March 9, 2026 Legal Notices The information in this slide deck is current as of March 9, 2026, 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 prospects for MacroGenics ("Company"), including statements about the Compan ...

Financial Performance - Ligand Pharmaceuticals reported total GAAP revenue of $268 million for 2025, up from $167 million in 2024, with core revenue at $240 million reflecting a 43% year-over-year growth [15][16] - Full-year royalty revenue grew to $161 million, an increase of 48% year-over-year, driven by products such as FILSPARI, Ohtuvayre, CAPVAXIVE, and QARZIBA [15][16] - Adjusted EPS increased to $8.13, up 42% year-over-year, indicating strong operating leverage and higher royalty contributions [15][16] Business Line Performance - FILSPARI's U.S. net sales reached $103 million in Q4, representing 108% growth year-over-year, with total global sales of approximately $355 million for 2025 [16][17] - Ohtuvayre reported net sales of $178 million in Q4, with full-year sales of $506 million, marking a strong launch in COPD history [17][34] - CAPVAXIVE's net sales were $279 million in Q4 and $755 million for the full year, nearing blockbuster status [17][18] Market Performance - Ligand's royalty portfolio is expected to see a 23% compound annual growth rate in royalty receipts from 2025 through 2030, driven by contributions across the entire portfolio [12][13] - The company anticipates significant commercial opportunities in Japan for FILSPARI, with a sizable market for IgAN [71] Company Strategy and Industry Competition - Ligand is focusing on disciplined investments to create new royalty streams and enhance long-term shareholder value, with a systematic portfolio management strategy to drive value across partnerships [9][10][22] - The demand for royalty financing has doubled over the last five years, positioning Ligand favorably within the biopharmaceutical royalty financing sector [10][11] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing strong trial results for QTORIN rapamycin and the successful partnership with Leona Bio for lasofoxifene [36] - The company is optimistic about the upcoming year, expecting multiple catalysts from its late-stage development pipeline [36][31] Other Important Information - Ligand ended 2025 with $734 million in cash equivalents and short-term investments, totaling over $1 billion in deployable capital [20] - The company reaffirmed its 2026 financial guidance, expecting adjusted EPS of approximately $8-$9 per share and royalty revenue of $200 million-$225 million [20][21] Q&A Session Summary Question: Clinical update expectations for late-stage royalty portfolio - Management highlighted several active late-stage programs, including QARZIBA and TZIELD, with robust updates expected in the coming quarters [39][40] Question: Update on monetizing older assets in the portfolio - Management confirmed active engagement in 5 to 10 opportunities for older assets, with potential announcements expected by year-end [43][44] Question: Larger opportunity for TZIELD and peak sales size - Management acknowledged TZIELD's low royalty but emphasized its potential blockbuster status, particularly with the upcoming Stage 3 indication [48][50] Question: Impact of FSGS approval delay on 2026 outlook - Management indicated that the FSGS contribution to 2026 guidance is modest, with a risk-adjusted estimate of $4 million [53][55] Question: Changes in selection criteria for potential partnerships - Management noted that as the portfolio value grows, the average deal size will increase, focusing on high clinical value assets [58][59]

Financial Data and Key Metrics Changes - Full-year adjusted EPS exceeded original 2025 guidance by more than 30%, with a 42% increase year-over-year [6][7] - Total GAAP revenue for 2025 was $268 million, up from $167 million in 2024, with core revenue reflecting a 43% year-over-year growth at $240 million [15][16] - Royalty revenue grew to $161 million, an increase of 48% year-over-year, driven by products like FILSPARI, Ohtuvayre, CAPVAXIVE, and QARZIBA [15][16] Business Line Data and Key Metrics Changes - FILSPARI's U.S. net sales reached $103 million in Q4, representing 108% growth year-over-year, with total annual sales of $322 million [16][17] - Ohtuvayre reported U.S. net sales of $506 million for the full year 2025, with Q4 sales just under $200 million [17] - CAPVAXIVE's net sales were $279 million in Q4 and $755 million for the full year, nearing blockbuster status [17] Market Data and Key Metrics Changes - The royalty funding market has doubled over the last five years, indicating a growing demand for royalty capital [10][11] - Ligand expects a 23% compound annual growth rate in royalty receipts from 2025 through 2030, driven by contributions across the entire portfolio [12][13] Company Strategy and Development Direction - Ligand is focused on disciplined investments to create new, clinically differentiated product royalty streams and enhance long-term shareholder value [8][9] - The company launched a systematic portfolio management strategy to proactively communicate with partners and identify new investment opportunities [22][23] - Ligand aims to expand its business development efforts and deepen its pipeline, with a strong capital base to support growth initiatives [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued momentum of the royalty portfolio and disciplined capital deployment approach, positioning the company for sustained long-term growth [12][13] - The company anticipates significant commercial upside from products like FILSPARI and Ohtuvayre, with ongoing efforts to engage with regulatory bodies for approvals [34][35] Other Important Information - Ligand ended 2025 with $734 million in cash equivalents and short-term investments, totaling over $1 billion in deployable capital [20] - The company is optimistic about the potential of lasofoxifene and QTORIN rapamycin, with significant market opportunities projected [24][29] Q&A Session Summary Question: Clinical update expectations for late-stage royalty portfolio - Management highlighted several active late-stage programs, including QARZIBA and TZIELD, with robust updates expected in the coming quarters [39][40] Question: Update on monetizing older assets in the portfolio - Management confirmed active engagement in 5 to 10 opportunities for older assets, with potential announcements expected by year-end [43][44] Question: Larger opportunity for TZIELD and peak sales size - Management acknowledged TZIELD's low royalty but emphasized its potential blockbuster status, particularly with the upcoming Stage 3 indication [48][49] Question: Impact of FSGS approval delay on 2026 outlook - Management indicated that the FSGS contribution to 2026 guidance is modest, with a risk-adjusted estimate of $4 million [53][55] Question: Changes in selection criteria for potential partnerships - Management noted that as the portfolio value grows, the average deal size sought will increase, focusing on high clinical value assets [58][59] Question: Market size opportunity for FILSPARI in IgAN and FSGS - Management estimated consensus market size for both indications at around $1 billion, with potential royalties of approximately $90 million for each [70][71]

Financial Performance - In 2025, Ligand Pharmaceuticals achieved total GAAP revenue of $268 million, up from $167 million in 2024, with core revenue at $240 million reflecting a 43% year-over-year growth [12][13] - Full-year adjusted EPS increased to $8.13, a 42% rise year-over-year, driven by strong operating leverage and higher royalty contributions [13][10] - Royalty revenue grew to $161 million, marking a 48% increase year-over-year, primarily from FILSPARI, Ohtuvayre, CAPVAXIVE, and QARZIBA [12][5] Business Line Performance - FILSPARI's U.S. net sales reached $103 million in Q4, representing 108% growth year-over-year, with total global sales of approximately $355 million for 2025 [13][14] - Ohtuvayre reported U.S. net sales of $506 million for the full year 2025, with Q4 sales of nearly $200 million [14] - CAPVAXIVE's net sales were $279 million in Q4 and $755 million for the full year, nearing blockbuster status [15] Market Data - The royalty financing market has doubled over the last five years, indicating a growing demand for royalty capital [9] - Ligand expects a compound annual growth rate of 23% in royalty receipts from 2025 through 2030, driven by contributions across its portfolio [10] Company Strategy and Industry Competition - Ligand is focusing on disciplined investments to create new royalty streams and enhance long-term shareholder value, with a strong emphasis on proactive portfolio management [6][19] - The company is positioned uniquely within the biopharmaceutical royalty financing sector, capitalizing on high demand for capital [9] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the continued momentum of the royalty portfolio and the disciplined capital deployment approach, which positions the company for sustained long-term growth [11][33] - The company anticipates a strong pipeline of late-stage development programs and is optimistic about upcoming regulatory decisions and market expansions [33][27] Other Important Information - Ligand ended 2025 with $734 million in cash equivalents and short-term investments, totaling over $1 billion in deployable capital [17] - The company is actively engaged in monetizing older assets and exploring new investment opportunities across its portfolio [41][42] Q&A Session Summary Question: Clinical update expectations for late-stage royalty portfolio - Management highlighted several active late-stage programs, including QARZIBA and Lasofoxifene, with robust updates expected in the coming quarters [37] Question: Update on monetizing older assets - Management confirmed ongoing engagement with 5 to 10 opportunities for monetization and expects announcements by year-end [41] Question: Market opportunity for TZIELD - Management acknowledged the low royalty but emphasized the potential blockbuster opportunity with Sanofi's TZIELD, particularly in Stage 3 Type 1 diabetes [46] Question: Impact of FSGS approval delay on 2026 outlook - Management indicated that the FSGS approval delay would have a negligible impact on the 2026 guidance, with a modest $4 million contribution assumed [51][63] Question: Differentiation of Castle Creek technology - Management discussed the potential advantages of the Castle Creek treatment over competitors, emphasizing its injectable nature and broader application [58]

Summary of SAB Biotherapeutics Conference Call Company Overview - **Company**: SAB Biotherapeutics (NasdaqCM:SABS) - **Focus**: Development of SAB-142, a drug for type 1 diabetes aimed at preserving beta cells using a trans-chromosomic bovine platform that produces human IgG [4][5] Core Points and Arguments - **Drug Development**: SAB-142 is designed to replicate the efficacy of Thymoglobulin, a drug by Sanofi, which has shown effectiveness in preserving beta cells but has a poor safety profile due to its rabbit origin [4][5] - **Clinical Trials**: SAB-142 is entering a pivotal phase 2b trial called the Safeguard trial, targeting newly diagnosed type 1 diabetes patients [5][46] - **Market Position**: SAB Biotherapeutics aims to compete with Sanofi's TZIELD, which is approved for stage 2 type 1 diabetes, while SAB-142 targets stage 3, the more prevalent form of the disease [6][9] - **Efficacy Expectations**: The company expects SAB-142 to demonstrate similar efficacy to Thymoglobulin, with a target of 40% preservation of C-peptide compared to placebo at one year [43][44] - **Safety Profile**: Phase 1 results indicate that SAB-142 does not cause serum sickness or immunogenic responses, allowing for redosing [5][10][12] Important Data and Metrics - **C-Peptide Preservation**: The primary endpoint of the Safeguard trial is the preservation of C-peptide, a marker for beta cell function, with a goal of 40% preservation compared to placebo [43][44] - **Trial Timeline**: The trial is currently underway, with data expected in the second half of 2027 [46] - **Financial Position**: As of August 31, the company has $164 million in cash, sufficient to fund the phase 2b study and operations through 2028 [104][105] Competitive Landscape - **TZIELD Comparison**: TZIELD is priced at $200,000, which serves as a benchmark for SAB-142's pricing strategy [80][82] - **Other Treatments**: The company acknowledges competition from cell therapy programs and GLP-1 drugs but emphasizes that their focus on immunomodulation is crucial for preserving beta cells [113][115] Regulatory Path and Future Opportunities - **Regulatory Agreement**: The FDA has agreed that the Safeguard trial qualifies as a registrational study, which could expedite the approval process [48][53] - **Expansion Potential**: SAB-142 may have applications in other T-cell-mediated autoimmune diseases, indicating potential for a franchise-like product [87][89] - **Global Market**: The company is opening trial sites in the U.S., Europe, U.K., Australia, and New Zealand, indicating a broad market opportunity [95][97] Additional Insights - **Market Awareness**: The success of TZIELD has increased focus on the unmet medical needs in type 1 diabetes, benefiting SAB Biotherapeutics by raising awareness [116][119] - **Investor Interest**: There is significant interest from potential partners, including Sanofi, which could lead to strategic collaborations [102][100] This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction, clinical development, and market positioning of SAB Biotherapeutics.

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]