Start here if you're new
what it is
MacroGenics makes cancer drugs from antibody technology and gets paid through partnerships, milestones, and a small base of commercial revenue.
how it gets paid
Last year Macrogenics made $150M in revenue.
why growth slowed
Revenue fell 0.3% last year. $108 million matters because it shows MacroGenics can post big revenue quarters.
what just happened
Revenue hit $108M, up 49% vs. prior year, but EPS fell to -$0.96 and reminded you this is still a cash-burning biotech.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
-$1.07 fy2024 eps est
$150M fy2024 rev est
48.7% operating margin
xvary composite: 23/100 — weak
What they do
MacroGenics makes cancer drugs from antibody technology and gets paid through partnerships, milestones, and a small base of commercial revenue.
This is not a scale story. It is a science-and-royalty story. MacroGenics has 341 employees and two FDA-approved products originating from its pipeline, which tells you the platform can produce real drugs, not just conference slides. If you buy it, you are betting its antibody-drug conjugate work keeps attracting partners faster than its cash burn eats the balance sheet.
How they make money
$150M
annual revenue · revenue declined -0.3% last year
total revenue
$150M
0.3%
The products that matter
partner-funded economics
Collaboration & License Revenue
$60M · 40% of revenue
This $60M line is what other companies are willing to pay for access, development work, or milestones. Useful cash, yes. Durable product revenue, no.
40% of revenue
services and other billings
Contract & Other Revenue
$90M · 60% of revenue
At $90M, this is the larger revenue line today. It matters because it pays bills now, even if it does not prove the pipeline can eventually fund itself.
largest revenue line
clinical pipeline optionality
Antibody Pipeline
-$1.07 eps est
There is no approved-product revenue shown on this page. That makes the pipeline the whole reason the market tolerates an estimated -$1.07 EPS.
the actual bet
Key numbers
48.7%
operating margin
Operating margin → profit after core costs → so what: MacroGenics is still far from self-funding.
$150M
2024 revenue
That was down 0.3% vs. prior year, which tells you the revenue base is real but not growing enough to cover biotech-level risk.
$102M
long-term debt
Debt equals 35% of capital, which matters more when your earnings are negative and your pipeline is still in clinical testing.
1.6
beta
Beta → how violently a stock moves versus the market → so what: this name tends to swing harder than the index.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $102M (35% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for MGNX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $108M, up 49% vs. prior year, but EPS fell to -$0.96 and reminded you this is still a cash-burning biotech.
Revenue growth looked strong against a weak prior-year quarter, while profitability moved the wrong way. Contrast frame: sales rose 49%, but full-year operating margin still sat at -48.7%, according to.
$38M
revenue
$0.96
eps
+49%
vs. last year revenue growth
the number that mattered
$108 million matters because it shows MacroGenics can post big revenue quarters, but the -$0.96 EPS shows those quarters still do not solve the business model.
source: EDGAR, latest quarter
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What could go wrong
the #1 risk is funding an oncology pipeline before it funds itself.
med
financing pressure gets louder
With EPS estimated at -$1.07, a C+ balance sheet, and $102M of long-term debt, MGNX does not have a wide margin for error. If funding conditions tighten, the capital structure becomes part of the thesis whether you like it or not.
Impact: dilution, more expensive capital, or both.
med
collaboration revenue proves less durable than it looks
$60M of collaboration and license revenue plus $90M of contract and other revenue can make the business look more established than it is. If those streams are milestone-heavy or inconsistent, reported revenue can stay real while visibility stays weak.
Impact: top-line disappointment without the protection of a mature product franchise.
med
clinical progress fails to outrun the clock
This is still a biotech. If antibody programs do not create enough strategic value, the market eventually stops paying for optionality and starts pricing only the balance sheet.
Impact: the $191M equity value can compress fast when pipeline confidence slips.
$150M of expected revenue helps, but it does not erase the fact that MGNX still has estimated losses, debt, and no approved-product revenue engine on this page. If even one of those support beams weakens, the stock can reprice quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue quality, not just revenue size
$150M sounds better than it reads. Watch whether future updates lean more on durable commercialization and less on one-off collaboration economics.
risk
balance-sheet tolerance
C+ balance sheet grade and $102M of long-term debt mean the company does not get many expensive mistakes. Funding flexibility matters almost as much as data.
calendar
the next earnings update
Use the next report to see whether management is extending runway, improving revenue visibility, or just telling a better story with the same fragile economics.
trend
whether predictability improves from 20/100
A score that low tells you surprises are normal. If that number starts climbing, the stock has a chance to behave more like a business and less like a catalyst lottery.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: there is no broad, clean consensus to hide behind.
risk profile
volatile
a 1.6 beta and 5 / 100 price stability tell you this stock usually amplifies whatever mood the market already has.
chart momentum
catalyst-driven
the chart matters less than the next data point, partnership update, or financing headline. welcome to small-cap biotech.
earnings predictability
20/100
predictability means how often the numbers behave. At 20/100, they usually do not.
source: institutional data
Institutional activity
institutional ownership data for MGNX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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