Executive Summary

Q2 2025 revenue was $22.24M, up 106% YoY on a surge in contract manufacturing, but below Wall Street consensus of $28.06M; GAAP EPS was -$0.57 vs consensus -$0.47, both misses as OpEx remained elevated despite sequential improvement . Consensus values from S&P Global: Revenue $28.06M*, EPS -$0.47*, based on 6 and 7 estimates, respectively*.
Operating loss narrowed materially YoY to -$36.76M (from -$58.18M) on higher CDMO activity and lower R&D/SG&A; net loss improved to -$36.25M vs -$55.66M YoY and -$41.04M in Q1 2025 .
Liquidity strengthened: cash and marketable securities were $176.5M at 6/30, with cash runway extended through 1H 2027, supported by a $70M upfront from a ZYNYZ royalty monetization executed in June 2025 .
Strategic focus under new CEO Eric Risser: prioritize data-driven decision on lorigerlimab (LORIKEET/LINNET), advance ADCs (MGC026 dose expansion 2H25; MGC028 Phase 1 ongoing; MGC030 IND in 2026), and pursue partnerships/asset monetization to improve financial position .

What Went Well and What Went Wrong

What Went Well

Contract manufacturing (CDMO) strength: Contract manufacturing revenue rose to $15.37M in Q2 2025 from $2.89M in Q2 2024 as volumes increased, driving total revenue growth to $22.24M (vs $10.80M) .
Cost discipline: R&D fell to $40.79M (from $51.73M YoY) and SG&A decreased to $9.30M (from $14.42M YoY), reflecting portfolio prioritization and reduced commercialization costs post-MARGENZA divestiture .
Balance sheet/runway improved: $176.5M cash and equivalents at 6/30/25 and runway through 1H 2027, aided by the $70M Sagard royalty sale on ZYNYZ .

Management quote: “We intend to drive MacroGenics to become an even more focused and capital-efficient biotechnology company as we advance our pipeline.” — Eric Risser, President & CEO .

What Went Wrong

Missed Street estimates: Revenue $22.24M vs $28.06M consensus* and EPS -$0.57 vs -$0.47 consensus*, missing on both top and bottom line. Estimate counts: 6 (revenue) and 7 (EPS)*. Values retrieved from S&P Global. Actuals from 8-K .
Product sales eliminated post-MARGENZA sale: Net product sales were $0 in Q2 2025 vs $5.25M in Q2 2024, increasing reliance on collaboration and CDMO revenue streams .
Continued operating losses: Despite improvement, operating loss remained sizable at -$36.76M, reflecting ongoing R&D investment and scale-up of ADC/lorigerlimab programs .

Financial Results

Headline Financials vs Prior Periods

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$10.80	$13.19	$22.24
Operating Income (Loss) ($USD Millions)	-$58.18	-$42.62	-$36.76
Net Income (Loss) ($USD Millions)	-$55.66	-$41.04	-$36.25
Diluted EPS ($)	-$0.89	-$0.65	-$0.57

Growth/Change

Metric	YoY (Q2 25 vs Q2 24)	QoQ (Q2 25 vs Q1 25)
Revenue Growth %	+106.1% (from $10.80M to $22.24M)	+68.8% (from $13.19M to $22.24M)
EPS Δ ($)	+$0.32 (from -$0.89 to -$0.57)	+$0.08 (from -$0.65 to -$0.57)

Q2 2025 Actual vs Consensus (S&P Global)

Metric	Actual (Q2 2025)	Consensus (Q2 2025)*	Surprise
Revenue ($USD)	$22.24M	$28.06M*	-$5.82M (Miss)
EPS ($)	-$0.57	-$0.4703*	-$0.10 (Miss)
Estimates (#)	—	Revenue: 6, EPS: 7	—

Values marked with * retrieved from S&P Global.

Revenue Mix (Selected lines)

Revenue Line ($USD ‘000s)	Q2 2024	Q2 2025
Collaborative and other agreements	$2,163	$6,869
Product sales, net	$5,248	$0
Contract manufacturing	$2,893	$15,372
Government agreements	$493	$0
Total Revenues	$10,797	$22,241

KPIs and Balance Sheet

KPI	Dec 31, 2024	Jun 30, 2025
Cash, cash equivalents & marketable securities ($USD ‘000s)	$201,667	$176,486
Total assets ($USD ‘000s)	$261,655	$245,416
Deferred revenue ($USD ‘000s)	$71,822	$63,617
Total stockholders’ equity ($USD ‘000s)	$116,057	$46,618
Shares outstanding (end of period)	62,819,857 (12/31/24)	63,205,703 (6/30/25)

Notes: The June 2025 cash balance and extended runway reflect the $70M upfront from Sagard’s royalty purchase agreement on ZYNYZ executed in Q2 2025 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Company-level	Into 2H 2026 (as of Q1 2025)	Through 1H 2027 (as of Q2 2025)	Raised/Extended
LORIKEET (lorigerlimab) clinical update	2025	2H 2025	2H 2025	Maintained
MGC026 (B7-H3 ADC)	2025	Dose expansion expected in 2025	Dose expansion to initiate in 2H 2025	Narrowed timing
MGC030 (ADC) IND	2026	2026 IND planned	2026 IND planned	Maintained

No quantitative revenue/OpEx/tax guidance was provided in Q2 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Lorigerlimab strategy	LORIKEET fully enrolled; LINNET initiated/dosed first patient; update expected 2H 2025	CEO emphasizes decision on development path after LORIKEET/LINNET data	Data-driven focus, decision point approaching
ADC pipeline (MGC026/028/030)	Advancing ADCs; MGC026 dose expansion expected 2025; MGC028 Phase 1 ongoing; MGC030 IND 2026	MGC026 dose expansion planned 2H 2025; MGC028 Phase 1 ongoing; MGC030 IND 2026 reaffirmed	Execution progressing; timelines refined
Monetization/financing	Runway into 2H 2026; cost-saving measures	$70M ZYNYZ royalty monetization; runway to 1H 2027	Improved liquidity
Partnered programs	MGD024 with Gilead option; ZYNYZ sBLA (SCAC) anticipated 2H 2025; TZIELD EU/China decisions 2H 2025	MGD024 eligibility to up to $1.7B milestones reiterated; ZYNYZ/TZIELD regulatory timeline reiterated	Steady external catalysts
CDMO activity	Not highlighted as a growth driver previously	Contract manufacturing revenue up sharply YoY	Positive contribution

Management Commentary

Strategic focus: “Forge partnerships and collaborations to accelerate development… Improve MacroGenics’ financial position through… collaboration revenue, and monetization of assets.” — Eric Risser, President & CEO .
Pipeline priorities: Determine lorigerlimab path post LORIKEET/LINNET; advance MGC026/MGC028 to clinical proof-of-concept; MGC030 IND in 2026 .
Financial posture: Cash runway to 1H 2027, supported by $70M ZYNYZ royalty sale; ongoing cost reductions .

Selected quotes:

“We intend to drive MacroGenics to become an even more focused and capital-efficient biotechnology company as we advance our pipeline.” — Eric Risser .
“Improve MacroGenics’ financial position through a combination of enhanced operational efficiency, collaboration revenue, and monetization of assets.” .

Q&A Highlights

No Q2 2025 earnings call transcript was available in the document catalog; in Q1 2025, the company explicitly stated it would not host a conference call . No additional Q&A clarifications beyond the press release disclosures were identified for Q2.

Estimates Context

Q2 2025 actuals vs consensus (S&P Global): Revenue $22.24M vs $28.06M*; EPS -$0.57 vs -$0.4703*; both misses. Estimate counts: Revenue 6*, EPS 7*. Values retrieved from S&P Global. Actuals from 8-K .
Implications: Street models may need to lower near-term CDMO assumptions and update OpEx cadence; however, extended runway and approaching lorigerlimab data could support medium-term optionality .

Key Takeaways for Investors

Q2 missed consensus on both revenue and EPS as product sales went to zero post-MARGENZA and CDMO strength was not enough to reach Street topline*; GAAP EPS -$0.57 vs -$0.47* . Values retrieved from S&P Global.
Operating and net losses improved sequentially and YoY on higher CDMO revenue and lower R&D/SG&A, evidencing early benefits from portfolio and cost actions .
Balance sheet/runway is materially stronger post-ZYNYZ royalty monetization ($70M upfront), extending runway to 1H 2027—an important de-risking ahead of multiple 2H 2025/2026 readouts .
Near-term catalysts: LORIKEET update (2H 2025) to inform lorigerlimab path; MGC026 dose expansion initiation (2H 2025) and continued MGC028 Phase 1 progress; MGC030 IND planned for 2026 .
Partner-related optionality remains meaningful (MGD024 option/milestones with Gilead; ZYNYZ/TZIELD regulatory events) that could add nondilutive capital and strategic flexibility .
Trading setup: Expect sentiment to pivot around lorigerlimab data visibility and consistency of CDMO revenue; extended runway reduces financing overhang into 2027, potentially dampening downside volatility into data events .