MacroGenics reports Q3 EPS 27c vs 90c last year

Reports Q3 revenue $72.839M vs $110.7M last year. “During the third quarter, our team aggressively advanced each of our previously outlined strategic priorities, which we believe will position MacroGenics (MGNX) for long-term success. Importantly, we secured $75 million in additional non-dilutive partnership payments, which we expect to receive during the fourth quarter. As part of these recent partnering activities, we extended our relationship with Gilead to include a preclinical program based on our novel T-cell engager platform,” said Eric Risser, President and CEO of MacroGenics. “On the clinical front, following a portfolio review and evaluation of interim data from the LORIKEET study, we have decided not to pursue further development of lorigerlimab in prostate cancer. Despite this decision, we remain committed to exploring lorigerlimab’s potential in ovarian and other gynecologic cancers and continue to enroll patients in the Phase 2 LINNET study. We also continue to advance our three other ADC programs and recently initiated two Phase 1 expansion cohorts for the MGC026 program.”