MacroGenics Q2 net loss $41.3M; cuts 15% workforce, extends cash runway to 2024

MACROGENICS INC

2022-Q2 EPS reported -$1.76 revenue$37,108,000

Net loss $41.3M vs $39.9M YoY; cash $133.7M at June 30, plus $34.5M in July payments from partners.
Workforce reduction of ~15% and closure of Brisbane and Rockville sites to reduce costs.
Received $30M milestone from Incyte; $60M milestone due upon teplizumab approval (PDUFA Nov 17, 2022).
Plan to start MGC018 Phase 2/3 TAMARACK study in mCRPC by year-end; interim data from Phase 2 by end 2024.
Lorigerlimab Phase 1/2 enrollment complete; data update expected early 2023.

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