0001125345-23-000059 | 10-K | XBRL Viewer

Revenue - Incyte Corporation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	7 Months Ended	12 Months Ended			24 Months Ended
	Oct. 31, 2017	Mar. 31, 2019	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Jan. 31, 2022
Collaboration and Other Agreements [Line Items]
Revenues				$ 151,941	$ 77,447	$ 104,883
Incyte Corporation (Incyte) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaboration and Other Agreements [Line Items]
Collaborative arrangement, term								3 years
Collaborative arrangement, extension term								1 year
Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment		$ 150,000
Amounts recognized				100,000
Transaction price	$ 154,000
Clinical trial activities selling price amount							$ 4,000
Minimum \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Potential proceeds from royalties percent	15.00%
Maximum \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Potential development and regulatory milestone payments	$ 435,000
Potential commercial milestone payments	$ 330,000
Potential proceeds from royalties percent	24.00%
Revenues From License Agreements \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues	$ 150,000			30,000	15,000	40,000
Revenues From License Agreements \| Incyte MGA012 Clinical Services \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues				300	7,800	1,400
Revenues From License Agreements \| Incyte MGA012 Supply Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues				700	$ 1,500	$ 8,600
RevenuesFromCMOAgreementsMember \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment			$ 10,000
Revenues				8,700
Deferred revenue				9,600
Deferred revenue, current				8,100
Total Annual Fixed Payments				14,400
Deferred revenue, noncurrent				1,500
RevenuesFromCMOAmendmentAgreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Total Annual Fixed Payments				19,500
Additional Annual Fixed Payments				$ 5,100

Marketable Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable SecuritiesAvailable-for-sale marketable securities as of December 31, 2022 and 2021 were as follows (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Government-sponsored enterprises	$	32,812	$	5	$	(7)	$	32,810
Corporate debt securities	12,655		1		(4)		12,652
Total	$	45,467	$	6	$	(11)	$	45,462


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	81,184	$	—	$	(52)	$	81,132
Government-sponsored enterprises	7,739		—		(5)		7,734
Corporate debt securities	31,285		—		(4)		31,281
Total	$	120,208	$	—	$	(61)	$	120,147

All of the Company's available-for-sale securities held at December 31, 2022 and 2021 had contractual maturities of less than one year. All of the Company’s available-for-sale marketable debt securities in an unrealized loss position as of December 31, 2022 and 2021 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of December 31, 2022 and 2021 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company's available-for-sale debt securities was recorded for the years ended December 31, 2022 and 2021. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. The Company recorded interest income of $1.7 million, $2.0 million and $0.8 million during the years ended December 31, 2022, 2021 and 2020, respectively, which is included in other income on the consolidated statements of operations and comprehensive loss.

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2022	Feb. 28, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36112
Entity Registrant Name	MACROGENICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1591613
Entity Address, Address Line One	9704 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	251-5172
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MGNX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float	$ 181.3
Entity Common Stock, Shares Outstanding		61,838,565
Documents Incorporated by Reference	Portions of MacroGenics, Inc.'s definitive proxy statement for the 2023 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001125345

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company has non-cancelable operating leases for manufacturing, laboratory, office and warehouse space in Maryland and a non-cancelable operating lease for laboratory and office space in California. A portion of the space under one of these leases is subleased to a third party. The California facility and the smaller-scale, non-commercial GMP manufacturing site in Maryland will be closed under the Company’s restructuring plan announced in August 2022, therefore the leases for those sites will not be renewed when they expire. The Company’s continuing leases each have one or more five-year options to renew. In December 2022, the Company amended the existing lease on its headquarters space to extend the lease term through 2035 in exchange for certain concessions from the lessor. This amendment was accounted for as a lease modification, and the right-of-use asset and lease liability were remeasured at the modification date, resulting in an increase to both balances of approximately $14.0 million.

The table below presents supplemental balance sheet information related to operating leases:


	December 31,
	2022		2021
Weighted-average remaining lease term (in years)	11.1		5.1
Weighted-average discount rate	12.0	%	9.7	%

During the years ended December 31, 2022 and 2021, the Company made cash payments for operating leases of $6.9 million and $6.7 million, respectively. As of December 31, 2022 and 2021, the Company’s ROU assets were valued at $27.3 million and $16.6 million, respectively.

The components of lease cost for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	December 31,
	2022		2021
Operating lease cost	$	5,597	$	5,613
Variable lease cost	1,451		960
Sublease income	(1,076)		(814)
Net lease cost	$	5,972	$	5,759

As of December 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2023	$	4,999
2024	4,004
2025	5,084
2026	4,209
2027	4,927
Thereafter	52,053
Total lease payments	75,276
Less: imputed interest	(40,444)
Total lease liabilities	$	34,832

In-licensing arrangement

In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V. (Synaffix) to develop, manufacture and commercialize up to three antibody-drug conjugate targets using Synaffix’s proprietary technology. The Company made an upfront payment to Synaffix upon contract execution. Assuming all three targets are successfully developed and commercialized, the Company would be obligated to pay up to $585.0 million for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, upon commencement of commercial sales of any products developed from these targets, the Company would be required to pay Synaffix tiered royalties in the low‑single digit percentages on net sales of the respective products. The Company may terminate this agreement at any time with 30 days’ notice to Synaffix. Amounts paid to Synaffix under this agreement are recorded as research and development expense in the consolidated statement of operations. During the year ended December 31, 2022, the Company incurred $1.0 million under this agreement.

Securities Litigation

On September 13, 2019, a securities class action complaint was filed in the U.S. District Court for the District of Maryland (District Court) by Todd Hill naming the Company, its Chief Executive Officer, Dr. Koenig, and its Chief Financial Officer, Mr. Karrels, as defendants for allegedly making false and materially misleading statements regarding the Company’s SOPHIA trial. On August 17, 2020, the Employees’ Retirement System of the City of Baton Rouge and Parish of East Baton Rouge was appointed as Lead Plaintiff, and on October 16, 2020, the Lead Plaintiff filed an amended complaint. The amended complaint asserted a putative class period stemming from February 6, 2019 to June 4, 2019. The Company filed a Motion to Dismiss on November 30, 2020. On September 29, 2021, the District Court issued an Order dismissing the case, with prejudice. On October 28, 2021 the Lead Plaintiff filed a Notice of Appeal in the Fourth Circuit. The Company did not accrue any liability associated with this action as of December 31, 2022. The 4th Circuit affirmed the District Court’s dismissal in a decision published on March 2, 2023.

Revenue - NIAID Contract (Details)	12 Months Ended
Revenue - NIAID Contract (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2015 productCandidate
Collaboration and Other Agreements [Line Items]
Revenues	$ 151,941,000	$ 77,447,000	$ 104,883,000
NIAID
Collaboration and Other Agreements [Line Items]
Total potential value	25,100,000
Boehringer Ingelheim International GmbH \| Boehringer Collaboration and License Agreement
Collaboration and Other Agreements [Line Items]
Number of product candidates to develop \| productCandidate				2
RevenuesFromGrantsMember \| NIAID
Collaboration and Other Agreements [Line Items]
Number of product candidates to develop		2
Revenues	$ 1,900,000	$ 1,800,000	$ 7,100,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue	12 Months Ended
Revenue	Dec. 31, 2022
Collaboration and License Agreements [Abstract]
Revenue	Revenue Collaborative Agreements Incyte Corporation Incyte License Agreement In 2017, the Company entered into an exclusive global collaboration and license agreement with Incyte, which was amended in March 2018, April 2022 and July 2022, for retifanlimab, an investigational monoclonal antibody that inhibits programmed cell death protein 1 (PD-1) (Incyte License Agreement). Incyte has obtained exclusive worldwide rights for the development and commercialization of retifanlimab in all indications, while the Company retains the right to develop its pipeline assets in combination with retifanlimab. Under the terms of the Incyte License Agreement, Incyte paid the Company an upfront payment of $150.0 million in 2017. MacroGenics will manufacture a portion of Incyte’s global commercial supply of retifanlimab. Incyte has stated it is pursuing development of retifanlimab in potentially registration-enabling studies, including in patients with Merkel cell carcinoma, squamous cell carcinoma of the anal canal, MSI-high endometrial cancer and non-small cell lung cancer. Incyte is also pursuing development of retifanlimab in combination with multiple product candidates from its pipeline. In April 2022, the Company and Incyte executed an amendment to the Incyte License Agreement to add a milestone for U.S. approval of retifanlimab in a specific indication and to exclude certain other regulatory and development achievements with retifanlimab in this same indication from the milestone events of the Incyte License Agreement. In July 2022, the Company and Incyte further amended the Incyte License Agreement to reflect changes related to the payment of certain milestones and Incyte paid the Company $30.0 million in milestone payments, which the Company recognized as revenue during the year ended December 31, 2022. Under the terms of the Incyte License Agreement, as amended, Incyte will lead global development of retifanlimab. Assuming successful development and commercialization by Incyte, the Company could receive up to approximately $435.0 million in development and regulatory milestones, and up to $330.0 million in commercial milestones. From the inception of the Incyte License Agreement through December 31, 2022, the Company has recognized $100.0 million in development milestones under Incyte License Agreement. If retifanlimab is approved and commercialized, the Company would be eligible to receive tiered royalties of 15% to 24% on any global net sales. The Company retains the right to develop its pipeline assets in combination with retifanlimab, with Incyte commercializing retifanlimab and the Company commercializing its asset(s), if any such potential combinations are approved. In addition, the Company retains the right to manufacture a portion of both companies' global commercial supply needs of retifanlimab, subject to the separate commercial supply agreement. The Company evaluated the Incyte License Agreement under the provisions of ASC 606 at inception and identified the following two performance obligations under the agreement: (i) the license of retifanlimab and (ii) the performance of certain clinical activities through a brief technology transfer period. The Company determined that the license and clinical activities are separate performance obligations because they are capable of being distinct, and are distinct in the context of the contract. The license has standalone functionality as it is sublicensable, Incyte has significant capabilities in performing clinical trials, and Incyte is capable of performing these activities without the Company's involvement; the Company performed the activities during the transfer period as a matter of convenience. The Company determined that the transaction price of the Incyte License Agreement at inception was $154.0 million, consisting of the consideration to which the Company was entitled in exchange for the license and an estimate of the consideration for clinical activities to be performed. The transaction price was allocated to each performance obligation based on their relative standalone selling price. The standalone selling price of the license was determined using the adjusted market assessment approach considering similar collaboration and license agreements. The standalone selling price for agreed-upon clinical activities to be performed was determined using the expected cost approach based on similar arrangements the Company has with other parties. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, as they were determined to relate predominantly to the license granted to Incyte and, therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. From 2018 through December 31, 2022, it became probable that a significant reversal of cumulative revenue would not occur for development milestones totaling $100.0 million related to clinical and regulatory activities related to the further advancement of retifanlimab, including Incyte’s initiation of a Phase 3 clinical trial. Therefore the associated consideration was added to the estimated transaction price and was recognized as revenue. The Company recognized the $150.0 million allocated to the license when it satisfied its performance obligation and transferred the license to Incyte in 2017. The $4.0 million allocated to the clinical activities was recognized ratably as services were performed during 2017 and 2018. The Company recognized revenue of $30.0 million, $15.0 million and $40.0 million under the Incyte License Agreement during the years ended December 31, 2022, 2021 and 2020, respectively. All of the revenue recognized during the years ended December 31, 2022 and 2021 was related to development milestones. Incyte Clinical Supply Agreement In 2018, the Company entered into an agreement with Incyte under which the Company is to perform development and manufacturing services for Incyte’s clinical needs of retifanlimab (Incyte Clinical Supply Agreement). The Company evaluated this agreement under ASC 606 and identified one performance obligation under the agreement: to perform services related to the development and manufacturing of the clinical supply of retifanlimab. The transaction price is based on the costs incurred to develop and manufacture drug product and drug substance, and is recognized over time as the services are provided, as the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. The transaction price is being recognized using the input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the manufacturing services. During the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $0.7 million, $1.5 million and $8.6 million, respectively, for services performed under this agreement. Incyte Commercial Supply Agreement In 2020, the Company entered into an agreement with Incyte pursuant to which the Company is entitled to manufacture a portion of the global commercial supply needs for retifanlimab (Incyte Commercial Supply Agreement). Unless terminated earlier, the term of the Incyte Commercial Supply Agreement will expire upon the expiration of Incyte’s obligation to pay royalties under the Incyte License Agreement. The Company evaluated this agreement under ASC 606 and identified one performance obligation under the agreement: to perform services related to manufacturing the commercial supply of retifanlimab. The transaction price is based on a fixed price per batch of bulk drug substance to be manufactured and is recognized over time as the services are provided, as the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. The transaction price is being recognized using the input method reflecting the costs incurred (including resources consumed and labor costs incurred) related to the manufacturing services. During the years ended December 31, 2022, 2021, and 2020 the Company recognized revenue of $0.3 million, $7.8 million and $1.4 million, respectively, for services performed under this agreement. Gilead Sciences, Inc In October 2022, the Company and Gilead Sciences, Inc. (Gilead) entered into an exclusive option and collaboration agreement (Gilead Agreement) to develop and commercialize MGD024, an investigational, bispecific antibody that binds CD123 and CD3, and create bispecific cancer antibodies using the Company’s DART platform and undertake their early development under a maximum of two separate bispecific cancer target research programs. Under the agreement, the Company will continue the ongoing phase 1 trial for MGD024 according to a development plan, during which Gilead will have the right to exercise an option granted to Gilead to obtain an exclusive license under the Company’s intellectual property to develop and commercialize MGD024 and other bispecific antibodies of MacroGenics that bind CD123 and CD3 (CD123 Option). The agreement also grants Gilead the right, within its first two years, to nominate a bispecific cancer target set for up to two research programs conducted by the Company and to exercise separate options to obtain an exclusive license for the development, commercialization and exploitation of molecules created under each research program (Research Program Option). Under the terms of the Gilead Agreement, in October 2022 Gilead paid the Company an upfront payment of $60.0 million. Assuming Gilead exercises the CD123 Option and Research Program Option and successfully develops and commercializes MGD024, or other CD123 products developed under the agreement, and products result from the two additional research programs, the Company would be eligible to receive up to $1.7 billion in target nomination, option fees, and development, regulatory and commercial milestones. Assuming exercise of the CD123 Option, the Company will also be eligible to receive tiered, low double-digit royalties on worldwide net sales of MGD024 (or other CD123 products developed under the agreement) and assuming exercise of the Research Program Option, a flat royalty on worldwide net sales of any products resulting from the two research programs. The Company evaluated the Gilead Agreement under the provisions of ASC 606 and identified the following material promises under the agreement: (i) a license to perform any activities allocated to Gilead under the MGD024 development plan; (ii) development activities regarding MGD024, including manufacturing, research and early clinical development activities, necessary to deliver an informational package of development and clinical data, information and materials specified in the Gilead Agreement during the period in which Gilead can exercise the CD123 Option; (iii) the CD123 Option and (iv) the Research Program Option. The Company concluded that the license under the MGD024 development plan and development activities are not distinct from one another, as the license has limited value without the Company’s performance of the development activities. Therefore, the Company determined that the development term license and development activities should be combined into a single performance obligation (Development Activities). The CD123 Option is considered a material right as the value of the exclusive license exceeds the payment to be made by Gilead if they exercise their option to obtain an exclusive license to develop and commercialize MGD024 or an alternative CD123 product, and is therefore a distinct performance obligation. The Company determined that the Research Program Option does not provide a material right, as there is no discount on its standalone selling price. In accordance with ASC 606, the Company determined that the initial transaction price under the Gilead Agreement was $60.0 million, consisting of the upfront, non-refundable payment paid by Gilead. The CD123 Option and Research Program Option payments are excluded from the initial transaction price at contract inception along with any future development, regulatory, and commercial milestone payments (including royalties) following the CD123 Option and Research Program Option exercise. The Company will reassess the amount of variable consideration included in the transaction price every reporting period. The Company allocated the $60.0 million upfront payment in the transaction price to the Development Activities and the CD123 Option based on each performance obligation’s relative standalone selling price. The standalone selling price for the Development Activities was calculated using an expected cost-plus margin approach for the pre-option development timeline. For the standalone selling price of the CD123 Option, the Company utilized an income-based approach which included the following key assumptions: post-option development timeline and costs, forecasted revenues, discount rates and probabilities of technical and regulatory success. The Company is recognizing revenue related to the Development Activities performance obligation over the estimated period to complete the Development Activities using an input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the Development Activities. The Company will defer revenue recognition related to the CD123 Option. If Gilead exercises the CD123 Option and obtains an exclusive license, the Company will recognize revenue as it fulfills its obligations under the Gilead Agreement. If the CD123 Option is not exercised, the Company will recognize the entirety of the revenue in the period when the CD123 Option expires. During the year ended December 31, 2022, the Company recorded revenue of $0.2 million related to the Gilead Agreement. As of December 31, 2022, $59.8 million in revenue was deferred under this agreement, $1.8 million of which was current and $58.0 million of which was non-current. Zai Lab Limited 2018 Zai Lab Agreement In 2018, the Company entered into a collaboration and license agreement with Zai Lab Limited (Zai Lab) under which Zai Lab obtained regional development and commercialization rights in mainland China, Hong Kong, Macau and Taiwan (Zai Lab’s territory) for (i) margetuximab, an immune-optimized anti-HER2 monoclonal antibody, (ii) tebotelimab, a bispecific DART molecule designed to provide coordinate blockade of PD-1 and LAG-3 for the potential treatment of a range of solid tumors and hematological malignancies, and (iii) an undisclosed multi-specific TRIDENT molecule in preclinical development (2018 Zai Lab Agreement). Zai Lab will lead clinical development of these molecules in its territory. Zai Lab has informed the Company that they have decided to discontinue development of tebotelimab for indications they were enrolling in their territory and is evaluating future development plans in other indications. Under the terms of the 2018 Zai Lab Agreement, Zai Lab paid the Company an upfront payment of $25.0 million ($22.5 million after netting value-added tax withholdings of $2.5 million). Assuming successful development and commercialization of margetuximab, tebotelimab and the TRIDENT molecule, the Company could receive up to $140.0 million in development and regulatory milestones, of which the Company has earned $9.0 million through December 31, 2022. In addition, Zai Lab would pay the Company tiered royalties at percentage rates of mid-teens to 20% for net sales of margetuximab in Zai Lab’s territory, mid-teens for net sales of tebotelimab in Zai Lab’s territory and 10% for net sales of the TRIDENT molecule in Zai Lab’s territory, which may be subject to adjustment in specified circumstances. The Company evaluated the 2018 Zai Lab Agreement under the provisions of ASC 606 and identified the following material promises under the arrangement for each of the two product candidates, margetuximab and tebotelimab: (i) an exclusive license to develop and commercialize the product candidate in Zai Lab’s territory and (ii) certain research and development activities. The Company determined that each license and the related research and development activities were not distinct from one another, as the license has limited value without the performance of the research and development activities. As such, the Company determined that these promises should be combined into a single performance obligation for each product candidate. Activities related to margetuximab and tebotelimab are separate performance obligations from each other because they are capable of being distinct, and are distinct in the context of the contract. The Company evaluated the promises related to the TRIDENT molecule and determined they were immaterial in context of the contract, therefore there is no performance obligation related to that molecule. The Company determined that the net $22.5 million upfront payment from Zai Lab constituted the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, and the transaction price was allocated to the two performance obligations based on their relative standalone selling price. The standalone selling price of the performance obligations was determined using the adjusted market assessment approach considering similar collaboration and license agreements. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to royalties will be recognized if and when the related sales occur, as they were determined to relate predominantly to the license granted to Zai Lab and, therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. From 2020 through December 31, 2022, it became probable that a significant reversal of cumulative revenue would not occur for development and regulatory milestones totaling $9.0 million. Therefore, the associated consideration, $8.1 million net of value-added tax withholdings, was added to the estimated transaction price and was recognized as revenue. During the year ended December 31, 2022, the Company recognized $4.9 million under the 2018 Zai Lab Agreement and no revenue was recognized during the year ended December 31, 2021 under this agreement. During the year ended December 31, 2020, the Company recognized revenue of $8.6 million under the 2018 Zai Lab Agreement, $3.6 million of which was net milestone revenue and $5.0 million of which was recognition of variable consideration related to certain regulatory achievements during 2020. Zai Lab Clinical Supply Agreements During 2019, the Company entered into two agreements under which the Company is to perform manufacturing services for Zai Lab’s clinical needs of margetuximab and tebotelimab (Zai Lab Clinical Supply Agreements). The Company evaluated the agreements under ASC 606 and determined that they should be accounted for as a single contract and identified two performance obligations within the contract: to perform services related to manufacturing the clinical supply of each of margetuximab and tebotelimab. The transaction price is based on the costs incurred to manufacture drug product and drug substance, and is recognized over time as the services are provided, as the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. The transaction price is being recognized using the input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the manufacturing service. During the years ended December 31, 2022, 2021, and 2020, the Company recognized revenue of $0.4 million, $2.8 million, and $2.7 million, respectively, related to the Zai Lab Clinical Supply Agreements. 2021 Zai Lab Agreement In June 2021, the Company entered into a collaboration and license agreement with Zai Lab US LLC (collectively with Zai Lab Limited referred herein as Zai Lab) involving collaboration programs and license-only programs (collectively, the Programs) encompassing four separate immuno-oncology molecules (2021 Zai Lab Agreement). The first program covers a lead research molecule that incorporates the Company’s DART platform and binds CD3 and an undisclosed target that is expressed in multiple solid tumors (Lead Program). The second program covers a target to be designated by the Company. For these programs, Zai Lab receives commercial rights in Greater China, Japan, and Korea while the Company receives commercial rights in all other territories. Zai Lab also obtained exclusive, global licenses from the Company to develop, manufacture and commercialize two additional molecules. Zai Lab granted the Company a worldwide, royalty-free, co-exclusive license to conduct the development activities allocated to the Company. During 2022, the Company and Zai Lab agreed to discontinue research and development of the Lead Program. Under the terms of the 2021 Zai Lab Agreement, the Lead Program included joint research and development services by both the Company and Zai Lab. For the other programs, Zai Lab can separately negotiate and agree with the Company to perform research and development services in the future. In connection with the execution of the 2021 Zai Lab Agreement, Zai Lab paid the Company an upfront payment of $25.0 million. Additionally, as part of the consideration for the rights granted to Zai Lab under the 2021 Zai Lab Agreement, the Company and Zai Lab entered into the Stock Purchase Agreement whereby Zai Lab paid the Company approximately $30.0 million to purchase shares of the Company’s common stock at a fixed price of $31.30 which represented a $10.4 million premium over the share price on the Stock Purchase Agreement date. Assuming successful development and commercialization of the remaining Programs, the Company could receive up to approximately $680.0 million in development and regulatory milestones and $600.0 million in commercial milestones. In addition, Zai Lab would pay the Company tiered royalties at percentage rates of mid-single digits to low double digit teens on annual net sales of products in Zai Lab’s territory, which may be subject to specified royalty reduction pursuant to the 2021 Zai Lab Agreement. Per the terms of the 2021 Zai Lab Agreement, the Company may also receive reimbursements from Zai Lab for certain research and development costs incurred by the Company. The Company evaluated the 2021 Zai Lab Agreement under the provisions of ASC 606 and identified the following material promises: (i) exclusive licenses to develop, manufacture and commercialize the products in Zai Lab’s territory for each Program and (ii) certain research and development activities for the Lead Program. The Company determined that for the Lead Program, the license is not distinct from the related research and development activities, considering the early stage of development of the molecule and the Company’s significant expertise in this area and as such, the research and development services are expected to significantly modify and customize the license. Therefore, for the Lead Program, the license and the services were combined into a single performance obligation. Since the other programs each represent distinct intellectual property and there are no other services included in the 2021 Zai Lab Agreement related to these licenses, each license is considered to be a distinct performance obligation. As such, there are four performance obligations included in the 2021 Zai Lab Agreement. The Company concluded that the estimated transaction price is $40.4 million, consisting of the $25.0 million upfront payment, the $10.4 million premium related to the purchase of the Company’s common stock, and the $5.0 million estimated reimbursement by Zai Lab for research and development activities for the Lead Program. The potential milestone payments were deemed to be fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to royalties will be recognized if and when the related sales occur, as they were determined to relate predominantly to the license granted to Zai Lab and, therefore, have also been excluded from the transaction price. The Company will re-assess the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. The transaction price of $40.4 million was then allocated to the four performance obligations based on their relative standalone selling price. The standalone selling price of the performance obligations was not directly observable; therefore, the Company estimated the standalone selling price using an adjusted market assessment approach, representing the amount that the Company believes a market participant is willing to pay for the product or service. The estimate was based on consideration of observable inputs, such as, values of other preclinical collaboration arrangements adjusted for the Company’s estimate of the probability of success for each Program. Revenue related to the Lead Program license and related research and development services performance obligation was recognized over time as the research and development activities were performed. The Company utilized a cost-based input method according to costs incurred to date compared to estimated total costs. The transfer of control occurs over this time period and, in management’s judgment, is the best measure of progress towards satisfying the performance obligations. The Company recognized revenue allocated to the other programs at a point in time upon transfer of the licenses to Zai Lab in June 2021. During the years ended December 31, 2022, and 2021 the Company recognized revenue of $16.8 million and $20.3 million, respectively, under the 2021 Zai Lab Agreement. As of December 31, 2022, there was no revenue deferred under the 2021 Zai Lab Agreement. As of December 31, 2021, $16.1 million in revenue was deferred under this agreement, all of which was current. Janssen Biotech, Inc. In December 2020, the Company entered into a research collaboration and license agreement with Janssen to develop a novel DART molecule (Janssen Agreement). The research collaboration will incorporate the Company’s proprietary DART platform to enable simultaneous targeting of two undisclosed targets in a therapeutic area outside oncology. Under the terms of the Janssen Agreement, Janssen paid the Company an upfront payment of $20.0 million and will be responsible for funding all research and development expenses. The Company will also be eligible to receive up to $312.0 million in potential milestone payments and tiered royalties of up to 10% on worldwide product sales. Subject to the terms of this agreement, the Company granted Janssen an exclusive, royalty-bearing license to develop, manufacture and commercialize the preclinical bispecific molecule and the Company will perform certain research and development activities during a specified research term. The Company evaluated the Janssen Agreement under the provisions of ASC 606 and identified the following material promises under the arrangement: (i) a license to develop the preclinical bispecific molecule and (ii) performing certain research and development activities during the research term. The Company determined that the license and research and development activities are separate performance obligations because they are capable of being distinct, and are distinct in the context of the contract. The license has standalone functionality as Janssen could benefit from the license on its own without the Company’s involvement during the research term. The Company determined that the transaction price of the Janssen Agreement at inception was $22.2 million, consisting of the consideration to which the Company was entitled in exchange for the license and an estimate of the consideration for research and development activities to be performed. The transaction price was allocated to each performance obligation based on their relative standalone selling price. The standalone selling price of the license was determined using the adjusted market assessment approach considering similar collaboration and license agreements as well as current market conditions. The standalone selling price for agreed-upon research and development activities to be performed was determined using the expected cost approach based on similar arrangements the Company has with other parties. This variable consideration was fully constrained until the Company began its work under the performance obligation. The potential milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, as they were determined to relate predominantly to the license granted to Janssen and, therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. The Company recognized the $20.0 million allocated to the license when it satisfied its performance obligation and transferred the license to Janssen in 2020. The $2.2 million allocated to the research and development activities is being recognized over the Company’s involvement in the research term, which is estimated to be less than two years. During the years ended December 31, 2022, and 2021 the Company recognized revenue of $0.8 million and $1.5 million, respectively, for research and development activities performed under the Janssen Agreement. Provention Bio, Inc. In 2018, the Company entered into a license agreement with Provention pursuant to which the Company granted Provention exclusive global rights for the purpose of developing and commercializing MGD010 (renamed PRV-3279), a CD32B x CD79B DART molecule being developed for the treatment of autoimmune indications (Provention License Agreement). As partial consideration for the Provention License Agreement, Provention granted the Company a warrant to purchase shares of Provention’s common stock at an exercise price of $2.50 per share. If Provention successfully develops, obtains regulatory approval for, and commercializes PRV-3279, the Company will be eligible to receive up to $65.0 million in development and regulatory milestones and up to $225.0 million in commercial milestones. As of December 31, 2022, the Company has not recognized any milestone revenue under this agreement. If commercialized, the Company would be eligible to receive single-digit royalties on net sales of the product. The license agreement may be terminated by either party upon a material breach or bankruptcy of the other party, by Provention without cause upon prior notice to the Company, and by the Company in the event that Provention challenges the validity of any licensed patent under the agreement, but only with respect to the challenged patent. Also, in 2018, the Company entered into an asset purchase agreement with Provention pursuant to which Provention acquired the Company’s interest in teplizumab (renamed PRV-031), a monoclonal antibody being developed for the treatment of type 1 diabetes (Asset Purchase Agreement). As partial consideration for the Asset Purchase Agreement, Provention granted the Company a warrant to purchase shares of Provention’s common stock at an exercise price of $2.50 per share. Under the Asset Purchase Agreement, Provention is obligated to pay the Company contingent milestone payments totaling $170.0 million upon the achievement of certain regulatory milestones. In addition, Provention is obligated to make contingent milestone payments to the Company totaling $225.0 million upon the achievement of certain commercial milestones as well as single-digit royalties on net sales of the product. The FDA approved the BLA for teplizumab in November 2022, and the Company recognized $60.0 million in revenue related to this regulatory milestone during the year ended December 31, 2022. In November 2022, the Company and Provention amended the Asset Purchase Agreement. Under this amendment, the milestone for first approval was split into four equal payments, the first of which was received in November 2022. The remaining payments are due on March 1, 2023, June 1, 2023 and September 1, 2023. Provention has also agreed to pay third-party obligations, including low single-digit royalties, a portion of which is creditable against royalties payable to the Company, aggregate milestone payments of up to approximately $1.3 million and other consideration, for certain third-party intellectual property under agreements Provention assumed pursuant to the Asset Purchase Agreement. Further, Provention is required to pay the Company a low double-digit percentage of certain consideration to the extent it is received in connection with a future grant of rights to PRV-031 by Provention to a third party. The Company evaluated the Provention License Agreement and Asset Purchase Agreement under the provisions of ASC 606 and determined that they should be accounted for as a single contract and identified two performance obligations within that contract: (i) the license of MGD010 and (ii) the title to teplizumab. The Company determined that the transaction price of the Provention agreements was $6.1 million, based on the Black-Scholes valuation of the warrants to purchase a total of 2,432,688 shares of Provention's common stock. The transaction price was allocated to each performance obligation based on the number of shares of common stock the Company is entitled to purchase under each warrant. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such were excluded from the initial transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, therefore they have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. The Company recognized revenue of $6.1 million when it satisfied its performance obligations under the agreements and transferred the MGD010 license and teplizumab assets to Provention in 2018. In 2019, the Company exercised the warrants on a cashless basis, and subsequently sold all the shares of Provention common stock acquired through the exercise. No shares of Provention stock were held subsequent to the sale of stock in 2019. During the year ended December 31, 2022, it became probable that a significant reversal of cumulative revenue would not occur for a regulatory milestone of $60.0 million, therefore the associated consideration was added to the estimated transaction price and was recognized as revenue. During the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $60.0 million, $1.3 million and $0.6 million, respectively, under these agreements. As of December 31, 2022, Provention owes the Company $45.0 million related to the achieved milestone, which is included in accounts receivable on the consolidated balance sheet. I-Mab Biopharma I-Mab License Agreement In 2019, the Company entered into a collaboration and license agreement with I-Mab to develop and commercialize enoblituzumab, an immune-optimized, anti-B7-H3 monoclonal antibody that incorporates the Company's proprietary Fc Optimization technology platform (I-Mab License Agreement). I-Mab obtained regional development and commercialization rights in mainland China, Hong Kong, Macau and Taiwan (I-Mab's territory), will lead clinical development of enoblituzumab in its territories, and will participate in global studies conducted by the Company. In August 2022, I-Mab notified the Company of its intention to terminate the I-Mab License Agreement effective February 25, 2023. Under the terms of the I-Mab License Agreement, I-Mab paid the Company an upfront payment of $15.0 million, and $5.0 million of milestone revenue has been earned from the inception of the I-Mab License Agreement through December 31, 2022. The Company evaluated the I-Mab License Agreement under the provisions of ASC 606 and identified the following material promises under the arrangement: (i) an exclusive license to develop and commercialize enoblituzumab in I-Mab’s territories, (ii) perform certain research and development activities and (iii) conduct a chronic toxicology study. The Company determined that the license and the related research and development activities were not distinct from one another, as the license has limited value without the performance of the research and development activities. As such, the Company determined that the license and related research and development activities should be combined into a single performance obligation. The Company determined that the $15.0 million upfront payment from I-Mab constituted the entirety of the consideration to be included in the transaction price as of the outset of the arrangement for the license and related research and development activities. The Company has also determined that the chronic toxicology study is distinct from the other promises and has estimated the variable consideration of that performance obligation to be approximately $1.0 million. I-Mab paid the Company for the cost of this study as the costs were incurred and I-Mab received a one-time credit of eighty percent of the total amount of such costs against the milestone achieved during 2021. The Company reassessed the transaction price as it became probable that a significant reversal of cumulative revenue would not occur for a $5.0 million milestone ($4.5 million after netting a one-time credit as described above) related to development progress of enoblituzumab, therefore the associated consideration was added to the estimated transaction price and was recognized as revenue during 2021. Revenue under the I-Mab License Agreement was recognized using a cost-based input method according to costs incurred to date compared to estimated total costs. The transfer of control occurs over this time period and, in management’s judgment, was the best measure of progress towards satisfying the performance obligations. During the years ended December 31, 2022, 2021 and 2020, the Company recognized revenue of $4.5 million, $11.5 million and $2.2 million, respectively, related to the I-Mab License Agreement. At December 31, 2022, no revenue was deferred under the I-Mab License Agreement. At December 31, 2021, $4.5 million in revenue was deferred under the I-Mab License Agreement, all of which was current. I-Mab Clinical Supply Agreement In October 2021, the Company entered into an agreement under which the Company was to perform development and manufacturing services for I-Mab’s clinical needs of enoblituzumab (I-Mab Clinical Supply Agreement). The Company evaluated this agreement under ASC 606 and identified one performance obligation under the agreement: to perform services related to the development and manufacturing of the clinical supply of enoblituzumab. The transaction price was based on the costs incurred to develop and manufacture drug product and drug substance, and was recognized over time as the services were provided, as the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. The transaction price was recognized using the input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the manufacturing services. During the years ended December 31, 2022, and 2021, the Company recognized revenue of $0.6 million and $1.3 million, respectively, for research and development activities performed under the I-Mab Clinical Supply Agreement. The Company and I-Mab mutually agreed to terminate this agreement in November 2022. Boehringer Ingelheim International GmbH In 2010, the Company entered into a collaboration and license agreement with Boehringer Ingelheim International GmbH (BII) to discover, develop and commercialize multiple DART molecules that were to be evaluated during a five-year period that ended in 2015 (Boehringer Agreement). Under the terms of the agreement, the Company granted BII an exclusive, worldwide, royalty-bearing, license under its intellectual property to research, develop, and market DART molecules generated under the agreement. During the evaluation period, BII selected two product candidates to develop (BII DARTs). Under the terms of the Boehringer Agreement, BII paid the Company an upfront payment of $15.0 million which was fully recognized prior to December 31, 2015. The variable consideration under this agreement included potential future development and sales milestones and royalties on net sales in the event that the BII DARTs are commercialized. In June 2020, BII agreed to a payment of $12.0 million in order to retain rights to develop the BII DARTs under the Boehringer Agreement. As a result, the Company received and recognized as revenue $12.0 million during the year ended December 31, 2020. The remaining potential development milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to royalties will be recognized when the related sales occur and therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. Manufacturing Services Agreements Incyte In January 2022, the Company entered into a Manufacturing and Clinical Supply Agreement with Incyte (Incyte Manufacturing and Clinical Supply Agreement) to provide manufacturing services to produce certain Incyte bulk drug substance over a three-year period at one of the Company’s manufacturing facilities. Under the terms of the Incyte Manufacturing and Clinical Supply Agreement, the Company received an upfront payment of $10.0 million and is eligible to receive annual fixed payments paid quarterly over the term of the contract totaling $14.4 million. The Company will also be reimbursed for materials used to manufacture product as well as other costs incurred to provide manufacturing services. In July 2022, the Company and Incyte executed an amendment to the Incyte Manufacturing and Clinical Supply Agreement which extended the term for one year and provided for an additional annual fixed payment of $5.1 million (July 2022 Incyte Amendment). The Company evaluated the Incyte Manufacturing and Clinical Supply Agreement and the July 2022 Incyte Amendment under the provisions of ASC 606 and identified one performance obligation to provide manufacturing runs to Incyte, as and when requested by Incyte, over the term of the contract that is part of a series of goods and services. The Company determined that the transaction price consists of the upfront payment received of $10.0 million and the annual fixed payments totaling $19.5 million. The Company will recognize revenue over time on a straight-line basis as the manufacturing services are provided to Incyte, as the Company determined that its efforts in providing the manufacturing services will be incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product for Incyte will be allocated to the related manufacturing activities and will be recognized as revenue as those activities occur. Materials purchased by the Company to manufacture the product for Incyte are considered costs to fulfill a contract and will be capitalized and expensed as the materials are used to provide the manufacturing services. The Company recognized revenue of $8.7 million under the Incyte Manufacturing and Clinical Supply Agreement during the year ended December 31, 2022. As of December 31, 2022, $9.6 million in revenue was deferred under this agreement, $8.1 million of which was current and $1.5 million of which was non-current. Provention Bio, Inc. In June 2022, the Company entered into a Manufacturing and Clinical Supply Agreement with Provention (Provention Manufacturing and Clinical Supply Agreement) to provide manufacturing services to produce certain Provention bulk drug substance. Under the terms of the Provention Manufacturing and Clinical Supply Agreement, the Company received an upfront payment and payments in accordance with the manufacturing schedule. The Company was also reimbursed for materials used to manufacture product as well as other costs incurred to provide manufacturing services. The Company evaluated the Provention Manufacturing and Clinical Supply Agreement under the provisions of ASC 606 and identified one performance obligation to provide manufacturing services to Provention. The Company determined that the transaction price consisted of the upfront and other fixed payments totaling $4.6 million. The Company will recognize revenue over time on a straight-line basis as the manufacturing services are provided to Provention, as the Company determined that its efforts in providing the manufacturing services will be incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product for Provention will be allocated to the related manufacturing activities and will be recognized as revenue as those activities occur. Materials purchased by the Company to manufacture the product for Provention are considered costs to fulfill a contract and will be capitalized and expensed as the materials are used to provide the manufacturing services. The Company recognized revenue of $5.3 million under the Provention Manufacturing and Clinical Supply Agreement during the year ended December 31, 2022. Government Agreement NIAID Contract The Company entered into a contract with NIAID, effective as of September 15, 2015, to perform product development and to advance up to two DART molecules, MGD014 and MGD020 (NIAID Contract). Under the NIAID Contract, the Company will develop these product candidates for Phase 1/2 clinical trials as therapeutic agents, in combination with latency reversing treatments, to deplete cells infected with human immunodeficiency virus (HIV) infection. NIAID does not receive goods or services from the Company under this contract, therefore the Company does not consider NIAID to be a customer and concluded this contract is outside the scope of ASC 606. Since the inception of the NIAID Contract, NIAID has exercised the two options contemplated in the original contract and executed modifications such that the total funded contract value as of December 31, 2022 is $25.1 million. In addition, the most recent modification changed the period of performance under the NIAID Contract to end in July 2023. The Company recognized revenue of $1.9 million, $1.8 million and $7.1 million under the NIAID contract during the years ended December 31, 2022, 2021 and 2020, respectively.

Inventory, Net (Details) - SEC Schedule, 12-09, Reserve, Inventory - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 4,917	$ 2,035
Additions Charged to Expenses	2,882
Deductions	0
Balance at End of Year	$ 4,917

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on developing and commercializing innovative antibody-based therapeutics designed to modulate the human immune response for the treatment of cancer. The Company has a pipeline of product candidates being evaluated in clinical trials sponsored by MacroGenics or its collaborators. These product candidates include multiple oncology programs, some of which were created primarily using the Company’s proprietary, antibody-based technology platforms. The Company believes our product candidates have the potential, if approved for marketing by regulatory authorities, to have a meaningful effect on treating patients' unmet medical needs as monotherapy or, in some cases, in combination with other therapeutic agents. In March 2021, the Company and its commercialization partner commenced U.S. marketing of MARGENZA (margetuximab-cmkb), a human epidermal growth factor receptor 2 (HER2) receptor antagonist indicated, in combination with chemotherapy, for the treatment of adult patients with metastatic HER2-positive breast cancer who have received two or more prior anti-HER2 regimens, at least one of which was for metastatic disease. Liquidity The Company’s multiple product candidates currently under development will require significant additional research and development efforts that include extensive preclinical studies and clinical testing, and regulatory approval prior to commercial use. The future success of the Company is dependent on its ability to identify and develop its product candidates, and ultimately upon its ability to attain profitable operations. The Company has devoted substantially all of its financial resources and efforts to research and development and general and administrative expense to support such research and development. Net losses and negative cash flows have had, and will continue to have, an adverse effect on the Company’s stockholders’ equity and working capital, and accordingly, its ability to execute its future operating plans. As a biotechnology company, the Company has primarily funded its operations with proceeds from the sale of its common stock in equity offerings, revenue from its multiple collaboration agreements, and contracts and grants from the National Institute of Allergy and Infectious Diseases (NIAID). Management regularly reviews the Company’s available liquidity relative to its operating budget and forecast to monitor the sufficiency of the Company’s working capital. The Company plans to meet its future operating requirements by generating revenue from current and future strategic collaborations or other arrangements, and product sales. The Company anticipates continuing to draw upon available sources of capital, including equity and debt instruments, to support its product development activities. If the Company is unable to enter into new arrangements or to perform under current or future agreements or obtain additional capital, the Company will assess its capital resources and may be required to delay, reduce the scope of, or eliminate one or more of its product research and development programs or clinical studies, reduce other operating expenses, and/or downsize its organization. It is considered probable that the Company can successfully implement efforts to manage uncommitted spending and carry out necessary cost saving measures, including from the Company's corporate restructuring plan announced in August 2022. Based on the Company’s most recent cash flow forecast, the Company believes its current resources are sufficient to fund its operating plans for a minimum of twelve months from the date that this Annual Report on Form 10-K was filed. Similar to the other risk factors pertinent to the Company's business, the COVID-19 pandemic and geopolitical tensions, including the ongoing military conflict between Russia and Ukraine and the related sanctions imposed against Russia, and related global slowdown of economic activity, decades-high inflation, rising interest rates and a potential recession in the United States might unfavorably impact the Company's ability to generate such additional funding. Given the uncertainty in the rapidly changing market and economic conditions related to these uncertainties, the Company will continue to evaluate the nature and extent of the impact of these uncertainties on its business and financial position.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is developing and commercializing monoclonal antibody-based therapeutics.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with generally accepted accounting principles (GAAP) requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, fair values of assets, inventory, preclinical study and clinical trial accruals and other contingencies. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Although actual results could differ from these estimates, management does not believe that such differences would be material.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of current period financial statements. These reclassifications had no effect on the previously reported net loss.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company considers all investments in highly liquid financial instruments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents includes investments in money market funds with commercial banks and financial institutions, securities issued by the U.S. government and its agencies, Government Sponsored Enterprise agency debt obligations and corporate debt obligations. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. The Company carries marketable securities classified as available-for-sale at fair value as determined by prices for identical or similar securities at the balance sheet date. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. Marketable securities consist of Level 2 financial instruments in the fair-value hierarchy. The Company records unrealized gains and losses as a component of other comprehensive loss within the statements of operations and comprehensive loss and as a separate component of stockholders' equity. Realized gains or losses on available-for-sale securities are determined using the specific identification method and the Company includes net realized gains and losses in other income, along with interest income and amortization of premiums and discounts.
Accounts Receivable	Accounts Receivable Accounts receivable arise from product sales, amounts due from the Company’s collaborative partners and contract manufacturing work performed by the Company. The amount from product sales represents amounts due from specialty distributors. Accounts receivable that management has the intent and ability to collect are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote. The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2022 or 2021, as the Company has a history of collecting on all outstanding accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of their short-term nature. The Company accounts for recurring and non-recurring fair value measurements in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: •Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. •Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. •Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and money market funds with financial institutions that are federally insured. While balances deposited in these institutions often exceed Federal Deposit Insurance Corporation limits, the Company has not experienced any losses on related accounts to date. The Company's investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The counterparties are various corporations, financial institutions and government agencies of high credit standing.
Inventory	Inventory When the Company believes regulatory approval is probable and expects future economic benefit from the sales of a product candidate to be realized, the Company capitalizes manufacturing costs (whether internally produced or through third-party contract manufacturing organizations) as inventory. Prior to receiving its first approval from the U.S. Food and Drug Administration (FDA) in December 2020, the Company expensed all costs incurred related to the manufacture of MARGENZA as research and development expense because of the inherent risks associated with the development of a product candidate, the uncertainty about the regulatory approval process and the lack of history for the Company of regulatory approval of drug candidates. Subsequent to FDA approval in December 2020, the Company began capitalizing its MARGENZA third-party contract manufacturing inventory costs. Inventory is composed of raw materials, work-in-process, and finished goods, which are goods that are available for sale. The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials and third-party contract manufacturing costs, on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess, obsolete or unsaleable inventories to their estimated realizable value in the period in which the impairment is first identified. Such write downs, should they occur, are recorded within the cost of product sales in the statement of operations.
Property, Equipment and Software	Property, Equipment and SoftwareProperty, equipment and software are stated at cost. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. For the years ended December 31, 2022, and 2021, the Company determined that there were no impaired assets.
Revenue Recognition	Revenue recognition The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (ASC 606) when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative and other agreements The Company enters into licensing agreements that are within the scope of ASC 606, under which it may license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company may also enter into development and manufacturing service agreements with its collaborators. For each arrangement that results in revenues, the Company identifies all performance obligations, which may include a license to intellectual property and know-how, research and development activities, transition activities and/or manufacturing services. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. The Company must develop assumptions that require judgment to determine the standalone selling price in order to account for these agreements. To determine the standalone selling price, the Company’s assumptions may include (i) the probability of obtaining marketing approval for the product candidate, (ii) estimates regarding the timing and the expected costs to develop and commercialize the product candidate, and (iii) estimates of future cash flows from potential product sales with respect to the product candidate. Standalone selling prices used to perform the initial allocation are not updated after contract inception. The Company does not include a financing component to its estimated transaction price at contract inception unless it estimates that certain performance obligations will not be satisfied within one year. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Licenses. When the Company grants a license to its intellectual property, it determines whether the nature of the intellectual property to which the customer will have rights is functional intellectual property (functional IP), which has significant standalone functionality, or symbolic intellectual property (symbolic IP) which does not have significant standalone functionality. Revenue from functional IP is recognized at the point in time when control of the distinct license is transferred to the customer. Revenue from symbolic IP is recognized over the access period to the Company’s intellectual property. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and when (or as) the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the licensee and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the licensee can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Research, Development and/or Manufacturing Services. The promises under the Company’s agreements may include research and development or manufacturing services to be performed by the Company on behalf of the counterparty. If these services are determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to these services as revenue over time based on an appropriate measure of progress when the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. If these services are determined not to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the combined performance obligation as the related performance obligations are satisfied. Customer Options. If an arrangement contains customer options, the Company evaluates whether the options are material rights because they allow the customer to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined using assumptions regarding estimated costs, discount rates, post-option development timeline, the probability of technical and regulatory success and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. If the options are deemed not to be a material right, they are excluded as performance obligations at the outset of the arrangement. Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties. For arrangements that include sales-based royalties which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties who are both active participants in the activities and are both exposed to significant risks and rewards dependent on the commercial success of such activities. Such arrangements generally are within the scope of ASC 808, Collaborative Arrangements (ASC 808). While ASC 808 defines collaborative arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of accounting or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature or an accounting policy election by the Company. The Company accounts for certain components of the collaboration agreement that are reflective of a vendor-customer relationship (e.g., licensing arrangement) based on ASC 606. The Company accounts for other components based on a reasonable, rational and consistently applied accounting policy election. Reimbursements from the counter-party that are the result of a collaborative relationship with the counter-party, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense as the services are performed. For a complete discussion of accounting for revenue from collaborative and other agreements, see Note 8, Revenue. Product sales, net The Company entered into a limited number of arrangements with specialty distributors in the United States to distribute MARGENZA. These arrangements are considered to be contracts with customers and are in the scope of ASC 606. The Company has written contracts with each of its customers that have a single performance obligation - to deliver products upon receipt of a customer order - and these obligations are satisfied when delivery occurs and the customer receives the product. The specialty distributors subsequently resell the Company’s product to healthcare providers. Product revenue is recorded net of applicable reserves for variable consideration, including discounts and other allowances. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of sales. For the years ended December 31, 2022 and 2021, the shipping costs incurred were immaterial. Reserves for Variable Consideration. Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration. Components of variable consideration typically include discounts, product returns, provider chargebacks and discounts and government rebates. Variable consideration is estimated following the expected value method in accordance with ASC 606 and includes such factors as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Estimates of the variable consideration were not deemed constrained during the year ended December 31, 2022. Customer Discounts and Service Fees. The Company may provide customers with discounts which are explicitly stated in the contracts. These discounts are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, these contracts may include written service arrangements whereby the Company pays fees to customers who provide services such as sales order management, data, contract administration and distribution services, at rates which the Company believes to be consistent with fair market value. The Company has determined such services received to date are not distinct from the Company’s sale of products to its customers and, therefore, these payments have been recorded as a reduction of revenue within the statement of operations. Product Returns. Consistent with industry practice, the Company offers the specialty distributors product return rights pursuant to written contracts and/or Company returned goods policies. The Company estimates the amount of its product sales that may be returned by its customers and records an estimated liability and a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product returns using industry benchmarking as well as other information available, such as visibility into the inventory remaining in the distribution channel, since the Company does not have its own returns experience. The Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors. Provider Chargebacks and Discounts. Chargebacks for fees and discounts to healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to customers who directly purchase the product from the Company. In such cases, customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. The reserve for chargebacks is established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by customers, and the Company generally issues credits for such amounts within a few weeks of the customer’s notification to the Company of the resale. Chargebacks consist of credits the Company expects to issue for units that remain in the distribution channel at each reporting period end that the Company expects will be sold to qualified healthcare providers and chargebacks that customers have claimed, but for which the Company has not yet issued a credit. Government Rebates. The Company is subject to discount and/or rebate obligations under state Medicaid programs, Medicare and contractual agreements with and statutory obligations to certain Federal and State entities. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimates of future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel at the end of each reporting period. Customer discounts are recorded as a reduction of accounts receivable on the consolidated balance sheets. Allowance for product returns, provider chargebacks, government and other rebates and service fees are recorded as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Contract manufacturing revenue The Company enters into agreements with third parties to manufacture their drug substance at its GMP facility. The terms of these arrangements typically include an upfront payment to the Company to reserve manufacturing capacity, scheduled payments during the manufacturing process and reimbursement for materials used to manufacture product. The Company recognizes revenue over time on a straight-line basis as the manufacturing services are performed, as the Company believes that its efforts in providing the manufacturing services are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product are allocated to the related manufacturing activities and are recognized as revenue as those activities occur.
Cost of Product Sales and Cost of Manufacturing Services	Cost of Product Sales Cost of product sales relates to sales of MARGENZA. These costs include material, manufacturing and shipping costs, as well as royalties payable on net sales of MARGENZA and inventory reserves. All product costs incurred prior to FDA approval of MARGENZA in December 2020 were expensed as research and development expense. The Company expects cost of product sales to continue to be positively impacted as the Company sells through inventory that was expensed prior to FDA approval of MARGENZA. The Company is currently unable to estimate how long it will be until it begins selling product manufactured post FDA approval. Cost of Manufacturing Services Cost of manufacturing services consists of the costs to provide manufacturing services to produce certain bulk drug substance under manufacturing and clinical supply agreements with third parties, including labor, materials overhead and other related costs.
Research and Development Expenses, Including Clinical Trial Accruals/Expenses	Research and Development Expense, Including Clinical Trial Accruals/Expenses Research and development expenditures are expensed as incurred. Research and development costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations (CROs), investigative sites and consultants that conduct the Company's clinical trials, the cost of acquiring and manufacturing clinical trial materials, including costs incurred under agreements with contract manufacturing organizations (CMOs), and other allocated expenses, license fees for and milestone payments related to in-licensed products and technologies, stock-based compensation expense, and costs associated with non-clinical activities and regulatory approvals. Right-to-develop agreements may contain cost-sharing provisions whereby the Company and the collaborator share the cost of research and development activities. Reimbursement of research and development expenses received in connection with these agreements is recorded as a reduction of such expenses. Clinical trial expenses are a significant component of research and development expense, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as a prepaid asset or accrued expenses. These third party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.
Leases	LeasesThe Company determines whether an arrangement is or contains a lease at the inception of an arrangement under ASC 842, Leases. For leases where the Company is the lessee, right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of the lease for which the rate is estimated. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. The lease terms used to calculate the ROU asset and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents net loss adjusted for the change during the periods attributed to unrealized gains and losses on available-for-sale debt securities.
Net Loss Per Share	Net Loss Per ShareBasic and diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. All stock options and restricted stock units (RSUs) are excluded from the per share calculations as such securities were anti-dilutive for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has implemented all applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 108,884	$ 123,469
Marketable securities	45,462	120,147
Accounts receivable	56,222	10,386
Inventory, net	1,451	4,388
Prepaid expenses and other current assets	10,161	21,170
Total current assets	222,180	279,560
Property, equipment and software, net	29,575	37,676
Operating lease, ROU Assets	27,335	16,614
Other non current assets	1,378	1,395
Total assets	280,468	335,245
Current liabilities:
Accounts payable	4,899	15,500
Accrued expenses and other current liabilities	28,998	33,755
Deferred revenue	9,988	20,646
Lease liabilities	4,726	4,677
Total current liabilities	48,611	74,578
Deferred revenue, net of current portion	59,480	0
Lease liabilities, net of current portion	30,106	20,791
Other non current liabilities	258	258
Total liabilities	138,455	95,627
Stockholders' equity:
Common stock, 0.01 par value -- 125,000,000 shares authorized, 61,701,467 and 61,307,428 shares outstanding at December 31, 2022 and December 31, 2021, respectively	617	613
Additional paid-in capital	1,235,095	1,213,002
Accumulated other comprehensive loss	(5)	(61)
Accumulated deficit	(1,093,694)	(973,936)
Total stockholders' equity	142,013	239,618
Total liabilities and stockholders' equity	$ 280,468	$ 335,245

Stock-based Compensation - Option Pricing Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected term	5 years 11 months 12 days	6 years 3 months	6 years 3 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	88.00%	86.00%	67.00%
Risk-free interest rate	1.40%	0.60%	0.40%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	92.00%	87.00%	109.00%
Risk-free interest rate	4.00%	1.60%	1.80%

Inventory, Net - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory, Work in Process, Gross	$ 409	$ 3,929
Inventory, Finished Goods, Gross	1,042	459
Inventory, net	1,451	4,388
Inventory valuation reserves	$ 4,900	$ 2,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of the Company's Deferred Income Tax Assets (Liabilities)

The significant components of the Company's deferred income tax assets (liabilities) were as follows (in thousands):


	December 31,
	2022		2021
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	163,071	$	175,802
State net operating loss carryforward	44,784		49,965
Research and development credit, net	65,084		60,514
Orphan drug credit, net	35,703		24,858
Operating lease liabilities	9,585		7,008
Deferred revenue	—		1,245
Section 174 deferred tax asset	43,192		—
Depreciation	158		—
Other	19,733		16,727
Gross deferred income tax assets	381,310		336,119
Valuation allowance	(372,267)		(327,595)
Net deferred income tax assets	9,043		8,524

Deferred income tax liabilities:
Depreciation	—		(1,688)
Operating lease ROU assets	(7,522)		(4,576)
Prepaid expenditures	(1,521)		(2,260)
Gross deferred income tax liabilities	(9,043)		(8,524)
Net deferred income tax asset/(liability)	$	—	$	—

Reconciliation of Reported Estimated Income Tax Benefit

The reconciliation of the reported estimated income tax benefit to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States federal tax at statutory rate	$	(25,149)	$	(42,445)	$	(27,245)
State taxes (net of federal benefit)	(7,385)		(12,806)		(8,100)
Deferred income tax adjustments	308		473		344


Research credit, net	(4,569)		(10,243)		(14,691)
Orphan drug credit, net	(10,846)		(1,449)		(528)
Other permanent items	1,362		1,199		1,156
Equity-based compensation	1,604		1,079		554
Change in valuation allowance	44,675		64,192		48,510
Income tax expense/(benefit)	$	—	$	—	$	—

Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	7,197	$	6,126	$	4,950
Increases for current year tax positions	548		965		839
Increases/(decreases) for prior year tax positions	(369)		106		337
Ending balance	$	7,376	$	7,197	$	6,126

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2019		48,958,763
Balance at Dec. 31, 2019	$ 230,628	$ 490	$ 872,204	$ (642,082)	$ 16
Share-based compensation	20,676		20,676
Issuance of common stock, net of offering costs (in shares)		6,612,815
Issuance of common stock, net of offering costs	170,456	$ 66	170,390
Stock plan related activity (in shares)		673,193
Stock plan related activity	3,886	$ 6	3,880
Unrealized Gain (Loss) on Investments	(23)				(23)
Net loss	(129,739)			(129,739)
Balance (in shares) at Dec. 31, 2020		56,244,771
Balance at Dec. 31, 2020	295,884	$ 562	1,067,150	(771,821)	(7)
Share-based compensation	23,126		23,126
Issuance of common stock, net of offering costs (in shares)		4,580,653
Issuance of common stock, net of offering costs	117,818	$ 46	117,772
Stock plan related activity (in shares)		482,004
Stock plan related activity	4,959	$ 5	4,954
Unrealized Gain (Loss) on Investments	(54)				(54)
Net loss	(202,115)			(202,115)
Balance (in shares) at Dec. 31, 2021		61,307,428
Balance at Dec. 31, 2021	239,618	$ 613	1,213,002	(973,936)	(61)
Share-based compensation	20,438		20,438
Issuance of common stock, net of offering costs (in shares)		160,480
Issuance of common stock, net of offering costs	1,085	$ 2	1,083
Stock plan related activity (in shares)		233,559
Stock plan related activity	574	$ 2	572
Unrealized Gain (Loss) on Investments	56				56
Net loss	(119,758)			(119,758)
Balance (in shares) at Dec. 31, 2022		61,701,467
Balance at Dec. 31, 2022	$ 142,013	$ 617	$ 1,235,095	$ (1,093,694)	$ (5)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Income Taxes - Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 7,197	$ 6,126	$ 4,950
Increases for current year tax positions	548	965	839
Increases/(decreases) for prior year tax positions	(369)	106	337
Ending balance	$ 7,376	$ 7,197	$ 6,126

Revenue - Provention (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2022	May 31, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Collaboration and Other Agreements [Line Items]
Revenues			$ 151,941	$ 77,447	$ 104,883
Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Transaction price		$ 6,100
Stock warrants (in shares)		2,432,688
Provention License Agreement \| Provention PRV3279 \| Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Consideration received common stock warrant exercise price (in usd per share)		$ 2.50
Potential development and regulatory milestone payments		$ 65,000
Potential commercial milestone payments		$ 225,000
Asset Purchase Agreement \| Provention PRV031 \| Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Consideration received common stock warrant exercise price (in usd per share)		$ 2.50
Potential development and regulatory milestone payments		$ 170,000
Potential commercial milestone payments		225,000
Potential milestone payment to third parties for intellectual property under agreement		1,300
Revenues			60,000	$ 1,300	$ 600
Provention Bio Milestone Revenue in A/R			45,000
Amounts recognized	$ 60,000
Revenues From License Agreements \| Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Revenues		$ 6,100
Provention Bio CMO Agreeemnt \| Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Revenues			5,300
upfront and fixed payments			$ 4,600

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventIn March 2023, the Company entered into a Purchase and Sale Agreement (Royalty Purchase Agreement) with DRI Healthcare Acquisitions LP (DRI), a wholly-owned subsidiary of DRI Healthcare Trust. Under the Royalty Purchase Agreement, the Company sold its single-digit royalty interest on global net sales of TZIELD (teplizumab-mzwv) under the Provention Asset Purchase Agreement to DRI. The Company retains its other economic interests related to TZIELD, including future potential regulatory and commercial milestones.Under the terms of the Royalty Purchase Agreement, at the closing of the transaction, DRI paid the Company $100.0 million for its single-digit royalty interest on global net sales of TZIELD. The Company will have the right to receive a 50% share of the royalty on global net sales above a certain annual threshold. In addition, the Company may also receive up to $50.0 million from DRI upon the occurrence of pre-specified events tied to the advancement of TZIELD for the treatment of newly diagnosed type 1 diabetes and transactions regarding TZIELD and Provention. The Company may also receive an additional $50.0 million milestone from DRI if TZIELD achieves a certain level of sales.

Property, Equipment and Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 113,660	$ 110,485
Construction in progress	356	630
Less accumulated depreciation and amortization	(84,085)	(72,809)
Property, equipment and software, net	29,575	37,676
Depreciation expense	11,900	11,300	$ 12,000
Computer equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	3,489	2,890
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software	9,604	9,453
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	713	713
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, equipment and software	50	50
Lab equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	46,474	45,693
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 52,974	$ 51,056

Income Taxes - Reconciliation of Reported Estimated Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States federal tax at statutory rate	$ (25,149)	$ (42,445)	$ (27,245)
State taxes (net of federal benefit)	(7,385)	(12,806)	(8,100)
Deferred income tax adjustments	308	473	344
Research credit, net	(4,569)	(10,243)	(14,691)
Orphan drug credit, net	(10,846)	(1,449)	(528)
Other permanent items	1,362	1,199	1,156
Equity-based compensation	1,604	1,079	554
Change in valuation allowance	44,675	64,192	48,510
Income tax expense/(benefit)	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (119,758)	$ (202,115)	$ (129,739)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	11,865	11,258	11,957
Amortization of premiums and discounts on marketable securities	403	1,607	(260)
Share-based compensation	20,438	23,126	20,676
Other non-cash items	2,882	2,035	0
Changes in operating assets and liabilities:
Accounts receivable	(45,836)	12,696	(10,337)
Inventory	55	(6,424)	0
Prepaid expenses and other current assets	11,009	(4,188)	(5,697)
Other non current assets	(10,704)	5,915	581
Accounts payable	(10,860)	7,125	3,723
Accrued expenses and other current liabilities	(4,638)	(607)	6,994
Lease liabilities	9,364	(3,780)	(1,324)
Deferred revenue	48,821	9,264	(8,472)
Other non current liabilities	0	258	0
Net Cash Provided by (Used in) Operating Activities, Total	(86,959)	(143,830)	(111,898)
Cash flows from investing activities
Purchases of marketable securities	(120,602)	(231,208)	(223,745)
Proceeds from sales and maturities of marketable securities	194,940	200,800	221,866
Purchases of property, equipment and software	(3,623)	(6,201)	(5,906)
Net Cash Provided by (Used in) Investing Activities, Total	70,715	(36,609)	(7,785)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	1,085	117,818	170,456
Proceeds from stock option exercises and ESPP purchases	574	4,959	3,886
Net Cash Provided by (Used in) Financing Activities, Total	1,659	122,777	174,342
Net change in cash and cash equivalents	(14,585)	(57,662)	54,659
Cash and cash equivalents at beginning of period	123,469	181,131	126,472
Cash and cash equivalents at end of period	108,884	123,469	181,131
Non-cash operating and investing activities
Capital Expenditures Incurred but Not yet Paid	$ 118	$ 508	$ 66

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares outstanding (in shares)	61,701,467	61,307,428

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making

group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is developing and commercializing monoclonal antibody-based therapeutics.

Use of Estimates

The preparation of the financial statements in accordance with generally accepted accounting principles (GAAP) requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, fair values of assets, inventory, preclinical study and clinical trial accruals and other contingencies. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Although actual results could differ from these estimates, management does not believe that such differences would be material.

Reclassifications

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of current period financial statements. These reclassifications had no effect on the previously reported net loss.

Cash, Cash Equivalents and Marketable Securities

The Company considers all investments in highly liquid financial instruments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents includes investments in money market funds with commercial banks and financial institutions, securities issued by the U.S. government and its agencies, Government Sponsored Enterprise agency debt obligations and corporate debt obligations. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.

The Company carries marketable securities classified as available-for-sale at fair value as determined by prices for identical or similar securities at the balance sheet date. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. Marketable securities consist of Level 2 financial instruments in the fair-value hierarchy. The Company records unrealized gains and losses as a component of other comprehensive loss within the statements of operations and comprehensive loss and as a separate component of stockholders' equity. Realized gains or losses on available-for-sale securities are determined using the specific identification method and the Company includes net realized gains and losses in other income, along with interest income and amortization of premiums and discounts.

Accounts Receivable

Accounts receivable arise from product sales, amounts due from the Company’s collaborative partners and contract manufacturing work performed by the Company. The amount from product sales represents amounts due from specialty distributors. Accounts receivable that management has the intent and ability to collect are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote.

The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2022 or 2021, as the Company has a history of collecting on all outstanding accounts.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of their short-term nature. The Company accounts for recurring and non-recurring fair value measurements in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

•Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

•Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.

•Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.

The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented.

Financial assets measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurement at December 31, 2022
	Total		Level 1		Level 2
Assets:
Money market funds	$	41,564	$	41,564	$	—

Government-sponsored enterprises	32,811		—		32,811
Corporate debt securities	17,626		—		17,626

Total assets measured at fair value (a)	$	92,001	$	41,564	$	50,437


	Fair Value Measurement at December 31, 2021
	Total		Level 1		Level 2
Assets:
Money market funds	$	17,202	$	17,202	$	—
U.S Treasury securities	81,132		81,132		—
Government-sponsored enterprise	7,734		—		7,734
Corporate debt securities	37,280		—		37,280

Total assets measured at fair value (b)	$	143,348	$	98,334	$	45,014

(a) Total assets measured at fair value at December 31, 2022 includes approximately $46.5 million reported as cash and cash equivalents and $45.5 million reported as marketable securities on the balance sheet.

(b) Total assets measured at fair value at December 31, 2021 includes approximately $23.2 million reported as cash and cash equivalents and $120.1 million reported as marketable securities on the balance sheet.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and money market funds with financial institutions that are federally insured. While balances deposited in these institutions often exceed Federal Deposit Insurance Corporation limits, the Company has not experienced any losses on related accounts to date. The Company's investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The counterparties are various corporations, financial institutions and government agencies of high credit standing.

The Company's revenue relates to agreements with various collaborators, MARGENZA net product sales and contracts and research grants received from U.S. government agencies. The following table includes those counterparties

that represent more than 10% of total revenue earned in the periods indicated:


	Year Ended December 31,
	2022	2021	2020
Incyte Corporation (Incyte)	26%	31%	47%
Janssen Biotech, Inc. (Janssen)	*	*	19%
Zai Lab Limited (Zai Lab)	15%	30%	11%
Provention Bio, Inc (Provention)	43%	*	*
I-Mab Biopharma (I-Mab)	*	16%	*

* Amount is less than 10% for the period indicated.

The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:


	December 31,
	2022	2021
Provention	84%	*
Zai Lab	*	23%
I-Mab	*	12%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC	*	18%
ASD Healthcare and Oncology Supply	*	18%

* Balance is less than 10% as of the date indicated.

Inventory

When the Company believes regulatory approval is probable and expects future economic benefit from the sales of a product candidate to be realized, the Company capitalizes manufacturing costs (whether internally produced or through third-party contract manufacturing organizations) as inventory. Prior to receiving its first approval from the U.S. Food and Drug Administration (FDA) in December 2020, the Company expensed all costs incurred related to the manufacture of MARGENZA as research and development expense because of the inherent risks associated with the development of a product candidate, the uncertainty about the regulatory approval process and the lack of history for the Company of regulatory approval of drug candidates. Subsequent to FDA approval in December 2020, the Company began capitalizing its MARGENZA third-party contract manufacturing inventory costs.

Inventory is composed of raw materials, work-in-process, and finished goods, which are goods that are available for sale. The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials and third-party contract manufacturing costs, on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess, obsolete or unsaleable inventories to their estimated realizable value in the period in which the impairment is first identified. Such write downs, should they occur, are recorded within the cost of product sales in the statement of operations.

Property, Equipment and Software

Property, equipment and software are stated at cost. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives:


Computer equipment			3 years
Software			3 years
Furniture			10 years
Laboratory and office equipment			5 years
Leasehold improvements			Shorter of lease term or useful life

Impairment of Long-Lived Assets

The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. For the years ended December 31, 2022, and 2021, the Company determined that there were no impaired assets.

Revenue recognition

The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (ASC 606) when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Collaborative and other agreements

The Company enters into licensing agreements that are within the scope of ASC 606, under which it may license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company may also enter into development and manufacturing service agreements with its collaborators.

For each arrangement that results in revenues, the Company identifies all performance obligations, which may include a license to intellectual property and know-how, research and development activities, transition activities and/or manufacturing services. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.

Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. The Company must develop assumptions that require judgment to determine the standalone selling price in order to account for these agreements. To determine the standalone selling price, the Company’s assumptions may include (i) the probability of obtaining marketing approval for the product candidate, (ii) estimates regarding the timing and the expected costs to develop and commercialize the product candidate, and (iii) estimates of future cash flows from potential product sales with respect to the product candidate. Standalone selling prices used to perform the initial allocation are not updated after contract inception. The Company does not include a financing component to its estimated transaction price at contract inception unless it estimates that certain performance obligations will not be satisfied within one year.

Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

Licenses. When the Company grants a license to its intellectual property, it determines whether the nature of the intellectual property to which the customer will have rights is functional intellectual property (functional IP), which has significant standalone functionality, or symbolic intellectual property (symbolic IP) which does not have significant standalone

functionality. Revenue from functional IP is recognized at the point in time when control of the distinct license is transferred to the customer. Revenue from symbolic IP is recognized over the access period to the Company’s intellectual property. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and when (or as) the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the licensee and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the licensee can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

Research, Development and/or Manufacturing Services. The promises under the Company’s agreements may include research and development or manufacturing services to be performed by the Company on behalf of the counterparty. If these services are determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to these services as revenue over time based on an appropriate measure of progress when the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. If these services are determined not to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the combined performance obligation as the related performance obligations are satisfied.

Customer Options. If an arrangement contains customer options, the Company evaluates whether the options are material rights because they allow the customer to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined using assumptions regarding estimated costs, discount rates, post-option development timeline, the probability of technical and regulatory success and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. If the options are deemed not to be a material right, they are excluded as performance obligations at the outset of the arrangement.

Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Royalties. For arrangements that include sales-based royalties which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties who are both active participants in the activities and are both exposed to significant risks and rewards dependent on the commercial success of such activities. Such arrangements generally are within the scope of ASC 808, Collaborative Arrangements (ASC 808). While ASC 808 defines collaborative arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and

measurement matters, such as (1) determining the appropriate unit of accounting or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature or an accounting policy election by the Company. The Company accounts for certain components of the collaboration agreement that are reflective of a vendor-customer relationship (e.g., licensing arrangement) based on ASC 606. The Company accounts for other components based on a reasonable, rational and consistently applied accounting policy election. Reimbursements from the counter-party that are the result of a collaborative relationship with the counter-party, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense as the services are performed.

For a complete discussion of accounting for revenue from collaborative and other agreements, see Note 8, Revenue.

Product sales, net

The Company entered into a limited number of arrangements with specialty distributors in the United States to distribute MARGENZA. These arrangements are considered to be contracts with customers and are in the scope of ASC 606. The Company has written contracts with each of its customers that have a single performance obligation - to deliver products upon receipt of a customer order - and these obligations are satisfied when delivery occurs and the customer receives the product. The specialty distributors subsequently resell the Company’s product to healthcare providers. Product revenue is recorded net of applicable reserves for variable consideration, including discounts and other allowances. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of sales. For the years ended December 31, 2022 and 2021, the shipping costs incurred were immaterial.

Reserves for Variable Consideration. Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration. Components of variable consideration typically include discounts, product returns, provider chargebacks and discounts and government rebates. Variable consideration is estimated following the expected value method in accordance with ASC 606 and includes such factors as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Estimates of the variable consideration were not deemed constrained during the year ended December 31, 2022.

Customer Discounts and Service Fees. The Company may provide customers with discounts which are explicitly stated in the contracts. These discounts are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, these contracts may include written service arrangements whereby the Company pays fees to customers who provide services such as sales order management, data, contract administration and distribution services, at rates which the Company believes to be consistent with fair market value. The Company has determined such services received to date are not distinct from the Company’s sale of products to its customers and, therefore, these payments have been recorded as a reduction of revenue within the statement of operations.

Product Returns. Consistent with industry practice, the Company offers the specialty distributors product return rights pursuant to written contracts and/or Company returned goods policies. The Company estimates the amount of its product sales that may be returned by its customers and records an estimated liability and a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product returns using industry benchmarking as well as other information available, such as visibility into the inventory remaining in the distribution channel, since the Company does not have its own returns experience. The Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors.

Provider Chargebacks and Discounts. Chargebacks for fees and discounts to healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to customers who directly purchase the product from the Company. In such cases, customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. The reserve for chargebacks is established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by customers, and the Company generally issues credits for such amounts within a few weeks of the customer’s notification to the Company of the resale. Chargebacks consist of credits the Company expects to issue for units that remain in the distribution channel at each reporting period end that the Company expects will be sold to qualified healthcare providers and chargebacks that customers have claimed, but for which the Company has not yet issued a credit.

Government Rebates. The Company is subject to discount and/or rebate obligations under state Medicaid programs, Medicare and contractual agreements with and statutory obligations to certain Federal and State entities. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. The Company’s

liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimates of future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel at the end of each reporting period.

Customer discounts are recorded as a reduction of accounts receivable on the consolidated balance sheets. Allowance for product returns, provider chargebacks, government and other rebates and service fees are recorded as a component of accrued expenses and other current liabilities on the consolidated balance sheets.

Contract manufacturing revenue

The Company enters into agreements with third parties to manufacture their drug substance at its GMP facility. The terms of these arrangements typically include an upfront payment to the Company to reserve manufacturing capacity, scheduled payments during the manufacturing process and reimbursement for materials used to manufacture product. The Company recognizes revenue over time on a straight-line basis as the manufacturing services are performed, as the Company believes that its efforts in providing the manufacturing services are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product are allocated to the related manufacturing activities and are recognized as revenue as those activities occur.

Cost of Product Sales

Cost of product sales relates to sales of MARGENZA. These costs include material, manufacturing and shipping costs, as well as royalties payable on net sales of MARGENZA and inventory reserves. All product costs incurred prior to FDA approval of MARGENZA in December 2020 were expensed as research and development expense. The Company expects cost of product sales to continue to be positively impacted as the Company sells through inventory that was expensed prior to FDA approval of MARGENZA. The Company is currently unable to estimate how long it will be until it begins selling product manufactured post FDA approval.

Cost of Manufacturing Services

Cost of manufacturing services consists of the costs to provide manufacturing services to produce certain bulk drug substance under manufacturing and clinical supply agreements with third parties, including labor, materials overhead and other related costs.

Research and Development Expense, Including Clinical Trial Accruals/Expenses

Research and development expenditures are expensed as incurred. Research and development costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations (CROs), investigative sites and consultants that conduct the Company's clinical trials, the cost of acquiring and manufacturing clinical trial materials, including costs incurred under agreements with contract manufacturing organizations (CMOs), and other allocated expenses, license fees for and milestone payments related to in-licensed products and technologies, stock-based compensation expense, and costs associated with non-clinical activities and regulatory approvals.

Right-to-develop agreements may contain cost-sharing provisions whereby the Company and the collaborator share the cost of research and development activities. Reimbursement of research and development expenses received in connection with these agreements is recorded as a reduction of such expenses.

Clinical trial expenses are a significant component of research and development expense, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as a prepaid asset or accrued expenses. These third party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in

determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.

Leases

The Company determines whether an arrangement is or contains a lease at the inception of an arrangement under ASC 842, Leases. For leases where the Company is the lessee, right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of the lease for which the rate is estimated. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. The lease terms used to calculate the ROU asset and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition.

Comprehensive Loss

Comprehensive loss represents net loss adjusted for the change during the periods attributed to unrealized gains and losses on available-for-sale debt securities.

Net Loss Per Share

Basic and diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. All stock options and restricted stock units (RSUs) are excluded from the per share calculations as such securities were anti-dilutive for all periods presented. The following table presents the number of stock options and RSUs that were excluded from the calculation of net loss per share:


	Year Ended December 31,
	2022	2021	2020
Stock options and RSUs	10,514,013	8,395,421	7,467,603

Recent Accounting Pronouncements

The Company has implemented all applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Inventory, Net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The following table sets forth the Company's inventory, net of reserves (in thousands):


	December 31,
	2022		2021

Work in process	$	409	$	3,929
Finished goods	1,042		459
Total inventory, net	$	1,451	$	4,388

Schedule of Inventory Reserves


	Inventory Reserves (in thousands)
	Balance at Beginning of Year		Additions Charged to Expenses		Deductions		Balance at End of Year
Year Ended December 31, 2022	$	2,035	$	2,882	$	—	$	4,917

Property, Equipment and Software (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property, equipment and software consists of the following (in thousands):


	December 31,
	2022		2021
Computer equipment	$	3,489	$	2,890
Software	9,604		9,453
Furniture and office equipment	713		713
Motor vehicles	50		50
Lab equipment	46,474		45,693
Leasehold improvements	52,974		51,056
Construction in progress	356		630
Property, equipment and software	113,660		110,485
Less accumulated depreciation and amortization	(84,085)		(72,809)
Property, equipment and software, net	$	29,575	$	37,676

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2022, 2021 and 2020 there was no provision for income taxes due to taxable losses generated, fully offset by a valuation allowance.

The significant components of the Company's deferred income tax assets (liabilities) were as follows (in thousands):


	December 31,
	2022		2021
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	163,071	$	175,802
State net operating loss carryforward	44,784		49,965
Research and development credit, net	65,084		60,514
Orphan drug credit, net	35,703		24,858
Operating lease liabilities	9,585		7,008
Deferred revenue	—		1,245
Section 174 deferred tax asset	43,192		—
Depreciation	158		—
Other	19,733		16,727
Gross deferred income tax assets	381,310		336,119
Valuation allowance	(372,267)		(327,595)
Net deferred income tax assets	9,043		8,524

Deferred income tax liabilities:
Depreciation	—		(1,688)
Operating lease ROU assets	(7,522)		(4,576)
Prepaid expenditures	(1,521)		(2,260)
Gross deferred income tax liabilities	(9,043)		(8,524)
Net deferred income tax asset/(liability)	$	—	$	—

The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, management considers (i) future reversals of existing taxable temporary differences; (ii) future taxable income exclusive of reversing temporary difference and carryforwards; (iii) taxable income in prior carryback years if carryback is permitted under applicable tax law; and (iv) tax planning strategies. The Company's net

deferred income tax asset is not more likely than not to be utilized due to the lack of sufficient sources of future taxable income and cumulative book losses which have resulted over the years.

As of December 31, 2022, the Company has U.S. federal and state net operating loss (NOL) carryforwards of approximately $777.0 million. Of these NOLs, $172.0 million will expire in various years beginning in 2025 through 2037. $605.0 million of NOLs were generated post December 31, 2017 and carryforward indefinitely. In addition, the Company has U.S. federal tax credits of $94.0 million which will expire in various years beginning in 2023 through 2041.

The use of the Company's U.S. federal NOL and tax credit carryforwards in future years are restricted due to changes in the Company's ownership and tax attributes acquired through the Company's acquisitions. As of December 31, 2022, $13.5 million of the Company's U.S. Federal NOLs are limited for use over the years 2023 – 2028 in which a range of such amounts could be utilized on an annual basis of $0.2 million to $1.4 million. The remaining $763.0 million of NOLs is not limited and can be offset against future taxable income, subject to certain limitations for newly enacted tax legislation.

The reconciliation of the reported estimated income tax benefit to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
United States federal tax at statutory rate	$	(25,149)	$	(42,445)	$	(27,245)
State taxes (net of federal benefit)	(7,385)		(12,806)		(8,100)
Deferred income tax adjustments	308		473		344


Research credit, net	(4,569)		(10,243)		(14,691)
Orphan drug credit, net	(10,846)		(1,449)		(528)
Other permanent items	1,362		1,199		1,156
Equity-based compensation	1,604		1,079		554
Change in valuation allowance	44,675		64,192		48,510
Income tax expense/(benefit)	$	—	$	—	$	—

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Beginning balance	$	7,197	$	6,126	$	4,950
Increases for current year tax positions	548		965		839
Increases/(decreases) for prior year tax positions	(369)		106		337
Ending balance	$	7,376	$	7,197	$	6,126

As of December 31, 2022 and 2021, of the total gross unrecognized tax benefits, approximately $7.4 million and $7.2 million would favorably impact the Company's effective income tax rate, respectively. Although, due to the Company's determination that the deferred income tax asset would not more likely than not be realized, a valuation allowance would be recorded, therefore, zero net impact would result within the Company's effective income tax rate. The Company's uncertain income tax position liability has been recorded to deferred income taxes to offset the tax attribute carryforward amounts.

For the years ended December 31, 2022, 2021 and 2020, the Company has not recognized any interest or penalties related to the uncertain income tax positions due to the fact such position is related to tax attribute carryforwards which have not yet been utilized. The Company does not expect its unrecognized income tax position to significantly decrease within the next twelve months.

The Company's U.S. Federal and state income tax returns from 2003 forward remain open to examination due to the carryover of unused income tax credits, and from 2004 forward due to the carryover of unused net operating losses.

Internal Revenue Code (IRC) Section 174

For tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to currently deduct research and development expenses and requires taxpayers to capitalize and amortize them over five years for research activities performed in the United States and 15 years for research activities performed outside the United States

pursuant to IRC Section 174. Although Congress is considering legislation that would repeal or defer this capitalization and amortization requirement, it is not certain that this provision will be repealed or otherwise modified. If the requirement is not repealed or replaced, it could increase our U.S. federal and state cash taxes and reduce cash flows in 2023 and future years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue - I-Mab Biopharma (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2019	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Collaboration and Other Agreements [Line Items]
Revenues			$ 151,941	$ 77,447	$ 104,883
I-Mab Biopharma Collaboration And License Agreement \| I-Mab Biopharma
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment	$ 15,000
Amounts recognized		$ 5,000	5,000
Estimated variable consideration			$ 1,000
Collaboration Arrangement, One-time Credit Paid, Percent			80.00%
One Time Millstone Credit				4,500
Revenues			$ 4,500	11,500	$ 2,200
Deferred revenue				4,500
I-Mab Biopharma Collaboration And License Agreement Clinical Supply \| I-Mab Biopharma
Collaboration and Other Agreements [Line Items]
Revenues			$ 600	$ 1,300

Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Beginning Balance (in shares)	8,373,921
Granted (in shares)	2,794,997
Exercised (in shares)	(120,900)
Forfeited or expired (in shares)	(509,569)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	(439,520)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 22.77
Ending Balance (in shares)	10,098,929	8,373,921
Exercisable (in shares)	6,694,068
Vested and expected to vest (in shares)	9,456,075
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 21.47
Granted (in dollars per share)	9.32
Exercised (in dollars per share)	1.43
Forfeited or expired (in dollars per share)	15.82
Ending Balance (in dollars per share)	18.58	$ 21.47
Exercisable (in dollars per share)	21.35
Vested and expected to vest (in dollars per share)	$ 18.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, Outstanding	6 years 6 months	6 years 7 months 6 days
Weighted-average remaining contractual term, Exercisable	5 years 6 months
Weighted-average remaining contractual term, Vested and expected to vest	6 years 4 months 24 days
Aggregate intrinsic value, Outstanding	$ 1,094
Aggregate intrinsic value, Exercisable	424
Aggregate intrinsic value, Vested and expected to vest	$ 1,009
Weighted-Average Grant Date Fair Value
Common stock, shares issued (in shares)	120,900	332,767	504,445
Cash proceeds from exercise of stock options	$ 200	$ 5,800	$ 5,300
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 6.84	$ 15.20	$ 10.68
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value	$ 600	$ 3,300	$ 4,300
Fair value of shares vested	19,600	$ 20,200	$ 16,700
Unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 24,300
Unrecognized compensation expense recognition period	1 year 3 months 18 days
Stock Incentive Plan 2013
Shares
Ending Balance (in shares)	10,033,826
Weighted-Average Exercise Price
Ending Balance (in dollars per share)	$ 18.66
Restricted Stock Units
Shares
Beginning Balance (in shares)	21,500
Granted (in shares)	476,772
Exercised (in shares)	(10,445)
Forfeited (in shares)	(72,743)
Ending Balance (in shares)	415,084	21,500
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 25.97
Granted (in dollars per share)	8.42
Exercised (in dollars per share)	25.65
Forfeited or expired (in dollars per share)	8.74
Ending Balance (in dollars per share)	$ 8.83	$ 25.97
Unrecognized compensation expense recognition period	1 year
Awards granted in period (in shares)	476,772
Total unrecognized compensation cost	$ 2,000

Income Taxes - Components of the Company's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$ 163,071	$ 175,802
State net operating loss carryforward	44,784	49,965
Research and development credit, net	65,084	60,514
Orphan drug credit, net	35,703	24,858
Operating lease liabilities	9,585	7,008
Deferred revenue	0	1,245
Section 174 deferred tax asset	43,192	0
Depreciation	158	0
Other	19,733	16,727
Gross deferred income tax assets	381,310	336,119
Valuation allowance	(372,267)	(327,595)
Net deferred income tax assets	9,043	8,524
Deferred income tax liabilities:
Depreciation	0	(1,688)
Operating lease ROU assets	(7,522)	(4,576)
Prepaid expenditures	(1,521)	(2,260)
Gross deferred income tax liabilities	(9,043)	(8,524)
Net deferred income tax asset/(liability)	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Fair Value Measurement Financial Assets

Financial assets measured at fair value on a recurring basis were as follows (in thousands):


	Fair Value Measurement at December 31, 2022
	Total		Level 1		Level 2
Assets:
Money market funds	$	41,564	$	41,564	$	—

Government-sponsored enterprises	32,811		—		32,811
Corporate debt securities	17,626		—		17,626

Total assets measured at fair value (a)	$	92,001	$	41,564	$	50,437


	Fair Value Measurement at December 31, 2021
	Total		Level 1		Level 2
Assets:
Money market funds	$	17,202	$	17,202	$	—
U.S Treasury securities	81,132		81,132		—
Government-sponsored enterprise	7,734		—		7,734
Corporate debt securities	37,280		—		37,280

Total assets measured at fair value (b)	$	143,348	$	98,334	$	45,014

Summary of Percentage of Customer Concentration

The following table includes those counterparties

that represent more than 10% of total revenue earned in the periods indicated:


	Year Ended December 31,
	2022	2021	2020
Incyte Corporation (Incyte)	26%	31%	47%
Janssen Biotech, Inc. (Janssen)	*	*	19%
Zai Lab Limited (Zai Lab)	15%	30%	11%
Provention Bio, Inc (Provention)	43%	*	*
I-Mab Biopharma (I-Mab)	*	16%	*

* Amount is less than 10% for the period indicated.

The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:


	December 31,
	2022	2021
Provention	84%	*
Zai Lab	*	23%
I-Mab	*	12%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC	*	18%
ASD Healthcare and Oncology Supply	*	18%

* Balance is less than 10% as of the date indicated.

Estimated Useful Lives

Depreciation and amortization are computed using the straight-line method over the following estimated useful lives:


Computer equipment			3 years
Software			3 years
Furniture			10 years
Laboratory and office equipment			5 years
Leasehold improvements			Shorter of lease term or useful life

Schedule of Stock Options and RSUs Excluded from the Calculation of Net Loss Per Share

The following table presents the number of stock options and RSUs that were excluded from the calculation of net loss per share:


	Year Ended December 31,
	2022	2021	2020
Stock options and RSUs	10,514,013	8,395,421	7,467,603

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2022
Lessee, Lease, Description [Line Items]
Right of Use asset and Lease Liability Increase	$ 14,000
Operating lease payments	6,900	$ 6,700
Operating lease, ROU Assets	27,335	16,614
Operating lease cost	5,597	5,613
Variable lease cost	1,451	960
Sublease Income	(1,076)	(814)
Lease, Cost	5,972	$ 5,759
2023	4,999
2024	4,004
2025	5,084
2026	4,209
2027	4,927
Thereafter	52,053
Lessee, Operating Lease, Liability, Payments, Due	75,276
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(40,444)
Operating lease liabilities	$ 34,832
Weighted average lease term (in years)	11 years 1 month 6 days	5 years 1 month 6 days
Discount rate	12.00%	9.70%
Research and development	$ 207,026	$ 214,577	$ 193,201
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	5 years
Synaffix B.V.
Lessee, Lease, Description [Line Items]
Potential development and regulatory milestone payments				$ 585,000
Research and development	$ 1,000

Share-based Compensation - Option, Exercise Price Range Table (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock Options Outstanding
Number of Shares (in shares) \| shares	10,098,929
Weighted-Average Remaining Contractual Life in Years	6 years 6 months
Weighted Average Exercise Price (in dollars per share)	$ 18.58
Stock Options Exercisable
Number of Shares (in shares) \| shares	6,694,068
Weighted Average Exercise Price (in dollars per share)	$ 21.35
Exercise Price Range From Dollars 0.94 to 5.00 Member
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	0.94
Range of Exercise Price, upper limit	$ 5.00
Stock Options Outstanding
Number of Shares (in shares) \| shares	357,628
Weighted-Average Remaining Contractual Life in Years	8 years 9 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 3.70
Stock Options Exercisable
Number of Shares (in shares) \| shares	143,268
Weighted Average Exercise Price (in dollars per share)	$ 3.76
Exercise Price Range From Dollars 5.01 to 15.00 Member
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	5.01
Range of Exercise Price, upper limit	$ 15.00
Stock Options Outstanding
Number of Shares (in shares) \| shares	3,355,424
Weighted-Average Remaining Contractual Life in Years	8 years 4 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 10.51
Stock Options Exercisable
Number of Shares (in shares) \| shares	1,211,129
Weighted Average Exercise Price (in dollars per share)	$ 10.96
Exercise Price Range From Dollars 15.01 to 25.00 Member
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	15.01
Range of Exercise Price, upper limit	$ 25.00
Stock Options Outstanding
Number of Shares (in shares) \| shares	4,041,994
Weighted-Average Remaining Contractual Life in Years	6 years 1 month 6 days
Weighted Average Exercise Price (in dollars per share)	$ 20.21
Stock Options Exercisable
Number of Shares (in shares) \| shares	3,152,550
Weighted Average Exercise Price (in dollars per share)	$ 20.39
Exercise Price Range From Dollars 25.01 to 40.21 Member
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Price, lower limit	25.01
Range of Exercise Price, upper limit	$ 40.21
Stock Options Outstanding
Number of Shares (in shares) \| shares	2,343,883
Weighted-Average Remaining Contractual Life in Years	4 years 3 months 18 days
Weighted Average Exercise Price (in dollars per share)	$ 29.59
Stock Options Exercisable
Number of Shares (in shares) \| shares	2,187,121
Weighted Average Exercise Price (in dollars per share)	$ 29.64

Stock-based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Employee Stock Purchase Plan

In May 2017, the Company’s stockholders approved the 2016 Employee Stock Purchase Plan (the 2016 ESPP). The 2016 ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. The Company reserved 800,000 shares of common stock for issuance under the 2016 ESPP. The 2016 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 10% of their eligible compensation, subject to any plan limitations. The 2016 ESPP provides for six-month offering periods ending on May 31 and November 30 of each year. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period. During the year ended December 31, 2022, employees purchased 105,986 shares of common stock under the 2016 ESPP for net proceeds to the Company of approximately $0.4 million.

Employee Stock Incentive Plans

Effective February 2003, the Company implemented the 2003 Equity Incentive Plan (2003 Plan), and it was amended and approved by the Company's stockholders in 2005. Stock options granted under the 2003 Plan may be either incentive stock options as defined by the Internal Revenue Code (IRC), or non-qualified stock options. In 2013, the 2003 Plan was terminated, and no further awards may be issued under the plan. Any shares of common stock subject to awards under the 2003 Plan that expire, terminate, or are otherwise surrendered, canceled, forfeited or repurchased without having been fully exercised, or resulting in any common stock being issued, will become available for issuance under the 2013 Stock Incentive Plan (2013 Plan), up to a specified number of shares. As of December 31, 2022, under the 2003 Plan, there were options to purchase an aggregate of 65,103 shares of common stock outstanding at a weighted average exercise price of $5.90 per share.

In October 2013, the Company implemented the 2013 Plan. The 2013 Plan provides for the grant of stock options and other stock-based awards, as well as cash-based performance awards. The aggregate number of shares of common stock initially available for issuance pursuant to awards under the 2013 Plan was 1,960,168 shares. The number of shares of common stock reserved for issuance will automatically increase on January 1 of each year from January 1, 2014 through and including January 1, 2023, by the lesser of (a) 1,960,168 shares, (b) 4.0% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or (c) the number of shares of common stock determined by the Board of Directors. During the year ended December 31, 2022, the maximum number of shares of common stock authorized to be issued by the Company under the 2013 Plan was increased to 15,816,949. If an option expires or terminates for any reason without having been fully exercised, if any shares of restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares are available for the grant of additional awards. However, any shares that are withheld (or delivered) to pay withholding taxes or to pay the exercise price of an option are not available for the grant of additional awards. As of December 31, 2022, under the 2013 Plan, there were options to purchase an aggregate of 10,033,826 shares of common stock outstanding at a weighted average exercise price of $18.66 per share.

The following stock-based compensation amounts were recognized for the periods indicated (in thousands):


	Year Ended December 31,
	2022		2021		2020
Research and development	$	10,094	$	11,337	$	10,833
Selling, general and administrative	10,343		11,789		9,843
Total stock-based compensation expense	$	20,437	$	23,126	$	20,676

Employee Stock Options

The Company accounts for stock-based compensation to employees and non-employee directors in accordance with ASC Topic 718, Compensation – Stock Compensation. The Company estimates the fair value of stock option awards using the Black-Scholes option pricing model on the date of grant using the assumptions in the table below. Stock options granted to employees generally vest over four years and have a term of ten years. Stock-based compensation expense for stock options is recognized as expense over the requisite service period, which is the vesting period. As the Company has not paid dividends since inception, nor does it expect to pay any dividends for the foreseeable future, the expected dividend yield assumption is zero. The expected volatility is based on the historical stock volatility of the Company’s own common stock over a period equal to the expected term of the options. The risk-free rate of the stock options is based on the U.S. Treasury rate in effect at the time of grant for the expected term of the stock options. The Company used the simplified method to calculate expected term during 2020 and 2021. Beginning in 2022, the computation of expected term was determined based on the historical experience with similar awards, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee behavior. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience and its expectations regarding future pre-vesting termination behavior of employees. The Company reviews its estimate of the expected forfeiture rate annually, and stock-based compensation expense is adjusted accordingly.


	Year Ended December 31,
	2022	2021	2020
Expected dividend yield	0%	0%	0%
Expected volatility	88% -92%	86% - 87%	67% - 109%
Risk-free interest rate	1.4% - 4.0%	0.6% - 1.6%	0.4% - 1.8%
Expected term	5.95 years	6.25 years	6.25 years

The following table summarizes stock option activity for 2022:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021	8,373,921	$	21.47	6.6
Granted	2,794,997	9.32
Exercised	(120,900)	1.43
Forfeited	(509,569)	15.82
Expired	(439,520)	22.77
Outstanding, December 31, 2022	10,098,929	$	18.58	6.5	$	1,094
As of December 31, 2022:
Exercisable	6,694,068	$	21.35	5.5	$	424
Vested and expected to vest	9,456,075	$	18.91	6.4	$	1,009

During 2022, 2021 and 2020 the Company issued 120,900, 332,767 and 504,445 net shares of common stock, respectively, in conjunction with stock option exercises. The Company received cash proceeds from the exercise of stock options of approximately $0.2 million, $5.8 million and $5.3 million during 2022, 2021 and 2020, respectively.

The weighted-average grant-date fair value of options granted during 2022, 2021 and 2020 was $6.84, $15.20 and $10.68 per share, respectively. The total intrinsic value of options exercised during 2022, 2021 and 2020 was approximately $0.6 million, $3.3 million and $4.3 million, respectively. The total fair value of stock options which vested during 2022, 2021 and 2020 was $19.6 million, $20.2 million and $16.7 million, respectively. As of December 31, 2022, the total unrecognized compensation expense related to non-vested stock options, net of related forfeiture estimates, was $24.3 million, which the Company expects to recognize over a weighted-average period of approximately 1.3 years.

The stock options outstanding and exercisable by exercise price at December 31, 2022 are as follows:


	Stock Options Outstanding				Stock Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price Per Share		Number of Shares	Weighted-Average Exercise Price Per Share
$0.94 - $5.00	357,628	8.8	$	3.70	143,268	$	3.76
$5.01 - $15.00	3,355,424	8.4	10.51		1,211,129	10.96
$15.01 - $25.00	4,041,994	6.1	20.21		3,152,550	20.39
$25.01 - $40.21	2,343,883	4.3	29.59		2,187,121	29.64
	10,098,929	6.5	$	18.58	6,694,068	$	21.35

Restricted Stock Units

The Company awards RSUs to employees. RSUs are valued based on the closing price of the Company’s common stock on the date of the grant. The fair value of RSUs is recognized and amortized on a straight-line basis over the requisite service period of the award.

The following table summarizes RSU activity for 2022:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2021	21,500	$	25.97
Granted	476,772	8.42
Vested	(10,445)	25.65
Forfeited or expired	(72,743)	8.74
Outstanding, December 31, 2022	415,084	$	8.83

At December 31, 2022, there was $2.0 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of one year.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's amended and restated certificate of incorporation authorizes 125,000,000 shares of common stock, and 5,000,000 shares of undesignated preferred stock, both with a par value of $0.01 per share. There were no shares of undesignated preferred stock issued or outstanding as of December 31, 2022 or 2021. In November 2020, the Company entered into a sales agreement (Sales Agreement) with an agent to sell, from time to time, shares of its common stock having an aggregate sales price of up to $100.0 million through an “at the market offering” (ATM Offering) as defined in Rule 415 under the Securities Act of 1933, as amended. The shares that were sold under the Sales Agreement were issued and sold pursuant to the Company's shelf registration statement on Form S-3 that was filed with the SEC on November 4, 2020. During the year ended December 31, 2021, the Company sold 3,622,186 shares of common stock at a weighted average price per share of $27.60, resulting in net proceeds of approximately $98.2 million, net of underwriting discounts and commissions and other offering expenses. In April 2021, the Company entered into Amendment No. 1 to the Sales Agreement which increases the amount of the Company’s common stock that can be sold by the Company through its agent under the ATM Offering, from an aggregate offering price of up to $100.0 million to an aggregate offering price of up to $300.0 million. During the year ended December 31, 2022, the Company sold 160,480 shares of common stock at a weighted average price per share of $6.87, resulting in net proceeds of approximately $1.1 million, net of underwriting discounts and commissions and other offering expenses. As part of the consideration for the rights granted to Zai Lab US LLC under the collaboration and license agreement described more fully in Note 8, Revenue, the Company and Zai Lab US LLC entered into a separate stock purchase agreement (Stock Purchase Agreement). Under this Stock Purchase Agreement in 2021, Zai Lab US LLC paid the Company approximately $30.0 million to purchase 958,467 newly issued shares of the Company's common stock, par value $0.01, at a fixed price of $31.30 which represented a $10.4 million premium over the share price on the Stock Purchase Agreement date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following stock-based compensation amounts were recognized for the periods indicated (in thousands):


	Year Ended December 31,
	2022		2021		2020
Research and development	$	10,094	$	11,337	$	10,833
Selling, general and administrative	10,343		11,789		9,843
Total stock-based compensation expense	$	20,437	$	23,126	$	20,676

Schedule of Employee Stock Options Award Valuation Assumptions


	Year Ended December 31,
	2022	2021	2020
Expected dividend yield	0%	0%	0%
Expected volatility	88% -92%	86% - 87%	67% - 109%
Risk-free interest rate	1.4% - 4.0%	0.6% - 1.6%	0.4% - 1.8%
Expected term	5.95 years	6.25 years	6.25 years

Schedule of Stock Option Activity

The following table summarizes stock option activity for 2022:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2021	8,373,921	$	21.47	6.6
Granted	2,794,997	9.32
Exercised	(120,900)	1.43
Forfeited	(509,569)	15.82
Expired	(439,520)	22.77
Outstanding, December 31, 2022	10,098,929	$	18.58	6.5	$	1,094
As of December 31, 2022:
Exercisable	6,694,068	$	21.35	5.5	$	424
Vested and expected to vest	9,456,075	$	18.91	6.4	$	1,009

Share-Based Payment Arrangement, Option, Exercise Price Range

The stock options outstanding and exercisable by exercise price at December 31, 2022 are as follows:


	Stock Options Outstanding				Stock Options Exercisable
Range of Exercise Prices	Number of Shares	Weighted-Average Remaining Contractual Life in Years	Weighted-Average Exercise Price Per Share		Number of Shares	Weighted-Average Exercise Price Per Share
$0.94 - $5.00	357,628	8.8	$	3.70	143,268	$	3.76
$5.01 - $15.00	3,355,424	8.4	10.51		1,211,129	10.96
$15.01 - $25.00	4,041,994	6.1	20.21		3,152,550	20.39
$25.01 - $40.21	2,343,883	4.3	29.59		2,187,121	29.64
	10,098,929	6.5	$	18.58	6,694,068	$	21.35

Schedule of RSU Activity

The following table summarizes RSU activity for 2022:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2021	21,500	$	25.97
Granted	476,772	8.42
Vested	(10,445)	25.65
Forfeited or expired	(72,743)	8.74
Outstanding, December 31, 2022	415,084	$	8.83

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Laboratory and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Marketable Securities - Available-For-Sale Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0	$ 0
Interest Income, Other	$ 1,700,000	$ 2,000,000	$ 800,000

Property, Equipment and Software

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

Property, equipment and software consists of the following (in thousands):


	December 31,
	2022		2021
Computer equipment	$	3,489	$	2,890
Software	9,604		9,453
Furniture and office equipment	713		713
Motor vehicles	50		50
Lab equipment	46,474		45,693
Leasehold improvements	52,974		51,056
Construction in progress	356		630
Property, equipment and software	113,660		110,485
Less accumulated depreciation and amortization	(84,085)		(72,809)
Property, equipment and software, net	$	29,575	$	37,676

Depreciation and amortization expense related to property, equipment and software for the years ended December 31, 2022, 2021 and 2020 was $11.9 million, $11.3 million and $12.0 million, respectively.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Nov. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 15, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				125,000,000	125,000,000
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Proceeds from issuance of common stock, net of offering costs				$ 1,085	$ 117,818	$ 170,456
Zai Lab \| 2021 Zai Lab Agreements
Class of Stock [Line Items]
Sale of common stock (in dollars per share)							$ 31.30
Proceeds of stock sale	$ 30,000
Undesignated Preferred Stock
Class of Stock [Line Items]
Undesignated preferred stock, shares authorized (in shares)				5,000,000
Undesignated preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Undesignated preferred stock, shares issued (in shares)				0	0
Undesignated preferred stock, shares outstanding (in shares)				0	0
At The Market Offering
Class of Stock [Line Items]
Common stock maximum amount available for issuance			$ 100,000
Sale of common stock (in shares)				160,480	3,622,186
Sale of common stock (in dollars per share)				$ 6.87	$ 27.60
Proceeds of stock sale				$ 1,100	$ 98,200
Common Stock, Maximum Amount Available For Issuance, Increase		$ 300,000

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2019	Dec. 31, 2022	Mar. 15, 2023
Subsequent Event [Line Items]
Subsequent Event			Subsequent EventIn March 2023, the Company entered into a Purchase and Sale Agreement (Royalty Purchase Agreement) with DRI Healthcare Acquisitions LP (DRI), a wholly-owned subsidiary of DRI Healthcare Trust. Under the Royalty Purchase Agreement, the Company sold its single-digit royalty interest on global net sales of TZIELD (teplizumab-mzwv) under the Provention Asset Purchase Agreement to DRI. The Company retains its other economic interests related to TZIELD, including future potential regulatory and commercial milestones.Under the terms of the Royalty Purchase Agreement, at the closing of the transaction, DRI paid the Company $100.0 million for its single-digit royalty interest on global net sales of TZIELD. The Company will have the right to receive a 50% share of the royalty on global net sales above a certain annual threshold. In addition, the Company may also receive up to $50.0 million from DRI upon the occurrence of pre-specified events tied to the advancement of TZIELD for the treatment of newly diagnosed type 1 diabetes and transactions regarding TZIELD and Provention. The Company may also receive an additional $50.0 million milestone from DRI if TZIELD achieves a certain level of sales.
Incyte Corporation (Incyte) \| Incyte MGA012 Agreement
Subsequent Event [Line Items]
Non-refundable upfront payment		$ 150.0
DRI Healthcare Acquisitions LP (DRI) \| Subsequent Event
Subsequent Event [Line Items]
Upfront Payment from DRI Health Trust				$ 100.0
Milestone from DRI	$ 50.0
Future Revenue from DRI	$ 50.0

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Available-for-sale

Available-for-sale marketable securities as of December 31, 2022 and 2021 were as follows (in thousands):


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Government-sponsored enterprises	$	32,812	$	5	$	(7)	$	32,810
Corporate debt securities	12,655		1		(4)		12,652
Total	$	45,467	$	6	$	(11)	$	45,462


	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	81,184	$	—	$	(52)	$	81,132
Government-sponsored enterprises	7,739		—		(5)		7,734
Corporate debt securities	31,285		—		(4)		31,281
Total	$	120,208	$	—	$	(61)	$	120,147

Revenue - Boehringer Ingelheim International GmbH (Details) - Boehringer Collaboration and License Agreement - Boehringer Ingelheim International GmbH $ in Millions	1 Months Ended	12 Months Ended	61 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Oct. 31, 2015 USD ($) productCandidate
Collaboration and Other Agreements [Line Items]
Term of agreement (in years)			5 years
Number of product candidates to develop \| productCandidate			2
Non-refundable upfront payment			$ 15.0
Development milestones	$ 12.0
Development milestones recognized		$ 12.0

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	10,514,013	8,395,421	7,467,603

Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory, Net

All of the Company's inventory relates to the manufacturing of MARGENZA. The following table sets forth the Company's inventory, net of reserves (in thousands):


	December 31,
	2022		2021

Work in process	$	409	$	3,929
Finished goods	1,042		459
Total inventory, net	$	1,451	$	4,388

Prior to FDA approval of MARGENZA in December 2020, the cost of materials and expenses associated with the manufacturing of MARGENZA were recorded as research and development expense. Subsequent to FDA approval, the Company began capitalizing inventory costs related to the manufacture of MARGENZA. The inventory balance as of December 31, 2022 and December 31, 2021 is net of a reserve of $4.9 million and $2.0 million, respectively, for unsaleable inventory. These reserves are reflected in cost of product sales during the period they are recorded.


	Inventory Reserves (in thousands)
	Balance at Beginning of Year		Additions Charged to Expenses		Deductions		Balance at End of Year
Year Ended December 31, 2022	$	2,035	$	2,882	$	—	$	4,917

Label	Element	Value
Common Stock [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	958,467

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2022 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accounting Policies - Summary of Collaborators that Represent More Than 10% of Total Revenue Earned and Accounts Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sales revenue, net \| Incyte Corporation (Incyte)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	26.00%	31.00%	47.00%
Sales revenue, net \| Janssen Biotech Inc.
Concentration Risk [Line Items]
Percentage of significant accounts receivable			19.00%
Sales revenue, net \| Zai Lab Limited (Zai Lab)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	15.00%	30.00%	11.00%
Sales revenue, net \| Les Laboratoires Servier And Institut De Recherches Servier (Servier)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	43.00%
Sales revenue, net \| I-Mab Biopharma
Concentration Risk [Line Items]
Percentage of significant accounts receivable		16.00%
Accounts receivable \| Provention Bio, Inc. (Provention)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	84.00%
Accounts receivable \| Zai Lab
Concentration Risk [Line Items]
Percentage of significant accounts receivable		23.00%
Accounts receivable \| Imab
Concentration Risk [Line Items]
Percentage of significant accounts receivable		12.00%
Accounts receivable \| McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC
Concentration Risk [Line Items]
Percentage of significant accounts receivable		18.00%
Accounts receivable \| ASD Healthcare and Oncology Supply
Concentration Risk [Line Items]
Percentage of significant accounts receivable		18.00%

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanIn 2002, the Company established the MacroGenics 401(k) Plan (the Plan) for its employees under Section 401(k) of the IRC. Under this Plan, all employees at least 21 years of age are eligible to participate in the Plan, starting on the first day of each month. Employees may contribute up to 100% of their salary, subject to government maximums.Employees are 100% vested in their contributions to the Plan. The Company's contribution to the Plan, as determined by the Board of Directors, is discretionary. For the years ended December 31, 2022, 2021 and 2020, the Company's contributions to the Plan totaled $2.3 million, $1.6 million and $1.4 million, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Summary of Significant Accounting Policies - Summary of Fair Value Measurement Financial Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets [Abstract]
Cash and cash equivalents	$ 46,500	$ 23,200
Securities	45,462	120,147
Investments	45,462	120,147
Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	92,001	143,348
Money market funds
Assets [Abstract]
Cash and cash equivalents	41,564	17,202
U.S Treasury securities
Assets [Abstract]
Securities		81,132
Government-sponsored enterprises
Assets [Abstract]
Securities	32,811	7,734
Corporate debt securities
Assets [Abstract]
Securities	17,626	37,280
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	41,564	98,334
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	41,564	17,202
Quoted Prices in Active Markets for Identical Assets, Level 1 \| U.S Treasury securities
Assets [Abstract]
Securities		81,132
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Government-sponsored enterprises
Assets [Abstract]
Securities	0	0
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Corporate debt securities
Assets [Abstract]
Securities	0	0
Significant Other Observable Inputs, Level 2 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	50,437	45,014
Significant Other Observable Inputs, Level 2 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Significant Other Observable Inputs, Level 2 \| U.S Treasury securities
Assets [Abstract]
Securities		0
Significant Other Observable Inputs, Level 2 \| Government-sponsored enterprises
Assets [Abstract]
Securities	32,811	7,734
Significant Other Observable Inputs, Level 2 \| Corporate debt securities
Assets [Abstract]
Securities	$ 17,626	$ 37,280

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Revenues	$ 151,941	$ 77,447	$ 104,883
Costs and expenses:
Cost of product sales	3,351	2,651	0
Research and development	207,026	214,577	193,201
Selling, general and administrative	58,949	63,014	42,742
Total costs and expenses	273,359	280,242	235,943
Loss from operations	(121,418)	(202,795)	(131,060)
Other income	1,660	680	1,321
Net loss	(119,758)	(202,115)	(129,739)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax	56	(54)	(23)
Other comprehensive income (loss):
Comprehensive loss	$ (119,702)	$ (202,169)	$ (129,762)
Basic weighted average number of common shares outstanding (in shares)	61,433,124	59,944,717	52,442,389
Diluted weighted average number of common shares outstanding (in shares)	61,433,124	59,944,717	52,442,389
Cost of manufacturing services	$ 4,033	$ 0	$ 0
Earnings Per Share, Basic	$ (1.95)	$ (3.37)	$ (2.47)
Earnings Per Share, Diluted	$ (1.95)	$ (3.37)	$ (2.47)
Revenue from collaborative agreements
Revenues:
Revenues	$ 119,303	$ 63,294	$ 97,764
Revenue from government agreements
Revenues:
Revenues	1,923	1,804	7,119
Product
Revenues:
Revenues	16,727	12,349	0
Contract Manufacturing
Revenues:
Revenues	$ 13,988	$ 0	$ 0

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)	10,098,929	8,373,921
Weighted average exercise price (in dollars per share)	$ 18.58	$ 21.47
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 20,437	$ 23,126	$ 20,676
Equity Incentive Plan 2003
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)	65,103
Weighted average exercise price (in dollars per share)	$ 5.90
Stock Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)				1,960,168
Increased number of shares authorized (in shares)	15,816,949
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)	10,033,826
Weighted average exercise price (in dollars per share)	$ 18.66
Percentage of common stock share outstanding	4.00%
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,094	11,337	10,833
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 10,343	$ 11,789	$ 9,843

Revenue - Gilead Sciences Inc (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 14, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Collaboration and Other Agreements [Line Items]
Revenues		$ 151,941	$ 77,447	$ 104,883
Gilead \| 2022 Gilead Collaboration And License Agreement
Collaboration and Other Agreements [Line Items]
Target nomination, option fees and milestone	$ 1,700,000
Non-refundable upfront payment	$ 60,000
Revenues		200
Deferred revenue		59,800
Deferred revenue, current		1,800
Deferred revenue, noncurrent		$ 58,000

- Definition

+ References

+ Details

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 45,467	$ 120,208
Gross Unrealized Gains	6	0
Gross Unrealized Losses	(11)	(61)
Fair Value	45,462	120,147
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		81,184
Gross Unrealized Gains		0
Gross Unrealized Losses		(52)
Fair Value		81,132
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	32,812	7,739
Gross Unrealized Gains	5	0
Gross Unrealized Losses	(7)	(5)
Fair Value	32,810	7,734
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,655	31,285
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(4)	(4)
Fair Value	$ 12,652	$ 31,281

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Supplemental Balance Sheet Information, Operating Leases

The table below presents supplemental balance sheet information related to operating leases:


	December 31,
	2022		2021
Weighted-average remaining lease term (in years)	11.1		5.1
Weighted-average discount rate	12.0	%	9.7	%

Lease, Cost

The components of lease cost for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	December 31,
	2022		2021
Operating lease cost	$	5,597	$	5,613
Variable lease cost	1,451		960
Sublease income	(1,076)		(814)
Net lease cost	$	5,972	$	5,759

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2023	$	4,999
2024	4,004
2025	5,084
2026	4,209
2027	4,927
Thereafter	52,053
Total lease payments	75,276
Less: imputed interest	(40,444)
Total lease liabilities	$	34,832

Stock-based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2017	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 18, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of offering costs		$ 1,085	$ 117,818	$ 170,456
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period	6 months
2016 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)					800,000
Maximum employee contribution percent	10.00%
Percent of fair market value to purchase shares	85.00%
Common stock purchased by employees (in shares)		105,986
Proceeds from issuance of common stock, net of offering costs		$ 400

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Eligible age to participate in plan	21 years
Percentage of employee contribution to salary	100.00%
Percentage of employee vested contribution	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 2.3	$ 1.6	$ 1.4

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Examination [Line Items]
Provision for federal or state income taxes	$ 0
Remaining portion of net operating losses	763,000,000
Gross unrecognized tax benefits	7,400,000	$ 7,200,000
Unrecognized interest or penalties	0	$ 0	$ 0
U.S. Federal and State
Income Tax Examination [Line Items]
Net operating loss carryforwards	777,000,000
U.S. Federal and State \| Tax Year 2025 To 2037
Income Tax Examination [Line Items]
Net operating loss carryforwards	172,000,000
U.S. Federal and State \| Indefinite
Income Tax Examination [Line Items]
Net operating loss carryforwards	605,000,000
U.S. Federal Government
Income Tax Examination [Line Items]
US Federal tax credits carry forward	94,000,000
Net operating loss for limited use	13,500,000
U.S. Federal Government \| Minimum
Income Tax Examination [Line Items]
Net operating losses limited for use utilized on an annual basis	200,000
U.S. Federal Government \| Maximum
Income Tax Examination [Line Items]
Net operating losses limited for use utilized on an annual basis	$ 1,400,000

Revenue - Janssen (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Revenue - Janssen (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Collaboration and Other Agreements [Line Items]
Revenues		$ 151,941	$ 77,447	$ 104,883
Janssen Biotech Inc. \| Janssen Collaboration And License Agreement
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment	$ 20,000
Potential milestone payments and royalties on product sales		312,000
Potential proceeds from royalties percent	10.00%
Transaction price		22,200
Clinical trial activities selling price amount	$ 2,200
Janssen Biotech Inc. \| Janssen Collaboration And License Agreement \| Revenues From License Agreements
Collaboration and Other Agreements [Line Items]
Revenues	$ 20,000
Janssen Biotech Inc. \| Janssen Collaboration And License Agreement \| Revenue From Performance Of The Research And Development Activities
Collaboration and Other Agreements [Line Items]
Revenues		$ 800	$ 1,500

Revenue - Zai Lab (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended			30 Months Ended
Revenue - Zai Lab (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Nov. 30, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Jun. 15, 2021
Collaboration and Other Agreements [Line Items]
Revenues			$ 151,941	$ 77,447	$ 104,883
Zai Lab Agreement \| Zai Lab
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment		$ 25,000
Tax withholding		$ 2,500
Potential development and regulatory milestone payments			140,000			$ 140,000
Zai Lab Agreement, Margetuximab \| Zai Lab \| Maximum
Collaboration and Other Agreements [Line Items]
Potential proceeds from royalties percent		20.00%
Zai Lab Agreement, TRIDENT molecule \| Zai Lab
Collaboration and Other Agreements [Line Items]
Potential proceeds from royalties percent		10.00%
Zai Lab Clinical Supply Agreements \| Zai Lab
Collaboration and Other Agreements [Line Items]
Revenues			400	2,800	2,700
Zai Lab Collaboration And License Agreement \| Zai Lab
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment, net of tax withholding		$ 22,500
2018 Zai Lab Collaboration And License Agreement \| Zai Lab
Collaboration and Other Agreements [Line Items]
Revenues			4,900	0	8,600
Milestones Value Added Tax						8,100
Amounts recognized					3,600	9,000
Revenue from variable consideration recognize					$ 5,000
2021 Zai Lab Agreements \| Zai Lab
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment	$ 25,000
Potential development and regulatory milestone payments							$ 680,000
Revenues			16,800	20,300
Deferred revenue			0	$ 16,100		0
Estimated Reimbursement for Research and Development t			$ 5,000			$ 5,000
Potential commercial milestone payments							600,000
Transaction price							$ 40,400
2021 Zai Lab Agreements \| Zai Lab \| Additional Paid-In Capital
Collaboration and Other Agreements [Line Items]
Premium received on stock purchase	$ 10,400