Macrogenics Inc (MGNX) Reports Q3 2023 Earnings: Net Income of $17. ...
Macrogenics Inc (NASDAQ:MGNX) reported a net income of $17.6 million for Q3 2023, compared to a net loss of $24.8 million in Q3 2022.
The company's cash position increased to $256.4 million as of September 30, 2023, up from $154.3 million as of December 31, 2022.
Macrogenics Inc (NASDAQ:MGNX) anticipates that its current cash balance, along with projected future payments from partners and product revenues, should extend its cash runway into 2026.
The company has made significant progress in its investigational programs, with multiple data read-outs expected over the next two years.
Macrogenics Inc (NASDAQ:MGNX), a biopharmaceutical company focused on developing, manufacturing, and commercializing innovative antibody-based therapeutics for the treatment of cancer, released its Q3 2023 earnings report on November 6, 2023. The company reported a net income of $17.6 million for the quarter ended September 30, 2023, compared to a net loss of $24.8 million for the same quarter in 2022.
Financial Highlights
The company's cash, cash equivalents, and marketable securities balance as of September 30, 2023, was $256.4 million, compared to $154.3 million as of December 31, 2022. This increase in cash position was primarily due to the receipt of $335 million in non-dilutive capital from collaboration partners since mid-2022, which has enabled the company to extend its cash runway into 2026.
Total revenue for Q3 2023 was $10.4 million, compared to $41.7 million for Q3 2022. Research and development expenses decreased to $30.1 million for Q3 2023, compared to $48.2 million for Q3 2022. Selling, general and administrative expenses were $12.4 million for Q3 2023, compared to $15.4 million for Q3 2022.
Progress in Investigational Programs
Macrogenics Inc (NASDAQ:MGNX) has made significant progress in its investigational programs. The company recently completed enrollment of the TAMARACK Phase 2 study of vobra duo ahead of schedule and initiated the LORIKEET Phase 2 study of lorigerlimab. The company also submitted an Investigational New Drug (IND) application for MGC026, a topoisomerase inhibitor-based ADC.
Over the next two years, the company anticipates having multiple data read-outs. The first of these is expected during the first half of 2024, related to the now fully-enrolled TAMARACK study of vobra duo in metastatic castration-resistant prostate cancer.
Outlook
Macrogenics Inc (NASDAQ:MGNX) anticipates that its cash, cash equivalents, and marketable securities balance of $256.4 million as of September 30, 2023, plus the $15.7 million milestone subsequently received, in addition to projected and anticipated future payments from partners and product revenues should extend its cash runway into 2026. The company's expected funding requirements reflect anticipated expenditures related to the Phase 2 TAMARACK clinical trial, the Phase 2 LORIKEET study, as well as other ongoing clinical and preclinical studies.
Explore the complete 8-K earnings release (here) from Macrogenics Inc for further details.
This article first appeared on GuruFocus.
