MacroGenics Q3 swings to net loss
MGNX•MacroGenics reported Q3 revenue of $18.7 million and a net loss of $20.1 million, compared with net income a year earlier. The company expects its cash to support operations through 2028.
1. Quarterly results
MacroGenics reported Q3 revenue of $18.7 million and a net loss of $20.1 million, compared with net income a year earlier. The company said the revenue decline was mainly due to the absence of $50 million in milestone revenue recognized in the prior year under its Provention agreement; it received $10 million from Gilead in 2026.
2. Pipeline and outlook
The company completed Phase 1 dose escalation for MGC028 and began dosing in a new Phase 1 study. MacroGenics expects to initiate a randomized evaluation of MGC028 in its lead indication by the end of 2026 and anticipates an interim clinical update in the first half of 2027. It expects its cash position to support operations through 2028.
3. Other cost changes
Higher ZYNYZ royalty revenue partly offset lower milestone payments. Research and development and general and administrative expenses declined, mainly because of reduced spending on certain programs and lower personnel-related costs.
