable compared to single-digit rates of traditional PD-1 agents [33] - **ADC Market**: - Competitive dynamics exist, but MacroGenics aims to establish a strong position with its differentiated technology and broad access to the Cinefix platform [23][24] Additional Insights - **Safety Profile**: - Lorigirlimab shows a favorable safety profile with fewer severe adverse events compared to traditional therapies [17] - **Research and Development**: - MacroGenics has a productive research organization with new INDs expected every 12 to 18 months [31] This summary encapsulates the key points from the MacroGenics FY Conference Call, highlighting the company's strategic direction, pipeline developments, and market positioning.

Core Viewpoint - MacroGenics, Inc. is set to present at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, highlighting its focus on innovative antibody-based therapeutics for cancer treatment [1]. Company Overview - MacroGenics is a biopharmaceutical company dedicated to developing monoclonal antibody-based therapeutics specifically for cancer treatment [3]. - The company utilizes proprietary next-generation antibody-based technology platforms to generate its pipeline of product candidates, which have broad therapeutic applications [3]. - MacroGenics combines its technology platforms with protein engineering expertise to create promising product candidates and has established several strategic collaborations with global pharmaceutical and biotechnology companies [3].

Summary of Radiopharm Theranostics (RADX) Update / Briefing August 26, 2025 Company and Industry Overview - **Company**: Radiopharm Theranostics (RADX) - **Industry**: Oncology, specifically focusing on prostate cancer treatment and radiopharmaceutical therapies Key Points and Arguments 1. **Prostate Cancer Treatment Landscape**: The treatment of prostate cancer has evolved significantly, moving from traditional methods like surgery and chemotherapy to incorporating genetics, molecular imaging, and targeted therapies, including immunotherapy and radiopharmaceuticals [11][12][30] 2. **B7-H3 as a Target**: B7-H3 is highlighted as a promising new target for prostate cancer treatment, being highly expressed in various tumors, including 93% of castrate-resistant prostate cancer cases. This makes it a viable alternative to PSMA-targeted therapies, especially in cases where PSMA expression is low [39][41][43] 3. **Need for New Therapies**: There is a critical need for more effective therapies for metastatic castration-resistant prostate cancer, as current treatments often provide limited survival benefits [18][30] 4. **NCCN Guidelines**: The National Comprehensive Cancer Network (NCCN) guidelines are discussed, emphasizing the importance of treatment sequencing and the variety of options available based on prior therapies [19][20] 5. **Theranostics Concept**: The concept of theranostics is introduced, where ligands are designed to bind to specific cancer cell targets, allowing for both diagnosis and treatment using radiopharmaceuticals [24][25] 6. **Clinical Trials and FDA Approvals**: The presentation mentions several clinical trials demonstrating survival benefits from new therapies, including the FDA approval of Plavicto (lutetium-177) for prostate cancer treatment [27][28][51] 7. **BetaBART Development**: The development of BetaBART, a humanized monoclonal antibody targeting the four Ig isoform of B7-H3, is presented as a novel approach in radioimmunotherapy, with plans for a Phase 1 trial in 2025 [51][66] 8. **Competitive Landscape**: The competitive landscape for B7-H3 targeting is discussed, noting that while there are other modalities like ADCs and CAR T-cell therapies, the unique properties of BetaBART provide a competitive advantage [75][78][87] 9. **Immunological Memory**: Evidence of secondary immune memory from prior treatments suggests that BetaBART may not only target tumors but also enhance the immune response against them [64][66] 10. **Market Potential**: The potential market for B7-H3 targeting therapies is significant, with opportunities extending beyond prostate cancer to other solid tumors [46][51] Other Important but Overlooked Content 1. **Challenges with Current Therapies**: The limitations of existing therapies, including the need for better options post-Plavicto treatment, are emphasized, highlighting the urgency for innovation in this space [30][102] 2. **Mechanism of Action**: The mechanism of action for BetaBART is discussed, focusing on its ability to selectively target the four Ig isoform of B7-H3 while minimizing off-target effects and toxicity [49][66] 3. **Future Directions**: The discussion includes the need for randomized control groups in future trials to better assess the efficacy of new treatments [31] This summary encapsulates the critical insights from the briefing, focusing on the advancements in prostate cancer treatment, the significance of B7-H3 as a target, and the innovative approaches being developed by Radiopharm Theranostics.

Group 1 - MacroGenics reported a quarterly loss of $0.57 per share, which was better than the Zacks Consensus Estimate of a loss of $0.59, and an improvement from a loss of $0.89 per share a year ago, resulting in an earnings surprise of +3.39% [1] - The company posted revenues of $22.24 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 4.73%, and showing significant growth from year-ago revenues of $10.8 million [2] - MacroGenics shares have declined approximately 48.9% since the beginning of the year, contrasting with a 10% gain in the S&P 500 [3] Group 2 - The earnings outlook for MacroGenics is mixed, with the current consensus EPS estimate for the coming quarter at -$0.40 on revenues of $26.77 million, and -$2.04 on revenues of $92.12 million for the current fiscal year [7] - The Zacks Industry Rank indicates that the Medical - Products sector is currently in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - Ayr Wellness Inc., another company in the same industry, is expected to report a quarterly loss of $0.29 per share, reflecting a year-over-year change of +14.7%, with revenues projected at $111.05 million, down 5.3% from the previous year [9]

PART I. FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q2 2025 revenues increased to $22.2 million, net loss narrowed to $36.3 million, with $176.5 million in cash and marketable securities, including $70 million from a royalty sale [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total current assets were $204.9 million, total liabilities $198.8 million (including a new $70.3 million royalty liability), and stockholders' equity decreased to $46.6 million Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $130,686 | $182,840 | | Total current assets | $204,945 | $217,490 | | **Total Assets** | **$245,416** | **$261,655** | | **Current Liabilities** | | | | Total current liabilities | $39,000 | $55,530 | | Liability related to future royalties | $70,260 | $— | | **Total Liabilities** | **$198,798** | **$145,598** | | **Total Stockholders' Equity** | **$46,618** | **$116,057** | [Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2025 total revenues doubled to $22.2 million, driven by contract manufacturing, while net loss narrowed to $36.3 million due to reduced R&D and SG&A expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $22,241 | $10,797 | $35,434 | $19,901 | | Research and development | $40,791 | $51,732 | $80,489 | $97,760 | | Selling, general and administrative | $9,302 | $14,423 | $20,020 | $29,133 | | Loss from operations | ($36,758) | ($58,181) | ($79,381) | ($111,931) | | Net loss | ($36,251) | ($55,664) | ($77,287) | ($107,854) | | Basic and diluted net loss per common share | ($0.57) | ($0.89) | ($1.23) | ($1.73) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 saw $93.9 million net cash used in operations, $27.7 million in investing, and $69.5 million provided by financing, resulting in a $52.2 million net decrease in cash Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($93,875) | ($90,128) | | Net cash (used in) provided by investing activities | ($27,736) | $72,231 | | Net cash provided by financing activities | $69,457 | $873 | | **Net change in cash and cash equivalents** | **($52,154)** | **($17,024)** | | Cash and cash equivalents at end of period | $130,686 | $83,932 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the company's biopharmaceutical focus, a new $70 million royalty monetization, collaboration revenue, and management's belief in sufficient funding for the next twelve months - The company is a **clinical-stage biopharmaceutical company** focused on developing **antibody-based therapeutics for cancer**, including **antibody-drug conjugates (ADCs)** and **multi-specific antibodies (DART® and TRIDENT® molecules)**[20](index=20&type=chunk) - Proprietary product candidates in clinical development include **lorigerlimab** (PD-1 x CTLA-4), **MGC026** (B7-H3 ADC), and **MGC028** (ADAM9 ADC)[20](index=20&type=chunk) - Based on its cash flow forecast, the company believes its current resources are sufficient to fund its operating plans for a minimum of **twelve months** from the filing date of this report[24](index=24&type=chunk) - In June 2025, the company sold its right to receive royalties on global net sales of ZYNYZ to Sagard Healthcare Partners for a cash payment of **$70.0 million** The proceeds were recorded as a liability[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) R&D Expense by Program (Six Months Ended June 30, in thousands) | Program | 2025 | 2024 | | :--- | :--- | :--- | | Lorigerlimab | $19,425 | $20,625 | | Vobramitamab duocarmazine | $12,653 | $21,706 | | MGC026 | $8,914 | $7,852 | | MGC028 | $8,676 | $15,882 | | MGC030 | $8,172 | $4,911 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue grew 78% in H1 2025 due to manufacturing and collaborations, R&D expenses decreased 18%, and a $69.7 million royalty deal extends the cash runway through H1 2027 [Results of Operations](index=24&type=section&id=Results%20of%20Operations) H1 2025 total revenue increased by **$15.5 million** to **$35.4 million**, driven by contract manufacturing and collaborations, while R&D and SG&A expenses decreased due to program discontinuation and reduced commercialization activities Revenue Comparison (Six Months Ended June 30, in millions) | Revenue Source | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Collaborative and other agreements | $13.9 | $3.8 | $10.1 | 266% | | Product sales, net | $— | $10.1 | ($10.1) | (100)% | | Contract manufacturing | $21.5 | $5.2 | $16.3 | 313% | | **Total revenue** | **$35.4** | **$19.9** | **$15.5** | **78%** | Research & Development Expense Comparison (Six Months Ended June 30, in millions) | Program | 2025 | 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Vobramitamab duocarmazine | $12.7 | $21.7 | ($9.0) | (41)% | | MGC028 | $8.7 | $15.9 | ($7.2) | (45)% | | Margetuximab | $0.7 | $6.0 | ($5.3) | (88)% | | **Total R&D Expense** | **$80.5** | **$97.8** | **($17.3)** | **(18)%** | - Selling, general and administrative expenses **decreased** for the six months ended June 30, 2025, primarily due to **lower stock-based compensation** and **reduced professional fees** following the cessation of commercialization activities for MARGENZA[99](index=99&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Primary funding sources include equity and collaborations; H1 2025 financing provided **$69.4 million** from a royalty sale, extending the cash runway through the **first half of 2027** - Net cash provided by financing activities for the first six months of 2025 was **$69.4 million**, which includes **$69.7 million** in net proceeds from the sale of future ZYNYZ royalties to Sagard Healthcare Partners[100](index=100&type=chunk)[103](index=103&type=chunk) - Management anticipates that cash, cash equivalents, and marketable securities as of June 30, 2025, combined with projected payments from partners and cost-saving initiatives, will support the company's cash runway through the **first half of 2027**[106](index=106&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk exposure remains materially unchanged since December 31, 2024 - As of June 30, 2025, the company's exposure to market risk has not changed materially from what was disclosed in its Annual Report for the fiscal year ended December 31, 2024[108](index=108&type=chunk) [Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[109](index=109&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of 2025 that materially affected, or are reasonably likely to materially affect, these controls[110](index=110&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company's business, financial condition, or results of operations - The company does not currently expect any ongoing legal proceedings to have a **material adverse effect** on its business, financial condition, or results of operations[111](index=111&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the Annual Report on Form 10-K for FY2024 and Q1 2025 Form 10-Q - No **material changes** have occurred in the risk factors described in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Q1 2025 Form 10-Q[112](index=112&type=chunk) [Other Information](index=28&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, modified, or terminated a **Rule 10b5-1 trading plan** during the three months ended June 30, 2025[113](index=113&type=chunk) [Exhibits](index=29&type=section&id=Item%206.%20Exhibits) Exhibits include CEO/CFO certifications and the Purchase and Sale Agreement with Sagard Healthcare Partners for royalty monetization - Key exhibits filed include the **Purchase and Sale Agreement** with Sagard Healthcare Partners, dated June 9, 2025, and certifications from the Principal Executive Officer and Principal Financial Officer[114](index=114&type=chunk)

Core Insights - MacroGenics, Inc. is focused on developing innovative antibody-based therapeutics for cancer treatment and has reported financial results for Q2 2025, highlighting corporate progress and strategic priorities for the upcoming years [1][2][11]. Corporate Updates - Eric Risser has been appointed as the new President and CEO, succeeding Scott Koenig, who served for 24 years. Risser has previously generated over $550 million in non-dilutive capital for the company [4]. - The company aims to enhance its focus and capital efficiency while advancing its pipeline, with updates expected on strategic priorities [2][7]. Financial Performance - As of June 30, 2025, MacroGenics reported cash, cash equivalents, and marketable securities of $176.5 million, down from $201.7 million at the end of 2024, providing a cash runway through the first half of 2027 [7][15]. - Total revenue for Q2 2025 was $22.2 million, a significant increase from $10.8 million in Q2 2024, driven by higher contract manufacturing revenue [11][14]. - Research and development expenses decreased to $40.8 million in Q2 2025 from $51.7 million in Q2 2024, while selling, general, and administrative expenses also fell to $9.3 million from $14.4 million [11][14]. Pipeline and Programs - The company is advancing several key programs, including lorigerlimab, MGC026, MGC028, and MGC030, with ongoing clinical trials and plans for IND submissions [5][8][12]. - Lorigerlimab is currently being evaluated in two Phase 2 studies for metastatic castration-resistant prostate cancer and gynecologic cancers [9]. - MacroGenics is developing three antibody-drug conjugates (ADCs) in collaboration with Synaffix, focusing on innovative payloads [6]. Partnered Programs - The company has entered into a royalty purchase agreement with Sagard Healthcare Partners for ZYNYZ®, receiving $70 million upfront [7]. - MacroGenics retains economic interests in ZYNYZ and is eligible for up to $540 million in additional milestones [12]. - The company also has ongoing collaborations with Gilead Sciences for MGD024, with potential milestone payments totaling $1.7 billion [12].

Core Viewpoint - MacroGenics, Inc. has appointed Eric Risser as President and CEO, succeeding Scott Koenig, who served for 24 years, effective August 13, 2025 [1][2] Group 1: Leadership Transition - Eric Risser has been with MacroGenics since 2009 and has held various roles, most recently as Chief Operating Officer, where he oversaw key functions and corporate development efforts that generated over $1.6 billion in non-dilutive capital [1][3] - Scott Koenig, the outgoing CEO, is recognized for his leadership in developing three FDA-approved products and will continue to serve as a Director and advisor [2] Group 2: Strategic Vision - Eric Risser aims to create a more focused and capital-efficient biotechnology company that delivers high-value therapies for cancer patients [3] - The company plans to invest resources strategically to generate significant value for both patients and shareholders [3] Group 3: Company Overview - MacroGenics is a biopharmaceutical company focused on developing innovative monoclonal antibody-based therapeutics for cancer treatment [4] - The company utilizes proprietary next-generation antibody-based technology platforms to generate its pipeline and has established strategic collaborations with global pharmaceutical and biotechnology firms [4]

Pipeline and Programs - MacroGenics' cash runway is extended through the first half of 2027[9, 10] - Lorigerlimab shows a confirmed Objective Response Rate (ORR) of 25.7% and a PSA50 response rate of 28.6% in mCRPC patients[23] - MGC026, a B7-H3 directed program, is in Phase 1 dose escalation, with dose expansion anticipated in selected indications in 2025[43] - MGC028, an ADAM9 ADC, shows potent anti-tumor activity in preclinical models, with a Phase 1 dose escalation study ongoing[50] - MGD024, a CD123 × CD3 DART molecule, is in Phase 1 dose escalation in hematological malignancies, with a Gilead collaboration commenced in October 2022[60] Financials and Partnerships - MacroGenics received $365 million in upfront and milestone payments[12] - MacroGenics is eligible to receive up to $210 million in potential regulatory milestones and up to $330 million in potential commercial milestones[12] - MacroGenics could receive 15-24% tiered royalty (after 20x cap reached)[12] - As of March 31, 2025, MacroGenics had $154.1 million in cash, cash equivalents, and marketable securities[9, 11, 72] - A $70 million upfront payment was received in June 2025[9, 12]