Revenue remains highly inconsistent, swinging from $110.7 million in 2024Q3 to $20.8 million in 2026Q1, while operating margins remain deeply negative at -161.0% due to persistent R&D intensity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 157.08M | 149.5M | 148.34M | 57.19M | 150.02M | 75.64M | 97.76M | 62.02M | 60.12M | 155.52M | 86.58M | 100.85M | 47.26M | 56.75M | 59.65M | 47.05M |
| Revenue Growth % | 3.05% | 0.78% | 159.37% | -61.88% | 98.32% | -22.63% | 57.62% | 3.17% | -61.34% | 79.62% | -14.15% | 113.38% | -16.72% | -4.85% | 26.76% | - |
| Cost of Goods Sold | 47.23M | 43.18M | 12.3M | 8.22M | 7.38M | 2.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 28.88% | 8.29% | 14.38% | 4.92% | 3.5% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 109.85M | 106.32M | 136.04M | 48.97M | 142.63M | 72.99M | 97.76M | 62.02M | 60.12M | 155.52M | 86.58M | 100.85M | 47.26M | 56.75M | 59.65M | 47.05M |
| Gross Margin % | 69.93% | 71.12% | 91.71% | 85.62% | 95.08% | 96.5% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -21.85% | 177.8% | -65.67% | 95.41% | -25.34% | 57.62% | 3.17% | -61.34% | 79.62% | -14.15% | 113.38% | -16.72% | -4.85% | 26.76% | - |
| Operating Expenses | 173.51M | 179.16M | 246.62M | 217.22M | 264.05M | 275.79M | 228.82M | 239.21M | 231.33M | 177.66M | 146.62M | 121.04M | 85.58M | 56.39M | 51.44M | 41.8M |
| OpEx % of Revenue | - | 119.84% | 166.25% | 379.79% | 176.01% | 364.59% | 234.06% | 385.67% | 384.77% | 114.24% | 169.35% | 120.01% | 181.07% | 99.36% | 86.24% | 88.84% |
| Selling, General & Admin | 38.15M | 39.16M | 71.05M | 52.19M | 58.95M | 63.01M | 42.74M | 46.06M | 40.5M | 32.65M | 29.83M | 22.77M | 15.93M | 11.09M | 10.19M | 10.87M |
| SG&A % of Revenue | - | 26.19% | 47.89% | 91.25% | 39.29% | 83.3% | 43.72% | 74.27% | 67.36% | 21% | 34.45% | 22.57% | 33.7% | 19.54% | 17.08% | 23.1% |
| Research & Development | 135.36M | 140M | 177.19M | 166.58M | 207.03M | 214.58M | 193.2M | 195.31M | 190.83M | 147.23M | 122.09M | 98.27M | 70.19M | 46.58M | 45.43M | 41.09M |
| R&D % of Revenue | - | 93.65% | 119.45% | 291.26% | 138% | 283.67% | 197.62% | 314.89% | 317.4% | 94.67% | 141.01% | 97.44% | 148.5% | 82.08% | 76.17% | 87.32% |
| Other Operating Expenses | 0 | 0 | -1.62M | -1.56M | -1.92M | -1.8M | -7.12M | -2.16M | -247K | 2.52M | 1.51M | 42K | 2K | -626.81K | 150.69K | 1.47M |
| Operating Income | -63.66M | -72.84M | -110.58M | -168.24M | -121.42M | -202.79M | -131.06M | -177.19M | -171.21M | -22.14M | -60.04M | -20.18M | -38.31M | 365.98K | 8.21M | 5.25M |
| Operating Margin % | -40.53% | -48.72% | -74.54% | -294.17% | -80.94% | -268.09% | -134.06% | -285.67% | -284.77% | -14.24% | -69.35% | -20.01% | -81.07% | 0.64% | 13.76% | 11.16% |
| Operating Income Growth % | - | 34.13% | 34.28% | -38.57% | 40.13% | -54.73% | 26.03% | -3.49% | -673.18% | 63.12% | -197.5% | 47.33% | -10569.18% | -95.54% | 56.3% | - |
| EBITDA | -56.57M | -65.67M | -103.04M | -158.6M | -109.55M | -191.54M | -119.1M | -164.88M | -162.01M | -14.91M | -52.43M | -17.32M | -36.49M | 1.56M | 9.17M | 6.4M |
| EBITDA Margin % | -36.01% | -43.93% | -69.46% | -277.3% | -73.03% | -253.21% | -121.83% | -265.83% | -269.47% | -9.59% | -60.56% | -17.17% | -77.21% | 2.75% | 15.37% | 13.59% |
| EBITDA Growth % | 38.5% | 36.27% | 35.03% | -44.77% | 42.8% | -60.82% | 27.76% | -1.77% | -986.2% | 71.55% | -202.75% | 52.54% | -2440.32% | -82.99% | 43.27% | - |
| D&A (Non-Cash Add-back) | 7.09M | 7.17M | 7.54M | 9.64M | 11.87M | 11.26M | 11.96M | 12.31M | 9.2M | 7.23M | 7.61M | 2.86M | 1.82M | 1.19M | 959.93K | 1.15M |
| EBIT | -63.66M | -72.84M | -64.91M | -7.63M | -119.76M | -202.12M | -131.06M | -177.19M | -171.21M | -22.14M | -60.04M | -20.18M | -38.31M | -260.83K | 8.36M | 5.25M |
| Net Interest Income | -7.37M | -5.11M | 8.31M | 8.26M | 1.7M | 680K | 800K | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 5.75K | 0 |
| Interest Income | 5.93M | 3.4M | 9.42M | 9.69M | 1.7M | 680K | 800K | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 5.75K | 0 |
| Interest Expense | 13.3M | 8.51M | 1.11M | 1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -7.37M | -2.45M | 44.56M | 159.19M | 1.66M | 680K | 1.32M | 25.37M | -247K | 2.52M | 1.51M | 42K | 2K | -626.81K | 156.69K | 1.47M |
| Pretax Income | -71.03M | -75.29M | -66.02M | -9.06M | -119.76M | -202.12M | -129.74M | -151.81M | -171.45M | -19.63M | -58.53M | -20.14M | -38.31M | -260.83K | 8.36M | 6.72M |
| Pretax Margin % | -45.22% | -50.36% | -44.51% | -15.84% | -79.83% | -267.2% | -132.71% | -244.76% | -285.18% | -12.62% | -67.6% | -19.97% | -81.06% | -0.46% | 14.02% | 14.28% |
| Income Tax | -672K | -672K | 944K | 0 | 0 | 0 | 0 | 0 | -247K | 0 | 0 | 0 | 0 | 0 | -5.75K | 0 |
| Effective Tax Rate % | 0.95% | 0.89% | -1.43% | 0% | 0% | 0% | 0% | 0% | 0.14% | 0% | 0% | 0% | 0% | 0% | -0.07% | 0% |
| Net Income | -70.36M | -74.62M | -66.97M | -9.06M | -119.76M | -202.12M | -129.74M | -151.81M | -171.45M | -19.63M | -58.53M | -20.14M | -38.31M | -260.83K | 8.36M | 6.72M |
| Net Margin % | -44.79% | -49.91% | -45.14% | -15.84% | -79.83% | -267.2% | -132.71% | -244.76% | -285.18% | -12.62% | -67.6% | -19.97% | -81.06% | -0.46% | 14.02% | 14.28% |
| Net Income Growth % | -26.06% | -11.43% | -639.3% | 92.44% | 40.75% | -55.79% | 14.54% | 11.46% | -773.6% | 66.47% | -190.61% | 47.43% | -14588.6% | -103.12% | 24.48% | - |
| Net Income (Continuing) | -70.36M | -74.62M | -66.97M | -9.06M | -119.76M | -202.12M | -129.74M | -151.81M | -171.45M | -19.63M | -58.53M | -20.14M | -38.31M | -261K | 8.36M | 6.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | -1.18 | -1.07 | -0.15 | -1.95 | -3.18 | -2.25 | -3.16 | -4.19 | -0.54 | -1.69 | -0.63 | -1.40 | -0.01 | 0.46 | 0.37 |
| EPS Growth % | -23.6% | -10.28% | -613.33% | 92.31% | 38.68% | -41.33% | 28.8% | 24.58% | -675.93% | 68.05% | -168.25% | 55% | - | -102.15% | 24.32% | - |
| EPS (Basic) | - | -1.18 | -1.07 | -0.15 | -1.95 | -3.18 | -2.25 | -3.16 | -4.19 | -0.54 | -1.69 | -0.63 | -1.40 | -0.01 | 0.46 | 0.37 |
| Diluted Shares Outstanding | 63.45M | 63.16M | 62.62M | 61.93M | 61.43M | 59.94M | 52.44M | 48.08M | 40.93M | 36.1M | 34.69M | 31.8M | 27.38M | 26.26M | 18.14M | 18.14M |
| Basic Shares Outstanding | 63.45M | 63.16M | 62.62M | 61.93M | 61.41M | 59.94M | 52.44M | 48.08M | 40.93M | 36.1M | 34.69M | 31.8M | 27.37M | 25.54M | 18.14M | 18.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and clinical execution
As evidenced by the quarterly income statement data, MacroGenics exhibits highly erratic revenue patterns, with top-line figures swinging from $110.7 million in 2024Q3 to $9.1 million in 2024Q1, reflecting a business model heavily reliant on lumpy, non-recurring collaboration milestones rather than consistent commercial product sales.
The extreme variance in quarterly revenue suggests that the company's growth trajectory is not driven by organic product adoption but by the timing of clinical and regulatory events. Investors should interpret these fluctuations as a signal of high operational risk, as the lack of a stable revenue base complicates long-term financial forecasting.
Based on reported financial filings, gross margins have fluctuated significantly, ranging from a negative 3.4% in 2023Q4 to a peak of 81.6% in 2025Q3, highlighting the inherent difficulty in maintaining consistent profitability when revenue is tied to unpredictable, project-based collaboration payments.
The wide variance in gross margins appears to be a direct consequence of the company's reliance on milestone-heavy revenue streams that carry varying cost profiles. This lack of margin predictability suggests that the underlying commercial business, specifically Margenza, has yet to achieve the scale necessary to stabilize the company's cost structure.
According to the provided income statement data, R&D expenditures remain the dominant cost driver, consistently consuming a substantial portion of the company's resources, with quarterly R&D spend frequently exceeding $30 million, which significantly outpaces the revenue generated in most reporting periods.
The persistent high level of R&D spending relative to revenue indicates that the company is prioritizing long-term pipeline development over near-term operational efficiency. This cost structure warrants close monitoring, as it suggests that the company may be unable to achieve sustainable operating leverage without a significant increase in non-dilutive partnership income.
As reported in recent financial statements, the company's cash position of approximately $57 million against a TTM operating loss of nearly $73 million suggests a precarious financial situation that may necessitate dilutive equity financing or further asset-based partnerships to maintain ongoing clinical operations.
The current burn rate relative to available liquidity implies that the company is operating under significant financial pressure, which may limit its negotiating power in future partnership discussions. Investors should consider that the reliance on external capital to fund operations creates a persistent risk of shareholder dilution that could overshadow potential clinical successes.
Quick answers to the most common questions about buying MGNX stock.
For fiscal year 2025, MacroGenics, Inc. (MGNX) reported total revenue of $149.5M. This represents a 217.7% increase compared to $47.1M in 2011.
MacroGenics, Inc. (MGNX) reported a net loss of $74.6M for the fiscal year ending 2025.
MacroGenics, Inc. (MGNX) reported an operating income of $-72.8M, resulting in an operating profit margin of -48.7%. This margin reflects the operational efficiency of the business before interest and taxes.
MacroGenics, Inc. (MGNX) generated $106.3M in gross profit for the year, representing a gross profit margin of 71.1%. This demonstrates the company's core pricing power and production efficiency.