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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MacroGenics Inc | NASDAQ:MGNX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.33 | 7.42% | 4.78 | 4.78 | 4.82 | 4.78 | 4.27 | 4.51 | 3,581,134 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
06-1591613
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
9704 Medical Center Drive
Rockville, Maryland
|
20850
|
(Address of principal executive offices)
|
(Zip code)
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|
|
|
|
Non-accelerated filer
|
☐ (Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
|
|
|
|
Emerging growth company ☐
|
|
|
PART I.
|
|
|
|
Item 1.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2.
|
|
|
|
Item 3.
|
|
|
|
Item 4.
|
|
|
|
PART II.
|
|
|
|
Item 1A.
|
|
|
|
Item 6.
|
|
|
|
|
•
|
our plans to develop and commercialize our product candidates;
|
•
|
the outcomes of our ongoing and planned clinical trials and the timing of those outcomes;
|
•
|
the timing of and our ability to obtain and maintain regulatory approvals for our product candidates;
|
•
|
our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;
|
•
|
our ability to enter into new collaborations or to identify additional products or product candidates with significant commercial potential that are consistent with our commercial objectives;
|
•
|
our ability to recover the investment in our manufacturing capabilities;
|
•
|
the rate and degree of market acceptance and clinical utility of our products;
|
•
|
our commercialization, marketing and manufacturing capabilities and strategy;
|
•
|
significant competition in our industry;
|
•
|
costs of litigation and the failure to successfully defend lawsuits and other claims against us;
|
•
|
economic, political and other risks associated with our international operations;
|
•
|
our ability to receive research funding and achieve anticipated milestones under our collaborations;
|
•
|
our ability to protect and enforce patents and other intellectual property;
|
•
|
costs of compliance and our failure to comply with new and existing governmental regulations including, but not limited to, tax regulations;
|
•
|
loss or retirement of key members of management;
|
•
|
failure to successfully execute our growth strategy, including any delays in our planned future growth; and
|
•
|
our failure to maintain effective internal controls.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
116,627
|
|
|
$
|
84,098
|
|
Marketable securities
|
127,033
|
|
|
192,898
|
|
||
Accounts receivable
|
1,991
|
|
|
2,764
|
|
||
Prepaid expenses
|
4,008
|
|
|
3,483
|
|
||
Other current assets
|
455
|
|
|
704
|
|
||
Total current assets
|
250,114
|
|
|
283,947
|
|
||
Property and equipment, net
|
23,179
|
|
|
17,961
|
|
||
Marketable securities, non-current
|
—
|
|
|
7,986
|
|
||
Other assets
|
1,553
|
|
|
1,369
|
|
||
Total assets
|
$
|
274,846
|
|
|
$
|
311,263
|
|
|
|
|
|
||||
Liabilities and stockholders' equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
2,088
|
|
|
$
|
3,995
|
|
Accrued expenses
|
22,319
|
|
|
16,134
|
|
||
Deferred revenue
|
3,202
|
|
|
4,261
|
|
||
Deferred rent
|
1,160
|
|
|
1,319
|
|
||
Lease exit liability
|
1,120
|
|
|
1,593
|
|
||
Total current liabilities
|
29,889
|
|
|
27,302
|
|
||
Deferred revenue, net of current portion
|
9,238
|
|
|
10,045
|
|
||
Deferred rent, net of current portion
|
4,371
|
|
|
4,867
|
|
||
Lease exit liability, net of current portion
|
—
|
|
|
298
|
|
||
Total liabilities
|
43,498
|
|
|
42,512
|
|
||
Stockholders' equity:
|
|
|
|
||||
Common stock, $0.01 par value – 125,000,000 shares authorized, 36,680,522 and 34,870,607 shares outstanding at June 30, 2017 and December 31, 2016, respectively
|
367
|
|
|
349
|
|
||
Additional paid-in capital
|
602,085
|
|
|
561,198
|
|
||
Accumulated deficit
|
(371,024
|
)
|
|
(292,714
|
)
|
||
Accumulated other comprehensive loss
|
(80
|
)
|
|
(82
|
)
|
||
Total stockholders' equity
|
231,348
|
|
|
268,751
|
|
||
Total liabilities and stockholders' equity
|
$
|
274,846
|
|
|
$
|
311,263
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Revenue from collaborative agreements
|
$
|
1,081
|
|
|
$
|
78,497
|
|
|
$
|
2,359
|
|
|
$
|
80,390
|
|
Revenue from government agreements
|
585
|
|
|
2,176
|
|
|
1,361
|
|
|
3,129
|
|
||||
Total revenues
|
1,666
|
|
|
80,673
|
|
|
3,720
|
|
|
83,519
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Research and development
|
34,461
|
|
|
33,340
|
|
|
67,262
|
|
|
60,686
|
|
||||
General and administrative
|
8,384
|
|
|
7,239
|
|
|
15,846
|
|
|
13,372
|
|
||||
Total costs and expenses
|
42,845
|
|
|
40,579
|
|
|
83,108
|
|
|
74,058
|
|
||||
Income (loss) from operations
|
(41,179
|
)
|
|
40,094
|
|
|
(79,388
|
)
|
|
9,461
|
|
||||
Other income
|
525
|
|
|
370
|
|
|
1,078
|
|
|
640
|
|
||||
Net income (loss)
|
(40,654
|
)
|
|
40,464
|
|
|
(78,310
|
)
|
|
10,101
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on investments
|
25
|
|
|
7
|
|
|
(1
|
)
|
|
64
|
|
||||
Comprehensive income (loss)
|
$
|
(40,629
|
)
|
|
$
|
40,471
|
|
|
$
|
(78,311
|
)
|
|
$
|
10,165
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per common share
|
$
|
(1.14
|
)
|
|
$
|
1.17
|
|
|
$
|
(2.21
|
)
|
|
$
|
0.29
|
|
Diluted net income (loss) per common share
|
$
|
(1.14
|
)
|
|
$
|
1.12
|
|
|
$
|
(2.21
|
)
|
|
$
|
0.28
|
|
Basic weighted average common shares outstanding
|
35,784,804
|
|
|
34,616,197
|
|
|
35,373,799
|
|
|
34,560,021
|
|
||||
Diluted weighted average common shares outstanding
|
35,784,804
|
|
|
36,017,411
|
|
|
35,373,799
|
|
|
35,966,987
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income (loss)
|
$
|
(78,310
|
)
|
|
$
|
10,101
|
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization expense
|
3,981
|
|
|
3,557
|
|
||
Share-based compensation
|
7,063
|
|
|
6,124
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
773
|
|
|
(77,151
|
)
|
||
Prepaid expenses
|
(525
|
)
|
|
(1,976
|
)
|
||
Other assets
|
65
|
|
|
(426
|
)
|
||
Accounts payable
|
(2,026
|
)
|
|
(355
|
)
|
||
Accrued expenses
|
6,185
|
|
|
866
|
|
||
Lease exit liability
|
(771
|
)
|
|
(2,134
|
)
|
||
Deferred revenue
|
(1,866
|
)
|
|
(3,179
|
)
|
||
Deferred rent
|
(655
|
)
|
|
(563
|
)
|
||
Net cash used in operating activities
|
(66,086
|
)
|
|
(65,136
|
)
|
||
Cash flows from investing activities
|
|
|
|
||||
Purchases of marketable securities
|
(56,937
|
)
|
|
(202,392
|
)
|
||
Proceeds from sale and maturities of marketable securities
|
130,505
|
|
|
141,611
|
|
||
Purchases of property and equipment
|
(8,795
|
)
|
|
(8,339
|
)
|
||
Net cash provided by (used in) investing activities
|
64,773
|
|
|
(69,120
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from issuance of common stock, net of offering costs
|
33,175
|
|
|
—
|
|
||
Proceeds from stock option exercises and ESPP purchases
|
667
|
|
|
351
|
|
||
Net cash provided by financing activities
|
33,842
|
|
|
351
|
|
||
Net change in cash and cash equivalents
|
32,529
|
|
|
(133,905
|
)
|
||
Cash and cash equivalents at beginning of period
|
84,098
|
|
|
196,172
|
|
||
Cash and cash equivalents at end of period
|
$
|
116,627
|
|
|
$
|
62,267
|
|
•
|
Level 1 - Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.
|
•
|
Level 2 - Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.
|
•
|
Level 3 - Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity - e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.
|
|
Fair Value Measurements at June 30, 2017
|
||||||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
92,815
|
|
|
$
|
92,815
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Treasury securities
|
13,782
|
|
|
—
|
|
|
13,782
|
|
|
—
|
|
||||
Government-sponsored enterprises
|
26,129
|
|
|
—
|
|
|
26,129
|
|
|
—
|
|
||||
Corporate debt securities
|
87,122
|
|
|
—
|
|
|
87,122
|
|
|
—
|
|
||||
Total assets measured at fair value
(a)
|
$
|
219,848
|
|
|
$
|
92,815
|
|
|
$
|
127,033
|
|
|
$
|
—
|
|
|
Fair Value Measurements at December 31, 2016
|
||||||||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets
|
|
Significant Other Observable Inputs
|
|
Significant Unobservable Inputs
|
||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
$
|
46,781
|
|
|
$
|
46,781
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. Treasury securities
|
8,826
|
|
|
—
|
|
|
8,826
|
|
|
—
|
|
||||
Government-sponsored enterprises
|
29,759
|
|
|
—
|
|
|
29,759
|
|
|
—
|
|
||||
Corporate debt securities
|
166,300
|
|
|
—
|
|
|
166,300
|
|
|
—
|
|
||||
Total assets measured at fair value
(a)
|
$
|
251,666
|
|
|
$
|
46,781
|
|
|
$
|
204,885
|
|
|
$
|
—
|
|
|
June 30, 2017
|
||||||||||||||
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
||||||||
U.S. Treasury securities
|
$
|
13,802
|
|
|
$
|
—
|
|
|
$
|
(20
|
)
|
|
$
|
13,782
|
|
Government-sponsored enterprises
|
26,159
|
|
|
—
|
|
|
(30
|
)
|
|
26,129
|
|
||||
Corporate debt securities
|
87,152
|
|
|
5
|
|
|
(35
|
)
|
|
87,122
|
|
||||
Total
|
$
|
127,113
|
|
|
$
|
5
|
|
|
$
|
(85
|
)
|
|
$
|
127,033
|
|
|
December 31, 2016
|
||||||||||||||
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
||||||||
U.S. Treasury securities
|
$
|
4,826
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
4,825
|
|
Government-sponsored enterprises
|
29,764
|
|
|
5
|
|
|
(10
|
)
|
|
29,759
|
|
||||
Corporate debt securities
|
166,376
|
|
|
51
|
|
|
(127
|
)
|
|
166,300
|
|
||||
Total
|
$
|
200,966
|
|
|
$
|
56
|
|
|
$
|
(138
|
)
|
|
$
|
200,884
|
|
Accrual balance at December 31, 2016
|
$
|
1,891
|
|
Principal payments
|
(771
|
)
|
|
Accrual balance at June 30, 2017
|
$
|
1,120
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Research and development
|
$
|
1,833
|
|
|
$
|
1,445
|
|
|
$
|
3,506
|
|
|
$
|
2,841
|
|
General and administrative
|
1,769
|
|
|
1,678
|
|
|
3,557
|
|
|
3,283
|
|
||||
Total stock-based compensation expense
|
$
|
3,602
|
|
|
$
|
3,123
|
|
|
$
|
7,063
|
|
|
$
|
6,124
|
|
|
Six Months Ended June 30,
|
||
|
2017
|
|
2016
|
Expected dividend yield
|
0%
|
|
0%
|
Expected volatility
|
66.7% - 67.7%
|
|
63.7% - 65.4%
|
Risk-free interest rate
|
2.0% - 2.3%
|
|
1.3% - 2.1%
|
Expected term
|
6.25 years
|
|
6.25 years
|
|
Shares
|
|
Weighted-
Average Exercise Price |
|
Weighted-Average
Remaining Contractual Term (Years) |
|
Aggregate
Intrinsic Value (in thousands) |
|||||
Outstanding, December 31, 2016
|
3,838,060
|
|
|
$
|
18.93
|
|
|
7.0
|
|
|
||
Granted
|
1,120,950
|
|
|
20.38
|
|
|
|
|
|
|||
Exercised
|
(155,484
|
)
|
|
2.36
|
|
|
|
|
|
|||
Forfeited or expired
|
(182,518
|
)
|
|
24.13
|
|
|
|
|
|
|||
Outstanding, June 30, 2017
|
4,621,008
|
|
|
19.63
|
|
|
7.2
|
|
$
|
17,581
|
|
|
As of June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
||
Exercisable
|
2,534,628
|
|
|
15.86
|
|
|
5.8
|
|
16,784
|
|
||
Vested and expected to vest
|
4,407,535
|
|
|
19.37
|
|
|
7.1
|
|
17,489
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
||||||||
Net income (loss) used for calculation of basic and diluted EPS
|
$
|
(40,654
|
)
|
|
$
|
40,464
|
|
$
|
(78,310
|
)
|
|
$
|
10,101
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic
|
35,784,804
|
|
|
34,616,197
|
|
35,373,799
|
|
|
34,560,021
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
||||||||
Stock options and restricted stock units
|
—
|
|
|
1,401,214
|
|
—
|
|
|
1,406,966
|
|
||||
Weighted average shares outstanding, diluted
|
35,784,804
|
|
|
36,017,411
|
|
35,373,799
|
|
|
35,966,987
|
|
||||
|
|
|
|
|
|
|
||||||||
Net income (loss) per share, basic
|
$
|
(1.14
|
)
|
|
$
|
1.17
|
|
$
|
(2.21
|
)
|
|
$
|
0.29
|
|
Net income (loss) per share, diluted
|
$
|
(1.14
|
)
|
|
$
|
1.12
|
|
$
|
(2.21
|
)
|
|
$
|
0.28
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Janssen
. In December 2014, we entered into a collaboration and license agreement with Janssen for the development and commercialization of duvortuxizumab, a product candidate that incorporates our proprietary DART technology to simultaneously target CD19 and CD3 for the potential treatment of B-cell hematological malignancies. We contemporaneously entered into an agreement with JJDC, an affiliate of Janssen, under which JJDC agreed to purchase 1,923,077 new shares of our common stock for proceeds of $75.0 million. Upon closing, we received a $50.0 million upfront payment from Janssen as well as the $75.0 million investment in our common stock. Janssen is leading the development of this product candidate, subject to our options to co-promote the product in the United States and Canada and to invest in later-stage development in exchange for a United States and Canada profit-share. Janssen initiated a human clinical trial in 2015 for a variety of B-cell hematological malignancies, including diffuse-large B cell lymphoma, follicular lymphoma, mantle-cell lymphoma, chronic lymphocytic leukemia and acute lymphoblastic leukemia. The initiation of this trial triggered a $10.0 million milestone payment to us. Assuming successful development and commercialization, we could receive up to an additional $565.0 million in clinical, regulatory and commercialization milestone payments. If commercialized, we would be eligible to receive low double-digit royalties on any global net sales.
|
•
|
Servier.
In September 2012, we entered into an agreement with Servier to develop and commercialize three DART molecules in all countries other than the United States, Canada, Mexico, Japan, South Korea and India. We received a $20.0 million upfront option fee. In addition, we became eligible to receive up to approximately $1.0 billion in additional license fees and clinical, development, regulatory and sales milestone payments for each product Servier successfully develops, obtains regulatory approval for, and commercializes. Additionally, assuming exercise of its options, Servier may share Phase 2 and Phase 3 development costs and would be obligated to pay us low double-digit to mid-teen royalties on product sales in its territories.
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
|
|
(dollars in millions)
|
|
|
|
|
|||||||
Revenue from collaborative agreements
|
$
|
1.1
|
|
|
$
|
78.5
|
|
|
$
|
(77.4
|
)
|
|
(99
|
)%
|
Revenue from government agreements
|
0.6
|
|
|
2.2
|
|
|
(1.6
|
)
|
|
(73
|
)%
|
|||
Total revenue
|
$
|
1.7
|
|
|
$
|
80.7
|
|
|
$
|
(79.0
|
)
|
|
(98
|
)%
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
(dollars in millions)
|
|
|
|
|
|
||||||||
Revenue from collaborative agreements
|
$
|
2.4
|
|
|
$
|
80.4
|
|
|
$
|
(78.0
|
)
|
|
(97
|
)%
|
Revenue from government agreements
|
1.4
|
|
|
3.1
|
|
|
(1.7
|
)
|
|
(55
|
)%
|
|||
Total revenue
|
$
|
3.8
|
|
|
$
|
83.5
|
|
|
$
|
(79.7
|
)
|
|
(95
|
)%
|
|
Three Months Ended June 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
(dollars in millions)
|
|
|
|||||||||||
Margetuximab
|
$
|
10.4
|
|
|
$
|
12.4
|
|
|
$
|
(2.0
|
)
|
|
(16
|
)%
|
Enoblituzumab
|
5.1
|
|
|
4.4
|
|
|
0.7
|
|
|
16
|
%
|
|||
Flotetuzumab
|
0.9
|
|
|
0.1
|
|
|
0.8
|
|
|
800
|
%
|
|||
MGD007
|
1.7
|
|
|
0.6
|
|
|
1.1
|
|
|
183
|
%
|
|||
MGD009
|
0.8
|
|
|
0.6
|
|
|
0.2
|
|
|
33
|
%
|
|||
MGD010
|
0.5
|
|
|
1.4
|
|
|
(0.9
|
)
|
|
(64
|
)%
|
|||
Duvortuxizumab
|
—
|
|
|
0.7
|
|
|
(0.7
|
)
|
|
(100
|
)%
|
|||
MGA012*
|
3.1
|
|
|
—
|
|
|
3.1
|
|
|
N/A
|
|
|||
Preclinical immune checkpoint programs
|
5.1
|
|
|
5.3
|
|
|
(0.2
|
)
|
|
(4
|
)%
|
|||
Other preclinical and clinical programs, collectively
|
6.9
|
|
|
7.8
|
|
|
(0.9
|
)
|
|
(12
|
)%
|
|||
Total research and development expense
|
$
|
34.5
|
|
|
$
|
33.3
|
|
|
$
|
1.2
|
|
|
4
|
%
|
|
Six Months Ended June 30,
|
|
Increase/(Decrease)
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
(dollars in millions)
|
|
|
|||||||||||
Margetuximab
|
$
|
21.1
|
|
|
$
|
19.8
|
|
|
$
|
1.3
|
|
|
7
|
%
|
Enoblituzumab
|
9.0
|
|
|
8.6
|
|
|
0.4
|
|
|
5
|
%
|
|||
Flotetuzumab
|
1.9
|
|
|
1.9
|
|
|
—
|
|
|
—
|
%
|
|||
MGD007
|
2.9
|
|
|
1.6
|
|
|
1.3
|
|
|
81
|
%
|
|||
MGD009
|
1.9
|
|
|
1.5
|
|
|
0.4
|
|
|
27
|
%
|
|||
MGD010
|
2.1
|
|
|
3.2
|
|
|
(1.1
|
)
|
|
(34
|
)%
|
|||
Duvortuxizumab
|
0.1
|
|
|
2.1
|
|
|
(2.0
|
)
|
|
(95
|
)%
|
|||
MGA012*
|
5.5
|
|
|
—
|
|
|
5.5
|
|
|
N/A
|
|
|||
Preclinical immune checkpoint programs
|
10.0
|
|
|
10.8
|
|
|
(0.8
|
)
|
|
(7
|
)%
|
|||
Other preclinical and clinical programs, collectively
|
12.8
|
|
|
11.2
|
|
|
1.6
|
|
|
14
|
%
|
|||
Total research and development expense
|
$
|
67.3
|
|
|
$
|
60.7
|
|
|
$
|
6.6
|
|
|
11
|
%
|
|
Three Months Ended June 30,
|
|
Increase
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
|
|
(dollars in millions)
|
|
|
|
|
|||||||
General and administrative expense
|
$
|
8.4
|
|
|
$
|
7.2
|
|
|
$
|
1.2
|
|
|
17
|
%
|
|
Six Months Ended June 30,
|
|
Increase
|
|||||||||||
|
2017
|
|
2016
|
|
|
|
|
|||||||
|
|
|
(dollars in millions)
|
|
|
|
|
|||||||
General and administrative expense
|
$
|
15.8
|
|
|
$
|
13.4
|
|
|
$
|
2.4
|
|
|
18
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(dollars in millions)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(66.1
|
)
|
|
$
|
(65.1
|
)
|
Investing activities
|
64.8
|
|
|
(69.1
|
)
|
||
Financing activities
|
33.8
|
|
|
0.4
|
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
32.5
|
|
|
$
|
(133.9
|
)
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
|
MACROGENICS, INC.
|
|
|
BY:
|
/s/ Scott Koenig
|
|
|
Scott Koenig, M.D., Ph.D.
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
BY:
|
/s/ James Karrels
|
|
|
James Karrels
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
Dated: August 2, 2017
|
|
|
Exhibit Page Number
|
|
|
|
10.1*
|
2016 Employee Stock Purchase Plan (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (File No. 333-214386) filed by the Company on November 2, 2016)
|
|
|
31.1
|
Rule 13a-14(a) Certification of Principal Executive Officer
|
|
|
31.2
|
Rule 13a-14(a) Certification of Principal Financial Officer
|
|
|
32.1
|
Section 1350 Certification of Principal Executive Officer
|
|
|
32.2
|
Section 1350 Certification of Principal Financial Officer
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Schema Document
|
|
|
101.CAL
|
XBRL Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Labels Linkbase Document
|
|
|
101.PRE
|
XBRL Presentation Linkbase Document
|
* Indicates management contract or compensatory plan
|
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