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MacroGenics Inc. (MGNX-3.69%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial results showing total revenue of $150 million for 2024, a significant increase from $58.7 million in 2023. This increase was primarily driven by milestone payments under the Incyte License Agreement.
The company reported a net loss of $67 million for 2024, compared to a net loss of $9 million in 2023. The increase in net loss was due to higher research and development expenses and a one-time gain on royalty monetization recognized in 2023.
MacroGenics' research and development expenses increased to $177.2 million in 2024 from $166.6 million in 2023, reflecting continued investment in clinical development programs, including lorigerlimab and MGC028.
The company reported selling, general, and administrative expenses of $71 million in 2024, up from $52.2 million in 2023, primarily due to an amendment fee paid to Eversana related to the sale of MARGENZA.
In November 2024, MacroGenics sold global rights to MARGENZA to TerSera Therapeutics LLC for $40 million, recognizing a gain of $36.3 million from the transaction.
MacroGenics ended 2024 with $201.7 million in cash, cash equivalents, and marketable securities, and anticipates that its current resources will fund operations into the second half of 2026.
The company continues to focus on advancing its clinical-stage product candidates, including lorigerlimab, MGC026, and MGC028, as well as its collaboration with Gilead Sciences on the development of MGD024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MacroGenics Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.