Executive Summary

Q1 2025 revenue was $13.2M, up 45% year over year; net loss improved to $41.0M and diluted EPS was ($0.65) .
Both revenue and EPS beat Wall Street consensus: revenue $13.19M vs $9.59M estimate, and EPS ($0.65) vs ($0.72) estimate; 6 estimates for each metric. Bold beats reflect positive surprise. Values retrieved from S&P Global.*
Cash and marketable securities were $154.1M at 3/31/2025; management reiterated cash runway into 2H 2026 and subsequently extended runway to 1H 2027 via a ZYNYZ royalty monetization announced on June 10, 2025 .
Strategic progress: first patient dosed in the LINNET Phase 2 lorigerlimab study (ovarian/clear cell gynecologic); LORIKEET (mCRPC) clinical update expected 2H 2025; ADC pipeline advancing (MGC026, MGC028, MGC030) .

What Went Well and What Went Wrong

What Went Well

Revenue growth and operating leverage: total revenue rose to $13.2M (+$4.1M YoY), driven by higher collaborative/other agreements and contract manufacturing revenue; SG&A and R&D both declined YoY, narrowing net loss by $11.2M .
Pipeline execution: first patient dosed in LINNET (PROC/CCGC) and fully enrolled LORIKEET; ADC programs MGC026 and MGC028 progressing with 2025 dose expansion planned for MGC026 .
- “We are focused on continued clinical execution this year and look forward to sharing our progress, including a clinical update from the LORIKEET Phase 2 study in the second half of 2025.” — Scott Koenig, CEO .
Post-quarter liquidity enhancement: ZYNYZ royalty monetization brought $70M upfront, extending runway through 1H 2027 .

What Went Wrong

Cash burn: cash fell from $201.7M (12/31/2024) to $154.1M (3/31/2025), reflecting investment in clinical programs and lower product sales after MARGENZA divestiture .
Loss from operations remained sizable at ($42.6M) despite cost controls; contract manufacturing costs stepped up (reflecting mix) .
No Q1 conference call: management did not host a Q1 earnings call, limiting real-time guidance elaboration and Q&A; call may resume in future .

Financial Results

Income Statement Comparison

Metric	Q1 2024	Q1 2025
Revenue ($USD Millions)	$9.10	$13.19
Loss from Operations ($USD Millions)	($53.75)	($42.62)
Net Loss ($USD Millions)	($52.19)	($41.04)
Diluted EPS ($USD)	($0.84)	($0.65)
R&D Expense ($USD Millions)	$46.03	$39.70
SG&A Expense ($USD Millions)	$14.71	$10.72

Revenue Breakdown

Revenue Component ($USD Millions)	Q1 2024	Q1 2025
Collaborative and Other Agreements	$1.61	$7.04
Product Sales, Net	$4.86	$0.00
Contract Manufacturing	$2.28	$6.15
Government Agreements	$0.36	$0.00
Total Revenues	$9.10	$13.19

Balance Sheet Snapshot

Metric ($USD Millions)	Dec 31, 2024	Mar 31, 2025
Cash, Cash Equivalents & Marketable Securities	$201.67	$154.14
Total Assets	$261.66	$224.57
Deferred Revenue	$71.82	$71.56
Total Stockholders’ Equity	$116.06	$79.12

Selected KPIs and Margins

KPI/Margin	Q1 2024	Q1 2025
Net Income Margin (%)	(−573.5%)	(−311.1%)
Cost of Manufacturing Services ($USD Millions)	$1.85	$5.40
Shares Outstanding (period-end)	62.29M (avg)	63.09M (end)

Note: Net Income Margin computed from GAAP net loss divided by total revenue using disclosed figures; citations reference source tables .

Estimate Comparison (Q1 2025)

Metric	Actual	Consensus
Revenue ($USD)	$13,192,000	$9,592,500*
Primary EPS ($USD)	($0.65)	($0.72)*
# of Estimates (Revenue / EPS)	—	6 / 6*

Values retrieved from S&P Global.*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	As of 3/31/2025	Into second half of 2026	Through first half of 2027 (post 6/10/25 royalty monetization)	Raised

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Lorigerlimab (LORIKEET mCRPC)	Enrollment near completion; rPFS update expected 1H 2025	Enrollment completed; update in 2H 2025, event-driven	Update expected in 2H 2025	Stable timing; emphasis on event accrual
Lorigerlimab (LINNET PROC/CCGC)	Planned initiation by mid-2025	Plan reaffirmed	First patient dosed	Progressing to execution
ADC Pipeline (MGC026, MGC028, MGC030)	MGC026 Phase 1; MGC028 IND filed	First patient dosed in MGC028; 2025 expansion expected for MGC026	Portfolio advancing; expansion for MGC026 expected in 2025	Continued advancement
MGD024 (CD123×CD3; Gilead option)	Ongoing Phase 1; predefined opt-in points	Dose escalation slow per FDA; potential 2025 data	Ongoing; status unchanged	Gradual progress
Capital & Runway	Cash $200.4M at 9/30/24; runway into 2026	Cash $201.7M at 12/31/24; runway into 2H 2026	Cash $154.1M at 3/31/25; runway into 2H 2026; later extended to 1H 2027 via ZYNYZ royalty deal	Neutral in Q1; positive post-quarter

Management Commentary

“We are focused on continued clinical execution this year and look forward to sharing our progress, including a clinical update from the LORIKEET Phase 2 study in the second half of 2025.” — Scott Koenig, President & CEO .
LINNET rationale and design: monotherapy in PROC/CCGC (ORR primary; PFS/DoR secondary); targeting dual PD-1/CTLA-4 TILs for differentiated efficacy/tolerability .
ADC strategy: MGC026 (B7-H3) and MGC028 (ADAM9) leveraging TOP1 inhibitor payloads with anticipated dose expansion and broad solid tumor applicability .
Partnered assets: ZYNYZ sBLA (SCAC) approval anticipated 2H 2025; TZIELD regulatory decisions expected in EU/China 2H 2025; potential milestones remain .

Q&A Highlights

Note: The company did not host a Q1 2025 conference call . Relevant themes from the Q4 2024 call:

LORIKEET timing and endpoints: rPFS update in 2H 2025; ORR may be disclosed earlier depending on event accrual .
LINNET indication rationale: unmet need in PROC/CCGC; mechanism targets co-expressing PD-1/CTLA-4 TILs; anticipated tolerability benefits vs traditional CTLA-4 combinations .
ADC differentiation: MGC026 vs vobra duo payload/linker; potential to avoid specific toxicities (e.g., portal vein issues); indication prioritization to be data-driven .
MGD024 progression: slow dose escalation by design; approaching meaningful dose levels; Gilead option timing uncertain but potential in 2025 .

Estimates Context

Q1 2025 results exceeded consensus: revenue $13.19M vs $9.59M estimate; EPS ($0.65) vs ($0.72) estimate; 6 estimates for both metrics.*
Implication: Street models likely need to lift near-term revenue assumptions for collaboration/contract manufacturing contributions and adjust EPS given lower R&D/SG&A spend. Values retrieved from S&P Global.*

Key Takeaways for Investors

Beat on both top line and EPS with improved YoY loss profile; operating cost reductions are taking hold while collaboration/manufacturing revenues offset MARGENZA divestiture headwinds .
Clinical execution remains the core near-term catalyst: LINNET dosing initiated; LORIKEET update in 2H 2025 will be pivotal for lorigerlimab’s profile in mCRPC .
ADC pipeline breadth is a key strategic hedge: MGC026 and MGC028 advancing with potential 2025 expansions; watch for early activity/tolerability signals guiding indication prioritization .
Liquidity is strengthened post-quarter: $70M ZYNYZ royalty monetization extends runway to 1H 2027, reducing financing overhang amid continued R&D investment .
No Q1 call limits guidance specificity; however, press release disclosures provide adequate visibility on runway and program milestones; anticipate more detail as LORIKEET events accrue .
Partnered programs (Incyte/Sanofi) could create milestone upside in 2H 2025, adding non-dilutive capital and validating platform .
Trading lens: expect sentiment tethered to LORIKEET event accrual updates and ADC clinical progress; potential rerating on favorable LORIKEET efficacy/tolerability signals .

Sources: Company press releases and 8‑K for Q1 2025, Q4 2024, and post‑quarter updates; Q3/Q4 2024 earnings call transcripts; S&P Global consensus for Q1 2025.

Citations:

Q1 2025 press release:
Q1 2025 8‑K & Exhibits:
Q4 2024 press release:
Q3 2024 call:
Q4 2024 call:
Q1 2025 release date PR:
ZYNYZ royalty monetization PR (post-quarter):

S&P Global Estimates: Values retrieved from S&P Global.*

MACROGENICS INC (MGNX)·Q1 2025 Earnings Summary