Macrogenics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Macrogenics Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, on May 9, 2024.</b>

AI Summary

MACROGENICS INC (MGNX) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Macrogenics Inc. reported financial results for the first quarter ended March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's principal business address is 9704 Medical Center Drive, Rockville, MD 20850. Macrogenics Inc. is incorporated in Delaware and operates in the Pharmaceutical Preparations industry. The filing was submitted on May 9, 2024.

Why It Matters

For investors and stakeholders tracking MACROGENICS INC, this filing contains several important signals. This 10-Q filing provides investors with an update on Macrogenics' financial performance and operational status during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, revenue streams, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — MACROGENICS INC shows moderate risk based on this filing. The company operates in the highly competitive pharmaceutical industry, facing risks related to drug development, regulatory approvals, and market adoption, as evidenced by the nature of a 10-Q filing which details ongoing operations and financial standing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Macrogenics' current financial position and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2024 — Fiscal Year (FILING VALUES)
• Q1 — Quarter (FILING VALUES)

Key Players & Entities

• MACROGENICS INC (company) — FILER
• 0001125345-24-000088 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240509 (date) — FILED AS OF DATE
• 9704 MEDICAL CENTER DRIVE (address) — BUSINESS ADDRESS
• Rockville (location) — CITY
• MD (location) — STATE
• 20850 (postal_code) — ZIP

FAQ

Industry Context

Macrogenics Inc. operates within the pharmaceutical preparations sector, focusing on the development and commercialization of innovative therapeutics.

Regulatory Implications

As a publicly traded pharmaceutical company, Macrogenics Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the revenue breakdown for the quarter ended March 31, 2024.
2. Examine any disclosed changes in the company's cash position and debt levels.
3. Review the Management's Discussion and Analysis section for insights into operational performance and future strategies.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MGNX Nasdaq Global Select Ma

Filing Documents

• mgnx-20240331.htm (10-Q) — 648KB
• mgnxexhibit10-1.htm (EX-10.1) — 39KB
• exhibit31-1q12024.htm (EX-31.1) — 9KB
• exhibit31-2q12024.htm (EX-31.2) — 9KB
• exhibit32-1q12024.htm (EX-32.1) — 4KB
• exhibit32-2q12024.htm (EX-32.2) — 4KB
• 0001125345-24-000088.txt (&nbsp;) — 4176KB
• mgnx-20240331.xsd (EX-101.SCH) — 29KB
• mgnx-20240331_cal.xml (EX-101.CAL) — 43KB
• mgnx-20240331_def.xml (EX-101.DEF) — 175KB
• mgnx-20240331_lab.xml (EX-101.LAB) — 453KB
• mgnx-20240331_pre.xml (EX-101.PRE) — 313KB
• mgnx-20240331_htm.xml (XML) — 435KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and March 31, 2023 (unaudited) Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and March 31, 2023 (unaudited) Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Controls and Procedures

Item 4. Controls and Procedures

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings

Risk Factors

Item 1A. Risk Factors

O ther Information

Item 5. O ther Information

Exhibits

Item 6. Exhibits

Signatures

Signatures

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements that may relate to our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs and other information that is not historical information. Many of these statements appear, in particular, under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Quarterly Report on Form 10-Q. Forward-looking statements can often be identified by the use of terminology such as "subject to", "believe", "anticipate", "plan", "expect", "intend", "estimate", "project", "may", "will", "should", "would", "could", "can", the negatives thereof, variations thereon and similar expressions, or by discussions of strategy. All forward-looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. We believe there is a reasonable basis for our expectations and beliefs, but they are inherently uncertain. We may not realize our expectations, and our beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements. The following uncertainties and factors, among others (including those set forth under "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2023 and "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q), could affect future performance and cause actual results to differ materially from those matters expressed in or implied by forward-looking statements: our plans to develop and commercialize our product candidates; the outcomes of our ongoing and planned clinical trials and the timing of

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MACROGENICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 80,355 $ 100,956 Marketable securities 103,882 128,849 Accounts receivable 7,219 10,367 Inventory, net 1,248 1,221 Prepaid expenses and other current assets 9,871 9,946 Total current assets 202,575 251,339 Property, equipment and software, net 21,296 21,847 Operating lease right-of-use assets 23,229 23,846 Other non current assets 1,185 1,386 Total assets $ 248,285 $ 298,418 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 10,694 $ 6,443 Accrued expenses and other current liabilities 18,148 24,239 Deferred revenue 22,837 21,651 Lease liabilities 4,085 3,775 Total current liabilities 55,764 56,108 Deferred revenue, net of current portion 56,182 59,243 Lease liabilities, net of current portion 29,927 30,196 Other non current liabilities 258 258 Total liabilities 142,131 145,805 Stockholders' equity: Common stock, $ 0.01 par value -- 125,000,000 shares authorized, 62,560,502 and 62,070,627 shares outstanding at March 31, 2024 and December 31, 2023, respectively 626 621 Additional paid-in capital 1,260,505 1,254,750 Accumulated other comprehensive loss ( 35 ) ( 6 ) Accumulated deficit ( 1,154,942 ) ( 1,102,752 ) Total stockholders' equity 106,154 152,613 Total liabilities and stockholders' equity $ 248,285 $ 298,418 See notes to consolidated financial statements. 1 MACROGENICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenues: Collaborative and other agreements $ 1,449 $ 16,686 Product sales, net 4,861 3,490 Contract manufacturing 2,276 3,615 Royalty revenue 160 422 Government agreements 358 283 Total revenues 9,104 24,496 Costs and expenses: C

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. Nature of Operations Description of the business MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company has a pipeline of product candidates designed to target either various tumor-associated antigens or immune checkpoint molecules. These candidates are being evaluated in clinical trials sponsored by the Company or its collaborators or are in preclinical development. The Company's clinical product candidates include multiple oncology programs which have either been created using its proprietary, antibody-based technology platforms or enabled through its technology licensing arrangements with other companies. The Company believes its product candidates have the potential, if approved for marketing by regulatory authorities, to have a meaningful effect on treating patients' unmet medical needs as monotherapy or, in some cases, in combination with other therapeutic agents. To date, three products originating from the Company's pipeline of proprietary or partnered product candidates have received U.S. Food and Drug Administration (FDA) approval. In March 2021, the Company and its commercialization partner commenced U.S. marketing of MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens, at least one of which was for metastatic disease. In November 2022, the FDA approved TZIELD (teplizumab-mzwv) to delay the onset of Stage 3 Type 1 Diabetes (T1D) in adult and pediatric patients aged 8 years and older with Stage 2 T1D. Teplizumab was acquired from the Company by Provention Bio, Inc. (Proven