MacroGenics Q2: $327M Pro Forma Cash, Gilead Option Exercise, Pipeline Advances
MGNX has more than doubled off its 52-week low of $1.29.
Summary
MacroGenics reported Q2 results with $32.8M revenue and $19.5M net income, highlighted by a $327M pro forma cash position and Gilead's $10M option exercise.
Key Events · Earnings and Guidance · MGNX
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Q2 Revenue Miss, Net Income Positive
Revenue of $32.8M missed consensus of $67.5M, but net income of $19.5M was driven by $89.2M income from discontinued operations related to the manufacturing sale.
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Pro Forma Cash $327M, Runway Through 2028
Pro forma cash, cash equivalents, and marketable securities totaled $327M as of June 30, 2026, including $119.6M from Bora, $24.5M Sanofi milestone, and $10M Gilead option exercise.
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Gilead Option Exercise Triggers $10M
Gilead exercised its option to license a preclinical bispecific program under the 2022 collaboration, triggering a $10.0M payment to MacroGenics.
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Pipeline Advances: MGC030 and MGD032
MGC030 IND cleared ahead of schedule with first patient expected in Q3 2026; MGD032 nominated as next-generation TCE advancing to IND-enabling studies.
Analysis · MGNX · Life Sciences
MacroGenics reported Q2 revenue of $32.8M, missing consensus by over half, but posted net income of $19.5M driven by the $122.5M manufacturing sale. The company's pro forma cash position of $327M extends runway through 2028, and a new $10M milestone from Gilead's option exercise adds near-term capital. Pipeline updates include MGC030 IND clearance and MGD032 nomination, positioning the company for multiple clinical catalysts.
At the time of this filing, MGNX was trading at $3.97 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $259.3M. The 52-week trading range was $1.29 to $5.08. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.