Detailed financial statements for MacroGenics, Inc. (MGNX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MacroGenics, Inc., a clinical-stage biopharmaceutical company, discovers, develops, manufactures, and commercializes antibody-based therapeutics for the treatment of cancer in the United States. The company’s product pipeline includes lorigerlimab, a bispecific DART molecule that targets checkpoint inhibitors PD-1 and CTLA-4 for the treatment of mCRPC and docetaxel that is in phase 2 clinical trials, as well as for the treatment of platinum-resistant ovarian cancer and clear...
Analysis Summary
MacroGenics, Inc. reported revenue of $149.5M in the most recent fiscal year, growing at a 5-year CAGR of 8.9%.
Trailing-twelve-month margins: gross margin 50.4%, operating margin -24.3%, net margin -8.7%.
At the current price of $4.08, MGNX has negative trailing earnings (P/E not meaningful) and an ROE of -31.27%. Market capitalisation stands at $259M.
Balance sheet quality for MGNX: current ratio of 5.1, net cash position of $83.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.6M | $155.5M | $60.1M | $62.0M | $97.8M | $75.6M | $150.0M | $57.2M | $148.3M | $149.5M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $2.7M | $7.4M | $8.2M | $12.3M | $43.2M |
| Gross Profit | $86.6M | $155.5M | $60.1M | $62.0M | $97.8M | $73.0M | $142.6M | $49.0M | $136.0M | $106.3M |
| Research & Development | $122.1M | $147.2M | $190.8M | $195.3M | $193.2M | $214.6M | $207.0M | $166.6M | $177.2M | $140.0M |
| Selling, General & Admin | $29.8M | $32.7M | $40.5M | $46.1M | $42.7M | $63.0M | $58.9M | $52.2M | $71.0M | $39.2M |
| Operating Expenses | $146.6M | $177.7M | $231.3M | $239.2M | $228.8M | $275.8M | $264.1M | $217.2M | $246.6M | $179.2M |
| Operating Income | -$60.0M | -$22.1M | -$171.2M | -$177.2M | -$131.1M | -$202.8M | -$121.4M | -$168.2M | -$110.6M | -$72.8M |
| EBITDA | -$52.4M | -$14.9M | -$162.0M | -$164.9M | -$119.1M | -$190.9M | -$107.9M | $2.0M | -$57.4M | -$59.6M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.4M | $1.1M | $8.5M |
| Pre-tax Income | -$58.5M | -$19.6M | -$171.5M | -$151.8M | -$129.7M | -$202.1M | -$119.8M | -$9.1M | -$66.0M | -$75.3M |
| Income Tax | 0 | 0 | -$247000 | 0 | 0 | 0 | 0 | 0 | $944000 | -$672000 |
| Net Income | -$58.5M | -$19.6M | -$171.5M | -$151.8M | -$129.7M | -$202.1M | -$119.8M | -$9.1M | -$67.0M | -$74.6M |
| EPS | $-1.69 | $-0.54 | $-4.19 | $-3.16 | $-2.47 | $-3.37 | $-1.95 | $-0.15 | $-1.07 | $-1.18 |
| EPS (Diluted) | $-1.69 | $-0.54 | $-4.19 | $-3.16 | $-2.47 | $-3.37 | $-1.95 | $-0.15 | $-1.07 | $-1.18 |
| Shares Outstanding (Diluted) | $34.7M | $36.1M | $40.9M | $48.1M | $52.4M | $59.9M | $61.4M | $61.9M | $62.6M | $63.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $72.8M | $41.2M | $20.8M | $32.8M |
| Gross Profit | $59.5M | $29.4M | $9.6M | -$13.9M |
| Operating Income | $18.6M | -$12.1M | -$33.4M | -$13.9M |
| EBITDA | $22.0M | -$9.0M | -$30.2M | -$64.5M |
| Net Income | $16.8M | -$14.2M | -$36.8M | $19.5M |
| EPS | $0.27 | $-0.22 | $-0.58 | $0.31 |
| EPS (Diluted) | $0.27 | $-0.22 | $-0.58 | $0.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $84.1M | $211.7M | $220.1M | $126.5M | $181.1M | $123.5M | $108.9M | $101.0M | $182.8M | $57.2M |
| Short-term Investments | $192.9M | $93.4M | $12.7M | $89.3M | $91.4M | $120.1M | $45.5M | $128.8M | $18.8M | $132.7M |
| Receivables | $2.8M | $13.6M | $29.6M | $12.7M | $23.1M | $10.4M | $56.2M | $10.4M | $4.3M | $13.4M |
| Inventory | -$8.0M | 0 | 0 | 0 | 0 | $4.4M | $1.5M | $1.2M | 0 | $7.9M |
| Total Current Assets | $283.9M | $322.3M | $269.1M | $239.8M | $312.6M | $279.6M | $222.2M | $251.3M | $217.5M | $219.9M |
| Property, Plant & Equipment | $18.0M | $50.0M | $56.7M | $68.4M | $61.5M | $54.3M | $56.9M | $45.7M | $42.6M | $35.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $311.3M | $373.9M | $332.1M | $312.5M | $378.7M | $335.2M | $289.5M | $298.4M | $261.7M | $256.8M |
| Accounts Payable | $4.0M | $2.5M | $4.0M | $4.3M | $8.0M | $15.5M | $4.9M | $6.4M | $5.0M | $4.8M |
| Short-term Debt | $1.6M | $298000 | 0 | 0 | 0 | 0 | $4.7M | 0 | 0 | $5.2M |
| Total Current Liabilities | $27.3M | $49.8M | $59.9M | $45.2M | $50.7M | $74.6M | $48.6M | $56.1M | $55.5M | $43.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $70.0M |
| Total Liabilities | $42.5M | $74.6M | $89.3M | $81.9M | $82.9M | $95.6M | $147.5M | $145.8M | $145.6M | $201.3M |
| Retained Earnings | -$292.7M | -$312.3M | -$490.3M | -$642.1M | -$771.8M | -$973.9M | -$1.09B | -$1.10B | -$1.17B | -$1.24B |
| Total Equity | $268.8M | $299.2M | $242.9M | $230.6M | $295.9M | $239.6M | $142.0M | $152.6M | $116.1M | $55.6M |
| Total Debt | $1.9M | $298000 | 0 | $30.6M | $29.2M | $25.5M | $34.8M | $34.0M | $37.5M | $106.8M |
| Net Debt | -$275.1M | -$304.8M | -$232.9M | -$185.2M | -$243.3M | -$218.1M | -$119.5M | -$195.8M | -$164.2M | -$83.2M |
| Working Capital | $256.6M | $272.5M | $209.2M | $194.6M | $261.9M | $205.0M | $173.6M | $195.2M | $162.0M | $176.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $80.1M | $57.2M | $66.5M | $113.9M |
| Total Assets | $270.8M | $256.8M | $217.9M | $345.4M |
| Total Liabilities | $203.8M | $201.3M | $196.7M | $302.5M |
| Total Equity | $67.0M | $55.6M | $21.2M | $42.9M |
| Total Debt | $37.0M | $106.8M | $36.5M | $35.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$58.5M | -$19.6M | -$171.5M | -$151.8M | -$129.7M | -$202.1M | -$119.8M | -$9.1M | -$67.0M | -$74.6M |
| Depreciation & Amortization | $7.6M | $7.2M | $9.2M | $10.8M | $12.0M | $11.3M | $11.9M | $9.6M | $7.5M | $5.5M |
| Stock-based Compensation | $12.2M | $14.7M | $16.5M | $19.6M | $20.7M | $23.1M | $20.4M | $18.4M | $29.4M | $14.3M |
| Change in Working Capital | -$4.9M | $12.1M | -$6.6M | -$12.9M | -$14.5M | $17.6M | -$6.1M | $53.3M | $1.4M | -$28.3M |
| Operating Cash Flow | -$43.7M | $14.4M | -$153.2M | -$134.3M | -$111.9M | -$143.8M | -$87.0M | -$78.2M | -$68.4M | -$81.0M |
| Capital Expenditure | -$11.4M | -$29.4M | -$25.0M | -$4.3M | -$5.9M | -$6.2M | -$3.6M | -$1.8M | -$3.7M | -$1.9M |
| Acquisitions | 0 | 0 | 0 | $75.1M | 0 | 0 | 0 | $64000 | 0 | $11000 |
| Stock Repurchased | -$39000 | -$40000 | -$260000 | 0 | -$2.0M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$55.1M | -$15.0M | -$178.2M | -$138.6M | -$117.8M | -$150.0M | -$90.6M | -$80.0M | -$72.1M | -$83.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$30.2M | $43.0M | -$35.8M | -$40.7M |
| Capital Expenditure | -$426000 | -$244000 | -$344000 | -$806000 |
| Free Cash Flow | -$30.6M | $42.8M | -$36.2M | -$41.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.5M | $2.7M | $2.6M | $2.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +79.6% | -61.3% | +3.2% | +57.6% | -22.6% | +98.3% | -61.9% | +159.4% | +0.8% | |
| Net Income Growth (YoY) | +66.5% | -773.6% | +11.5% | +14.5% | -55.8% | +40.7% | +92.4% | -639.3% | -11.4% | |
| EPS Growth (YoY) | +68.0% | -675.9% | +24.6% | +21.8% | -36.4% | +42.1% | +92.3% | -613.3% | -10.3% | |
| Shares Change (YoY) | +4.1% | +13.4% | +17.5% | +9.1% | +14.3% | +2.5% | +0.8% | +1.1% | +0.9% | |
| FCF Growth (YoY) | +72.8% | -1088.1% | +22.2% | +15.0% | -27.4% | +39.6% | +11.7% | +9.9% | -15.1% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.5% | 95.1% | 85.6% | 91.7% | 71.1% |
| Operating Margin | -69.3% | -14.2% | -284.8% | -285.7% | -134.1% | -268.1% | -80.9% | -294.2% | -74.5% | -48.7% |
| EBITDA Margin | -60.6% | -9.6% | -269.5% | -265.8% | -121.8% | -252.3% | -71.9% | 3.5% | -38.7% | -39.9% |
| Net Margin | -67.6% | -12.6% | -285.2% | -244.8% | -132.7% | -267.2% | -79.8% | -15.8% | -45.1% | -49.9% |
| FCF Margin | -63.6% | -9.6% | -296.4% | -223.4% | -120.5% | -198.3% | -60.4% | -139.8% | -48.6% | -55.5% |
| Effective Tax Rate | -0.0% | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -1.4% | 0.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.59 | $-0.42 | $-4.35 | $-2.88 | $-2.25 | $-2.50 | $-1.47 | $-1.29 | $-1.15 | $-1.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $34.7M | $36.1M | $40.9M | $48.1M | $52.4M | $59.9M | $61.4M | $61.9M | $62.6M | $63.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -31.27% |
| Return on Invested Capital | -2.36% |
| Return on Assets | -4.22% |
| Gross Margin | 50.44% |
| Operating Margin | -24.30% |
| Net Margin | -8.70% |
Financial Health
| Debt / Equity | 0.82 |
| Current Ratio | 2.96 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -6.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -12.09 | -35.19 | -3.03 | -3.44 | -9.26 | -4.76 | -3.44 | -64.13 | -3.04 | -1.36 |
| P/B | 2.64 | 2.29 | 2.14 | 2.27 | 4.05 | 4.02 | 2.90 | 3.90 | 1.75 | 1.83 |
| P/S | 8.19 | 4.41 | 8.65 | 8.43 | 12.26 | 12.72 | 2.75 | 10.42 | 1.37 | 0.68 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 96.5% | 95.1% | 85.6% | 91.7% | 71.1% |
| Operating Margin | -69.3% | -14.2% | -284.8% | -285.7% | -134.1% | -268.1% | -80.9% | -294.2% | -74.5% | -48.7% |
| Net Margin | -67.6% | -12.6% | -285.2% | -244.8% | -132.7% | -267.2% | -79.8% | -15.8% | -45.1% | -49.9% |
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