MacroGenics Posts Adjusted Loss of $0.34 Per Share, Beating Third-Quarter Estimates
Key Facts
MacroGenics posted an adjusted loss of $0.34 per share for the quarter ended in September 2026, beating the Zacks consensus estimate of a loss of $0.10, according to coverage published by Zacks via Yahoo Finance on November 12. The company had reported adjusted earnings of $0.27 per share in the corresponding quarter of 2025. On a net basis, the company swung from income of $16.8 million a year earlier to a loss of $20.1 million in the third quarter of 2026, according to results published the same day. The figures reflect two different measures: adjusted earnings per share, which Zacks compares with analysts’ expectations, and the net income or loss reported by the company. The financial report comes as the market tracks the company’s liquidity, the progress of its clinical programs and the timing of upcoming updates.
MacroGenics said the year-over-year decline in revenue was mainly due to differences in the timing and value of milestone revenue and partner payments. The company recorded $50 million in milestone revenue in the third quarter of 2025 under the asset purchase agreement for Provention, a Sanofi subsidiary, compared with $10 million in the third quarter of 2026 related to the exercise of an option under its agreement with Gilead. A $5.3 million year-over-year increase in ZYNYZ royalty revenue partly offset the difference. The mix shows that some revenue is tied to payments under specific agreements and conditions, while royalty revenue increased over the same period. The company provided this explanation for the annual decline in its results statement.
MacroGenics’ reported third-quarter cash flows included $119.6 million in cash from the sale of its good manufacturing practice operations to Bora. The company also received a $24.5 million regulatory milestone payment from Sanofi and a $10 million payment for a licensing option from Gilead. On September 30, 2026, cash, cash equivalents and marketable securities totaled $287.7 million. The company said this balance, together with expected future partner payments, would support its cash runway through 2028. These figures place the proceeds from the asset sale and partner payments alongside the quarter-end liquidity balance, explaining the company’s outlook on its ability to fund operations over that period.
On the spending side, research and development expenses fell to $30.6 million in the third quarter of 2026 from $32.7 million in the same period a year earlier. The company attributed the decline to lower costs associated with several programs and activities. This was partly offset by higher clinical trial expenses for some drug candidates. The decline in expenses came as work continued on the company’s clinical programs, which include enrollment and data readouts scheduled for coming periods. The figures alone did not detail how spending was allocated among programs, but the company linked the year-over-year trend to changes in program, activity and trial costs.
For its MGC028 program, MacroGenics said it had completed Phase 1 dose escalation and selected the lead indication. The company plans to begin a randomized evaluation of two dose levels in that indication before the end of 2026, with an interim clinical update covering efficacy and safety results in the first half of 2027. For MGC026, the company is targeting completion of enrollment in a 40-patient cohort in a study of squamous cell carcinoma of the head and neck before the end of 2026, with updated data expected in mid-2027. In a clinical update issued in July, the company said the study had reached the prespecified Phase 1 response threshold in the head and neck cancer cohort and had begun enrolling Phase 2 patients under a Simon two-stage design. In October, it announced interim MGC026 results based on a September 1 data cutoff, including 27 patients evaluable for safety and 22 evaluable for response.
MacroGenics shares, listed under the ticker MGNX, closed at $2.32 in the November 11, 2026 session, according to EL7 data. The close came a day before the publication date of Zacks’ coverage and the company’s results on November 12. The available data focus on the daily closing price and do not include the session’s low and high prices. The clinical program dates set by the company remain the main upcoming milestones cited in its results: the planned start of the MGC028 evaluation before the end of 2026, the targeted completion of MGC026 cohort enrollment in the same period, and then data updates during 2027.