MacroGenics (MGNX) Q2 2026 earnings summary

Executive summary

• Completed sale of CDMO/manufacturing operations to Bora for $119.6 million–$122.5 million, marking a strategic shift to focus on clinical and preclinical R&D pipeline and reducing workforce to about 140 employees.

• Achieved a $24.5 million regulatory milestone related to TZIELD and recognized increased royalty revenue from ZYNYZ.

• Multiple proprietary and partnered product candidates in clinical and preclinical stages, including ADCs, bispecific antibodies, and T-cell engagers, with key data presentations planned at ESMO 2026.

• Collaborations with Incyte and Gilead continue to provide significant non-dilutive funding, future milestone opportunities, and up to $2.4 billion in potential future payments.

• Achieved significant milestones in clinical development, including progress in MGC026, MGC028, MGC030, and lorigerlimab programs.

Financial highlights

• Total revenue for Q2 2026 was $32.8 million, up from $6.9 million in Q2 2025, driven by a $24.5 million milestone from Sanofi; six-month revenue was $39.6 million, up from $13.9 million year-over-year.

• Net income for Q2 2026 was $19.5 million, compared to a net loss of $36.3 million in Q2 2025, reflecting $89.2 million income from discontinued operations and a $52.8 million non-cash loss on royalty monetization liability.

• Net loss from continuing operations was $69.6 million for Q2 2026, compared to $42.7 million in Q2 2025.

• Cash and cash equivalents at June 30, 2026 were $113.9 million, up from $57.2 million at year-end 2025; pro forma cash, cash equivalents, and marketable securities totaled $327 million including asset sale and milestone proceeds.

• Operating cash outflow for the first half of 2026 was $76.6 million, improved from $93.9 million in the prior year period.

Outlook and guidance

• Cash runway is projected through 2028, supported by recent asset sale proceeds, milestone payments, and ongoing cost-saving initiatives.

• Focus remains on advancing the clinical and preclinical pipeline, with anticipated additional milestone and royalty payments from partners.

• Preliminary clinical results for MGC028 expected in late 2026; updated lorigerlimab study results anticipated in H1 2027.