Here are 1-3 brief analogies for Macrogenics (MGNX):

1. The Seagen (now Pfizer) or Genmab for cutting-edge bispecific antibodies and antibody-drug conjugates in cancer treatment.

2. A specialized oncology biotech, like a focused Amgen or Genentech (Roche), but developing next-generation antibody treatments for cancer.

3. A dedicated cancer drug developer, similar to an early-stage AstraZeneca or Bristol Myers Squibb, but purely focused on innovative antibody platforms.

• Margenza (margetuximab): An Fc-optimized anti-HER2 monoclonal antibody approved for the treatment of metastatic HER2-positive breast cancer.
• Zynyz (retifanlimab): An anti-PD-1 monoclonal antibody approved for the treatment of metastatic or recurrent Merkel cell carcinoma.
• Tavolimab (MGD013): A bispecific antibody designed to target both PD-1 and CD3, currently in clinical development for various cancers.
• Enoblituzumab: An Fc-optimized anti-B7-H3 monoclonal antibody in clinical development for the treatment of prostate cancer and head and neck squamous cell carcinoma.

Macrogenics (MGNX) is a biotechnology company focused on the discovery and development of innovative antibody-based therapeutics for cancer and other serious diseases. As such, the company primarily sells its intellectual property and drug candidates through licensing agreements and collaborations with other pharmaceutical and biotechnology companies.

Its major customer companies (licensing partners) include:

• Zai Lab Ltd. (NASDAQ: ZLAB): Zai Lab holds an exclusive license agreement with Macrogenics to develop and commercialize tavo-cel (formerly MGD013), an investigational bispecific DART molecule, in Greater China.
• ProfoundBio: ProfoundBio holds an exclusive global license agreement with Macrogenics for its B7-H3-directed antibody-drug conjugate (ADC) program, MGC018. (ProfoundBio is a privately held company.)
• Servier: Servier holds an exclusive license agreement with Macrogenics for the commercialization of Tevimbra (tibultab), an Fc-optimized anti-PD-1 monoclonal antibody, in Europe and other regions outside the US, Canada, Japan, and China. (Servier is a privately held pharmaceutical company.)

Additionally, for its directly commercialized products, such as Margenza (margetuximab-cmkb) in the United States, Macrogenics sells through standard pharmaceutical distribution channels. In this context, its customers would include major pharmaceutical wholesalers and distributors (e.g., AmerisourceBergen, Cardinal Health, McKesson) who then supply hospitals, clinics, and pharmacies.

• Lonza Group AG (SWX: LONN)
• AGC Biologics
• Catalent, Inc. (NYSE: CTLT)

Eric Risser was appointed President and Chief Executive Officer of MacroGenics in August 2025, having previously served as Chief Operating Officer from February 2022 to July 2025. He joined MacroGenics in 2009 to lead its business development efforts. Prior to MacroGenics, Mr. Risser was Senior Director, Business Development in the pharmaceutical group at Johnson & Johnson from 2003 to 2009, where he was responsible for leading multiple licensing and acquisition transactions. Before his time at Johnson & Johnson, he founded and developed a consulting practice that advised emerging life science companies in the United States and Europe. Earlier in his career, he held positions in venture capital with BA Venture Partners and in investment banking with Lehman Brothers Holdings Inc.

James Karrels joined MacroGenics as Senior Vice President, Chief Financial Officer, and Corporate Secretary in May 2008, bringing over 25 years of finance experience, much of it in life sciences. Before MacroGenics, he served as Executive Director of Finance at Jazz Pharmaceuticals, Inc., where he managed financial planning, analysis, and investor relations activities. Prior to Jazz Pharmaceuticals, Mr. Karrels was a Director in the Global Healthcare Investment Banking Group at Merrill Lynch, starting as an analyst in 1989. During his tenure at Merrill Lynch, he was involved in over 30 transactions, including IPOs, equity and convertible debt financings, mergers and acquisitions, and spin-offs, totaling over $25 billion.

Stephen Eck joined MacroGenics in July 2020 as Senior Vice President, Clinical Development & Chief Medical Officer. His prior roles include serving as Chief Medical Officer of Immatics US, a company specializing in TCR-based immunotherapies, and as President and Chief Executive Officer of Aravive Biologics. Dr. Eck also held the position of Vice President and Global Head of Oncology Medical Sciences at Astellas Pharma. Additionally, he held leadership roles in drug development at Eli Lilly as Vice President of Translational Medicine and Pharmacogenomics, and as Head of Clinical Oncology at Pfizer. He began his professional career at Monsanto, focusing on cancer target discovery. Dr. Eck previously served on the Board of Luminex Corporation.

Ezio Bonvini joined MacroGenics in June 2003 as Senior Vice President, Research and Chief Scientific Officer. Before joining MacroGenics, Dr. Bonvini spent 18 years, from 1985 to 2003, at the FDA's Center for Biologics Evaluation and Research (CBER), which regulates therapeutic monoclonal antibodies and other proteins. During his time at the FDA, he rose to the position of Acting Deputy Director, Division of Monoclonal Antibodies, and Chief, Laboratory of Immunobiology. From 1982 to 1984, he was a Visiting Fellow at the National Cancer Institute at the National Institutes of Health.

Scott Koenig is a co-founder of MacroGenics and served as its President and Chief Executive Officer from September 2001 through August 2025. Prior to co-founding MacroGenics, Dr. Koenig was Senior Vice President of Research at MedImmune, Inc. for 11 years, where he was involved in the selection and maturation of their product pipeline. From 1984 to 1990, he conducted research on the immune response to retroviruses and AIDS pathogenesis at the National Institute of Allergy and Infectious Diseases (NIAID) at the National Institutes of Health. Dr. Koenig also served as Chairman of the Board of Directors of Applied Genetic Technologies Corporation until its acquisition in 2022. Applied Genetic Technologies Corporation was described as a private venture-backed biotechnology company.

The intensifying competition from next-generation HER2-targeted therapies, particularly trastuzumab deruxtecan (Enhertu) from AstraZeneca and Daiichi Sankyo, poses a clear emerging threat. Enhertu has demonstrated superior efficacy and is rapidly expanding its indications across various lines of therapy and even into HER2-low breast cancer. This superior profile and broader market penetration could significantly erode the market share and commercial potential of Macrogenics' Margenza (margetuximab), which is approved for metastatic HER2-positive breast cancer, potentially pushing it into even later lines of treatment or limiting its uptake.

The addressable markets for MacroGenics' main products and services are identified as follows:

• MARGENZA (margetuximab-cmkb) for HER2-positive breast cancer:
  • The global HER2-positive breast cancer market is projected to reach approximately USD 10.96 billion in 2025.
  • For metastatic HER2-positive breast cancer, the market across the 7 major markets (US, EU4, UK, and Japan) was valued at USD 2,711.6 million in 2024 and is expected to reach USD 3,108.1 million by 2035.
  • North America was the largest regional market in 2024.
• Retifanlimab (ZYNYZ) for Merkel cell carcinoma (MCC) and Non-Small Cell Lung Cancer (NSCLC):
  • The global Merkel cell carcinoma therapeutics market is projected to be valued at USD 3.36 billion in 2025, growing to USD 4.53 billion by 2033.
  • The Merkel cell carcinoma market across the top 7 markets (US, EU4, UK, and Japan) reached USD 2.5 billion in 2024 and is expected to reach USD 3.5 billion by 2035.
  • The global non-small cell lung cancer (NSCLC) therapeutics market is projected to grow from USD 38.49 billion in 2025 to USD 66.04 billion by the end of 2032.
  • The NSCLC market across the top 7 markets (US, EU4, UK, and Japan) reached USD 12.2 billion in 2024 and is expected to reach USD 25.0 billion by 2035.
  • No specific addressable market size for squamous cell carcinoma of the anal canal (SCAC) was found in the provided information.
• Vobramitamab duocarmazine (vobra duo / MGC018) for metastatic castration-resistant prostate cancer (mCRPC) and Lorigerlimab for mCRPC and ovarian cancer:
  • The global metastatic castration-resistant prostate cancer treatment market was valued at USD 11.99 billion in 2024 and is expected to reach USD 22.37 billion by 2032. Other reports estimate the global market at USD 21.04 billion in 2025, reaching USD 87.19 billion by 2032.
  • The mCRPC market across the 7 major markets was USD 7,275.4 million in 2024 and is expected to reach USD 12,840.0 million by 2035.
  • The global ovarian cancer market is anticipated to reach USD 1.81 billion in 2025 and USD 31.64 billion by 2033. Other sources indicate the global ovarian cancer drugs market was estimated at USD 3.84 billion in 2024 and is expected to hit around USD 7.34 billion by 2034.
  • The U.S. ovarian cancer drugs market is evaluated at USD 1.3 billion in 2024 and is projected to be worth around USD 2.4 billion by 2034.
  • North America dominated the market for both mCRPC and ovarian cancer in 2024.
• MGC026 for B7-H3 expressing solid tumors:
  • While MGC026 targets B7-H3, a specific addressable market size directly for "B7-H3 expressing solid tumors" was not identified. The market for metastatic castration-resistant prostate cancer (mCRPC), mentioned above, is a relevant segment as vobramitamab duocarmazine (also targeting B7-H3) was studied in this indication.
• MGD024 for CD123-positive neoplasms, including acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS):
  • The global acute myeloid leukemia (AML) treatment market is estimated to be valued at USD 2.6 billion in 2025 and is estimated to reach USD 5.1 billion in 2032. Other estimates for the global AML market in 2025 range from USD 2.82 billion to USD 3.87 billion.
  • The AML market in the eight major markets (US, France, Germany, Italy, Spain, UK, Japan, and China) was USD 2.3 billion in 2022.
  • North America held approximately 38.2% share of the global AML treatment market in 2025.
  • The global myelodysplastic syndrome (MDS) drugs market is estimated to be valued at USD 3.6 billion in 2025 and is projected to reach USD 6.3 billion by 2035. Other estimates for the global MDS market in 2024 range from USD 2.88 billion to USD 4.55 billion.
  • North America dominated the MDS drugs market in 2023 with a 35.44% revenue share.

1. Milestone Payments and Royalties from Strategic Collaborations: MacroGenics has shifted to a partnership-driven revenue model, with significant revenue generated from collaboration agreements. The company expects future milestone payments and potential royalties from its existing partnerships, including those with Incyte (related to ZYNYZ) and Sanofi (related to TZIELD), as well as MGD024 with Gilead. For example, milestone payments from the Incyte License Agreement were a primary driver of the substantial increase in total revenue to $150 million in 2024. This strategy emphasizes capital efficiency and provides a stable source of potential future income as partnered programs advance through development and commercialization.
2. Advancement and Potential Commercialization of Proprietary Clinical Pipeline: The successful progression and potential market approval of MacroGenics' proprietary oncology product candidates are critical for long-term revenue growth. Key pipeline assets include lorigerlimab, a bispecific DART molecule currently in Phase 2 trials (LORIKEET for metastatic castration-resistant prostate cancer and LINNET for platinum-resistant ovarian cancer and clear cell gynecologic cancer). Positive clinical trial outcomes, particularly for lorigerlimab, are anticipated to be significant catalysts. The company also has a diverse portfolio of other oncology product candidates in clinical development that could contribute to future revenue.
3. Growth of Antibody-Drug Conjugate (ADC) Programs: MacroGenics is actively advancing its Antibody-Drug Conjugate (ADC) pipeline, which includes MGC026 (targeting B7-H3), MGC028 (targeting ADAM9), and MGC030. These programs leverage novel payloads and represent a promising area for future product development and potential revenue generation through either commercialization or new collaborations, given the growing interest and efficacy of ADCs in cancer treatment.

Share Issuance

• Shares outstanding for MacroGenics increased to 63.21 million as of November 2025, marking a 1.07% increase over the prior year.
• As of December 31, 2023, the number of common shares outstanding was 62,070,627.
• MacroGenics has utilized equity offerings, alongside collaboration agreements, as a component of its capital management strategy.

Inbound Investments

• In 2023, MacroGenics received $100.0 million from the sale of its single-digit royalty interest on worldwide net sales of TZIELD® to DRI Healthcare Acquisitions LP.
• The company also received a $50.0 million milestone payment from Sanofi S.A. in 2023 due to the achievement of a primary endpoint in a TZIELD clinical study.
• In 2024, MacroGenics' total revenue of $150 million, a substantial increase from $58.7 million in 2023, was primarily driven by milestone payments under the Incyte License Agreement.
• An upfront payment of $70 million was received from Sagard Healthcare Partners in 2025 for future royalties on ZYNYZ.

Capital Expenditures

• Capital expenditures for MacroGenics totaled -$2.46 million over the last 12 months leading up to November 2025.