MacroGenics (MGNX) 2025 Conference Transcript

Summary of MacroGenics Conference Call Company Overview - Company: MacroGenics - Industry: Precision Medicines, specifically in oncology and immunotherapy Key Points and Arguments 1. R&D Focus: MacroGenics has a strong history of drug discovery and development, currently having four assets in the clinic, all homegrown, leveraging both internal platform technology and licensed drug linker chemistry for their ADC portfolio [3][49] 2. Lead Asset: The lead asset is Lorigirilimab, a bispecific molecule targeting PD-1 and CTLA-4, with a randomized phase two study fully enrolled, expecting data later this year [4][50] 3. ADC Programs: Two ADC programs utilizing a Topo-1 based drug linker are in phase one dose escalation, with promising prospects anticipated [5][50] 4. T Cell Engager: A bispecific molecule targeting CD3 and CD123 is part of an option-based deal with Gilead, also in phase one dose escalation [5][51] 5. Future Innovations: Additional molecules are being advanced in research labs, with one ADC program, MGC030, expected to enter the clinic next year [6][52] Bispecific Molecule Insights 1. Lorigirilimab's Efficacy: Initial monotherapy data showed a 26% confirmed overall response rate (ORR) in a late-line castrate-resistant prostate cancer population, with significant PSA reductions [11][12] 2. Durability of Response: Patients exhibited long durable responses, with some remaining on study for over two years, which is notable compared to previous treatments [12] 3. Lorikeet Study: A randomized phase two study combining Lorigirilimab with docetaxel is ongoing, aiming to demonstrate improved progression-free survival (PFS) compared to docetaxel monotherapy [13][18] Ovarian Cancer Study 1. Lynette Study: Focuses on ovarian and gynecological cancers, aiming to show meaningful activity and durability in a historically less responsive indication [19][20] 2. Response Rates: Traditional PD-1 monotherapy has shown single-digit response rates, while combinations with CTLA-4 have improved this to 25-30% [19][20] B7-H3 Targeting 1. MGC026 Development: A next-generation ADC targeting B7-H3 is being developed, leveraging a proprietary platform that enhances potency and reduces toxicity [25][26] 2. Broad Application: B7-H3 has a wide expression across various solid tumors, with ongoing studies in small cell lung cancer and other indications [29][30] Financial and Operational Insights 1. Cash Position: As of year-end 2024, MacroGenics had $200 million in cash, with a runway extending into the second half of 2026 [34] 2. Non-Dilutive Capital: The company has successfully raised approximately $475 million in non-dilutive capital over the past three years, avoiding formal market offerings since February 2019 [35][37] 3. Gilead Collaboration: The partnership with Gilead includes an exclusive option for the CD123 CD3 DART molecule, with ongoing phase one trials focusing on hematologic malignancies [38][39] Leadership Transition 1. CEO Search: A nationwide search for a new CEO is underway, with Scott Koenig continuing to support the company during the transition [45]