MacroGenics Reports $72.8 Million Revenue in Q3 2025, Down 34% Year-Over-Year

MacroGenics, Inc. reported a total revenue of $72.8 million for the third quarter of 2025, a decrease of 34% compared to $110.7 million in the same period of 2024. The decline was primarily attributed to a significant reduction in milestone revenue from collaborative agreements, particularly a $100 million milestone recognized in the prior year under the Incyte License Agreement, which was not repeated in the current quarter. Additionally, the company experienced a complete cessation of product sales following the sale of global rights to its product MARGENZA to TerSera Therapeutics in November 2024. Contract manufacturing revenue, however, increased substantially by 340% to $19.8 million, reflecting higher production volumes.

For the nine months ended September 30, 2025, MacroGenics reported total revenues of $108.3 million, down 17% from $130.6 million in the same period of 2024. The decrease was similarly driven by the absence of milestone payments and reduced product sales, offset by increased contract manufacturing revenue and additional revenue recognized under the Gilead Agreement. The company’s net loss for the third quarter was $16.8 million, a significant decrease from a net income of $56.3 million in the prior year, while the nine-month net loss widened to $60.5 million from $51.5 million.

In terms of operational developments, MacroGenics has continued to advance its clinical pipeline, focusing on three proprietary product candidates: lorigerlimab, MGC026, and MGC028. The company has also entered into a Royalty Purchase Agreement with Sagard Healthcare Partners, receiving $70 million in exchange for future royalties on ZYNYZ, which will be amortized over the life of the agreement. As of September 30, 2025, MacroGenics had cash and cash equivalents of $80.1 million, down from $182.8 million at the end of 2024, reflecting ongoing investments in research and development.

The company’s total liabilities increased to $203.8 million from $145.6 million at the end of 2024, largely due to the new liability related to future royalties. Stockholders' equity decreased to $67.0 million from $116.1 million, primarily due to the accumulated deficit, which reached $1.23 billion. Looking ahead, MacroGenics anticipates that its current resources, combined with projected revenues from collaborations and cost-saving measures, will support its operations into late 2027. However, the company acknowledges that it may need to seek additional capital to fund ongoing research and development activities, which could impact its operational plans if not secured.