Core Insights - MacroGenics, Inc. reported financial results for Q3 2025, highlighting strategic advancements and financial performance [1][2][11] Financial Performance - Total revenue for Q3 2025 was $72.8 million, down from $110.7 million in Q3 2024, with collaboration revenue at $53.0 million compared to $101.4 million in the previous year [11][15] - Contract manufacturing revenue increased to $19.8 million in Q3 2025 from $4.6 million in Q3 2024, reflecting increased third-party production [11][15] - Research and development expenses decreased to $32.7 million in Q3 2025 from $40.5 million in Q3 2024, primarily due to discontinued internal development of certain programs [11][13] - Net income for Q3 2025 was $16.8 million, a decrease from $56.3 million in Q3 2024 [11][16] Strategic Developments - The company secured $75 million in additional non-dilutive partnership payments expected in Q4 2025, extending its relationship with Gilead to include a preclinical program [2][5] - MacroGenics decided to halt the development of lorigerlimab in prostate cancer but will continue its exploration in ovarian and other gynecologic cancers through the ongoing LINNET Phase 2 study [4][7] - The company is advancing three antibody-drug conjugate (ADC) programs, including MGC026, MGC028, and MGC030, with MGC026 recently entering Phase 1 expansion cohorts [9][12] Cash Position and Guidance - As of September 30, 2025, the cash, cash equivalents, and marketable securities balance was $146.4 million, down from $201.7 million at the end of 2024 [14][16] - The company anticipates that its cash runway will extend into late 2027, supported by expected partnership payments and ongoing cost-reduction initiatives [16][17]