MacroGenics Completes MGC028 Dose Escalation

The Tip Desk · November 13, 2026 · 3 min read

Cash, cash equivalents and marketable securities were $287.7 million at September 30, 2026, after $119.6 million from Bora, a $24.5 million Sanofi milestone and a $10.0 million Gilead option payment.

MacroGenics, Inc. (MGNX), a clinical-stage biopharmaceutical company developing antibody-based cancer therapeutics, completed Phase 1 dose escalation of MGC028, a first-in-class antibody-drug conjugate targeting ADAM9, and selected a lead indication for dose optimization across two dose levels.

As of a data cutoff of October 10, 2026, the company said there were no dose-limiting toxicities and no cases of interstitial lung disease or ocular toxicity. MacroGenics plans to initiate a randomized evaluation of the two dose levels in that indication by year-end 2026 and intends to provide an interim clinical update, including efficacy and safety results, in the first half of 2027.

The company also dosed the first patient with MGC030, a first-in-class ADC targeting an undisclosed antigen, in a Phase 1 study in patients with advanced solid tumors, including urothelial, colorectal, gastric or gastroesophageal junction, esophageal and pancreatic cancers. Interim Phase 1 results for MGC026 in heavily pretreated squamous cell carcinoma of the head and neck and Phase 2 results for lorigerlimab in clear cell gynecologic cancer were presented at ESMO 2026. MacroGenics expects to complete enrollment of the 40-patient SCCHN Simon 2-stage cohort by year-end 2026 and of 20 CCGC patients at 3 mg/kg every three weeks by year-end 2026, with updated data in mid-2027 and the first half of 2027, respectively.

Cash, cash equivalents and marketable securities were $287.7 million as of September 30, 2026, compared with $189.9 million as of December 31, 2025. During the third quarter the company received $119.6 million in cash consideration from Bora in connection with the sale of its GMP manufacturing operations, $24.5 million as a regulatory milestone payment from Sanofi and $10.0 million as an option license payment from Gilead. MacroGenics said that cash, together with projected and anticipated future partner payments, will support a cash runway through 2028.

Total revenue was $18.7 million for the quarter ended September 30, 2026, compared with $53.0 million a year earlier. The company said the decrease was primarily due to $50.0 million in milestone revenue recognized in 2025 under the Provention (Sanofi) Asset Purchase Agreement, compared with $10.0 million recognized in 2026 related to the Gilead option exercise, partially offset by a $5.3 million increase in ZYNYZ royalty revenue. Collaborative and other agreements revenue was $10.1 million, versus $49.7 million a year earlier. Royalty revenue was $8.6 million, versus $3.3 million.

On August 11, Gilead exercised its option to license a preclinical bispecific program under the companies’ 2022 collaboration agreement, triggering the $10.0 million payment. The company remains eligible to earn additional milestones and royalties based on net product sales.

Research and development expenses were $30.6 million, compared with $32.7 million a year earlier. The company said the decrease was primarily due to lower costs related to lorigerlimab, vobramitamab duocarmazine, MGC030 manufacturing and IND-enabling activities, and certain preclinical ADCs, partially offset by increased costs related to MGC026, MGC028, MGC030 clinical activities and certain next-generation T-cell engagers. General and administrative expenses were $8.4 million, compared with $9.9 million, primarily due to lower personnel-related costs, including stock-based compensation.

Net loss was $20.1 million for the quarter ended September 30, 2026, compared with net income of $16.8 million a year earlier. Shares of common stock outstanding were 63,875,835 as of September 30, 2026.

President and Chief Executive Officer Eric Risser said the company generated approximately $290 million in non-dilutive capital over the past 12 months and that MacroGenics is well positioned for a year of important milestones in 2027. In late October the company appointed Emil Kuriakose, M.D., and Michael Vasconcelles, M.D., as independent directors with oncology drug development experience. MGD032, a next-generation T-cell engager against an undisclosed target, is advancing in IND-enabling studies.