MacroGenics Inc (NASDAQ: MGNX) is a clinical-stage biopharmaceutical company that discovers and develops antibody-based therapeutics for cancer treatment. Revenue comes from licensing intellectual property to partners, milestone payments tied to development and regulatory events, manufacturing services, royalties on partner-commercialized products, and, until November 2024, direct product sales of MARGENZA (margetuximab). MacroGenics sold global rights to MARGENZA to TerSera Therapeutics LLC for a $40.0 million upfront payment in November 2024, exiting direct product commercialization. Key partnership-derived cash inflows for FY2025 included a $50.0 million milestone from Sanofi and a $25.0 million payment from Gilead related to a nomination and option exercise. In June 2025, MacroGenics sold its royalty interest on future global net sales of ZYNYZ (retifanlimab, commercialized by Incyte) to Sagard Healthcare Partners for a $70.0 million upfront payment, capped at $140.0 million in total royalties. The company has never declared or paid a cash dividend and reported net cash used in operating activities of $81.0 million for FY2025.

Revenue model

Licensing fees and milestone payments from pharmaceutical partners, royalties on net sales of partner-commercialized products (primarily ZYNYZ via Incyte), manufacturing services revenue under third-party supply agreements, and, through November 2024, net product sales of MARGENZA. No dividend payments as of March 2026.

Products and services

MARGENZA (margetuximab): global rights sold to TerSera Therapeutics in November 2024. ZYNYZ (retifanlimab): royalty interest sold to Sagard Healthcare Partners in June 2025; patent expiry 2036. Pipeline candidates include lorigerlimab (patent expiry 2036), MGD024 (patent expiry 2039), MGC026 (patent expiry 2044), and MGC028 (patent expiry 2045). Manufacturing services provided to third parties under clinical supply agreements.

Customers and end markets

Pharmaceutical and biopharmaceutical partners including Incyte, Sanofi, and Gilead as disclosed in the FY2025 10-K. End markets are oncology therapeutics. Clinical trial participants are data subjects under applicable privacy regulations.

Value-chain role

Drug discovery and development organization that licenses product candidates and intellectual property to commercialization partners, retains manufacturing and regulatory responsibilities in certain agreements, and collects milestone and royalty income as products advance and sell.

Geographic exposure

Primary regulatory and commercial activity in the United States; licensing arrangements with global partners provide international royalty exposure. No specific international revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-09

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