MacroGenics, Inc
MacroGenics is a U.S. biopharmaceutical company focused on developing antibody-based cancer therapeutics. Its pipeline is built around proprietary platforms such as DART and TRIDENT, and it also earns revenue from collaborations, contract manufacturing, and royalties tied to partnered products.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueInternal antibody-based cancer programs, including DART, TRIDENT and ADC candidates.
Upfront fees, milestones, research funding and option/license payments from partners.
Drug substance manufacturing and related development services for third parties and partners.
Sales-based royalties from partnered products such as ZYNYZ.
Products
Reported · share of revenue- Revenue From Collaborative Agreements58.3 %
- Contract Manufacturing35.2 %
- Revenue From Royality Agreements Member6.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
MacroGenics sells primarily to biopharma partners rather than end patients, with revenue driven by collaboration agreements, manufacturing services, and royalties. Its commercial counterparties include large pharmaceutical companies such as Gilead, Incyte, TerSera and Sanofi/Provention, while its pipeline is aimed at oncology patients through future partnered or approved products.
Partners such as Gilead and Incyte fund development, exercise options, and share economics on antibody programs.
Third parties that buy drug substance development and manufacturing capacity for clinical or commercial supply.
Partners that market approved products and remit royalties on sales, such as ZYNYZ-related economics.
Patients with cancer are the ultimate end users of approved product candidates, though MacroGenics usually commercializes through partners.
Strategy
MacroGenics is prioritizing advancement of its oncology pipeline while using partnerships to fund development and reduce commercialization burden. It is also expanding contract manufacturing and selective licensing to generate non-dilutive revenue and extend runway into the second half of 2026.
Clinical progress is the main driver of future value and partner economics.
Higher production volume can diversify revenue away from milestone timing.
The company remains dependent on external capital and partner payments.
Geography
MacroGenics is headquartered and manufactures in the United States, with key operations centered in Rockville, Maryland. The company also relies on third-party suppliers and contract manufacturers in multiple countries, which creates cross-border sourcing and trade exposure even though the business is primarily U.S.-based. Outside the United States, commercialization is generally expected to occur through third-party partners.
Risks
MacroGenics faces the classic biotech risk profile: heavy dependence on clinical success, partner execution, and access to capital. Its revenue can swing sharply with milestone timing, while manufacturing and supply-chain complexity add operational and trade-policy exposure. The company also remains vulnerable to competition from better-funded oncology developers and to regulatory or cybersecurity disruptions.
- Financing riskImpact: HighLikelihood: High
The company has ongoing losses and expects to rely on external capital and partner payments.
Exposure - Clinical development riskImpact: HighLikelihood: High
Pipeline value depends on successful preclinical and clinical outcomes and regulatory approval.
Exposure: Failure of MGD024 or other programs would reduce future collaboration and royalty potential.
- Trade and supply-chain disruptionImpact: MediumLikelihood: Medium
The company uses third-party suppliers in several countries and faces tariff/sanction risk.
Exposure: Could raise input costs or interrupt manufacturing and clinical supply.
- Competitive pressure in oncologyImpact: MediumLikelihood: Medium
Large pharma and biotech peers are developing similar antibody and T-cell engager therapies.
Exposure - Partner concentration and milestone timingImpact: MediumLikelihood: Low
A meaningful share of revenue comes from a small number of collaboration agreements.
Exposure: Revenue can drop when milestones are not achieved or agreements end.
Accounting
Judgemental itemsRevenue depends on partner achievements and contract terms, creating quarter-to-quarter volatility.
Impact: Affects reported revenue mix and comparability across periods
Revenue is tied to production volume and fulfillment timing, while costs include labor, materials and overhead.
Impact: Impacts gross margin and operating leverage
The liability is based on estimated future royalty streams and discounted using an effective interest rate.
Impact: Can materially affect interest expense and balance sheet carrying value
Royalty income is recognized when underlying sales occur or obligations are satisfied.
Impact: Can create uneven quarterly revenue recognition
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Last updated: 24/09/2026