0001125345-24-000148 | 10-Q | XBRL Viewer

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

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 FASB Accounting Standards Codification (ASC) Topic 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 Measurements at June 30, 2024
	Total		Level 1		Level 2
Assets:
Money market funds	$	43,463	$	43,463	$	—
U.S. Treasury securities	16,900		—		16,900
Government-sponsored enterprises	14,549		—		14,549
Corporate debt securities	24,991		—		24,991

Total assets measured at fair value(a)	$	99,903	$	43,463	$	56,440


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2
Assets:
Money market funds	$	91,665	$	91,665	$	—
U.S. Treasury securities	31,179		—		31,179
Government-sponsored enterprises	45,043		—		45,043
Corporate debt securities	52,627		—		52,627

Total assets measured at fair value(b)	$	220,514	$	91,665	$	128,849

(a) Total assets measured at fair value at June 30, 2024 includes approximately $43.5 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2023 includes approximately $91.7 million reported in cash and cash equivalents on the consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 83,932	$ 100,956
Marketable securities	56,440	128,849
Accounts receivable	6,191	10,367
Inventory, net	1,115	1,221
Prepaid expenses and other current assets	9,273	9,946
Total current assets	156,951	251,339
Property, equipment and software, net	20,383	21,847
Right-of-use asset	22,617	23,846
Other non current assets	1,186	1,386
Total assets	201,137	298,418
Current liabilities:
Accounts payable	5,236	6,443
Accrued expenses and other current liabilities	24,446	24,239
Deferred revenue	23,818	21,651
Lease liabilities	4,406	3,775
Total current liabilities	57,906	56,108
Deferred revenue, net of current portion	55,503	59,243
Lease liabilities, net of current portion	29,651	30,196
Other non current liabilities	258	258
Total liabilities	143,318	145,805
Stockholders' equity:
Common stock, $0.01 par value -- 125,000,000 shares authorized, 62,720,969 and 62,070,627 shares outstanding at June 30, 2024 and December 31, 2023, respectively	627	621
Additional paid-in capital	1,267,822	1,254,750
Accumulated other comprehensive loss	(24)	(6)
Accumulated deficit	(1,210,606)	(1,102,752)
Total stockholders' equity	57,819	152,613
Total liabilities and stockholders' equity	$ 201,137	$ 298,418

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on a Recurring Basis

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


	Fair Value Measurements at June 30, 2024
	Total		Level 1		Level 2
Assets:
Money market funds	$	43,463	$	43,463	$	—
U.S. Treasury securities	16,900		—		16,900
Government-sponsored enterprises	14,549		—		14,549
Corporate debt securities	24,991		—		24,991

Total assets measured at fair value(a)	$	99,903	$	43,463	$	56,440


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2
Assets:
Money market funds	$	91,665	$	91,665	$	—
U.S. Treasury securities	31,179		—		31,179
Government-sponsored enterprises	45,043		—		45,043
Corporate debt securities	52,627		—		52,627

Total assets measured at fair value(b)	$	220,514	$	91,665	$	128,849

(a) Total assets measured at fair value at June 30, 2024 includes approximately $43.5 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2023 includes approximately $91.7 million reported in cash and cash equivalents on the consolidated balance sheet.

Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following tables summarize the Company's marketable debt securities (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	16,903	$	—	$	(3)	$	16,900
Government-sponsored enterprises	14,562		—		(13)		14,549
Corporate debt securities	24,998		—		(7)		24,991
Total	$	56,463	$	—	$	(23)	$	56,440


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	31,177	$	4	$	(2)	$	31,179
Government-sponsored enterprises	45,041		7		(5)		45,043
Corporate debt securities	52,637		5		(15)		52,627
Total	$	128,855	$	16	$	(22)	$	128,849

All available-for-sale marketable debt securities held as of June 30, 2024 and December 31, 2023 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 June 30, 2024 and December 31, 2023 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of June 30, 2024 and December 31, 2023 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 any periods presented. 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.

Inventory, Net (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

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


	June 30, 2024		December 31, 2023

Work in process	$	—	$	261
Finished goods	1,115		960
Total inventory, net	$	1,115	$	1,221

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Description of the business MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company has a pipeline of product candidates designed to target either various tumor-associated antigens or immune checkpoint molecules. These candidates are being evaluated in clinical trials sponsored by the Company or its collaborators or are in preclinical development. The Company’s clinical product candidates include multiple oncology programs which have either been created using its proprietary, antibody-based technology platforms or enabled through its technology licensing arrangements with other companies. The Company believes its 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. To date, three products originating from the Company’s pipeline of proprietary or partnered product candidates have received U.S. Food and Drug Administration (FDA) approval. 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) 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. In November 2022, the FDA approved TZIELD® (teplizumab-mzwv) to delay the onset of Stage 3 Type 1 Diabetes (T1D) in adult and pediatric patients aged 8 years and older with Stage 2 T1D. Teplizumab was acquired from the Company by Provention Bio, Inc. (Provention) in May 2018, pursuant to an asset purchase agreement. In March 2023, the FDA approved ZYNYZ®(retifanlimab-dlwr), a humanized monoclonal antibody targeting programmed death receptor-1 (PD-1). Retifanlimab was previously developed by the Company and licensed to Incyte Corporation (Incyte) pursuant to an exclusive global collaboration and license agreement in October 2017. 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 and revenue from its multiple collaboration agreements. 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, product sales and royalties. 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. 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 Quarterly Report on Form 10-Q was filed. Similar to the other risk factors pertinent to the Company's business, including significant equity market volatility and availability of funding in the biotechnology sector, as well as potential issues in the global economy, credit markets and financial markets as a result of significant worldwide events, including adverse events involving financial institutions or the financial services industry, inflation and rising interest rates and geopolitical upheaval 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. Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on March 7, 2024.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity In March 2023, 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. No shares were sold under the ATM offering during the six months ended June 30, 2024. During the six months ended June 30, 2023, the Company sold 95,000 shares of common stock at a weighted average price per share of $6.60, resulting in net proceeds of approximately $0.6 million, net of offering expenses.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

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 (IRC), 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 six months ended June 30, 2024, 44,129 shares of common stock were purchased under the 2016 ESPP.

Employee Stock Incentive Plans

In October 2013, the Company implemented the 2013 Equity Incentive Plan (2013 Plan). The 2013 Plan provides for the grant of stock options and other stock-based awards, as well as cash-based performance awards. In May 2023, the 2013 Plan was terminated, and no further awards may be issued under the plan. If an option granted under the 2013 Plan 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 will become available for issuance under the 2023 Equity Incentive Plan (2023 Plan).

The 2023 Plan was effective as of stockholder approval in May 2023. The 2023 Plan provides for grants of stock options and other stock-based awards, as well as cash-based performance awards. The 2023 Plan authorized the issuance of up to an aggregate of 4,850,000 shares of common stock. In May 2024, the board and stockholders of the Company approved an amendment to the 2023 Plan to increase the number of shares of common stock available for issuance thereunder by 2,000,000 shares. Accordingly, the maximum number of shares of common stock authorized for issuance under the 2023 Plan has been increased to 6,850,000 shares. 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.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	3,264	$	2,199	$	6,093	$	4,661
Selling, general and administrative	3,387		2,192		6,111		4,563
Total stock-based compensation expense	$	6,651	$	4,391	$	12,204	$	9,224

Employee stock options

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions in the following table for options issued during the period indicated:


	Six Months Ended June 30,
	2024	2023
Expected dividend yield	0%	0%
Expected volatility	94.9% -114.3%	94.4% - 94.9%
Risk-free interest rate	4.0% - 4.7%	3.5% - 3.9%
Expected term	6.06 years	5.88 years

The following table summarizes stock option activity during the six months ended June 30, 2024:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023	12,223,637	$	15.11	6.7
Granted	1,903,482	16.45
Exercised	(330,641)	9.43
Forfeited	(119,105)	11.80
Expired	(171,485)	22.83
Outstanding, June 30, 2024	13,505,888	15.37		6.7	$	160
As of June 30, 2024:
Exercisable	8,404,002	18.11		5.4	111
Vested and expected to vest	12,415,387	15.78		6.5	148

As of June 30, 2024, the total unrecognized compensation expense related to unvested stock options, net of related forfeiture estimates, was approximately $30.1 million, which the Company expects to recognize over a weighted-average period of approximately 1.5 years. The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Six Months Ended June 30,
		2024		2023
Weighted-average fair value per share of stock options granted		$	12.99	$	3.78
Total intrinsic value of stock options exercised		$	2,615	$	56
Total cash received for stock options exercised		$	3,117	$	36
Total grant date fair value of stock options vested		$	7,344	$	3,533

Restricted Stock Units

Restricted stock units (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 during the six months ended June 30, 2024:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2023	905,614	$	5.97
Granted	649,715	17.04
Vested	(415,591)	7.09
Forfeited	(24,141)	13.14
Outstanding, June 30, 2024	1,115,597	11.84

At June 30, 2024, there was $9.2 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of approximately 1.6 years.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,722,244
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001125345
Current Fiscal Year End Date	--12-31

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		61,701,467
Beginning balance at Dec. 31, 2022	$ 142,013	$ 617	$ 1,235,095	$ (1,093,694)	$ (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	4,788		4,788
Stock plan activity (in shares)		42,098
Stock plan related activity	(154)		(154)
Issuance of common stock, net of offering costs (in shares)		95,000
Issuance of common stock, net of offering costs	617	$ 1	616
Unrealized gain (loss) on investments	13				13
Net loss	(38,009)			(38,009)
Ending balance (in shares) at Mar. 31, 2023		61,838,565
Ending balance at Mar. 31, 2023	109,268	$ 618	1,240,345	(1,131,703)	8
Beginning balance (in shares) at Dec. 31, 2022		61,701,467
Beginning balance at Dec. 31, 2022	142,013	$ 617	1,235,095	(1,093,694)	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	19,460
Ending balance (in shares) at Jun. 30, 2023		61,938,493
Ending balance at Jun. 30, 2023	171,544	$ 619	1,245,231	(1,074,234)	(72)
Beginning balance (in shares) at Mar. 31, 2023		61,838,565
Beginning balance at Mar. 31, 2023	109,268	$ 618	1,240,345	(1,131,703)	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	4,436		4,436
Stock plan related activity		$ 1
Stock plan activity (in shares)		63,793
Stock plan related activity	216		215
Issuance of common stock, net of offering costs (in shares)		36,135
Issuance of common stock, net of offering costs	235		235
Unrealized gain (loss) on investments	(80)				(80)
Net loss	57,469			57,469
Ending balance (in shares) at Jun. 30, 2023		61,938,493
Ending balance at Jun. 30, 2023	171,544	$ 619	1,245,231	(1,074,234)	(72)
Beginning balance (in shares) at Dec. 31, 2023		62,070,627
Beginning balance at Dec. 31, 2023	152,613	$ 621	1,254,750	(1,102,752)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,512		5,512
Stock plan related activity		$ 5
Stock plan activity (in shares)		489,875
Stock plan related activity	248		243
Unrealized gain (loss) on investments	(29)				(29)
Net loss	(52,190)			(52,190)
Ending balance (in shares) at Mar. 31, 2024		62,560,502
Ending balance at Mar. 31, 2024	106,154	$ 626	1,260,505	(1,154,942)	(35)
Beginning balance (in shares) at Dec. 31, 2023		62,070,627
Beginning balance at Dec. 31, 2023	$ 152,613	$ 621	1,254,750	(1,102,752)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares, Granted (in shares)	1,903,482
Net loss	$ (107,854)
Ending balance (in shares) at Jun. 30, 2024		62,720,969
Ending balance at Jun. 30, 2024	57,819	$ 627	1,267,822	(1,210,606)	(24)
Beginning balance (in shares) at Mar. 31, 2024		62,560,502
Beginning balance at Mar. 31, 2024	106,154	$ 626	1,260,505	(1,154,942)	(35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	6,693		6,693
Stock plan related activity		$ 1
Stock plan activity (in shares)		160,467
Stock plan related activity	625		624
Unrealized gain (loss) on investments	11				11
Net loss	(55,664)			(55,664)
Ending balance (in shares) at Jun. 30, 2024		62,720,969
Ending balance at Jun. 30, 2024	$ 57,819	$ 627	$ 1,267,822	$ (1,210,606)	$ (24)

Inventory, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Work in process	$ 0	$ 261
Finished goods	1,115	960
Total inventory, net	1,115	1,221
Inventory valuation reserves	$ 0	$ 3,100

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on March 7, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing performance. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and disclosures.
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 FASB Accounting Standards Codification (ASC) Topic 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.

Revenue - Provention (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Provention (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaboration And Other Agreements [Line Items]
Revenues	$ 10,797	$ 13,136	$ 19,901	$ 37,632

- 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).

+ References

+ Details

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Options outstanding (in shares)				13,505,888		12,223,637
Cash received for options exercised				$ 3,117	$ 36
Common Stock
Class of Stock [Line Items]
Number of shares issued or sold (in shares)		36,135	95,000
At the Market Offering
Class of Stock [Line Items]
Maximum amount available for issuance	$ 100,000
Number of shares sold (in shares)				0	95,000
Sales of stock purchase price (in dollars per share)		$ 6.6			$ 6.6
Proceeds of stock sale					$ 600

Subsequent Event (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Subsequent Event (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 26, 2024
Subsequent Event [Line Items]
Revenues		$ 10,797	$ 13,136	$ 19,901	$ 37,632
Subsequent Event
Subsequent Event [Line Items]
Loss Contingency, Estimate of Possible Loss						$ 0
Incyte \| Subsequent Event
Subsequent Event [Line Items]
Revenues	$ 100,000

- Definition

+ References

+ Details

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2017	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 23, 2024	Dec. 31, 2023	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period		6 months
Options outstanding (in shares)			13,505,888		13,505,888			12,223,637
Weighted-average exercise price of stock options outstanding (in dollars per share)			$ 15.37		$ 15.37			$ 15.11
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense			$ 6,651	$ 4,391	$ 12,204	$ 9,224
2016 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate		10.00%
Share-based compensation, number of shares authorized (in shares)		800,000
Purchase price of common stock percent of the fair market value		85.00%
Common stock purchased (in shares)					44,129
StockIncentivePlan2023Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	2,000,000
Share-based compensation, number of shares authorized (in shares)							6,850,000		4,850,000
Research and Development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense			3,264	2,199	$ 6,093	4,661
General and Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense			$ 3,387	$ 2,192	$ 6,111	$ 4,563

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In July 2024, the Company and Incyte entered into an amendment to the Incyte License Agreement, pursuant to which certain milestones were deemed to have been met, resulting in $100.0 million in milestone payments to the Company. The Company received the milestone payments in August 2024. On July 26, 2024, a putative securities class action suit, entitled Crain v. MacroGenics, Inc. (Case No. 24-cv-02184), was filed in the U.S. District Court for the District of Maryland against the Company and Scott Koenig, the Company’s President, Chief Executive Officer and a member of the Company’s Board of Directors, alleging violations of securities laws during 2024. The suit asserts certain claims under Section 10 and Rule 10b-5 of the Securities and Exchange Act of 1934 based on alleged misstatements or omissions concerning the Company's TAMARACK Phase 2 study of vobramitamab duocarmazine (vobra duo) in patients with metastatic castration-resistant prostate cancer (mCRPC). The Company plans to vigorously defend against these claims. Currently, no reserve has been established for any potential liability related to this suit.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	3,264	$	2,199	$	6,093	$	4,661
Selling, general and administrative	3,387		2,192		6,111		4,563
Total stock-based compensation expense	$	6,651	$	4,391	$	12,204	$	9,224

Valuation Assumptions Using the Black-Scholes Option-Pricing Model


	Six Months Ended June 30,
	2024	2023
Expected dividend yield	0%	0%
Expected volatility	94.9% -114.3%	94.4% - 94.9%
Risk-free interest rate	4.0% - 4.7%	3.5% - 3.9%
Expected term	6.06 years	5.88 years

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the six months ended June 30, 2024:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023	12,223,637	$	15.11	6.7
Granted	1,903,482	16.45
Exercised	(330,641)	9.43
Forfeited	(119,105)	11.80
Expired	(171,485)	22.83
Outstanding, June 30, 2024	13,505,888	15.37		6.7	$	160
As of June 30, 2024:
Exercisable	8,404,002	18.11		5.4	111
Vested and expected to vest	12,415,387	15.78		6.5	148

Schedule of RSU Activity

The following table summarizes RSU activity during the six months ended June 30, 2024:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2023	905,614	$	5.97
Granted	649,715	17.04
Vested	(415,591)	7.09
Forfeited	(24,141)	13.14
Outstanding, June 30, 2024	1,115,597	11.84

Stock Option Additional Information [Table]

The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Six Months Ended June 30,
		2024		2023
Weighted-average fair value per share of stock options granted		$	12.99	$	3.78
Total intrinsic value of stock options exercised		$	2,615	$	56
Total cash received for stock options exercised		$	3,117	$	36
Total grant date fair value of stock options vested		$	7,344	$	3,533

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Securities	$ 56,440	$ 128,849
Fair Value Measurements, Recurring Basis
Assets:
Cash and cash equivalents	43,500	91,700
Total assets measured at fair value	99,903	220,514
Fair Value Measurements, Recurring Basis \| Level 1
Assets:
Total assets measured at fair value	43,463	91,665
Fair Value Measurements, Recurring Basis \| Level 2
Assets:
Total assets measured at fair value	56,440	128,849
Fair Value Measurements, Recurring Basis \| Money market funds
Assets:
Cash and cash equivalents	43,463	91,665
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 1
Assets:
Cash and cash equivalents	43,463	91,665
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 2
Assets:
Cash and cash equivalents	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities
Assets:
Securities	16,900	31,179
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 2
Assets:
Securities	16,900	31,179
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises
Assets:
Securities	14,549	45,043
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 2
Assets:
Securities	14,549	45,043
Fair Value Measurements, Recurring Basis \| Corporate debt securities
Assets:
Securities	24,991	52,627
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 2
Assets:
Securities	$ 24,991	$ 52,627

Revenue	6 Months Ended
Revenue	Jun. 30, 2024
Collaboration and License Agreements [Abstract]
Revenue	Revenue Collaborative and Other 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, July 2022 and July 2024 (see Note 10, Subsequent Events, for additional information), for retifanlimab, an investigational monoclonal antibody that inhibits 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. The Company manufactures a portion of Incyte’s global commercial supply of retifanlimab. In March 2023, the FDA approved Incyte's Biologics License Application (BLA) for ZYNYZ (retifanlimab-dlwr) for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma. Incyte has stated it is pursuing development of retifanlimab in potentially registration-enabling studies, including in patients with 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. Under the terms of the Incyte License Agreement, as amended, Incyte will lead global development of retifanlimab. Assuming successful development and commercialization by Incyte in multiple indications, the Company could receive up to a total of $425.0 million in development and regulatory milestones and up to $330.0 million in commercial milestones. From the inception of the Incyte License Agreement through June 30, 2024, the Company has recognized $115.0 million in development milestones under the Incyte License Agreement, including $15.0 million received following the FDA approval of ZYNYZ. Additionally, the Company received $100.0 million of milestones subsequent to June 30, 2024 (see Note 10, Subsequent Events, for additional information). The Company is also eligible to receive tiered royalties of 15% to 24% on 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 Topic 606, Revenue from Contracts with Customers (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 the 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 June 30, 2024, it became probable that a significant reversal of cumulative revenue would not occur for development milestones totaling $115.0 million related to clinical and regulatory activities related to the further advancement of retifanlimab. 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 $0.1 million and $0.3 million in revenue under the Incyte License Agreement during the three and six months ended June 30, 2024, respectively. The Company recognized the $15.0 million ZYNYZ approval milestone as revenue under the Incyte License Agreement during the six months ended June 30, 2023. 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 the Incyte Clinical Supply 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. The Company recognized a de minimis amount of revenue during the three months ended June 30, 2024 and revenue of $0.1 million during the three months ended June 30, 2023, for services performed under the Incyte Clinical Supply Agreement. During the six months ended June 30, 2024 and 2023, the Company recognized revenue of $0.1 million and $1.4 million, respectively, for services performed under the Incyte Clinical Supply 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 three and six months ended June 30, 2024, the Company recognized revenue of $0.4 million and $0.8 million, respectively, for services performed under the Incyte Commercial Supply Agreement. During the three and six months ended June 30, 2023, the Company recognized revenue of $0.1 million for the services performed under the Incyte Commercial Supply Agreement. Gilead Sciences, Inc In 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 (CD123 Option), 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. 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). Gilead nominated the first of the two research programs in September 2023. On January 11, 2024, the parties amended the Gilead Agreement to revise certain matters related to intellectual property in the performance of the research plans under the agreement. 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 reassesses 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. The Company recorded revenue of $0.2 million for each of the three month periods ended June 30, 2024 and 2023 related to the Gilead Agreement. During the six months ended June 30, 2024 and 2023, the Company recorded revenue of $0.5 million and $0.6 million, respectively, related to the Gilead Agreement. As of June 30, 2024, $57.8 million in revenue was deferred under this agreement, $2.3 million of which was current and $55.5 million of which was non-current. As of December 31, 2023, $58.3 million in revenue was deferred under this agreement, $2.2 million of which was current and $56.1 million of which was non-current. In September 2023, the Company and Gilead executed a Letter Agreement through which Gilead nominated the first of the two research programs contemplated in the Gilead Agreement (First Research Program), the Company granted Gilead a research license, and the parties agreed on a research plan for the First Research Program under which the Company will provide research and development services. Gilead paid the Company a $15.7 million nomination fee. The Company evaluated the Letter Agreement under the terms of ASC 606, and concluded that it is a modification to the Gilead Agreement that results in a separate contract since the modification is for additional goods and services that are distinct and at standalone selling price. 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 these should be combined into a single performance obligation. Gilead also has the exclusive option to pay the Company $10.0 million to obtain a license to exploit the research molecule and research product with respect to the First Research Program. The Company determined that this exclusive 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 for the First Research Program agreement was $15.7 million, consisting of the non-refundable payment paid by Gilead. The Company is recognizing revenue over the estimated period to complete the services using the input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the research and development services. In June 2024, the Company received variable consideration totaling $3.3 million from Gilead upon achievement of a research plan milestone. The variable consideration was added to the transaction price and allocated to the performance obligation to determine the amount of related revenue to be recognized. A proportional amount was recognized based on the input cost to cost measurement of work completed to date. During the three and six months ended June 30, 2024, the Company recorded revenue of $1.3 million and $2.0 million, respectively, related to the First Research Program. As of June 30, 2024, $16.2 million in revenue was deferred under this agreement, all of which was current. As of December 31, 2023, $14.9 million in revenue was deferred under this agreement, $11.8 million of which was current and $3.1 million of which was non-current. Manufacturing Services Agreement 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 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. During the three months ended June 30, 2024 and 2023 the Company recognized revenue of $2.1 million and $1.6 million, respectively, under the Incyte Manufacturing and Clinical Supply Agreement. During the six months ended June 30, 2024 and 2023, the Company recognized revenue of $4.3 million and $5.2 million, respectively, under the Incyte Manufacturing and Clinical Supply Agreement. As of June 30, 2024, $5.2 million in revenue was deferred under this agreement, all of which was current. As of December 31, 2023, $7.0 million in revenue was deferred under this agreement, all of which was current. Government Agreement NIAID Contract The Company entered into a contract with the National Institute of Allergy and Infectious Diseases (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 June 30, 2024 is $25.1 million. In addition, the most recent modification changed the period of performance under the NIAID Contract to end in September 2024. The Company recorded revenue of $0.5 million in each of the three month periods ended June 30, 2024 and 2023 under the NIAID contract. During the six months ended June 30, 2024 and 2023, the Company recognized revenue under the NIAID Contract of $0.9 million and $0.7 million, respectively.

In-Licensing Arrangement (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
In-Licensing Arrangement (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2022
In-Licensing arrangement [Line Items]
Research and development	$ 51,732	$ 43,229	$ 97,760	$ 89,101
Synaffix B.V.
In-Licensing arrangement [Line Items]
Potential development and regulatory milestone payments under agreement					$ 2,800,000
Research and development	$ 1,000		$ 3,400	$ 1,700

Stock-based Compensation - Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Weighted-Average Grant Date Fair Value
Unrecognized compensation expense recognition period (in years)	1 year 6 months
Restricted Stock Units
Shares
Beginning Balance (in shares) \| shares	905,614
Granted (in shares) \| shares	649,715
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised \| shares	(415,591)
Exercised (in dollars per share) \| $ / shares	$ 7.09
Forfeited or expired (in shares) \| shares	(24,141)
Ending Balance (in shares) \| shares	1,115,597
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 5.97
Granted (in dollars per share) \| $ / shares	17.04
Forfeited or expired (in dollars per share) \| $ / shares	13.14
Ending Balance (in dollars per share) \| $ / shares	$ 11.84
Total unrecognized compensation cost \| $	$ 9.2
Unrecognized compensation expense recognition period (in years)	1 year 7 months 6 days

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders' equity:
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)	62,720,969	62,070,627

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income (loss)	$ (107,854)	$ 19,460
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	3,652	5,795
Amortization of premiums and discounts on marketable securities	(2,254)	(1,404)
Stock-based compensation	12,204	9,224
Gain on modification of debt	0	(100,930)
Non-cash interest expense recognized	0	1,430
Operating Lease, Noncash Expense	1,228	1,834
Other non-cash items	21	339
Changes in operating assets and liabilities:
Accounts receivable	4,176	49,812
Inventory	106	8
Prepaid expenses and other current assets	673	3,686
Other non current assets	200	(7)
Accounts payable	(1,243)	(1,104)
Accrued expenses and other current liabilities	450	(1,293)
Lease liabilities	86	(513)
Deferred revenue	(1,573)	(1,259)
Net cash used in operating activities	(90,128)	(14,922)
Cash flows from investing activities
Purchases of marketable securities	(58,505)	(148,040)
Proceeds from sale and maturities of marketable securities	133,150	63,250
Purchases of property, equipment and software	(2,494)	(645)
Proceeds from Sale of Machinery and Equipment	80	54
Net cash provided by (used in) investing activities	72,231	(85,381)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	0	616
Proceeds from stock option exercises and ESPP purchases	3,270	227
Taxes paid related to net share settlement of equity awards	(2,397)	(165)
Principal payments on royalty monetization arrangement	0	(156)
Net proceeds from sale of future royalties	0	99,655
Net cash provided by financing activities	873	100,177
Net change in cash and cash equivalents	(17,024)	(126)
Cash and cash equivalents at beginning of period	100,956	108,884
Cash and cash equivalents at end of period	83,932	108,758
Supplemental Cash Flow Information
Property, equipment and software included in accounts payable or accruals	$ 36	$ 177

Inventory, Net

6 Months Ended

Jun. 30, 2024

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 net inventory (in thousands):


	June 30, 2024		December 31, 2023

Work in process	$	—	$	261
Finished goods	1,115		960
Total inventory, net	$	1,115	$	1,221

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. As of June 30, 2024, there was no reserve for unsaleable inventory. Inventory balance as of December 31, 2023 is net of a reserve of $3.1 million, for unsaleable inventory. These reserves are reflected in cost of product sales during the period they are recorded.

Marketable Securities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 56,463,000	$ 128,855,000
Gross Unrealized Gains	0	16,000
Gross Unrealized Losses	(23,000)	(22,000)
Fair Value	56,440,000	128,849,000
Allowance for credit loss related to available-for-sale debt securities	0	0
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,903,000	31,177,000
Gross Unrealized Gains	0	4,000
Gross Unrealized Losses	(3,000)	(2,000)
Fair Value	16,900,000	31,179,000
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,562,000	45,041,000
Gross Unrealized Gains	0	7,000
Gross Unrealized Losses	(13,000)	(5,000)
Fair Value	14,549,000	45,043,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,998,000	52,637,000
Gross Unrealized Gains	0	5,000
Gross Unrealized Losses	(7,000)	(15,000)
Fair Value	$ 24,991,000	$ 52,627,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Option Pricing Assumptions (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 21 days	5 years 10 months 17 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	94.90%	94.40%
Risk-free interest rate	4.00%	3.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	114.30%	94.90%
Risk-free interest rate	4.70%	3.90%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

In-Licensing Arrangement	6 Months Ended
In-Licensing Arrangement	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
In-licensing arrangement	In-licensing arrangement In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V., a Lonza company, (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. In March 2023, the Company and Synaffix amended the agreement, adding four additional targets. Assuming all seven targets are successfully developed and commercialized, the Company would be obligated to pay up to $2.8 billion for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, as amended, 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 three and six months ended June 30, 2024, the Company recorded expense of $1.0 million and $3.4 million, respectively, under this agreement. During the three and six months ended June 30, 2023 the company recorded expense of $1.7 million under this agreement.

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Marketable Securities

The following tables summarize the Company's marketable debt securities (in thousands):


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	16,903	$	—	$	(3)	$	16,900
Government-sponsored enterprises	14,562		—		(13)		14,549
Corporate debt securities	24,998		—		(7)		24,991
Total	$	56,463	$	—	$	(23)	$	56,440


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	31,177	$	4	$	(2)	$	31,179
Government-sponsored enterprises	45,041		7		(5)		45,043
Corporate debt securities	52,637		5		(15)		52,627
Total	$	128,855	$	16	$	(22)	$	128,849

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Revenue - NIAID Contract (Details) $ in Thousands		3 Months Ended		6 Months Ended
Revenue - NIAID Contract (Details) $ in Thousands	Sep. 15, 2015 Molecule	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Collaboration And Other Agreements [Line Items]
Revenues		$ 10,797	$ 13,136	$ 19,901	$ 37,632
NIAID
Collaboration And Other Agreements [Line Items]
Number of commercialized molecules \| Molecule	2
Total potential value				25,100
Revenues From Grants \| NIAID
Collaboration And Other Agreements [Line Items]
Revenues		$ 500	$ 500	$ 900	$ 700

- Definition

+ References

+ Details

Revenue- Gilead Science Inc (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		7 Months Ended
	Oct. 14, 2022	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 31, 2022	Dec. 31, 2023	Sep. 30, 2023
Collaboration And Other Agreements [Line Items]
Revenues			$ 10,797	$ 13,136	$ 19,901	$ 37,632
Deferred revenue, current		$ 23,818	23,818		23,818			$ 21,651
Deferred revenue, net of current portion		55,503	55,503		55,503			59,243
Gilead \| 2022 Gilead Collaboration And License Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment							$ 60,000
Revenues			200	$ 200	500	$ 600
Deferred revenue		57,800	57,800		57,800			58,300
Deferred revenue, current		2,300	2,300		2,300			2,200
Deferred revenue, net of current portion		55,500	55,500		55,500			56,100
Potential target nomination, option fees and milestone payments	$ 1,700,000
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Revenues		3,300	1,300		2,000
Deferred revenue		16,200	16,200		16,200			14,900
Deferred revenue, current		$ 16,200	$ 16,200		$ 16,200			11,800
Deferred revenue, net of current portion								$ 3,100
Revenue, remaining performance obligation, amount									$ 15,700
Potential option fees									$ 10,000

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies During the six months ended June 30, 2024, there were no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses, as well as how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing performance. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and disclosures.

Stock-Based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Mar. 31, 2024

Jun. 30, 2024

Jun. 30, 2023

Shares

Shares, Outstanding, Beginning Balance (in shares)

12,223,637

Shares, Granted (in shares)

1,903,482

Shares, Exercised (in shares)

(330,641)

Shares, Forfeited or expired (in shares)

(119,105)

Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period

(171,485)

Shares, Outstanding, Ending Balance (in shares)

13,505,888

Shares, Exercisable (in shares)

8,404,002

Shares, Vested and expected to vest (in shares)

12,415,387

Weighted- Average Exercise Price

Weighted- Average Exercise Price, Outstanding, Beginning Balance (in dollars per share)

$ 15.11

Weighted- Average Exercise Price, Granted (in dollars per share)

16.45

Weighted- Average Exercise Price, Exercised (in dollars per share)

9.43

Weighted- Average Exercise Price, Forfeited (in dollars per share)

11.80

Weighted- Average Exercise Price, Expired (in dollars per share)

22.83

Weighted- Average Exercise Price, Outstanding, Ending Balance (in dollars per share)

15.37

Weighted- Average Exercise Price, Exercisable (in dollars per share)

18.11

Weighted- Average Exercise Price, Vested and expected to vest (in dollars per share)

$ 15.78

Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]

Weighted- Average Remaining Contractual Term, Outstanding (in years)

6 years 8 months 12 days

Weighted- Average Remaining Contractual Term, Exercisable (in years)

5 years 4 months 24 days

Weighted- Average Remaining Contractual Term, Vested and expected to vest (in years)

6 years 6 months

Aggregate Intrinsic Value, Outstanding, Ending Balance

$ 160

Aggregate Intrinsic Value, Exercisable

111

Aggregate Intrinsic Value, Vested and expected to vest

$ 148

Weighted-average grant-date fair value of options granted (in dollars per share)

$ 12.99

$ 3.78

Intrinsic value of options exercised

$ 2,615

$ 56

Fair value of shares vested

7,344

$ 3,533

Unrecognized compensation expense related to non-vested stock-options, net of related forfeiture estimates

$ 30,100

Unrecognized compensation expense recognition period (in years)

1 year 6 months

Stock Option Additional Information [Table]

The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Six Months Ended June 30,
		2024		2023
Weighted-average fair value per share of stock options granted		$	12.99	$	3.78
Total intrinsic value of stock options exercised		$	2,615	$	56
Total cash received for stock options exercised		$	3,117	$	36
Total grant date fair value of stock options vested		$	7,344	$	3,533

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (55,664)	$ (52,190)	$ 57,469	$ (38,009)	$ (107,854)	$ 19,460

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Revenue- Incyte Corporation (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended	24 Months Ended	78 Months Ended
Revenue- Incyte Corporation (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2019	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Dec. 31, 2019 USD ($) performanceObligation
Collaboration And Other Agreements [Line Items]
Revenues				$ 10,797	$ 13,136	$ 19,901	$ 37,632
Deferred revenue, current	$ 23,818			23,818		23,818					$ 23,818	$ 21,651
Deferred revenue, net of current portion	55,503			55,503		55,503					55,503	59,243
Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment									$ 150,000
Potential commercial milestone payments under agreement														$ 330,000
Potential development and regulatory milestone payments under agreement														425,000
Development and regulatory milestones recognized		$ 15,000									115,000
Collaborative agreement transaction price														$ 154,000
Variable consideration recognized										$ 4,000
Number of performance obligations \| performanceObligation														2
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Revenues	3,300			1,300		2,000
Deferred revenue	16,200			16,200		16,200					16,200	14,900
Deferred revenue, current	16,200			16,200		16,200					16,200	11,800
Deferred revenue, net of current portion												3,100
Minimum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)								15.00%
Maximum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)								24.00%
Revenues From License Agreements \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Revenues				100	15,000	300	15,000		$ 150,000
Revenues From License Agreements \| Incyte Corporation \| Incyte MGA012 Clinical Services
Collaboration And Other Agreements [Line Items]
Revenues					100	100	1,400
Revenues From License Agreements \| Incyte Corporation \| Incyte Commercial Supply Agreement
Collaboration And Other Agreements [Line Items]
Revenues				400		800	100
RevenuesFromCMOAgreementsMember \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment			$ 10,000
Annual Fixed Payments			$ 14,400
Revenues				2,100	$ 1,600	4,300	$ 5,200
Deferred revenue	5,200			5,200		5,200					5,200	7,000
Deferred revenue, current	$ 5,200			$ 5,200		$ 5,200					$ 5,200	$ 7,000
RevenuesFromCMOAmendmentAgreement \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Annual Fixed Payments													$ 19,500
Additional Payments													$ 5,100
Manufacturing Services \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Extension term													1 year
Manufacturing Services \| Incyte Corporation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction			3 years

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 10,797	$ 13,136	$ 19,901	$ 37,632
Costs and expenses:
Cost of product sales	176	258	446	371
Cost of manufacturing services	2,647	919	4,493	4,329
Research and development	51,732	43,229	97,760	89,101
Selling, general and administrative	14,423	13,692	29,133	27,219
Total costs and expenses	68,978	58,098	131,832	121,020
Loss from operations	(58,181)	(44,962)	(111,931)	(83,388)
Gain on modification of debt	0	100,930	0	100,930
Interest and other income	2,523	2,275	5,216	3,348
Interest and other expense	(6)	(774)	(1,139)	(1,430)
Net loss	(55,664)	57,469	(107,854)	19,460
Other comprehensive income (loss):
Unrealized gain (loss) on investments	11	(80)	(18)	(67)
Comprehensive income (loss)	$ (55,653)	$ 57,389	$ (107,872)	$ 19,393
Net income (loss) per common share:
Basic net loss per common share (in usd per share)	$ (0.89)	$ 0.93	$ (1.73)	$ 0.31
Diluted net loss per common share (in usd per share)	$ (0.89)	$ 0.92	$ (1.73)	$ 0.31
Weighted average common shares outstanding:
Basic weighted average common shares outstanding (in shares)	62,663,677	61,880,096	62,477,108	61,845,151
Diluted weighted average common shares outstanding (in shares)	62,663,677	62,261,646	62,477,108	62,030,710
Collaborative and other agreements
Revenues:
Revenues	$ 2,065	$ 6,021	$ 3,514	$ 22,708
Product sales, net
Revenues:
Revenues	5,248	5,062	10,109	8,552
Government agreements
Revenues:
Revenues	493	466	851	749
Contract Manufacturing
Revenues:
Revenues	2,893	1,587	5,169	5,202
RevenueFromRoyalityAgreementsMember
Revenues:
Revenues	$ 98	$ 0	$ 258	$ 421