MacroGenics, Inc.
MGNXHealthcare|Biotechnology|US
$2.33
+0.11 (+4.95%)
Tangible Book / Share
$0.67
Cash / Share
$2.73
Financials
Financial Snapshot
Market Cap
$148.4M
Enterprise Value
$69.6M
Revenue (TTM)
$167.7M
Net Income (TTM)
-$14.6M
Cash & Investments
$173.3M
Net Cash
$138.2M
Free Cash Flow (TTM)
-$65.5M
Operating CF (TTM)
-$63.7M
Debt/Equity
0.82
Cash Runway & Burn Rate
Cash on Hand
$173.3M
Quarterly Burn
$15.9M
Monthly Burn
$5.3M
Est. Runway
~10.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $277.0M | $305.1M | $232.9M | $215.8M | $272.5M | $243.6M | $154.3M | $229.8M | $201.7M | $189.9M | $173.3M | |
| Operating Cash Flow | -$43.7M | $14.4M | -$153.2M | -$134.3M | -$111.9M | -$143.8M | -$87.0M | -$78.2M | -$68.4M | -$81.0M | -$63.7M | |
| Free Cash Flow | -$55.1M | -$15.0M | -$178.2M | -$138.6M | -$117.8M | -$150.0M | -$90.6M | -$80.0M | -$72.1M | -$83.0M | -$65.5M | |
| Capital Expenditure | -$11.4M | -$29.4M | -$25.0M | -$4.3M | -$5.9M | -$6.2M | -$3.6M | -$1.8M | -$3.7M | -$1.9M | -$1.8M | |
| Financing Cash Flow | $1.9M | $35.3M | $105.0M | $120.0M | $174.3M | $122.8M | $1.7M | $150.4M | $960.0K | $69.5M | $60.0M |
R&D Spending
R&D (TTM)
$96.5M
R&D Intensity
57.5%
R&D Growth vs Prior
-31.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.6M | $155.5M | $60.1M | $62.0M | $97.8M | $75.6M | $150.0M | $57.2M | $148.3M | $149.5M | $167.7M | |
| R&D Expense | $122.1M | $147.2M | $190.8M | $195.3M | $193.2M | $214.6M | $207.0M | $166.6M | $177.2M | $140.0M | $96.5M | |
| R&D % of Revenue | 141.0% | 94.7% | 317.4% | 314.9% | 197.6% | 283.7% | 138.0% | 291.3% | 119.5% | 93.6% | 57.5% | |
| SG&A | $29.8M | $32.7M | $40.5M | $46.1M | $42.7M | $63.0M | $58.9M | $52.2M | $71.0M | $39.2M | $28.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.6M | $155.5M | $60.1M | $62.0M | $97.8M | $75.6M | $150.0M | $57.2M | $148.3M | $149.5M | $167.7M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.7M | $7.4M | $8.2M | $12.3M | $43.2M | $83.1M | |
| Gross Profit | $86.6M | $155.5M | $60.1M | $62.0M | $97.8M | $73.0M | $142.6M | $49.0M | $136.0M | $106.3M | $84.6M | |
| R&D | $122.1M | $147.2M | $190.8M | $195.3M | $193.2M | $214.6M | $207.0M | $166.6M | $177.2M | $140.0M | $96.5M | |
| SG&A | $29.8M | $32.7M | $40.5M | $46.1M | $42.7M | $63.0M | $58.9M | $52.2M | $71.0M | $39.2M | $28.9M | |
| Operating Income | -$60.0M | -$22.1M | -$171.2M | -$177.2M | -$131.1M | -$202.8M | -$121.4M | -$168.2M | -$110.6M | -$72.8M | -$40.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.4M | $1.1M | $8.5M | $16.9M | |
| Pretax Income | -$58.5M | -$19.6M | -$171.5M | -$151.8M | -$129.7M | -$202.1M | -$119.8M | -$9.1M | -$66.0M | -$75.3M | -$104.5M | |
| Net Income | -$58.5M | -$19.6M | -$171.5M | -$151.8M | -$129.7M | -$202.1M | -$119.8M | -$9.1M | -$67.0M | -$74.6M | -$14.6M | |
| EPS (Diluted) | -1.69 | -0.54 | -4.19 | -3.16 | -2.47 | -3.37 | -1.95 | -0.15 | -1.07 | -1.18 | -0.22 | |
| EBITDA | -$52.4M | -$14.9M | -$162.0M | -$164.9M | -$119.1M | -$190.9M | -$107.9M | $2.0M | -$57.4M | -$59.6M | -$81.7M | |
| Shares Out. (M) | 34.69 | 36.10 | 40.93 | 48.08 | 52.44 | 59.94 | 61.43 | 61.93 | 62.62 | 63.16 | 63.59 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $84.1M | $211.7M | $220.1M | $126.5M | $181.1M | $123.5M | $108.9M | $101.0M | $182.8M | $57.2M | $113.9M | |
| Short-Term Investments | $192.9M | $93.4M | $12.7M | $89.3M | $91.4M | $120.1M | $45.5M | $128.8M | $18.8M | $132.7M | $59.4M | |
| Total Current Assets | $283.9M | $322.3M | $269.1M | $239.8M | $312.6M | $279.6M | $222.2M | $251.3M | $217.5M | $219.9M | $321.7M | |
| Total Assets | $311.3M | $373.9M | $332.1M | $312.5M | $378.7M | $335.2M | $289.5M | $298.4M | $261.7M | $256.8M | $345.4M | |
| Total Current Liabilities | $27.3M | $49.8M | $59.9M | $45.2M | $50.7M | $74.6M | $48.6M | $56.1M | $55.5M | $43.1M | $108.8M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $70.0M | $30.1M | |
| Total Liabilities | $42.5M | $74.6M | $89.3M | $81.9M | $82.9M | $95.6M | $147.5M | $145.8M | $145.6M | $201.3M | $302.5M | |
| Stockholders' Equity | $268.8M | $299.2M | $242.9M | $230.6M | $295.9M | $239.6M | $142.0M | $152.6M | $116.1M | $55.6M | $42.9M | |
| Retained Earnings | -$292.7M | -$312.3M | -$490.3M | -$642.1M | -$771.8M | -$973.9M | -$1.09B | -$1.10B | -$1.17B | -$1.24B | -$1.26B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$43.7M | $14.4M | -$153.2M | -$134.3M | -$111.9M | -$143.8M | -$87.0M | -$78.2M | -$68.4M | -$81.0M | -$63.7M | |
| Capital Expenditure | -$11.4M | -$29.4M | -$25.0M | -$4.3M | -$5.9M | -$6.2M | -$3.6M | -$1.8M | -$3.7M | -$1.9M | -$1.8M | |
| Free Cash Flow | -$55.1M | -$15.0M | -$178.2M | -$138.6M | -$117.8M | -$150.0M | -$90.6M | -$80.0M | -$72.1M | -$83.0M | -$65.5M | |
| Investing Cash Flow | -$70.2M | $77.9M | $56.6M | -$79.4M | -$7.8M | -$36.6M | $70.7M | -$80.1M | $149.3M | -$114.1M | -$13.1M | |
| Financing Cash Flow | $1.9M | $35.3M | $105.0M | $120.0M | $174.3M | $122.8M | $1.7M | $150.4M | $960.0K | $69.5M | $60.0M | |
| Issuance of Stock | $1.9M | $34.2M | $103.3M | $118.7M | $176.4M | $117.8M | $1.1M | $1.2M | $3.4M | $129.0K | $247.0K | |
| Repurchase of Stock | -$39.0K | -$40.0K | -$260.0K | $0.00 | -$2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$157.0K | $0.00 | $0.00 | -$9.7M | |
| Stock Based Comp. | $12.2M | $14.7M | $16.5M | $19.6M | $20.7M | $23.1M | $20.4M | $18.4M | $29.4M | $14.3M | $10.8M | |
| Net Change in Cash | -$112.1M | $127.6M | $8.4M | -$93.7M | $54.7M | -$57.7M | -$14.6M | -$7.9M | $81.9M | -$125.6M | -$16.8M |
Dilution Tracker
Shares outstanding grew 20.4% over 5 years — significant dilution
Shares Outstanding
64M
5-Year Share Growth
+20.4%
Stock Issuance (TTM)
$247.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 34.69 | 36.10 | 40.93 | 48.08 | 52.44 | 59.94 | 61.43 | 61.93 | 62.62 | 63.16 | 63.59 | |
| Change vs Prior % | — | 4.1% | 13.4% | 17.5% | 9.1% | 14.3% | 2.5% | 0.8% | 1.1% | 0.9% | 0.7% | |
| Stock Issuance | $1.9M | $34.2M | $103.3M | $118.7M | $176.4M | $117.8M | $1.1M | $1.2M | $3.4M | $129.0K | $247.0K | |
| Stock Repurchase | -$39.0K | -$40.0K | -$260.0K | $0.00 | -$2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $12.2M | $14.7M | $16.5M | $19.6M | $20.7M | $23.1M | $20.4M | $18.4M | $29.4M | $14.3M | $10.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.5% | 95.1% | 85.6% | 91.7% | 71.1% | 50.4% | |
| Operating Margin % | -69.3% | -14.2% | -284.8% | -285.7% | -134.1% | -268.1% | -80.9% | -294.2% | -74.5% | -48.7% | -24.3% | |
| Net Margin % | -67.6% | -12.6% | -285.2% | -244.8% | -132.7% | -267.2% | -79.8% | -15.8% | -45.1% | -49.9% | -8.7% | |
| EBITDA Margin % | -60.6% | -9.6% | -269.5% | -265.8% | -121.8% | -252.3% | -71.9% | 3.5% | -38.7% | -39.9% | -48.7% | |
| FCF Margin % | -63.6% | -9.6% | -296.4% | -223.4% | -120.5% | -198.3% | -60.4% | -139.8% | -48.6% | -55.5% | -39.1% | |
| ROE % | -21.8% | -6.6% | -70.6% | -65.8% | -43.8% | -84.3% | -84.3% | -5.9% | -57.7% | -134.2% | -31.3% | |
| ROA % | -18.8% | -5.2% | -51.6% | -48.6% | -34.3% | -60.3% | -41.4% | -3.0% | -25.6% | -29.1% | -4.2% | |
| ROIC % | -21.0% | -6.8% | -62.8% | -65.5% | -39.5% | -76.4% | -49.4% | -68.4% | -50.3% | -33.0% | -2.4% | |
| R&D / Revenue % | 141.0% | 94.7% | 317.4% | 314.9% | 197.6% | 283.7% | 138.0% | 291.3% | 119.5% | 93.6% | 57.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -14.2% | 79.6% | -61.3% | 3.2% | 57.6% | -22.6% | 98.3% | -61.9% | 159.4% | 0.8% | |
| Gross Profit | -14.2% | 79.6% | -61.3% | 3.2% | 57.6% | -25.3% | 95.4% | -65.7% | 177.8% | -21.8% | |
| Operating Income | -197.5% | 63.1% | -673.2% | -3.5% | 26.0% | -54.7% | 40.1% | -38.6% | 34.3% | 34.1% | |
| Net Income | -190.6% | 66.5% | -773.6% | 11.5% | 14.5% | -55.8% | 40.7% | 92.4% | -639.3% | -11.4% | |
| EPS (Diluted) | -168.3% | 68.0% | -675.9% | 24.6% | 21.8% | -36.4% | 42.1% | 92.3% | -613.3% | -10.3% | |
| Operating Cash Flow | -219.7% | 133.0% | -1163.8% | 12.4% | 16.7% | -28.5% | 39.5% | 10.1% | 12.6% | -18.5% | |
| Free Cash Flow | -140.9% | 72.8% | -1088.1% | 22.2% | 15.0% | -27.4% | 39.6% | 11.7% | 9.9% | -15.1% | |
| R&D Expense | 24.2% | 20.6% | 29.6% | 2.3% | -1.1% | 11.1% | -3.5% | -19.5% | 6.4% | -21.0% | |
| SG&A Expense | 31.0% | 9.5% | 24.0% | 13.7% | -7.2% | 47.4% | -6.5% | -11.5% | 36.1% | -44.9% | |
| Total Assets | -13.4% | 20.1% | -11.2% | -5.9% | 21.2% | -11.5% | -13.6% | 3.1% | -12.3% | -1.8% | |
| Book Value / Share | -21.4% | 7.0% | -28.4% | -19.2% | 17.6% | -29.2% | -42.2% | 6.6% | -24.8% | -52.5% | |
| Debt | -59.9% | -84.2% | -100.0% | 0.0% | -4.3% | -12.9% | 36.8% | -2.5% | 10.3% | 185.0% | |
| Diluted Shares | 9.1% | 4.1% | 13.4% | 17.5% | 9.1% | 14.3% | 2.5% | 0.8% | 1.1% | 0.9% |
Valuation
P/E (TTM)At Loss
P/S0.89
10Y Low / Med / High0.68 / 8.43 / 12.72
P/B3.46
10Y Low / Med / High1.75 / 2.64 / 4.05
EV/EBITDAAt Loss
EV/Revenue0.42
10Y Low / Med / High0.39 / 6.89 / 11.42
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.67
Net Current Assets / Share
$0.30
Cash / Share
$2.73
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -12.09 | -35.19 | -3.03 | -3.44 | -9.26 | -4.76 | -3.44 | -64.13 | -3.04 | -1.36 | -10.59 | |
| P/S Ratio | 8.19 | 4.41 | 8.65 | 8.43 | 12.26 | 12.72 | 2.75 | 10.42 | 1.37 | 0.68 | 0.89 | |
| P/B Ratio | 2.64 | 2.29 | 2.14 | 2.27 | 4.05 | 4.02 | 2.90 | 3.90 | 1.75 | 1.83 | 3.46 | |
| EV/EBITDA | -11.95 | -31.81 | -1.85 | -2.59 | -8.79 | -4.53 | -3.13 | 262.16 | -1.01 | -2.54 | -0.85 | |
| EV/Revenue | 7.24 | 3.05 | 4.98 | 6.89 | 10.71 | 11.42 | 2.25 | 9.25 | 0.39 | 1.01 | 0.42 |
Analyst Estimates & Quality
Altman Z-Score
-4.43
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $109.8M | $90.6M | $88.2M |
| Net Income | -$115.8M | -$131.5M | -$169.0M |
| EPS | $-1.76 | $-1.64 | $-2.05 |
| # Analysts (EPS) | 5 | 3 | 4 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue From Collaborative Agreements | $97.8M | $63.3M | $119.3M | $29.0M | $118.9M | $87.2M |
| Revenue From Government Agreements | $7.1M | $1.8M | $1.9M | $1.6M | $1.6M | — |
| Product | — | $12.3M | $16.7M | $17.9M | $16.4M | — |
| Contract Manufacturing | — | — | $14.0M | $9.8M | $13.1M | $52.6M |