Summary of MacroGenics Conference Call Company Overview - **Company**: MacroGenics (NasdaqGS: MGNX) - **CEO**: Eric Risser - **CFO**: James Karrels - **Industry**: Biotechnology, focusing on oncology and antibody-drug conjugates (ADCs) [3][2] Core Product Development Pillars - **ADC Programs**: Three ADC programs in the portfolio, aiming for best-in-class or first-in-class molecules [3][4] - **Bispecific Platform**: Focus on dual blockade of immune checkpoints, with a notable program, lorigerlimab, currently on partial clinical hold [3][4] - **Next-Generation T-Cell Engagers**: Lead asset partnered with Gilead, with ongoing development of additional molecules [4][3] Recent Developments and Strategic Focus - **Leadership Changes**: New CEO emphasizes a heightened sense of urgency and focus on foundational value drivers [5][6] - **Operational Efficiency**: Aiming for a leaner operational footprint and judicious capital deployment [6][7] - **Program Adjustments**: Early termination of the lorigerlimab prostate cancer study due to non-competitive profile [6][7] Lorigerlimab Update - **Clinical Hold**: The program is on partial clinical hold due to serious adverse events, including Grade 4 thrombocytopenia and myocarditis [9][10] - **Enrollment Status**: 41 patients enrolled before the hold; ongoing discussions with the FDA to resume enrollment [10][12] - **Next Steps**: Comprehensive clinical update expected by mid-2026, assessing safety and efficacy [12][15] ADC Technology Positioning - **Platform Advantages**: Utilizes a site-specific conjugation approach, leading to uniform drug-to-antibody ratios (DAR) and potentially improved safety profiles [17][18] - **Comparison with Competitors**: MacroGenics believes its ADCs are more efficient in internalization and have better potency compared to competitors [19][20] - **Market Dynamics**: The ADC market is expected to be competitive but not winner-takes-all, with multiple development opportunities across various cancers [22][23] MGC026 and MGC028 Updates - **MGC026 (B7-H3 ADC)**: Completed dose escalation; expansion cohorts initiated with a clinical update expected mid-2026 [26][27] - **MGC028 (ADAM9 ADC)**: Rapid progression through dose escalation; clinical update anticipated in the second half of 2026 [32][35] Business Development and Financial Position - **Partnerships**: Historically active in business development, with over $600 million in non-dilutive funding in the last three and a half years [46][47] - **Cash Position**: Current cash balance of approximately $190 million, with potential milestone payments from partnerships totaling up to $1.6 billion [52][53] - **Upcoming Milestones**: Key updates expected in 2026, including IND submissions and clinical updates for various programs [55][56] Conclusion - **Future Outlook**: MacroGenics is focused on executing its strategic plan, with significant updates and potential catalysts expected in the near future, particularly in the ADC space and ongoing clinical trials [55][56]

Core Insights - MacroGenics, Inc. is focused on developing innovative antibody-based therapeutics for cancer treatment and has provided updates on corporate progress, financial results for 2025, and future data disclosure timelines for its product pipeline [1] Corporate Progress and Anticipated Milestones - The company is advancing its innovative antibody-drug conjugate (ADC) pipeline, which includes MGC026 and MGC028, both of which have shown acceptable safety profiles and early anti-tumor activity [3][4] - Key upcoming milestones include initial clinical data from MGC026 and MGC028 in mid-2026 and the submission of an Investigational New Drug (IND) application for MGC030 in Q3 2026 [2][7] Financial Results - As of December 31, 2025, MacroGenics reported total revenue of $149.5 million, a slight decrease from $150.0 million in 2024, with significant growth in contract manufacturing revenue [9][13] - Research and development expenses decreased to $147.2 million in 2025 from $177.2 million in 2024, primarily due to reduced costs from terminated programs [9][13] - The net loss for 2025 was $74.6 million, compared to a net loss of $67.0 million in 2024, which included a gain from the sale of MARGENZA [9][13] Cash Position - The company had cash, cash equivalents, and marketable securities of $189.9 million as of December 31, 2025, down from $201.7 million in 2024, with a cash runway expected to last into late 2027 [7][9][12]

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 ...

Summary of MacroGenics FY Conference Call Company Overview - **Company**: MacroGenics (NasdaqGS: MGNX) - **Focus**: Next-generation antibody therapeutics for cancer treatment, utilizing proprietary platforms such as DART and Trident for bispecific and trivalent targeting [2][3] Financial Position - **Cash Runway**: Extended to late 2027, with over $600 million in non-dilutive capital raised in the last three years [4] - **Current Cash Position**: Approximately $221 million as of Q3 [11] Product Pipeline - **Fully Owned Products**: Four product candidates, with three assets from early development now marketed [3][4] - **ADC Pipeline**: - O26 and O28 in clinical trials, with O28 targeting ADAM9 and O26 targeting B7H3 [6][9] - O30 expected to move towards IND filing later this year [6] - **Lorigerlimab**: Undergoing a partial clinical hold in the LINNET study, focusing on gynecologic cancers [5][6] Strategic Focus - **Key Strategic Imperatives**: Six strategic imperatives to be extended through the end of 2026, emphasizing disciplined capital allocation [5] - **Clinical Development**: Focus on driving assets to important clinical inflection points, with a rigorous approach to risk management across the portfolio [20] Clinical Data and Efficacy - **Lorigerlimab Efficacy**: - 26% confirmed overall response rate (ORR) in prostate cancer, with some patients treated for over two years [17][18] - Emphasis on durability of responses and disease control rates as critical success metrics [15] - **ADCs**: - MGC026 shows promise with a robust linker and payload, potentially offering better safety and efficacy compared to competitors [25] - MGC028 targeting ADAM9 has broad expression in various cancers, with ongoing assessments for proof of concept [27] Partnerships and Collaborations - **Gilead Partnership**: Expanded to include three molecules, with ongoing phase 1 studies [35] - **Strategic Partnerships**: Focus on timing and asset suitability for partnerships, with a strong interface with top pharmaceutical companies [37][38] Market Position and Future Outlook - **Competitive Landscape**: MacroGenics is well-positioned with a balanced portfolio of wholly owned and partnered assets, targeting both validated and first-in-class opportunities [10][11] - **Underappreciated Value**: Current share price below cash value, with significant option value across the portfolio and a strong track record of high-value transactions [39][41] Conclusion - **Overall Assessment**: MacroGenics is strategically focused on advancing its innovative cancer therapies while maintaining a strong financial position and exploring valuable partnerships, despite current market undervaluation [39][41]

Core Viewpoint - The FDA has placed a partial clinical hold on MacroGenics' Phase 2 LINNET study of lorigerlimab, affecting new patient enrollment due to recent safety events [1][2]. Group 1: FDA Clinical Hold - The partial clinical hold was initiated after MacroGenics notified the FDA of a temporary pause in enrollment due to safety events involving four patients, including Grade 4 thrombocytopenia (2 patients), Grade 4 myocarditis (1 patient), and Grade 4 neutropenia with concurrent septic shock leading to a Grade 5 event (1 patient) [2]. - No new patients will be enrolled in the LINNET study until the hold is lifted, but current participants can continue receiving the study drug [1][2]. Group 2: LINNET Study Details - The LINNET study evaluates lorigerlimab, a bispecific DART® molecule targeting PD-1 and CTLA-4, as monotherapy in patients with platinum-resistant ovarian cancer (PROC) and clear cell gynecologic cancer (CCGC) [3]. - The study is designed as a Simon two-stage trial, initially enrolling approximately 20 patients, with the potential to expand to an additional 20 patients if a predefined activity threshold is met [3]. - The primary endpoint of the study is the objective response rate (ORR), with multiple secondary endpoints [3]. Group 3: Company Overview - MacroGenics is a biopharmaceutical company focused on developing innovative monoclonal antibody-based therapeutics for cancer treatment [4]. - The company generates its pipeline from proprietary next-generation antibody-based technology platforms, enabling strategic collaborations with global pharmaceutical and biotechnology companies [4].

Summary of MacroGenics Conference Call Company Overview - **Company**: MacroGenics (NasdaqGS: MGNX) - **New CEO**: Eric Risser, appointed in August 2025, has been with the company for over 16 years, previously serving as Chief Operating Officer and leading business development [2][4] Strategic Imperatives - **Key Focus Areas**: 1. Clarifying the lower durable development strategy 2. Advancing two ADC (Antibody-Drug Conjugate) programs in the clinic targeting B7H3 and ADAM9 3. Advancing another IND (Investigational New Drug) for an undisclosed target (MGC030) 4. Advancing two additional product candidates from early-stage discovery 5. Strengthening corporate partnerships 6. Solidifying the financial position of the company [2][3] Product Development Updates - **Lorigerlimab**: - A CTLA-4 PD-1 bispecific antibody being studied in prostate cancer and gynecological malignancies - The LOWERKEY trial for prostate cancer was discontinued due to efficacy issues, but the Linet trial for gynecological malignancies remains active [5][6][10] - Early Phase I data showed a 26% response rate in prostate cancer, indicating potential despite challenges [9] - **ADC Programs**: - **B7H3 ADC**: Competitive landscape is intensifying, with multiple agents in development. MacroGenics believes in the strong expression profile of B7H3 across various solid tumors [18][19] - **ADAM9 ADC**: The program is in dose escalation, with a focus on GI-related cancers. MacroGenics aims to leverage learnings from previous partnerships to enhance this program [28][29][31] - **MGC030**: Expected to submit an IND next year, utilizing the Synaffix platform with an exatecan-based payload [32][36] Financial Position - **Cash Position**: As of September, cash and cash equivalents stood at $146 million, with an additional $75 million expected from partnerships in Q4 2025. This extends the cash runway into late 2027 [50][48] Collaborations and Partnerships - **Gilead Collaboration**: Expanded to include three programs, focusing on T-cell engagers and leveraging MacroGenics' proprietary platforms [44][46] - **Sanofi Collaboration**: Recent milestones triggered $50 million, adding to the $25 million from Gilead, contributing to a total of over $600 million in non-dilutive capital over the last three years [48][49] Market Dynamics - **Competitive Landscape**: The oncology sector is seeing increased competition, particularly in ADCs and checkpoint inhibitors. MacroGenics is positioning itself to explore combination therapies and capitalize on its diverse portfolio [41][40] Future Outlook - **Clinical Updates**: Expect updates on the Linet trial in mid-2026, with ongoing evaluations of ADC programs and potential for accelerated development paths in certain indications [15][12] This summary encapsulates the key points discussed during the MacroGenics conference call, highlighting the company's strategic direction, product development, financial health, and market positioning.

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]

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]

Core Viewpoint - MacroGenics, Inc. is advancing its clinical pipeline, particularly with the initiation of the Phase 2 LINNET study for lorigerlimab, targeting unmet needs in ovarian and gynecologic cancers, while also reporting financial results for Q1 2025 [1][2]. Clinical Development Updates - The first patient has been dosed in the LINNET Phase 2 study of lorigerlimab for platinum-resistant ovarian cancer and clear cell gynecologic cancer, with a focus on addressing significant unmet needs [2][7]. - The LORIKEET Phase 2 trial, involving 150 patients, is ongoing to evaluate lorigerlimab in combination with docetaxel for metastatic castration-resistant prostate cancer (mCRPC), with results expected in the second half of 2025 [6][7]. - MacroGenics is developing three antibody-drug conjugates (ADCs) in collaboration with Synaffix, including MGC026, MGC028, and MGC030, targeting various solid tumors [4][6]. Financial Performance - Total revenue for Q1 2025 was $13.2 million, an increase from $9.1 million in Q1 2024, primarily due to collaborative agreements and contract manufacturing [8][13]. - Research and development expenses decreased to $39.7 million in Q1 2025 from $46.0 million in Q1 2024, while selling, general and administrative expenses also fell to $10.7 million from $14.7 million [8][13]. - The net loss for Q1 2025 was $41.0 million, compared to a net loss of $52.2 million in Q1 2024, indicating improved financial performance [8][13]. Cash Position and Guidance - As of March 31, 2025, MacroGenics had cash, cash equivalents, and marketable securities totaling $154.1 million, down from $201.7 million at the end of 2024, which supports operations into the second half of 2026 [8][11]. - The company plans to implement cost-saving measures to extend its financial runway while continuing to progress its clinical pipeline [8][11].

Financial Data and Key Metrics Changes - MacroGenics reported total revenue of $150 million for the year ended December 31, 2024, compared to $58.7 million for the year ended December 31, 2023, representing a significant increase primarily due to a net increase of $85 million in revenue from milestones under the Incyte License Agreement [24][25] - 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, offset by decreased costs from discontinued projects [25][26] - Selling, general, and administrative expenses increased to $71 million in 2024 from $52.2 million in 2023, influenced by an $8 million amendment fee related to the asset sale of MARGENZA [26] - The net loss for 2024 was $67 million, compared to a net loss of $9.1 million in 2023 [27] - Cash, cash equivalents, and marketable securities stood at $201.7 million as of December 31, 2024, down from $229.8 million in 2023, with an anticipated cash runway extending into the second half of 2026 [27][28] Business Line Data and Key Metrics Changes - The company achieved $118.9 million in revenue from collaborative and other agreements, $16.4 million from net sales, and $13.1 million from contract manufacturing in 2024 [25] - The ongoing LORIKEET Phase 2 trial for lorigerlimab has completed enrollment, with a primary endpoint of radiographic progression-free survival [10][11] Company Strategy and Development Direction - MacroGenics aims to advance its diverse clinical portfolio, focusing on antibody-based cancer treatments, with significant milestones achieved in 2024 [7][9] - The company plans to initiate the LINNET Phase 2 study for lorigerlimab in mid-2025, targeting unmet needs in ovarian cancer and clear cell gynecologic cancer [12] - The company is exploring potential partnerships for the vobra duo program while continuing to develop alternative anti-B7-H3 ADC MGC026 [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in 2024 and the potential for continued advancements in 2025, highlighting the importance of their innovative pipeline [29][31] - The board is actively searching for a successor to the CEO, with a commitment to support the company during the transition [31] Other Important Information - The company reported a $36.3 million gain from the sale of MARGENZA to TerSera Therapeutics [27] - Management emphasized the importance of ongoing clinical trials and the potential for new partnerships to enhance the company's growth trajectory [31] Q&A Session Summary Question: What are the gating factors to starting the LINNET study? - Management indicated that the standard-of-care for later-line ovarian cancer is low, with overall response rates of 10% to 15% for anti-PD-1 therapies, making the selected patient population critical for the study [35] Question: Can you discuss the rationale behind developing lorigerlimab in ovarian and clear cell gynecologic cancers? - Management noted that these cancers represent untreated areas for checkpoint inhibitors, and lorigerlimab targets T-cells in the tumor microenvironment, potentially offering better tolerability and efficacy [42][44] Question: How does the rPFS data for vobra duo clarify the path forward for MGC026? - Management stated that MGC026 is different from vobra duo, with a different linker and payload, and they believe it has the potential for activity beyond what was observed with vobra duo [50][51] Question: What are the expectations for the discontinuation rate in the LORIKEET study? - Management expects a better discontinuation rate than previous checkpoint inhibitors due to the well-tolerated nature of lorigerlimab [82] Question: How far along is the Phase 1 study for MGC028? - Management confirmed that the study just commenced a few weeks ago and is expected to progress quickly, with no pre-selection of patients based on ADAM9 expression at this stage [87][88]