MacroGenics has strengthened its financial position through a strategic $70 million royalty purchase agreement with Sagard Healthcare Partners, providing the clinical-stage biopharmaceutical company with extended cash runway through the first half of 2027 as it advances its oncology pipeline.
The Rockville, Maryland-based company sold its royalty rights on global net sales of ZYNYZ (retifanlimab-dlwr), a PD-1 inhibitor originally developed by MacroGenics and licensed to Incyte Corporation in 2017. Under the agreement terms, MacroGenics will resume collecting all future royalties after Sagard receives aggregate payments totaling $140 million, representing a 2.0x return on investment.
Leadership Transition and Strategic Focus
Eric Risser has been appointed as MacroGenics' new President and CEO, succeeding Scott Koenig who stepped down after 24 years of leadership. Risser, who previously served as Chief Operating Officer and led corporate development efforts that generated over $550 million in non-dilutive capital over three years, outlined key strategic priorities for 2025 and 2026.
"Over the past several years, MacroGenics has established itself as a pioneer in the field of antibody-based therapeutics for patients battling cancer," Risser said. "We intend to drive MacroGenics to become an even more focused and capital-efficient biotechnology company as we advance our pipeline."
Pipeline Development Progress
The company is advancing multiple programs across its antibody-drug conjugate (ADC) and bispecific platforms. Lorigerlimab, a bispecific PD-1 × CTLA-4 DART molecule, is being evaluated in two Phase 2 studies. The LORIKEET study, which enrolled 150 patients with metastatic castration-resistant prostate cancer, was fully enrolled in late 2024 with clinical updates expected in the second half of 2025. The LINNET study is evaluating lorigerlimab monotherapy in 60 patients with platinum-resistant ovarian cancer or clear cell gynecologic cancer.
MacroGenics' emerging ADC pipeline includes three candidates incorporating novel glycan-linked topoisomerase I inhibitor payloads developed in collaboration with Synaffix. MGC026 targets B7-H3, an antigen broadly expressed across solid tumors, and is currently in Phase 1 dose escalation with expansion studies planned for the second half of 2025. MGC028 targets ADAM9, overexpressed in multiple cancers, and is also in Phase 1 evaluation. The company plans to submit an Investigational New Drug application for MGC030, targeting an undisclosed solid tumor antigen, in 2026.
Financial Performance and Outlook
MacroGenics reported cash, cash equivalents and marketable securities of $176.5 million as of June 30, 2025, compared to $201.7 million at year-end 2024. Total revenue for the second quarter reached $22.2 million, compared to $10.8 million in the prior year period, driven primarily by increased contract manufacturing revenue of $15.4 million.
Research and development expenses decreased to $40.8 million from $51.7 million year-over-year, primarily due to reduced costs related to vobramitamab duocarmazine development and decreased manufacturing costs for MGC028. Net loss improved to $36.3 million compared to $55.7 million in the second quarter of 2024.
Partnership Portfolio
Beyond ZYNYZ, MacroGenics maintains several strategic partnerships. The company continues developing MGD024, a CD123 × CD3 DART molecule, under a collaboration with Gilead Sciences that could generate up to $1.7 billion in milestone payments. TZIELD (teplizumab-mzwv), a CD3-targeting antibody sold to a partner subsequently acquired by Sanofi, received FDA approval in 2022 for delaying Stage 3 type 1 diabetes onset, with European and Chinese regulatory decisions anticipated in the second half of 2025.
The company's strategic priorities include determining the development path for lorigerlimab based on ongoing study data, advancing MGC026 and MGC028 to clinical proof-of-concept, initiating IND-enabling studies for two new candidates, and forging partnerships to accelerate development while improving financial position through enhanced operational efficiency and asset monetization.
