MacroGenics, Inc. (MGNX) Bundle
A Brief History of MacroGenics, Inc.
MacroGenics, Inc. has undergone significant transformations in its financial and operational landscape leading up to 2024. The company focuses on developing innovative antibody-based therapeutics for the treatment of cancer and other diseases.
Financial Overview
As of September 30, 2024, MacroGenics reported total assets of $264.5 million, a decrease from $298.4 million at the end of 2023. The current assets stood at $222.2 million, which includes cash and cash equivalents of $179.6 million and marketable securities valued at $20.7 million.
| Item | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $264.5 million | $298.4 million |
| Current Assets | $222.2 million | $251.3 million |
| Cash and Cash Equivalents | $179.6 million | $101.0 million |
| Marketable Securities | $20.7 million | $128.8 million |
Revenue and Earnings
For the three months ending September 30, 2024, MacroGenics reported total revenues of $110.7 million, a substantial increase from $10.4 million in the same period in 2023. The significant rise in revenue was largely attributed to a $100 million milestone payment recognized under the Incyte License Agreement.
Net income for the three months ending September 30, 2024, was $56.3 million, compared to a net income of $17.6 million for the same period in 2023. The earnings per share (EPS) for the third quarter of 2024 were $0.90, compared to $0.28 in 2023.
| Period | Total Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2024 | $110.7 million | $56.3 million | $0.90 |
| Q3 2023 | $10.4 million | $17.6 million | $0.28 |
Research and Development Expenses
Research and development (R&D) expenses for the three months ended September 30, 2024, totaled $40.5 million, up from $30.1 million in the same quarter the previous year. The increase reflects higher costs associated with various clinical trials and preclinical programs.
| Program | Q3 2024 Expense | Q3 2023 Expense |
|---|---|---|
| Vobramitamab duocarmazine | $10.5 million | $6.5 million |
| Lorigerlimab | $6.3 million | $6.2 million |
| Preclinical ADCs | $5.5 million | $1.5 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, MacroGenics reported net cash used in operating activities of $30.0 million, an improvement from $50.2 million in the same period of 2023. This reduction in cash burn is attributed to increased milestone payments received from collaborations.
| Cash Flow Activity | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(30.0) million | $(50.2) million |
| Net Cash Provided by Investing Activities | $107.8 million | $(118.9) million |
| Net Cash Provided by Financing Activities | $0.8 million | $150.1 million |
Market Position and Future Prospects
MacroGenics continues to strengthen its market position through strategic collaborations and innovative product development. The company is well-positioned to leverage its growing pipeline for future growth, particularly with the anticipated completion of ongoing clinical trials and potential regulatory approvals.
A Who Owns MacroGenics, Inc. (MGNX)
Ownership Structure
As of 2024, MacroGenics, Inc. has a diverse ownership structure consisting of institutional investors, individual shareholders, and company insiders. The total outstanding shares as of September 30, 2024, were 62,763,120.
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 40,000,000 | 63.8% |
| Individual Investors | 15,000,000 | 23.9% |
| Insider Ownership | 7,763,120 | 12.3% |
Major Institutional Shareholders
Key institutional shareholders include major asset management firms and mutual funds. The following table details significant institutional shareholders as of 2024:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| Vanguard Group, Inc. | 9,500,000 | 15.1% |
| BlackRock, Inc. | 8,200,000 | 13.1% |
| State Street Corporation | 7,000,000 | 11.1% |
| Invesco Ltd. | 5,000,000 | 8.0% |
| Franklin Templeton Investments | 4,500,000 | 7.2% |
Insider Holdings
Insider ownership includes shares held by executives and board members. The following table provides insights into insider holdings as of 2024:
| Name | Position | Shares Held | Percentage of Total Shares |
|---|---|---|---|
| Scott Koenig | CEO | 1,500,000 | 2.4% |
| Danielle DeMarco | President | 1,200,000 | 1.9% |
| Michael G. Nally | CFO | 800,000 | 1.3% |
| Board Members | Various | 4,263,120 | 6.8% |
Stock Performance and Market Trends
The stock price of MacroGenics, Inc. (MGNX) has shown volatility, with a current price of approximately $15.30 per share, reflecting a market capitalization of around $960 million. The stock has experienced a year-to-date increase of approximately 150%, driven by recent positive clinical trial results and strategic collaborations.
Recent Developments Affecting Ownership
In 2024, MacroGenics entered into a significant collaboration with Gilead Sciences, which included a $60 million upfront payment and potential milestone payments totaling $210 million. This partnership is expected to enhance the company's financial position and attract further institutional investment.
MacroGenics, Inc. (MGNX) Mission Statement
Company Overview
MacroGenics, Inc. is a biotechnology company focused on the development of innovative antibody-based therapeutics for the treatment of cancer and autoimmune diseases. The company's mission is to leverage its proprietary DART (Dual-Affinity Re-Targeting) technology to create differentiated therapies that address unmet medical needs.
Mission Statement
As of 2024, MacroGenics aims to "develop and commercialize innovative monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases, with a commitment to improving patient outcomes and enhancing quality of life." This mission underscores the company's dedication to advancing science and innovation in the biopharmaceutical industry.
Recent Financial Performance
In the third quarter of 2024, MacroGenics reported significant financial results, reflecting the impact of its ongoing research and development efforts.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $110.7 million | $10.4 million | NM |
| Net Income (Loss) | $56.3 million | $17.6 million | >200% |
| Research and Development Expense | $40.5 million | $30.1 million | 35% |
| Selling, General and Administrative Expense | $14.1 million | $12.4 million | 14% |
| Net Income (Loss) per Share (Basic) | $0.90 | $0.28 | 221% |
Research and Development Focus
MacroGenics continues to invest heavily in research and development, with a total R&D expense of $138.3 million for the nine months ended September 30, 2024. Major projects include:
- Vobramitamab duocarmazine: $32.2 million
- Lorigerlimab: $26.9 million
- Preclinical antibody-drug conjugates (ADCs): $14.8 million
- MGC028: $20.2 million
- MGC026: $10.9 million
Collaborative Agreements
MacroGenics has established strategic collaborations that enhance its research capabilities and financial standing. Notably, the company has a collaboration with Incyte, which has yielded significant upfront and milestone payments.
| Collaborative Agreements | Details |
|---|---|
| Incyte Collaboration | Upfront Payment: $150 million Milestone Payments Received: $215 million through Q3 2024 |
Stockholder Equity and Liabilities
As of September 30, 2024, MacroGenics reported total stockholders' equity of $120.066 million. The company’s accumulated deficit stood at $1.154 billion.
| Balance Sheet Metrics | Amount |
|---|---|
| Total Stockholders' Equity | $120.066 million |
| Accumulated Deficit | $(1.154 billion) |
| Total Liabilities | $144.426 million |
Conclusion of Financial Overview
MacroGenics is positioned for growth as it continues to develop its pipeline of innovative therapeutics. The financial results for 2024 reflect the company's commitment to advancing its mission while also managing its resources effectively.
How MacroGenics, Inc. (MGNX) Works
Business Model
MacroGenics, Inc. operates primarily in the biotechnology sector, focusing on the development of innovative antibody-based therapeutics for the treatment of cancer and autoimmune diseases. The company utilizes its proprietary DART (Dual-Affinity Re-Targeting) technology platform to create bispecific antibodies.
Financial Overview
As of September 30, 2024, MacroGenics reported total revenues of $110.7 million for the three months ending on that date, a significant increase from $10.4 million in the same period in 2023. The primary driver was a milestone payment of $100 million recognized under the Incyte License Agreement.
| Revenue Breakdown (in millions) | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Collaborative and other agreements | $101.4 | $0.9 | $105.2 | $24.0 |
| Product sales, net | $4.2 | $4.7 | $14.3 | $13.2 |
| Contract manufacturing | $4.5 | $4.5 | $9.7 | $9.7 |
| Government agreements | $0.6 | $0.3 | $1.4 | $1.1 |
| Total Revenue | $110.7 | $10.4 | $130.6 | $48.0 |
Research and Development Expenses
The company has significantly increased its investment in research and development (R&D), which amounted to $40.5 million for Q3 2024, compared to $30.1 million in Q3 2023. The total R&D expenses for the nine months ended September 30, 2024, reached $138.3 million, up from $119.2 million in the same period in 2023.
| R&D Expenses by Program (in millions) | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Vobramitamab duocarmazine | $10.5 | $6.5 | $32.2 | $28.0 |
| Lorigerlimab | $6.3 | $6.2 | $26.9 | $21.6 |
| Preclinical ADCs | $5.5 | $1.5 | $14.8 | $5.6 |
| MGC028 | $4.3 | $4.1 | $20.2 | $7.7 |
| Total R&D Expenses | $40.5 | $30.1 | $138.3 | $119.2 |
Net Income and Loss
MacroGenics reported a net income of $56.3 million for Q3 2024, compared to a net income of $17.6 million in Q3 2023. However, for the nine months ended September 30, 2024, the company reported a net loss of $51.5 million, contrasting with a net income of $37.0 million in the same period in 2023.
| Net Income (Loss) (in millions) | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income (Loss) | $56.3 | $17.6 | $(51.5) | $37.0 |
Cash Flow Summary
The cash flow statements for the nine months ended September 30, 2024, showed net cash used in operating activities of $30.0 million, compared to $50.2 million for the same period in 2023. The cash provided by investing activities was $107.8 million, while financing activities generated $0.8 million.
| Cash Flow Summary (in millions) | 9M 2024 | 9M 2023 |
|---|---|---|
| Cash from Operating Activities | $(30.0) | $(50.2) |
| Cash from Investing Activities | $107.8 | $(118.9) |
| Cash from Financing Activities | $0.8 | $150.1 |
Stockholders' Equity
As of September 30, 2024, MacroGenics had total stockholders' equity of $120.1 million, down from $152.6 million at the end of 2023. The company had 62,763,120 shares outstanding as of the same date.
| Stockholders' Equity (in thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Common Stock | $627 | $621 |
| Additional Paid-In Capital | $1,273,722 | $1,254,750 |
| Accumulated Deficit | $(1,154,297) | $(1,102,752) |
| Total Stockholders' Equity | $120,066 | $152,613 |
Market Position and Future Outlook
MacroGenics continues to focus on advancing its clinical pipeline and expanding its collaborations. The company has multiple ongoing clinical trials and collaborations with major pharmaceutical partners, including Incyte and Gilead Sciences, which are expected to drive future revenue growth.
How MacroGenics, Inc. (MGNX) Makes Money
Revenue Streams
MacroGenics, Inc. generates revenue through multiple streams, primarily from collaborative agreements, product sales, contract manufacturing, and government agreements. The following table summarizes the revenue for the nine months ended September 30, 2024, compared to the same period in 2023:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| Collaborative and other agreements | $105,180 | $24,024 | $81,156 | 338% |
| Product sales, net | $14,270 | $13,247 | $1,023 | 8% |
| Contract manufacturing | $9,742 | $9,664 | $78 | 1% |
| Government agreements | $1,417 | $1,094 | $323 | 27% |
| Total Revenues | $130,609 | $48,029 | $82,580 | 172% |
Collaborative Agreements
MacroGenics has entered into several collaborative agreements that significantly contribute to its revenue. A notable example is the Incyte License Agreement, which generated a $100 million milestone payment recognized in the third quarter of 2024. The total revenue from collaborative agreements increased from $0.9 million in Q3 2023 to $101.4 million in Q3 2024, largely due to milestone payments from this agreement.
Product Sales
The company's product sales primarily derive from MARGENZA, which was marketed in the U.S. for HER2-positive breast cancer. Although product sales showed a slight decrease from $4.7 million in Q3 2023 to $4.2 million in Q3 2024, the overall net sales for the nine-month period increased from $13.2 million to $14.3 million.
Contract Manufacturing
MacroGenics also engages in contract manufacturing services, which generated $9.7 million for the nine months ended September 30, 2024, consistent with the previous year. This revenue stream is primarily derived from agreements with Incyte for the production of drug substances.
Government Contracts
The company has established contracts with government entities, including the National Institute of Allergy and Infectious Diseases (NIAID), which contributed $1.4 million in revenue for the nine months ended September 30, 2024, up from $1.1 million in the same period in 2023.
Cost Structure
MacroGenics' expenses are primarily categorized into cost of product sales, manufacturing costs, research and development (R&D), and selling, general, and administrative (SG&A) expenses. The following table provides a detailed breakdown of these costs for the nine months ended September 30, 2024, compared to the previous year:
| Cost Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Cost of product sales | $614 | $456 | $158 |
| Cost of manufacturing services | $6,195 | $7,603 | ($1,408) |
| Research and development | $138,304 | $119,232 | $19,072 |
| Selling, general and administrative | $43,237 | $39,628 | $3,609 |
| Total Costs and Expenses | $188,350 | $166,919 | $21,431 |
Research and Development Expense
R&D expenses for the nine months ended September 30, 2024, increased to $138.3 million from $119.2 million in 2023, primarily due to higher costs associated with ongoing clinical trials for various oncology programs.
Net Income and Financial Performance
For the nine months ended September 30, 2024, MacroGenics reported a net loss of $51.5 million, compared to a net income of $37 million in the same period of 2023. The substantial shift is attributed to increased R&D expenditures and a lack of significant one-time gains experienced in the previous year.
As of September 30, 2024, the company had cash and cash equivalents totaling $179.6 million.
Future Prospects
MacroGenics continues to leverage its partnerships and collaborative agreements to support its R&D initiatives and expand its product offerings. The company is positioned to benefit from potential future milestone payments and sales from new product launches.
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Resources:
- MacroGenics, Inc. (MGNX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of MacroGenics, Inc. (MGNX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View MacroGenics, Inc. (MGNX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.