0001125345-25-000042 | 10-K | XBRL Viewer

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Mar. 14, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36112
Entity Registrant Name	MACROGENICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1591613
Entity Address, Address Line One	9704 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	251-5172
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MGNX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 259.4
Entity Common Stock, Shares Outstanding		63,090,323
Documents Incorporated by Reference	Portions of MacroGenics, Inc.'s definitive proxy statement for the 2025 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001125345
Document Financial Statement Error Correction [Flag]	false

Property, Equipment and Software

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

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


	December 31,
	2024		2023
Computer equipment	$	3,661	$	3,542
Software	10,926		9,759
Furniture and office equipment	697		706
Motor vehicles	50		50
Lab equipment	46,140		46,452
Leasehold improvements	44,097		48,620
Construction in progress	1,216		1,112
Property, equipment and software	106,787		110,241
Less accumulated depreciation and amortization	(88,687)		(88,394)
Property, equipment and software, net	$	18,100	$	21,847

Depreciation and amortization expense related to property, equipment and software for the years ended December 31, 2024, 2023 and 2022 was $7.5 million, $9.6 million and $11.9 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (66,966)	$ (9,058)	$ (119,758)

- Definition

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

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Inventory, Net - Schedule of Inventory (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Work in process		$ 261,000
Finished goods		960,000
Inventory, net	$ 0	$ 1,221,000

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan In 2002, the Company established the MacroGenics 401(k) Plan (the Plan) for its employees under Section 401(k) of the IRC. Under this Plan, all employees at least 21 years of age are eligible to participate in the Plan, starting on the first day of employment. Employees may contribute up to 100% of their salary, subject to government maximums. Employees are 100% vested in their contributions to the Plan. The Company's contribution to the Plan, as determined by the Board of Directors, is discretionary. For the years ended December 31, 2024, 2023 and 2022, the Company's contributions to the Plan totaled $2.2 million, $2.1 million and $2.3 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 18,823	$ 128,855
Gross Unrealized Gains	4	16
Gross Unrealized Losses	0	(22)
Fair Value	18,827	128,849
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		31,177
Gross Unrealized Gains		4
Gross Unrealized Losses		(2)
Fair Value		31,179
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,995	45,041
Gross Unrealized Gains	0	7
Gross Unrealized Losses	0	(5)
Fair Value	1,995	45,043
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,828	52,637
Gross Unrealized Gains	4	5
Gross Unrealized Losses	0	(15)
Fair Value	$ 16,832	$ 52,627

- Definition

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

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-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

Organization and Nature of Operations (Details) $ in Millions	12 Months Ended	53 Months Ended
	Dec. 31, 2024 productCandidate	Dec. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product candidates approved by the FDA	3
Non-dilutive funding \| $		$ 1,400.0
Number of proprietary product candidates advancing in clinical development	3

Summary of Significant Accounting Policies - Summary of Collaborators that Represent More Than 10% of Total Revenue Earned and Accounts Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Sales revenue, net \| Incyte Corporation (Incyte)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	76.00%	53.00%	26.00%
Sales revenue, net \| McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC
Concentration Risk [Line Items]
Percentage of significant accounts receivable		12.00%
Sales revenue, net \| ASD Healthcare and Oncology Supply
Concentration Risk [Line Items]
Percentage of significant accounts receivable		10.00%
Sales revenue, net \| Provention Bio, Inc. (Provention)
Concentration Risk [Line Items]
Percentage of significant accounts receivable		10.00%	43.00%
Sales revenue, net \| Zai Lab Limited (Zai Lab)
Concentration Risk [Line Items]
Percentage of significant accounts receivable			15.00%
Accounts receivable \| Incyte Corporation (Incyte)
Concentration Risk [Line Items]
Percentage of significant accounts receivable	39.00%	25.00%
Accounts receivable \| McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC
Concentration Risk [Line Items]
Percentage of significant accounts receivable	13.00%	16.00%
Accounts receivable \| Cardinal Health
Concentration Risk [Line Items]
Percentage of significant accounts receivable	12.00%	18.00%
Accounts receivable \| ASD Healthcare and Oncology Supply
Concentration Risk [Line Items]
Percentage of significant accounts receivable	18.00%	15.00%
Accounts receivable \| Zai Lab
Concentration Risk [Line Items]
Percentage of significant accounts receivable		12.00%

Inventory, Net (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The following table sets forth the Company's inventory as of December 31, 2023, net of reserves (in thousands):



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

Schedule of Inventory Reserves


	Inventory Reserves (in thousands)
	Balance at Beginning of Year		Additions Charged to Expenses		Deductions		Balance at End of Year
Year Ended December 31, 2024	$	3,119	$	—	$	(3,119)	$	—
Year Ended December 31, 2023	4,917		—		(1,798)		3,119
Year Ended December 31, 2022	2,035		2,882		—		4,917

Summary of Significant Accounting Policies - Summary of Fair Value Measurement Financial Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Cash and cash equivalents	$ 83,600	$ 91,700
Securities	18,827	128,849
Investments	18,827	128,849
Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	102,428	220,514
Money market funds
Assets [Abstract]
Cash and cash equivalents	67,886	91,665
U.S Treasury securities
Assets [Abstract]
Securities	5,000	31,179
Government-sponsored enterprises
Assets [Abstract]
Securities	3,994	45,043
Corporate debt securities
Assets [Abstract]
Securities	25,548	52,627
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	67,886	91,665
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	67,886	91,665
Quoted Prices in Active Markets for Identical Assets, Level 1 \| U.S Treasury securities
Assets [Abstract]
Securities	0	0
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Government-sponsored enterprises
Assets [Abstract]
Securities	0	0
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Corporate debt securities
Assets [Abstract]
Securities	0	0
Significant Other Observable Inputs, Level 2 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	34,542	128,849
Significant Other Observable Inputs, Level 2 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Significant Other Observable Inputs, Level 2 \| U.S Treasury securities
Assets [Abstract]
Securities	5,000	31,179
Significant Other Observable Inputs, Level 2 \| Government-sponsored enterprises
Assets [Abstract]
Securities	3,994	45,043
Significant Other Observable Inputs, Level 2 \| Corporate debt securities
Assets [Abstract]
Securities	$ 25,548	$ 52,627

Revenue - Provention (Details) - USD ($)		1 Months Ended			12 Months Ended
Revenue - Provention (Details) - USD ($)	Mar. 08, 2023	Sep. 30, 2023	Nov. 30, 2022	May 31, 2018	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration and Other Agreements [Line Items]
Gain on royalty monetization arrangement					$ 0	$ 150,930,000	$ 0
Revenues					149,962,000	58,749,000	151,941,000
Provention Bio, Inc. (Provention)
Collaboration and Other Agreements [Line Items]
Transaction price				$ 6,100,000
Stock warrants (in shares)				2,432,688
Provention Bio, Inc. (Provention) \| Revenues From License Agreements
Collaboration and Other Agreements [Line Items]
Revenues				$ 6,100,000
Provention Bio, Inc. (Provention) \| Provention PRV3279 \| Provention License Agreement
Collaboration and Other Agreements [Line Items]
Consideration received common stock warrant exercise price (in usd per share)				$ 2.50
Potential development and regulatory milestone payments				$ 65,000,000.0
Potential commercial milestone payments				$ 225,000,000.0
Provention Bio, Inc. (Provention) \| Provention PRV031 \| Asset Purchase Agreement
Collaboration and Other Agreements [Line Items]
Consideration received common stock warrant exercise price (in usd per share)				$ 2.50
Potential development and regulatory milestone payments				$ 170,000,000.0
Potential commercial milestone payments				225,000,000.0
Amounts recognized			$ 60,000,000.0
Potential milestone payment to third parties for intellectual property under agreement				$ 1,300,000
Revenues					$ 0	5,600,000	$ 60,000,000.0
Provention Bio, Inc. (Provention) \| Provention PRV031 \| Side Letter Agreement
Collaboration and Other Agreements [Line Items]
Revenues						5,500,000
Provention Bio, Inc. (Provention) \| Provention PRV031 \| Provention APA
Collaboration and Other Agreements [Line Items]
Revenues						$ 300,000
DRI Healthcare Acquisitions LP (DRI)
Collaboration and Other Agreements [Line Items]
Gain on royalty monetization arrangement		$ 50,000,000
Upfront payment from DRI Health Trust	$ 100,000,000
Potential proceeds from royalties percent	50.00%
Additional TZIELD Milestones		$ 50,000,000

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29,439	$ 18,373	$ 20,438
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	11,759	9,190	10,094
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 17,680	$ 9,183	$ 10,344

- 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
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-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Supplemental Balance Sheet Information, Operating Leases

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


	December 31,
	2024		2023
Weighted-average remaining lease term (in years)	10.0		11.0
Weighted-average discount rate	12.0	%	12.0	%

Lease, Cost

The components of lease cost for the years ended December 31, 2024 and 2023 were as follows (in thousands):


	December 31,
	2024		2023
Operating lease cost	$	6,610	$	7,459
Variable lease cost	1,114		1,316
Sublease income	(1,145)		(1,109)
Net lease cost	$	6,579	$	7,666

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2025	$	5,185
2026	5,507
2027	6,258
2028	7,413
2029	6,346
Thereafter	39,773
Total lease payments	70,482
Less: imputed interest	(33,021)
Total lease liabilities	$	37,461

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is developing and commercializing monoclonal antibody-based therapeutics. See Note 13, Segment Reporting, for the Company’s evaluation of its reportable segment and additional disclosures.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with generally accepted accounting principles (GAAP) requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, fair values of assets, inventory, preclinical study and clinical trial accruals and other contingencies. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Although actual results could differ from these estimates, management does not believe that such differences would be material.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company considers all investments in highly liquid financial instruments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents includes investments in money market funds with commercial banks and financial institutions, securities issued by the U.S. government and its agencies, Government Sponsored Enterprise agency debt obligations and corporate debt obligations. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. The Company carries marketable securities classified as available-for-sale at fair value as determined by prices for identical or similar securities at the balance sheet date. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. Marketable securities consist of Level 2 financial instruments in the fair-value hierarchy. The Company records unrealized gains and losses as a component of other comprehensive loss within the statements of operations and comprehensive loss and as a separate component of stockholders' equity. Realized gains or losses on available-for-sale securities are determined using the specific identification method and the Company includes net realized gains and losses in other income, along with interest income and amortization of premiums and discounts.
Accounts Receivable	Accounts Receivable Accounts receivable arise from product sales, amounts due from the Company’s collaborative partners and contract manufacturing work performed by the Company. The amount from product sales represents amounts due from specialty distributors. Accounts receivable that management has the intent and ability to collect are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote. The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2024 or 2023, as the Company has a history of collecting on all outstanding accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of their short-term nature. The Company accounts for recurring and non-recurring fair value measurements in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: •Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. •Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. •Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and money market funds with financial institutions that are federally insured. While balances deposited in these institutions often exceed Federal Deposit Insurance Corporation limits, the Company has not experienced any losses on related accounts to date. The Company's investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The counterparties are various corporations, financial institutions and government agencies of high credit standing.
Inventory	Inventory When the Company believes regulatory approval is probable and expects future economic benefit from the sales of a product candidate to be realized, the Company capitalizes manufacturing costs (whether internally produced or through third-party contract manufacturing organizations) as inventory. Prior to receiving its first approval from the FDA in December 2020, the Company expensed all costs incurred related to the manufacture of MARGENZA as research and development expense because of the inherent risks associated with the development of a product candidate, the uncertainty about the regulatory approval process and the lack of history for the Company of regulatory approval of drug candidates. Subsequent to FDA approval in December 2020, the Company began capitalizing its MARGENZA third-party contract manufacturing inventory costs. In November 2024, the Company sold global rights to MARGENZA to TerSera. As part of this transaction, the Company transferred all of its inventory to TerSera. Inventory is composed of raw materials, work-in-process, and finished goods, which are goods that are available for sale. The Company values its inventories at the lower of cost or estimated net realizable value. The Company determines the cost of its inventories, which includes amounts related to materials and third-party contract manufacturing costs, on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess, obsolete or unsaleable inventories to their estimated realizable value in the period in which the impairment is first identified. Such write downs, should they occur, are recorded within the cost of product sales in the statement of operations.
Property, Equipment and Software	Property, Equipment and Software Property, equipment and software are stated at cost. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Revenue Recognition	Revenue recognition The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (ASC 606) when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative and Other Agreements The Company enters into licensing agreements that are within the scope of ASC 606, under which it may license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company may also enter into development and manufacturing service agreements with its collaborators. For each arrangement that results in revenues, the Company identifies all performance obligations, which may include a license to intellectual property and know-how, research and development activities, transition activities and/or manufacturing services. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. The Company must develop assumptions that require judgment to determine the standalone selling price in order to account for these agreements. To determine the standalone selling price, the Company’s assumptions may include (i) the probability of obtaining marketing approval for the product candidate, (ii) estimates regarding the timing and the expected costs to develop and commercialize the product candidate, and (iii) estimates of future cash flows from potential product sales with respect to the product candidate. Standalone selling prices used to perform the initial allocation are not updated after contract inception. The Company does not include a financing component to its estimated transaction price at contract inception unless it estimates that certain performance obligations will not be satisfied within one year. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Licenses. When the Company grants a license to its intellectual property, it determines whether the nature of the intellectual property to which the customer will have rights is functional intellectual property (functional IP), which has significant standalone functionality, or symbolic intellectual property (symbolic IP) which does not have significant standalone functionality. Revenue from functional IP is recognized at the point in time when control of the distinct license is transferred to the customer. Revenue from symbolic IP is recognized over the access period to the Company’s intellectual property. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and when (or as) the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the licensee and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the licensee can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Research, Development and/or Manufacturing Services. The promises under the Company’s agreements may include research and development or manufacturing services to be performed by the Company on behalf of the counterparty. If these services are determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to these services as revenue over time based on an appropriate measure of progress when the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. If these services are determined not to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the combined performance obligation as the related performance obligations are satisfied. Customer Options. If an arrangement contains customer options, the Company evaluates whether the options are material rights because they allow the customer to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined using assumptions regarding estimated costs, discount rates, post-option development timeline, the probability of technical and regulatory success and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. If the options are deemed not to be a material right, they are excluded as performance obligations at the outset of the arrangement. Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties. For arrangements that include sales-based royalties which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties who are both active participants in the activities and are both exposed to significant risks and rewards dependent on the commercial success of such activities. Such arrangements generally are within the scope of ASC 808, Collaborative Arrangements (ASC 808). While ASC 808 defines collaborative arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of accounting or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature or an accounting policy election by the Company. The Company accounts for certain components of the collaboration agreement that are reflective of a vendor-customer relationship (e.g., licensing arrangement) based on ASC 606. The Company accounts for other components based on a reasonable, rational and consistently applied accounting policy election. Reimbursements from the counter-party that are the result of a collaborative relationship with the counter-party, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense as the services are performed. For a complete discussion of accounting for revenue from collaborative and other agreements, see Note 8, Revenue. Product sales, net Prior to the sale to TerSera, the Company entered into a limited number of arrangements with specialty distributors in the United States to distribute MARGENZA. These arrangements are considered to be contracts with customers and are in the scope of ASC 606. The Company has written contracts with each of its customers that have a single performance obligation - to deliver products upon receipt of a customer order - and these obligations are satisfied when delivery occurs and the customer receives the product. The specialty distributors subsequently resell the Company’s product to healthcare providers. Product revenue is recorded net of applicable reserves for variable consideration, including discounts and other allowances. Shipping and handling costs for product shipments occur prior to the customer obtaining control of the goods and are recorded in cost of sales. Reserves for Variable Consideration. Revenue from product sales is recorded at the net sales price, which includes estimates of variable consideration. Components of variable consideration typically include discounts, product returns, provider chargebacks and discounts and government rebates. Variable consideration is estimated following the expected value method in accordance with ASC 606 and includes such factors as current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Customer Discounts and Service Fees. The Company may provide customers with discounts which are explicitly stated in the contracts. These discounts are recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, these contracts may include written service arrangements whereby the Company pays fees to customers who provide services such as sales order management, data, contract administration and distribution services, at rates which the Company believes to be consistent with fair market value. The Company has determined such services received to date are not distinct from the Company’s sale of products to its customers and, therefore, these payments have been recorded as a reduction of revenue within the statement of operations. Product Returns. Consistent with industry practice, the Company offers the specialty distributors product return rights pursuant to written contracts and/or Company returned goods policies. The Company estimates the amount of its product sales that may be returned by its customers and records an estimated liability and a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product returns using industry benchmarking as well as other information available, such as visibility into the inventory remaining in the distribution channel, since the Company does not have its own returns experience. The Company's estimates of product returns may be adjusted in the future based on actual returns experience, known or expected changes in the marketplace, or other factors. Provider Chargebacks and Discounts. Chargebacks for fees and discounts to healthcare providers represent the estimated obligations resulting from contractual commitments to sell products to qualified healthcare providers at prices lower than the list prices charged to customers who directly purchase the product from the Company. In such cases, customers charge the Company for the difference between what they pay for the product and the ultimate selling price to the qualified healthcare providers. The reserve for chargebacks is established in the same period that the related revenue is recognized, resulting in a reduction of product revenue. Chargeback amounts are generally determined at the time of resale to the qualified healthcare provider by customers, and the Company generally issues credits for such amounts within a few weeks of the customer’s notification to the Company of the resale. Chargebacks consist of credits the Company expects to issue for units that remain in the distribution channel at each reporting period end that the Company expects will be sold to qualified healthcare providers and chargebacks that customers have claimed, but for which the Company has not yet issued a credit. Government Rebates. The Company is subject to discount and/or rebate obligations under state Medicaid programs, Medicare and contractual agreements with and statutory obligations to certain Federal and State entities. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimates of future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel at the end of each reporting period. Customer discounts are recorded as a reduction of accounts receivable on the consolidated balance sheets. Allowance for product returns, provider chargebacks, government and other rebates and service fees are recorded as a component of accrued expenses and other current liabilities on the consolidated balance sheets. Contract manufacturing revenue The Company enters into agreements with third parties to manufacture their drug substance at its Good Manufacturing Practice (GMP) facility. The terms of these arrangements can include an upfront payment to the Company to reserve manufacturing capacity, scheduled payments during the manufacturing process and reimbursement for materials used to manufacture product. The Company recognizes revenue over time on a straight-line basis as the manufacturing services are performed, as the Company believes that its efforts in providing the manufacturing services are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product are allocated to the related manufacturing activities and are recognized as revenue as those activities occur.
Cost of Product Sales and Cost of Manufacturing Services	Cost of Product Sales Prior to the sale to TerSera, cost of product sales related to sales of MARGENZA. These costs include material, manufacturing and shipping costs, as well as royalties payable on net sales of MARGENZA and inventory reserves. All product costs incurred prior to FDA approval of MARGENZA in December 2020 were expensed as research and development expense. As a result, cost of product sales was positively impacted as the Company sold through inventory that was expensed prior to FDA approval of MARGENZA. Cost of Manufacturing Services Cost of manufacturing services consists of the costs to provide manufacturing services to produce certain bulk drug substance under manufacturing and clinical supply agreements with third parties, including salaries and benefits and related stock-based compensation, materials, overhead and other related costs.
Research and Development Expenses, Including Clinical Trial Accruals/Expenses	Research and Development Expense, Including Clinical Trial Accruals/Expenses Research and development expenditures are expensed as incurred. Research and development costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations (CROs), investigative sites and consultants that conduct the Company's clinical trials, the cost of acquiring and manufacturing clinical trial materials, including costs incurred under agreements with contract manufacturing organizations (CMOs), and other allocated expenses, license fees for and milestone payments related to in-licensed products and technologies, stock-based compensation expense, and costs associated with non-clinical activities and regulatory approvals. Right-to-develop agreements may contain cost-sharing provisions whereby the Company and the collaborator share the cost of research and development activities. Reimbursement of research and development expenses received in connection with these agreements is recorded as a reduction of such expenses. Clinical trial expenses are a significant component of research and development expense, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as a prepaid asset or accrued expenses. These third party agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.
Leases	Leases The Company determines whether an arrangement is or contains a lease at the inception of an arrangement under ASC 842, Leases. For leases where the Company is the lessee, right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of the lease for which the rate is estimated. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. The lease terms used to calculate the ROU asset and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents net loss adjusted for the change during the periods attributed to unrealized gains and losses on available-for-sale debt securities.
Net Loss Per Share	Net Loss Per Share Basic and diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. All stock options and restricted stock units (RSUs) are excluded from the per share calculations as such securities were anti-dilutive for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Disaggregation of Income Statement Expense. The standard requires further disaggregation of relevant expense captions in a separate note to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The standard requires disaggregation of the effective rate reconciliation into standard categories, enhances disclosure of income taxes paid, and modifies other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued 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 (CODM) uses the reported measure(s) of segment profit or loss in assessing performance. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The Company adopted the standard in the fourth quarter of 2024. The adoption did not have a material impact on its consolidated financial statements. See Note 13, Segment Reporting, for additional information.

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Eligible age to participate in plan	21 years
Percentage of employee contribution to salary	100.00%
Percentage of employee vested contribution	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 2.2	$ 2.1	$ 2.3

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 182,840,000	$ 100,956,000
Marketable securities	18,827,000	128,849,000
Accounts receivable	4,309,000	10,367,000
Inventory, net	0	1,221,000
Prepaid expenses and other current assets	11,514,000	9,946,000
Total current assets	217,490,000	251,339,000
Property, equipment and software, net	18,100,000	21,847,000
Operating lease, ROU Assets	24,509,000	23,846,000
Other non current assets	1,556,000	1,386,000
Total assets	261,655,000	298,418,000
Current liabilities:
Accounts payable	5,013,000	6,443,000
Accrued expenses and other current liabilities	29,334,000	24,239,000
Deferred revenue	16,319,000	21,651,000
Lease liabilities	4,864,000	3,775,000
Total current liabilities	55,530,000	56,108,000
Deferred revenue, net of current portion	55,503,000	59,243,000
Lease liabilities, net of current portion	32,597,000	30,196,000
Other non current liabilities	1,968,000	258,000
Total liabilities	145,598,000	145,805,000
Stockholders' equity:
Common stock, 0.01 par value -- 125,000,000 shares authorized, 62,819,857 and 62,070,627 shares outstanding at December 31, 2024 and December 31, 2023, respectively	628,000	621,000
Additional paid-in capital	1,285,143,000	1,254,750,000
Accumulated other comprehensive gain (loss)	4,000	(6,000)
Accumulated deficit	(1,169,718,000)	(1,102,752,000)
Total stockholders' equity	116,057,000	152,613,000
Total liabilities and stockholders' equity	$ 261,655,000	$ 298,418,000

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's amended and restated certificate of incorporation authorizes 125,000,000 shares of common stock, and 5,000,000 shares of undesignated preferred stock, both with a par value of $0.01 per share. There were no shares of undesignated preferred stock issued or outstanding as of December 31, 2024 or 2023. In March 2023, the Company entered into a 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. During the year ended December 31, 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. No shares were sold under the ATM offering during the year ended December 31, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Fair Value Measurement Financial Assets

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


	Fair Value Measurement at December 31, 2024
	Total		Level 1		Level 2
Assets:
Money market funds	$	67,886	$	67,886	$	—
U.S Treasury securities	5,000		—		5,000
Government-sponsored enterprises	3,994		—		3,994
Corporate debt securities	25,548		—		25,548

Total assets measured at fair value (a)	$	102,428	$	67,886	$	34,542


	Fair Value Measurement 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 enterprise	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 December 31, 2024 includes approximately $83.6 million reported as cash and cash equivalents and $18.8 million reported as marketable securities on the balance sheet.

(b) Total assets measured at fair value at December 31, 2023 includes approximately $91.7 million reported as cash and cash equivalents and $128.8 million reported as marketable securities on the balance sheet.

Summary of Percentage of Customer Concentration

The following table includes those counterparties that represent more than 10% of total revenue earned in the periods indicated:


	Year Ended December 31,
	2024	2023	2022
Incyte Corporation (Incyte)	76%	53%	26%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)	*	12%	*
ASD Healthcare and Oncology Supply (ASD)	*	10%	*
Provention Bio, Inc. (Provention)	*	10%	43%
Zai Lab Limited (Zai Lab)	*	*	15%

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

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


	December 31,
	2024	2023
Incyte	39%	25%
ASD	18%	15%
McKesson	13%	16%
Cardinal Health, Inc.	12%	18%
Zai Lab	*	12%

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

Estimated Useful Lives

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


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

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

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


	Year Ended December 31,
	2024	2023	2022
Stock options and RSUs	14,008,511	13,129,251	10,514,013

Revenue - Incyte Corporation (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended			24 Months Ended	87 Months Ended
Revenue - Incyte Corporation (Details) $ in Thousands	Aug. 31, 2024 USD ($)	Oct. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2019 performanceObligation
Collaboration and Other Agreements [Line Items]
Revenues				$ 149,962	$ 58,749	$ 151,941
Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment			$ 150,000
Amounts recognized								$ 215,000
Number of performance obligations \| performanceObligation									2
Transaction price		$ 154,000
Clinical trial activities selling price amount							$ 4,000
Minimum \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Potential proceeds from royalties percent		15.00%
Maximum \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Potential development and regulatory milestone payments		$ 210,000
Potential commercial milestone payments		$ 330,000
Potential proceeds from royalties percent		24.00%
Revenues From License Agreements \| Incyte MGA012 Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues	$ 100,000	$ 150,000		100,600	15,000	30,000
Revenues From License Agreements \| Incyte MGA012 Supply Agreement \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues				200	1,900	700
Revenues From License Agreements \| Incyte MGA012 Clinical Services \| Incyte Corporation (Incyte)
Collaboration and Other Agreements [Line Items]
Revenues				$ 1,800	$ 4,200	$ 300

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2021		61,307,428
Balance at Dec. 31, 2021	$ 239,618	$ 613	$ 1,213,002	$ (973,936)	$ (61)
Share-based compensation	20,438		20,438
Issuance of common stock, net of offering costs (in shares)		160,480
Issuance of common stock, net of offering costs	1,085	$ 2	1,083
Stock plan related activity (in shares)		233,559
Stock plan related activity	574	$ 2	572
Unrealized Gain (Loss) on Investments	56				56
Net loss	(119,758)			(119,758)
Balance (in shares) at Dec. 31, 2022		61,701,467
Balance at Dec. 31, 2022	142,013	$ 617	1,235,095	(1,093,694)	(5)
Share-based compensation	18,373		18,373
Issuance of common stock, net of offering costs (in shares)		167,270
Issuance of common stock, net of offering costs	1,039	$ 2	1,037
Stock plan related activity (in shares)		201,890
Stock plan related activity	247	$ 2	245
Unrealized Gain (Loss) on Investments	(1)				(1)
Net loss	(9,058)			(9,058)
Balance (in shares) at Dec. 31, 2023		62,070,627
Balance at Dec. 31, 2023	152,613	$ 621	1,254,750	(1,102,752)	(6)
Share-based compensation	29,439		29,439
Stock plan related activity (in shares)		749,230
Stock plan related activity	961	$ 7	954
Unrealized Gain (Loss) on Investments	10				10
Net loss	(66,966)			(66,966)
Balance (in shares) at Dec. 31, 2024		62,819,857
Balance at Dec. 31, 2024	$ 116,057	$ 628	$ 1,285,143	$ (1,169,718)	$ 4

- Definition

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

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Revenue	12 Months Ended
Revenue	Dec. 31, 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, 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. From the inception of the Incyte License Agreement through December 31, 2024, the Company has recognized $215.0 million for certain development and regulatory milestones under the Incyte License Agreement, including $15.0 million received following the FDA approval of ZYNYZ and $100.0 million received in August 2024 upon entering into an amendment to the Incyte License Agreement pursuant to which certain development milestones were deemed to have been met. Assuming successful development and commercialization by Incyte in multiple indications, the Company is eligible to receive up to an additional $210.0 million in development and regulatory milestones, and up to $330.0 million in commercial milestones. 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 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. In July 2024, the Company and Incyte executed Amendment No. 4 to the Incyte License Agreement pursuant to which certain development milestones were deemed to have been met. The Company evaluated the amendment as a contract modification under the provisions of ASC 606 which resulted in $100.0 million of revenue being recognized during the year ended December 31, 2024. From 2018 through December 31, 2024, it became probable that a significant reversal of cumulative revenue would not occur for development milestones totaling $215.0 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 revenue of $100.6 million, $15.0 million and $30.0 million under the Incyte License Agreement during the years ended December 31, 2024, 2023 and 2022, respectively. The revenue is primarily related to development milestones and includes royalties on ZYNYZ sales beginning in late 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. During the years ended December 31, 2024, 2023 and 2022, the Company recognized revenue of $0.2 million, $1.9 million and $0.7 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 years ended December 31, 2024, 2023, and 2022, the Company recognized revenue of $1.8 million, $4.2 million and $0.3 million, respectively, for services performed under the Incyte Commercial Supply Agreement. Gilead Sciences, Inc. In 2022, the Company and Gilead entered into an exclusive option and collaboration agreement (Gilead Agreement) to develop and commercialize MGD024, an investigational, bispecific antibody that binds CD123 and CD3, and create bispecific cancer antibodies using the Company’s DART platform and undertake their early development under a maximum of two separate bispecific cancer target research programs. Under the agreement, the Company will continue the ongoing phase 1 trial for MGD024 according to a development plan, during which Gilead will have the right to exercise an option granted to Gilead to obtain an exclusive license under the Company’s intellectual property to develop and commercialize MGD024 and other bispecific antibodies of MacroGenics that bind CD123 and CD3 (CD123 Option). The agreement also granted 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. In January 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. On August 30, 2024, the parties amended the agreement by entering into a second letter agreement under which Gilead will pay the Company to conduct certain research and which extends the period for Gilead to select its second research target combination. Under the terms of the Gilead Agreement, as amended, 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 has deferred revenue recognition related to the CD123 Option. If Gilead exercises the CD123 Option and obtains an exclusive license, the Company will recognize revenue as it fulfills its obligations under the Gilead Agreement. If the CD123 Option is not exercised, the Company will recognize the entirety of the revenue in the period when the CD123 Option expires. During the years ended December 31, 2024, 2023, and 2022, the Company recorded revenue of $1.5 million, $1.5 million, and $0.2 million, respectively, related to the Gilead Agreement. As of December 31, 2024, $56.8 million in revenue was deferred under this agreement, $1.3 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 years ended December 31, 2024, and 2023, the Company recorded revenue of $7.8 million and $0.8 million, respectively, related to the First Research Program. As of December 31, 2024, $11.0 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. Zai Lab US LLC In 2021, the Company entered into a collaboration and license agreement with Zai Lab US LLC (Zai Lab Limited and Zai Lab US LLC, either singularly or collectively are referred to herein as Zai Lab) involving collaboration programs and license-only programs (collectively, the Programs) encompassing four separate immuno-oncology molecules (2021 Zai Lab Agreement). During 2022, the Company and Zai Lab agreed to discontinue research and development of the lead program, and in August 2023, the parties mutually agreed to terminate the 2021 Zai Lab Agreement. In November 2024, the Company received $7.0 million from Zai Lab in fulfillment of a milestone. This was recognized as revenue for the year ended December 31, 2024. During the year ended December 31, 2023, no revenue was recognized under the 2021 Zai Lab Agreement and during the year ended December 31, 2022, the Company recognized revenue of $16.8 million under the 2021 Zai Lab Agreement. Provention Bio, Inc. In 2018, the Company entered into a license agreement with Provention pursuant to which the Company granted Provention exclusive global rights for the purpose of developing and commercializing MGD010 (renamed PRV-3279), a CD32B x CD79B DART molecule being developed for the treatment of autoimmune indications (Provention License Agreement). As partial consideration for the Provention License Agreement, Provention granted the Company a warrant to purchase shares of Provention’s common stock at an exercise price of $2.50 per share. If Provention successfully develops, obtains regulatory approval for, and commercializes PRV-3279, the Company will be eligible to receive up to $65.0 million in development and regulatory milestones and up to $225.0 million in commercial milestones. As of December 31, 2024, the Company has not recognized any milestone revenue under this agreement. If commercialized, the Company would be eligible to receive single-digit royalties on net sales of the product. The license agreement may be terminated by either party upon a material breach or bankruptcy of the other party, by Provention without cause upon prior notice to the Company, and by the Company in the event that Provention challenges the validity of any licensed patent under the agreement, but only with respect to the challenged patent. Also, in 2018, the Company entered into the Provention Asset Purchase Agreement (Provention APA) pursuant to which Provention acquired the Company’s interest in teplizumab (renamed PRV-031), a monoclonal antibody being developed for the treatment of type 1 diabetes. As partial consideration for the Provention APA, Provention granted the Company a warrant to purchase shares of Provention’s common stock at an exercise price of $2.50 per share. Under the Provention APA, Provention is obligated to pay the Company contingent milestone payments totaling $170.0 million upon the achievement of certain regulatory milestones. In addition, Provention is obligated to make contingent milestone payments to the Company totaling $225.0 million upon the achievement of certain commercial milestones as well as single-digit royalties on net sales of the product. The FDA approved the BLA for TZIELD in November 2022, and the Company recognized $60.0 million in revenue related to this regulatory milestone during the year ended December 31, 2022. In November 2022, the Company and Provention amended the Provention APA. Under this amendment, the milestone for first approval was split into four equal payments, all of which were received prior to June 30, 2023. Provention has also agreed to pay third-party obligations, including low single-digit royalties, of which a portion is creditable against royalties payable to the Company, aggregate milestone payments of up to approximately $1.3 million and other consideration, for certain third-party intellectual property under agreements Provention assumed pursuant to the Provention APA. Further, Provention is required to pay the Company a low double-digit percentage of certain consideration to the extent it is received in connection with a future grant of rights to PRV-031 by Provention to a third party. The Company evaluated the Provention License Agreement and Provention APA under the provisions of ASC 606 and determined that they should be accounted for as a single contract and identified two performance obligations within that contract: (i) the license of MGD010 and (ii) the title to teplizumab. The Company determined that the transaction price of the Provention agreements was $6.1 million, based on the Black-Scholes valuation of the warrants to purchase a total of 2,432,688 shares of Provention's common stock. The transaction price was allocated to each performance obligation based on the number of shares of common stock the Company is entitled to purchase under each warrant. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such were excluded from the initial transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, therefore they have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. The Company recognized revenue of $6.1 million when it satisfied its performance obligations under the agreements and transferred the MGD010 license and teplizumab assets to Provention in 2018. In 2019, the Company exercised the warrants on a cashless basis, and subsequently sold all the shares of Provention common stock acquired through the exercise. No shares of Provention stock were held subsequent to the sale of stock in 2019. During the year ended December 31, 2022, it became probable that a significant reversal of cumulative revenue would not occur for a regulatory milestone of $60.0 million, therefore the associated consideration was added to the estimated transaction price and was recognized as revenue. During the year ended December 31, 2024, no revenue was recognized under these agreements. During the years ended December 31, 2023 and 2022, the Company recognized revenue of $5.6 million and $60.0 million, respectively, under these agreements. In March 2023, the Company sold its single-digit royalty interest in TZIELD to a wholly-owned subsidiary of DRI Healthcare Trust (DRI) and received a $100.0 million payment from DRI under a Royalty Purchase Agreement. The Company retains its other economic interests related to TZIELD, including future potential regulatory and commercial milestones, as well as the right to receive a 50% share of the royalty on global net sales above a certain annual threshold. In addition, the Company received $50.0 million upon the occurrence of the primary endpoint milestone event in September 2023, and remains eligible to receive an additional $50.0 million if TZIELD achieves a certain level of net sales. On April 27, 2023, Sanofi S.A. (Sanofi) completed its acquisition of Provention and the Company entered into a Tripartite Agreement. Also on April 27, 2023, the Company and a subsidiary of Sanofi entered into a Side Letter Agreement which specified certain post-closing covenants and also accelerated certain payments due to the Company under the Provention APA upon the closing of the merger between Sanofi and Provention. The Company evaluated the Side Letter Agreement as a contract modification under the provisions of ASC 606. As a result, during the year ended December 31, 2023, the Company recognized $5.5 million related to other consideration under the Provention APA and Side Letter Agreement. During the year ended December 31, 2023, the Company recognized $0.3 million in royalty revenue under the Provention APA based on sales of TZIELD. In September 2023, the Company and Sanofi executed Amendment No. 2 to the Provention APA and terminated the Royalty Purchase Agreement with DRI. As a result, the remaining $50.0 million milestone under the Royalty Purchase Agreement was incorporated into the Provention APA. The Company evaluated the amendment as a contract modification under the provisions of ASC 606 which did not result in any additional revenue being recognized during the year ended December 31, 2023. Manufacturing Services Agreements Incyte In January 2022, the Company entered into a Manufacturing and Clinical Supply Agreement with Incyte (Incyte Manufacturing and Clinical Supply Agreement) to provide manufacturing services to produce certain Incyte bulk drug substance over a three years period. Under the terms of the Incyte Manufacturing and Clinical Supply Agreement, the Company received an upfront payment of $10.0 million and was 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). In December 2024, the Company and Incyte entered into a letter agreement whereby Incyte reserved additional manufacturing services with a fixed cost of $9.1 million (December 2024 Letter Agreement). The Company evaluated the Incyte Manufacturing and Clinical Supply Agreement, the July 2022 Incyte Amendment and the December 2024 Letter Agreement 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 consisted of the upfront payment of $10.0 million and the fixed payments totaling $28.6 million. The Company is recognizing 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 years ended December 31, 2024, 2023, and 2022, the Company recognized revenue of $11.0 million, $9.7 million and $8.7 million, respectively, under the Incyte Manufacturing and Clinical Supply Agreement. As of December 31, 2024, $3.4 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. Product Sales, Net Product sales, net reflected sales of MARGENZA until the Company sold global rights to MARGENZA to TerSera in November 2024. Prior to the sale to TerSera, product revenue was recorded net of applicable reserves for variable consideration, including discounts and other allowances. The Company entered into a limited number of arrangements with specialty distributors in the United States to distribute MARGENZA. The delivery of the product represented a single performance obligation for these transactions and the Company recorded net product revenue when control was transferred to the customer, generally upon receipt by the customer. The transaction price for net product revenue represented the amount the Company expected to receive, which was net of estimated government-mandated rebates and chargebacks, distribution fees, estimated product returns, and other deductions. Accruals were established for these deductions, and actual amounts incurred were offset against applicable accruals. The Company recognized net product sales revenue of $16.4 million, $17.9 million and $16.7 million during the years ended December 31, 2024, 2023 and 2022, respectively. Pursuant to the sale of MARGENZA, the Company paid an $8.0 million amendment fee to Eversana Life Sciences Services, LLC (Eversana), a former partner that had previously commercialized MARGENZA, which was recorded as selling, general and administrative expense in the consolidated statement of operations. 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 developed 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 did not receive goods or services from the Company under this contract, therefore the Company did not consider NIAID to be a customer and concluded this contract was outside the scope of ASC 606. Both the Phase 1 study of MGD014 in persons with HIV maintained on antiretroviral therapy and the Phase 1 study of MGD020 alone and combined with MGD014 have been completed and the Company is in the process of closing out the contract. The Company recognized revenue of $1.6 million, $1.6 million and $1.9 million under the NIAID contract during the years ended December 31, 2024, 2023 and 2022, respectively.

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2024
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Laboratory and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Property, Equipment and Software (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,
	2024		2023
Computer equipment	$	3,661	$	3,542
Software	10,926		9,759
Furniture and office equipment	697		706
Motor vehicles	50		50
Lab equipment	46,140		46,452
Leasehold improvements	44,097		48,620
Construction in progress	1,216		1,112
Property, equipment and software	106,787		110,241
Less accumulated depreciation and amortization	(88,687)		(88,394)
Property, equipment and software, net	$	18,100	$	21,847

TeSera Transaction (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
TeSera Transaction (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues		$ 149,962	$ 58,749	$ 151,941
TerSera
Disaggregation of Revenue [Line Items]
Milestone from DRI	$ 35,000
Other Income	$ 40,000
TerSera \| Combined Services Agreement
Disaggregation of Revenue [Line Items]
Other Income		$ 44,500

- 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 + Details

- Definition

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

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+ Details

Revenue - Zai Lab (Details) - USD ($)	12 Months Ended
Revenue - Zai Lab (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration and Other Agreements [Line Items]
Revenues	$ 149,962,000	$ 58,749,000	$ 151,941,000
2021 Zai Lab Agreements \| Zai Lab
Collaboration and Other Agreements [Line Items]
Revenues	$ 7,000,000	$ 0	$ 16,800,000

- Definition

+ References

+ Details

Property, Equipment and Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 106,787	$ 110,241
Construction in progress	1,216	1,112
Less accumulated depreciation and amortization	(88,687)	(88,394)
Property, equipment and software, net	18,100	21,847
Depreciation expense	7,500	9,600	$ 11,900
Computer equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	3,661	3,542
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software	10,926	9,759
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	697	706
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, equipment and software	50	50
Lab equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	46,140	46,452
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 44,097	$ 48,620

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Undesignated Preferred Stock
Class of Stock [Line Items]
Undesignated preferred stock, shares authorized (in shares)		5,000,000
Undesignated preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Undesignated preferred stock, shares issued (in shares)		0	0
Undesignated preferred stock, shares outstanding (in shares)		0	0
At The Market Offering
Class of Stock [Line Items]
Common stock maximum amount available for issuance	$ 100.0
Sale of common stock (in shares)		0	95,000
Sale of common stock (in dollars per share)			$ 6.60
Proceeds of stock sale			$ 0.6

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2024 USD ($) performanceObligation	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of Reportable Segments \| performanceObligation	1
Revenues	$ 149,962	$ 58,749	$ 151,941
Cost of product sales	847	619	3,351
Cost of manufacturing services	11,452	7,603	4,033
Research and development	177,194	166,583	207,026
Selling, general and administrative	71,047	52,188	58,949
Net loss	(66,966)	(9,058)	(119,758)
Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Reporting, Other Segment Item, Amount	43,612	159,186	1,660
Main Segment \| Vobramitanmab duocarmazine [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	39,809	39,217	55,381
Main Segment \| Lorigerlimab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	36,805	27,716	21,581
Main Segment \| MGC028
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	24,055	14,408	0
Main Segment \| ADC
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	18,102	11,170	12,975
Main Segment \| MGC026
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	14,126	13,523	5,287
Main Segment \| Margetuximab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	10,846	16,081	26,869
Main Segment \| MGD024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	9,734	6,974	7,857
Main Segment \| Next-generation T-cell engagers
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	8,421	10,464	13,335
Main Segment \| Retifanlimab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	2,129	3,452	2,156
Main Segment \| Enoblituzumab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	1,906	5,344	14,725
Main Segment \| Other programs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 11,261	$ 18,234	$ 46,860

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-sale

Available-for-sale marketable securities as of December 31, 2024 and 2023 were as follows (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Government-sponsored enterprises	$	1,995	$	—	$	—	$	1,995
Corporate debt securities	16,828		4		—		16,832
Total	$	18,823	$	4	$	—	$	18,827


	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)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-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 - Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Revenue - Product Sales (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaboration and Other Agreements [Line Items]
Revenues		$ 149,962	$ 58,749	$ 151,941
TerSera
Collaboration and Other Agreements [Line Items]
Commercialization partner payments	$ 8,000

- Definition

+ References

+ Details

Income Taxes - Components of the Company's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$ 116,341	$ 140,706
State net operating loss carryforward	31,758	33,350
Research and development credit, net	79,108	68,251
Orphan drug credit, net	33,834	33,330
Operating lease liabilities	10,308	9,078
Deferred revenue	18,795	17,442
Section 174 deferred tax asset	98,810	48,421
Depreciation	16,272	16,217
Other	4,971	6,617
Gross deferred income tax assets	410,197	373,412
Valuation allowance	(401,297)	(365,010)	$ (372,267)	$ (327,592)
Net deferred income tax assets	8,900	8,402
Deferred income tax liabilities:
Operating lease ROU assets	(6,745)	(6,372)
Prepaid expenditures	(2,155)	(2,030)
Gross deferred income tax liabilities	(8,900)	(8,402)
Net deferred income tax asset/(liability)	$ 0	$ 0

Inventory, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Inventory, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Inventory valuation reserves		$ 3,100
SEC Schedule, 12-09, Reserve, Inventory
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 0	3,119	$ 4,917	$ 2,035
Additions Charged to Expenses	0	0	2,882
Deductions	(3,119)	(1,798)	0
Balance at End of Year	$ 0	$ 3,119	$ 4,917

Revenue - NIAID Contract (Details)	12 Months Ended
Revenue - NIAID Contract (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaboration and Other Agreements [Line Items]
Revenues	$ 149,962,000	$ 58,749,000	$ 151,941,000
RevenuesFromGrantsMember \| NIAID
Collaboration and Other Agreements [Line Items]
Number of product candidates to develop		2
Revenues	$ 1,600,000	$ 1,600,000	$ 1,900,000

- Definition

+ References

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company has non-cancelable operating leases for manufacturing, laboratory, office and warehouse space in Maryland. The Company’s leases each have one or more five-year options to renew. In October 2024, the Company amended the existing lease for one of its laboratory spaces to extend the lease term through 2029 in exchange for certain concessions from the lessor. This amendment was accounted for as a lease modification, and the right-of-use asset and lease liability were remeasured at the modification date, resulting in an increase to both balances of approximately $3.0 million.

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


	December 31,
	2024		2023
Weighted-average remaining lease term (in years)	10.0		11.0
Weighted-average discount rate	12.0	%	12.0	%

During the years ended December 31, 2024 and 2023, the Company made cash payments for operating leases of $3.8 million and $5.9 million, respectively. As of December 31, 2024 and 2023, the Company’s ROU assets were valued at $24.5 million and $23.8 million, respectively.

The components of lease cost for the years ended December 31, 2024 and 2023 were as follows (in thousands):


	December 31,
	2024		2023
Operating lease cost	$	6,610	$	7,459
Variable lease cost	1,114		1,316
Sublease income	(1,145)		(1,109)
Net lease cost	$	6,579	$	7,666

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2025	$	5,185
2026	5,507
2027	6,258
2028	7,413
2029	6,346
Thereafter	39,773
Total lease payments	70,482
Less: imputed interest	(33,021)
Total lease liabilities	$	37,461

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. The Company incurred $4.7 million, $2.8 million and $1.0 million in expense under this agreement during the years ended December 31, 2024, 2023 and 2022, respectively.

Securities Litigation

In July 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, M.D., Ph.D., 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 asserted 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 in patients with metastatic castration-resistant prostate cancer. On December 20, 2024, the District Court issued an Order dismissing the case, without prejudice.

On December 9, 2024, a shareholder derivative suit, entitled Gregora v. Heiden et al. (Case No. 24-cv-03546), was filed in the U.S. District Court for the District of Maryland against certain of the Company’s officers and directors and naming the Company as a nominal defendant. The suit asserts certain claims under Section 10(b) and Rule 10b-5 of the Securities and Exchange Act of 1934 and for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and waste of corporate assets based on the same facts as the Securities Class Action. On March 10, 2025, the plaintiff filed a notice of voluntary dismissal.

On December 11, 2024, a shareholder derivative suit, entitled Cottle v. MacroGenics, Inc., et al. (Case No. 8:24-cv-03578), was filed in the U.S. District Court for the District of Maryland against the same defendants and alleging similar claims as the Gregora derivative action. On March 20, 2025, the parties filed a stipulation of dismissal without prejudice.

Stock-based Compensation - Option Pricing Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected term	6 years 21 days	5 years 10 months 17 days	5 years 11 months 12 days
Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	95.00%	76.00%	88.00%
Risk-free interest rate	3.50%	3.50%	1.40%
Minimum \| Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	108.00%
Risk-free interest rate	4.20%
Expected term	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	116.00%	96.00%	92.00%
Risk-free interest rate	4.70%	4.80%	4.00%
Maximum \| Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	174.00%
Risk-free interest rate	4.30%
Expected term	5 years 6 months

- 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

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Revenues	$ 149,962	$ 58,749	$ 151,941
Costs and expenses:
Cost of product sales	847	619	3,351
Cost of manufacturing services	11,452	7,603	4,033
Research and development	177,194	166,583	207,026
Selling, general and administrative	71,047	52,188	58,949
Total costs and expenses	260,540	226,993	273,359
Loss from operations	(110,578)	(168,244)	(121,418)
Gain on royalty monetization arrangement	0	150,930	0
Gain on sale of MARGENZA	36,250	0	0
Interest and other income	9,421	9,686	1,660
Interest and other expense	(1,115)	(1,430)	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	(66,022)	(9,058)	(119,758)
Income tax provision	944	0	0
Net loss	(66,966)	(9,058)	(119,758)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	10	(1)	56
Comprehensive loss	$ (66,956)	$ (9,059)	$ (119,702)
Basic and diluted net loss per common share, basic (in dollars per share)	$ (1.07)	$ (0.15)	$ (1.95)
Basic and diluted net loss per common share, diluted (in dollars per share)	$ (1.07)	$ (0.15)	$ (1.95)
Basic weighted average number of common shares outstanding (in shares)	62,621,185	61,929,198	61,433,124
Diluted weighted average number of common shares outstanding (in shares)	62,621,185	61,929,198	61,433,124
Revenue from collaborative agreements
Revenues:
Revenues	$ 118,856	$ 29,421	$ 119,303
Revenue from government agreements
Revenues:
Revenues	1,623	1,556	1,923
Product
Revenues:
Revenues	16,426	17,939	16,727
Contract Manufacturing
Revenues:
Revenues	$ 13,057	$ 9,833	$ 13,988

Revenue - Manufacturing Service Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			30 Months Ended
	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Jul. 31, 2022
Collaboration and Other Agreements [Line Items]
Revenues		$ 149,962	$ 58,749	$ 151,941
Product
Collaboration and Other Agreements [Line Items]
Revenues		16,426	17,939	16,727
Incyte Corporation (Incyte) \| RevenuesFromCMOAgreementsMember
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment	$ 10,000
Total annual fixed payments	$ 14,400
Revenues		11,000	9,700	$ 8,700
Deferred revenue, current		3,400	$ 7,000		$ 3,400
Incyte Corporation (Incyte) \| RevenuesFromCMOAmendmentAgreement
Collaboration and Other Agreements [Line Items]
Total annual fixed payments					28,600
Additional annual fixed payments						$ 5,100
Future Manufacturing Revenue		$ 9,100			$ 9,100
Incyte Corporation (Incyte) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaboration and Other Agreements [Line Items]
Collaborative arrangement, term	3 years
Collaborative arrangement, extension term	1 year

Marketable Securities - Available-For-Sale Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0	$ 0
Interest Income, Other	$ 5,600,000	$ 4,000,000.0	$ 1,700,000

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Oct. 25, 2024	May 31, 2024	May 31, 2017	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 23, 2024	May 31, 2023	May 18, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of offering costs				$ 0	$ 616	$ 1,085
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)				12,939,517	12,223,637
Weighted average exercise price (in dollars per share)				$ 14.80	$ 15.11
Accelerated vesting, percentage of unvested awards	50.00%
Expected dividend yield				0.00%	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term				6 years 21 days	5 years 10 months 17 days	5 years 11 months 12 days
Share-Based Payment Arrangement, Accelerated Cost				$ 6,100
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				95.00%	76.00%	88.00%
Risk-free interest rate				3.50%	3.50%	1.40%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				116.00%	96.00%	92.00%
Risk-free interest rate				4.70%	4.80%	4.00%
Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield				0.00%
Dr Scott Koenig \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				108.00%
Risk-free interest rate				4.20%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term				1 year
Dr Scott Koenig \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				174.00%
Risk-free interest rate				4.30%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term				5 years 6 months
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering period			6 months
Award vesting period				4 years
Options granted, maximum term				10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding nonvested (in shares)				1,068,994	905,614
2016 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)									800,000
Maximum employee contribution percent			10.00%
Percent of fair market value to purchase shares			85.00%
Common stock purchased by employees (in shares)				94,619
Proceeds from issuance of common stock, net of offering costs				$ 300
StockIncentivePlan2023Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)							6,850,000	4,850,000
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)				2,326,288
Weighted average exercise price (in dollars per share)				$ 14.06
Outstanding nonvested (in shares)				664,545
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized		2,000,000
Stock Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)				10,613,229
Weighted average exercise price (in dollars per share)				$ 14.96
Outstanding nonvested (in shares)				404,449

Income Taxes - Reconciliation of Reported Estimated Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States federal tax at statutory rate	$ (13,866)	$ (1,902)	$ (25,149)
State taxes (net of federal benefit)	(4,183)	(163)	(7,385)
Deferred income tax adjustments	(7,299)	5,024	308
Deferred state blended rate adjustments	(2,663)	1,841	0
Research credit, net	(12,082)	(3,168)	(4,569)
Orphan drug credit, net	(1,308)	2,374	(10,846)
Other permanent items	388	1,301	1,362
Equity-based compensation	5,594	1,950	1,604
Change in valuation allowance	36,287	(7,257)	44,675
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount	76	0	0
Income tax expense/(benefit)	$ 944	$ 0	$ 0

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	14,008,511	13,129,251	10,514,013

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares outstanding (in shares)	62,819,857	62,070,627

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Right of use asset and lease liability increase	$ 3,000
Weighted average lease term (in years)	10 years	11 years
Discount rate	12.00%	12.00%
Operating lease payments	$ 3,800	$ 5,900
Operating lease, ROU Assets	24,509	23,846
Operating lease cost	6,610	7,459
Variable lease cost	1,114	1,316
Sublease Income	(1,145)	(1,109)
Lease, cost	6,579	7,666
2025	5,185
2026	5,507
2027	6,258
2028	7,413
2029	6,346
Thereafter	39,773
Total lease payments	70,482
Less: imputed interest	(33,021)
Operating lease liabilities	37,461
Research and development	$ 177,194	166,583	$ 207,026
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	5 years
Synaffix B.V.
Lessee, Lease, Description [Line Items]
Potential development and regulatory milestone payments				$ 2,800,000
Research and development	$ 4,700	$ 2,800	$ 1,000

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| Segment	1
Accounts receivable, allowance for credit loss	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

Inventory

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventory, Net

All of the Company's inventory relates to the manufacturing of MARGENZA. In November 2024, the Company sold global rights to MARGENZA to TerSera. As part of this transaction, the Company transferred all its inventory to TerSera, resulting in no inventory balance on the Company’s consolidated balance sheet as of December 31, 2024. The following table sets forth the Company's inventory as of December 31, 2023, net of reserves (in thousands):



Work in process	$	261
Finished goods	960
Total inventory, net	$	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. The 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.


	Inventory Reserves (in thousands)
	Balance at Beginning of Year		Additions Charged to Expenses		Deductions		Balance at End of Year
Year Ended December 31, 2024	$	3,119	$	—	$	(3,119)	$	—
Year Ended December 31, 2023	4,917		—		(1,798)		3,119
Year Ended December 31, 2022	2,035		2,882		—		4,917

Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Available-for-sale marketable securities as of December 31, 2024 and 2023 were as follows (in thousands):


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

Government-sponsored enterprises	$	1,995	$	—	$	—	$	1,995
Corporate debt securities	16,828		4		—		16,832
Total	$	18,823	$	4	$	—	$	18,827


	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 of the Company's available-for-sale securities held at December 31, 2024 and 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 December 31, 2023 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of 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 the years ended December 31, 2024 and 2023. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. The Company recorded interest income of $5.6 million, $4.0 million and $1.7 million during the years ended December 31, 2024, 2023 and 2022, respectively, which is included in interest and other income on the consolidated statements of operations and comprehensive loss.

Income Taxes - Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 7,821	$ 7,376	$ 7,197
Increases for current year tax positions	1,001	449	548
Increases/(decreases) for prior year tax positions	512	(4)	(369)
Ending balance	$ 9,334	$ 7,821	$ 7,376

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Tax

For the year ended December 31, 2024, the Company is in a taxable income position due to the Tax Cuts and Jobs Act of 2017 (the Tax Act) limitation on utilization of Net Operating Losses to 80% of taxable income as well as the limitation on utilization of income tax credits, while the company remains in a full valuation allowance position. For the years ended December 31, 2023, and 2022 there was no provision for income taxes due to taxable losses generated, fully offset by a valuation allowance.

Income tax expense consists of the following for the year ended December 31, 2024 (in thousands):


Current income tax expense
Federal	$	707
State	237
Total	$	944

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


	Year Ended December 31,
	2024		2023		2022
United States federal tax at statutory rate	$	(13,866)	$	(1,902)	$	(25,149)
State taxes (net of federal benefit)	(4,183)		(163)		(7,385)
Deferred income tax adjustments	(7,299)		5,024		308
Deferred state blended rate adjustments	(2,663)		1,841		—

Research credit, net	(12,082)		(3,168)		(4,569)
Orphan drug credit, net	(1,308)		2,374		(10,846)
Other permanent items	388		1,301		1,362
Equity-based compensation	5,594		1,950		1,604
Change in valuation allowance	36,287		(7,257)		44,675
Other	76		—		—
Income tax expense/(benefit)	$	944	$	—	$	—

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


	December 31,
	2024		2023
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	116,341	$	140,706
State net operating loss carryforward	31,758		33,350
Research and development credit, net	79,108		68,251
Orphan drug credit, net	33,834		33,330
Operating lease liabilities	10,308		9,078
Deferred revenue	18,795		17,442
Section 174 deferred tax asset	98,810		48,421
Equity based compensation	16,272		16,217
Other	4,971		6,617
Gross deferred income tax assets	410,197		373,412
Valuation allowance	(401,297)		(365,010)
Net deferred income tax assets	8,900		8,402

Deferred income tax liabilities:

Operating lease ROU assets	(6,745)		(6,372)
Prepaid expenditures	(2,155)		(2,030)
Gross deferred income tax liabilities	(8,900)		(8,402)
Net deferred income tax asset/(liability)	$	—	$	—

The Company recognizes valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. In assessing the likelihood of realization, management considers (i) future reversals of existing taxable temporary

differences; (ii) future taxable income exclusive of reversing temporary difference and carryforwards; (iii) taxable income in prior carryback years if carryback is permitted under applicable tax law; and (iv) tax planning strategies. The Company's net deferred income tax asset is not more likely than not to be utilized due to the lack of sufficient sources of future taxable income and cumulative book losses which have resulted over the years.

The activity in the valuation allowance on deferred tax assets was as follows (in thousands):


	Balance at Beginning of Year		Additions		Deductions	Balance at End of Year
Year Ended December 31, 2024	$	365,010	$	36,287	—	$	401,297
Year Ended December 31, 2023	372,267		—		(7,257)	365,010
Year Ended December 31, 2022	327,592		44,675		—	372,267

As of December 31, 2024, the Company has U.S. federal and state net operating loss (NOL) carryforwards of approximately $554.0 million. Of these NOLs, $2.1 million will expire beginning in 2027 through 2028. $551.9 million of NOLs were generated post December 31, 2017 and carryforward indefinitely. In addition, the Company has U.S. federal tax credits of $109.0 million, which will expire in various years beginning in 2027 through 2044.

The use of the Company's U.S. federal NOL and tax credit carryforwards in future years are restricted due to changes in the Company's ownership and tax attributes acquired through the Company's acquisitions. As of December 31, 2024, $2.1 million of the Company's U.S. Federal NOLs are limited for use over 2027 through 2028, in which a range of such amounts could be utilized on an annual basis of $0.2 million. The remaining $551.9 million of NOLs is not limited and can be offset against future taxable income, subject to certain limitations for newly enacted tax legislation.

Beginning January 1, 2022, the Tax Act eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code (IRC) Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses.

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


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	7,821	$	7,376	$	7,197
Increases for current year tax positions	1,001		449		548
Increases/(decreases) for prior year tax positions	512		(4)		(369)
Ending balance	$	9,334	$	7,821	$	7,376

As of December 31, 2024 and 2023, of the total gross unrecognized tax benefits, approximately $9.3 million and $7.8 million would favorably impact the Company's effective income tax rate, respectively. Although, due to the Company's determination that the deferred income tax asset would not more likely than not be realized, a valuation allowance would be recorded, therefore, zero net impact would result within the Company's effective income tax rate. The Company's uncertain income tax position liability has been recorded to deferred income taxes to offset the tax attribute carryforward amounts.

For the years ended December 31, 2024, 2023 and 2022, the Company has not recognized any interest or penalties related to the uncertain income tax positions due to the fact such position is related to tax attribute carryforwards which have not yet been utilized. The Company does not expect its unrecognized income tax position to significantly decrease within the next twelve months.

The Company's U.S. Federal and state income tax returns from 2007 forward remain open to examination due to the carryover of unused income tax credits, and from 2007 forward due to the carryover of unused net operating losses.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

The Company identifies its reportable segments based on information reviewed by the Company’s CODM. The Company operates as one operating and reportable segment, which is discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources.

The CODM uses consolidated net loss, consistent with the amounts reported in the Company’s consolidated statements of operations to evaluate performance, forecast future period financial results and allocate resources. Total consolidated assets presented in the accompanying consolidated balance sheets also represent the segment’s total assets.

The table below summarizes the significant expenses regularly reviewed by the CODM (in thousands):


	Year Ended December 31,
	2024		2023		2022
Total revenue (a)	$	149,962	$	58,749	$	151,941
Cost of product sales	847		619		3,351
Cost of manufacturing sales	11,452		7,603		4,033
Research and development expenses:
Vobramitamab duocarmazine	39,809		39,217		55,381
Lorigerlimab	36,805		27,716		21,581
MGC028	24,055		14,408		—
Preclinical antibody-drug conjugates (ADCs)	18,102		11,170		12,975
MGC026	14,126		13,523		5,287
Margetuximab	10,846		16,081		26,869
MGD024	9,734		6,974		7,857
Next-generation T-cell engagers	8,421		10,464		13,335
Retifanlimab	2,129		3,452		2,156
Enoblituzumab	1,906		5,344		14,725
Other programs	11,261		18,234		46,860
Total research and development expenses	177,194		166,583		207,026
Selling, general and administrative expenses	71,047		52,188		58,949
Other segment income, net (b)	43,612		159,186		1,660
Net loss	$	(66,966)	$	(9,058)	$	(119,758)

(a) Total revenue includes collaborative and other agreements, product sales, net, contract manufacturing, and government agreements.

(b) Other segment income, net includes the gain on sale of MARGENZA, interest and other income and expense, and income tax expense.

The Company operates in the United States and all material long-lived assets of the Company reside in the United States For information about the Company’s revenues, see Note 8, Revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a clinical-stage biopharmaceutical company focused on discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates from its proprietary suite of antibody technology platforms. The Company is currently developing therapeutics utilizing multiple modalities, including antibody-drug conjugates (ADCs) and multi-specific antibodies (which is referred to as DART and TRIDENT molecules). The combination of the Company’s technology platforms and antibody engineering expertise has allowed the Company to generate promising product candidates – three of which have received marketing approval by the U.S. Food and Drug Administration (FDA) – and to enter into several strategic collaborations with global biopharmaceutical companies. These collaborations have provided the Company with over $1.4 billion of non-dilutive funding since its inception in 2000, and have enabled the Company to leverage the additional expertise of its collaborators to advance the development of multiple partnered product candidates. In addition, the Company operates a 5 × 2,000 liter commercial-scale cGMP antibody manufacturing facility in its Maryland headquarters to support its clinical programs. The Company also provides outsourced contract development and manufacturing services to its collaborators and other third parties for commercial and clinical products to offset a portion of the operating costs of this facility. The Company is currently advancing three proprietary product candidates in clinical development: lorigerlimab, a bispecific DART molecule that targets checkpoint inhibitors PD-1 and CTLA-4; MGC026, an ADC that targets B7-H3 and delivers a novel topoisomerase I inhibitor (TOP1i)-based linker-payload, and MGC028, an ADC that targets ADAM9 and delivers a novel TOP1i-based linker-payload. The Company is also actively developing multiple preclinical-stage ADC and next generation T-cell engager programs. The Company and its partners are developing or commercializing product candidates for which the Company retain certain economic rights. These include three products approved by the FDA: MARGENZA® (margetuximab-cmkb), an anti-HER2 monoclonal antibody (mAb) that the Company recently sold to a partner, ZYNYZ® (retifanlimab-dlwr), an anti-PD-1 mAb that the Company out-licensed; and TZIELD® (teplizumab-mzwv), an anti-CD3 mAb that the Company sold to a partner. The Company is also collaborating with Gilead Sciences, Inc. (Gilead) on the development of MGD024, a bispecific DART antibody targeting CD123 and CD3 that utilizes its next-generation T-cell engager technology, as well as two additional undisclosed pre-clinical DART development programs. 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 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 Annual Report on Form 10-K 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 inflation, fluctuating 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.

Income Taxes - Valuation Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Roll Forward]
Balance at Beginning of Year	$ 365,010	$ 372,267	$ 327,592
Additions	36,287	0	44,675
Deductions	0	(7,257)	0
Balance at End of Year	$ 401,297	$ 365,010	$ 372,267

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net loss	$ (66,966)	$ (9,058)	$ (119,758)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	7,540	9,645	11,865
Amortization of premiums and discounts on marketable securities	(2,810)	(5,004)	403
Share-based compensation	29,439	18,373	20,438
Gain on royalty monetization arrangement	0	(150,930)	0
Gain on sale of MARGENZA	(36,250)	0	0
Non-cash interest expense	0	1,430	0
Non-cash lease expense	(663)	3,489	3,341
Other non-cash items	2	423	2,882
(Gain) loss on disposal of assets	(57)	111	0
Changes in operating assets and liabilities:
Accounts receivable	6,058	45,855	(45,836)
Inventory	(2,188)	230	55
Prepaid expenses and other current assets	(1,567)	215	11,009
Other non current assets	(170)	(7)	(14,045)
Accounts payable	(1,530)	1,281	(10,860)
Accrued expenses and other current liabilities	5,003	(4,823)	(4,638)
Lease liabilities	3,490	(861)	9,364
Deferred revenue	(9,414)	11,426	48,821
Other non current liabilities	1,710	0	0
Net cash used in operating activities	(68,373)	(78,205)	(86,959)
Cash flows from investing activities
Purchases of marketable securities	(77,182)	(239,683)	(120,602)
Proceeds from sales and maturities of marketable securities	190,025	161,299	194,940
Purchases of property, equipment and software	(3,706)	(1,764)	(3,623)
Proceeds from sale of MARGENZA	40,000	0	0
Proceeds from sales of equipment	160	64	0
Net cash provided by (used in) investing activities	149,297	(80,084)	70,715
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	0	616	1,085
Proceeds from stock option exercises and ESPP purchases	3,435	553	574
Taxes paid related to net share settlement of equity awards	(2,475)	(306)	0
Principal payments on royalty monetization arrangement	0	(157)	0
Net proceeds from sale of future royalties	0	149,655	0
Net cash provided by financing activities	960	150,361	1,659
Net change in cash and cash equivalents	81,884	(7,928)	(14,585)
Cash and cash equivalents at beginning of period	100,956	108,884	123,469
Cash and cash equivalents at end of period	182,840	100,956	108,884
Income Taxes Paid	944	0	0
Non-cash operating and investing activities
Capital Expenditures Incurred but Not yet Paid	$ 100	$ 505	$ 118

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below summarizes the significant expenses regularly reviewed by the CODM (in thousands):


	Year Ended December 31,
	2024		2023		2022
Total revenue (a)	$	149,962	$	58,749	$	151,941
Cost of product sales	847		619		3,351
Cost of manufacturing sales	11,452		7,603		4,033
Research and development expenses:
Vobramitamab duocarmazine	39,809		39,217		55,381
Lorigerlimab	36,805		27,716		21,581
MGC028	24,055		14,408		—
Preclinical antibody-drug conjugates (ADCs)	18,102		11,170		12,975
MGC026	14,126		13,523		5,287
Margetuximab	10,846		16,081		26,869
MGD024	9,734		6,974		7,857
Next-generation T-cell engagers	8,421		10,464		13,335
Retifanlimab	2,129		3,452		2,156
Enoblituzumab	1,906		5,344		14,725
Other programs	11,261		18,234		46,860
Total research and development expenses	177,194		166,583		207,026
Selling, general and administrative expenses	71,047		52,188		58,949
Other segment income, net (b)	43,612		159,186		1,660
Net loss	$	(66,966)	$	(9,058)	$	(119,758)

(a) Total revenue includes collaborative and other agreements, product sales, net, contract manufacturing, and government agreements.

(b) Other segment income, net includes the gain on sale of MARGENZA, interest and other income and expense, and income tax expense.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following for the year ended December 31, 2024 (in thousands):


Current income tax expense
Federal	$	707
State	237
Total	$	944

Reconciliation of Reported Estimated Income Tax Benefit

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


	Year Ended December 31,
	2024		2023		2022
United States federal tax at statutory rate	$	(13,866)	$	(1,902)	$	(25,149)
State taxes (net of federal benefit)	(4,183)		(163)		(7,385)
Deferred income tax adjustments	(7,299)		5,024		308
Deferred state blended rate adjustments	(2,663)		1,841		—

Research credit, net	(12,082)		(3,168)		(4,569)
Orphan drug credit, net	(1,308)		2,374		(10,846)
Other permanent items	388		1,301		1,362
Equity-based compensation	5,594		1,950		1,604
Change in valuation allowance	36,287		(7,257)		44,675
Other	76		—		—
Income tax expense/(benefit)	$	944	$	—	$	—

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

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


	December 31,
	2024		2023
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	116,341	$	140,706
State net operating loss carryforward	31,758		33,350
Research and development credit, net	79,108		68,251
Orphan drug credit, net	33,834		33,330
Operating lease liabilities	10,308		9,078
Deferred revenue	18,795		17,442
Section 174 deferred tax asset	98,810		48,421
Equity based compensation	16,272		16,217
Other	4,971		6,617
Gross deferred income tax assets	410,197		373,412
Valuation allowance	(401,297)		(365,010)
Net deferred income tax assets	8,900		8,402

Deferred income tax liabilities:

Operating lease ROU assets	(6,745)		(6,372)
Prepaid expenditures	(2,155)		(2,030)
Gross deferred income tax liabilities	(8,900)		(8,402)
Net deferred income tax asset/(liability)	$	—	$	—

Summary of Valuation Allowance

The activity in the valuation allowance on deferred tax assets was as follows (in thousands):


	Balance at Beginning of Year		Additions		Deductions	Balance at End of Year
Year Ended December 31, 2024	$	365,010	$	36,287	—	$	401,297
Year Ended December 31, 2023	372,267		—		(7,257)	365,010
Year Ended December 31, 2022	327,592		44,675		—	372,267

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

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


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	7,821	$	7,376	$	7,197
Increases for current year tax positions	1,001		449		548
Increases/(decreases) for prior year tax positions	512		(4)		(369)
Ending balance	$	9,334	$	7,821	$	7,376

TeSera Transaction	12 Months Ended
TeSera Transaction	Dec. 31, 2024
Other Income and Expenses [Abstract]
TeSera Transaction	TerSera Transaction In October 2024, the Company entered into an Asset Purchase and Sale Agreement (ASA) with TerSera in which TerSera acquired global rights to MARGENZA. Pursuant to the ASA, the Company received $40.0 million and may also receive up to $35.0 million in future sales milestone payments. The transaction closed in November 2024. In connection with the ASA, the Company also entered into a Master Manufacturing & Supply Agreement (MSA) with TerSera under which it will manufacture MARGENZA product for TerSera, and a Transition Services Agreement under which it will provide certain services to ensure a smooth business transition to TerSera. The Company determined that the sale of MARGENZA does not qualify for reporting as a discontinued operation since it does not represent a strategic shift that has or will have a major effect on its operations and financial results. The Company determined that the agreements should be accounted for as one single combined contract with multiple elements under which the Company allocated the total consideration of $44.5 million on a relative standalone selling price basis in accordance with the applicable authoritative guidance. The Company recorded a $36.3 million gain on the sale of MARGENZA and related inventory in the “Gain on Sale of MARGENZA” line on its consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Provision for federal or state income taxes	$ 944,000	$ 0	$ 0
Gross unrecognized tax benefits	9,300,000	7,800,000
Unrecognized interest or penalties	0	$ 0	$ 0
U.S. Federal and State
Income Tax Examination [Line Items]
Net operating loss carryforwards	554,000,000.0
Net operating loss carryforwards, amount utilizable on annual basis	200,000
U.S. Federal and State \| Tax Year 2025 To 2037
Income Tax Examination [Line Items]
Net operating loss carryforwards	2,100,000
U.S. Federal and State \| Indefinite
Income Tax Examination [Line Items]
Net operating loss carryforwards	551,900,000
U.S. Federal Government \| Tax Year 2027 To 2044
Income Tax Examination [Line Items]
US Federal tax credits carry forward	$ 109,000,000.0

Stock-based Compensation - Stock Option and Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares
Beginning Balance (in shares)	12,223,637
Granted (in shares)	1,986,182
Exercised (in shares)	(333,522)
Forfeited or expired (in shares)	(165,111)
Expired (in shares)	(771,669)
Ending Balance (in shares)	12,939,517	12,223,637
Exercisable (in shares)	9,004,928
Vested and expected to vest (in shares)	12,456,248
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 15.11
Granted (in dollars per share)	15.95
Exercised (in dollars per share)	9.38
Forfeited or expired (in dollars per share)	11.44
Expired (in dollars per share)	25.67
Ending Balance (in dollars per share)	14.80	$ 15.11
Exercisable (in dollars per share)	16.68
Vested and expected to vest (in dollars per share)	$ 14.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, Outstanding	6 years 4 months 24 days	6 years 8 months 12 days
Weighted-average remaining contractual term, Exercisable	5 years 6 months
Weighted-average remaining contractual term, Vested and expected to vest	6 years 3 months 18 days
Aggregate intrinsic value, Outstanding	$ 15
Aggregate intrinsic value, Exercisable	9
Aggregate intrinsic value, Vested and expected to vest	$ 14
Weighted-Average Grant Date Fair Value
Common stock, shares issued (in shares)	333,522	34,608	120,900
Cash proceeds from exercise of stock options	$ 3,128	$ 129	$ 172
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 12.61	$ 3.83	$ 6.84
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value	$ 2,617	$ 93	$ 634
Fair value of shares vested	17,992	$ 16,435	$ 19,573
Unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 20,100
Unrecognized compensation expense recognition period	1 year 4 months 24 days
Stock Incentive Plan 2013
Shares
Ending Balance (in shares)	10,613,229
Weighted-Average Exercise Price
Ending Balance (in dollars per share)	$ 14.96
Shares
Ending Balance (in shares)	404,449
Restricted Stock Units
Shares
Beginning Balance (in shares)	905,614
Granted (in shares)	679,715
Exercised (in shares)	(483,181)
Forfeited (in shares)	(33,154)
Ending Balance (in shares)	1,068,994	905,614
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 5.97
Granted (in dollars per share)	16.43
Exercised (in dollars per share)	6.91
Forfeited or expired (in dollars per share)	13.27
Ending Balance (in dollars per share)	$ 11.97	$ 5.97
Unrecognized compensation expense recognition period	1 year 4 months 24 days
Awards granted in period (in shares)	679,715
Total unrecognized compensation cost	$ 6,400

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James Karrels [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		James Karrels, Senior Vice President and Chief Financial Officer, adopted a new trading plan on November 21, 2024 (with the first trade possible under the new plan no sooner than April 16, 2025). The trading plan will be effective until April 15, 2026 and covers the potential sale of up to 410,000 shares of common stock.
Name	James Karrels
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 21, 2024
Expiration Date	April 15, 2026
Arrangement Duration	364 days
Aggregate Available	410,000	410,000
Jeffrey Peters [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Jeffrey Peters, Senior Vice President and General Counsel, adopted a new trading plan on November 15, 2024 (with the first trade possible under the new plan no sooner than March 21, 2025). The trading plan will be effective until March 20, 2026 and covers the potential sale of up to 448,881 shares of common stock.
Name	Jeffrey Peters
Title	Senior Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 15, 2024
Expiration Date	March 20, 2026
Arrangement Duration	364 days
Aggregate Available	448,881	448,881

Revenue - Gilead Sciences Inc (Details) - USD ($) $ in Thousands		1 Months Ended	7 Months Ended	12 Months Ended
	Oct. 14, 2022	Jun. 30, 2024	Jul. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Collaboration and Other Agreements [Line Items]
Revenues				$ 149,962	$ 58,749	$ 151,941
Gilead \| 2022 Gilead Collaboration And License Agreement
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment			$ 60,000
Target nomination, option fees and milestone	$ 1,700,000
Revenues				1,500	1,500	$ 200
Deferred revenue				56,800	58,300
Deferred revenue, current				1,300	2,200
Deferred revenue, noncurrent				55,500	56,100
Gilead \| Gilead First Research Program
Collaboration and Other Agreements [Line Items]
Revenues				7,800	800
Deferred revenue				$ 11,000	14,900
Deferred revenue, current					11,800
Deferred revenue, noncurrent					$ 3,100
Revenue, remaining performance obligation, amount							$ 15,700
Option to buy							$ 10,000
Contract with Customer, Liability, Revenue Recognized		$ 3,300

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is developing and commercializing monoclonal antibody-based therapeutics. See Note 13, Segment Reporting, for the Company’s evaluation of its reportable segment and additional disclosures.

Use of Estimates

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

Cash, Cash Equivalents and Marketable Securities

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

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

Accounts Receivable

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

The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2024 or 2023, as the Company has a history of collecting on all outstanding accounts.

Fair Value of Financial Instruments

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

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

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

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

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

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


	Fair Value Measurement at December 31, 2024
	Total		Level 1		Level 2
Assets:
Money market funds	$	67,886	$	67,886	$	—
U.S Treasury securities	5,000		—		5,000
Government-sponsored enterprises	3,994		—		3,994
Corporate debt securities	25,548		—		25,548

Total assets measured at fair value (a)	$	102,428	$	67,886	$	34,542


	Fair Value Measurement 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 enterprise	45,043		—		45,043
Corporate debt securities	52,627		—		52,627

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

Concentration of Credit Risk

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

The Company's revenue relates to agreements with various collaborators, MARGENZA net product sales (prior to the sale to TerSera Therapeutics LLC (TerSera) in November 2024) and contracts and research grants received from U.S. government agencies. The following table includes those counterparties that represent more than 10% of total revenue earned in the periods indicated:


	Year Ended December 31,
	2024	2023	2022
Incyte Corporation (Incyte)	76%	53%	26%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)	*	12%	*
ASD Healthcare and Oncology Supply (ASD)	*	10%	*
Provention Bio, Inc. (Provention)	*	10%	43%
Zai Lab Limited (Zai Lab)	*	*	15%

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

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


	December 31,
	2024	2023
Incyte	39%	25%
ASD	18%	15%
McKesson	13%	16%
Cardinal Health, Inc.	12%	18%
Zai Lab	*	12%

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

Inventory

When the Company believes regulatory approval is probable and expects future economic benefit from the sales of a product candidate to be realized, the Company capitalizes manufacturing costs (whether internally produced or through third-party contract manufacturing organizations) as inventory. Prior to receiving its first approval from the FDA in December 2020, the Company expensed all costs incurred related to the manufacture of MARGENZA as research and development expense because of the inherent risks associated with the development of a product candidate, the uncertainty about the regulatory approval process and the lack of history for the Company of regulatory approval of drug candidates. Subsequent to FDA approval in December 2020, the Company began capitalizing its MARGENZA third-party contract manufacturing inventory costs. In November 2024, the Company sold global rights to MARGENZA to TerSera. As part of this transaction, the Company transferred all of its inventory to TerSera.

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

Property, Equipment and Software

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


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

Impairment of Long-Lived Assets

The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. For the years ended December 31, 2024, and 2023, the Company determined that there were no impaired assets.

Revenue recognition

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

Collaborative and Other Agreements

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

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

Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. The Company must develop assumptions that require judgment to determine the standalone selling price in

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

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

Licenses. When the Company grants a license to its intellectual property, it determines whether the nature of the intellectual property to which the customer will have rights is functional intellectual property (functional IP), which has significant standalone functionality, or symbolic intellectual property (symbolic IP) which does not have significant standalone functionality. Revenue from functional IP is recognized at the point in time when control of the distinct license is transferred to the customer. Revenue from symbolic IP is recognized over the access period to the Company’s intellectual property. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and when (or as) the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the licensee and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the licensee can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

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

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

Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting

period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

Royalties. For arrangements that include sales-based royalties which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied.

The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties who are both active participants in the activities and are both exposed to significant risks and rewards dependent on the commercial success of such activities. Such arrangements generally are within the scope of ASC 808, Collaborative Arrangements (ASC 808). While ASC 808 defines collaborative arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of accounting or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature or an accounting policy election by the Company. The Company accounts for certain components of the collaboration agreement that are reflective of a vendor-customer relationship (e.g., licensing arrangement) based on ASC 606. The Company accounts for other components based on a reasonable, rational and consistently applied accounting policy election. Reimbursements from the counter-party that are the result of a collaborative relationship with the counter-party, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense as the services are performed.

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

Product sales, net

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

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

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

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

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

Government Rebates. The Company is subject to discount and/or rebate obligations under state Medicaid programs, Medicare and contractual agreements with and statutory obligations to certain Federal and State entities. These reserves are recorded in the same period the related revenue is recognized, resulting in a reduction of product revenue. The Company’s liability for these rebates consists of invoices received for claims from prior quarters that have not been paid or for which an invoice has not yet been received, estimates of claims for the current quarter, and estimates of future claims that will be made for product that has been recognized as revenue, but which remains in the distribution channel at the end of each reporting period.

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

Contract manufacturing revenue

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

Cost of Product Sales

Prior to the sale to TerSera, cost of product sales related to sales of MARGENZA. These costs include material, manufacturing and shipping costs, as well as royalties payable on net sales of MARGENZA and inventory reserves. All product costs incurred prior to FDA approval of MARGENZA in December 2020 were expensed as research and development expense. As a result, cost of product sales was positively impacted as the Company sold through inventory that was expensed prior to FDA approval of MARGENZA.

Cost of Manufacturing Services

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

Research and Development Expense, Including Clinical Trial Accruals/Expenses

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

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

Clinical trial expenses are a significant component of research and development expense, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as a prepaid asset or accrued expenses. These third party agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.

Leases

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

Comprehensive Loss

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

Net Loss Per Share

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


	Year Ended December 31,
	2024	2023	2022
Stock options and RSUs	14,008,511	13,129,251	10,514,013

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Disaggregation of Income Statement Expense. The standard requires further disaggregation of relevant expense captions in a separate note to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740). The standard requires disaggregation of the effective rate reconciliation into standard categories, enhances disclosure of income taxes paid, and modifies other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued 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 (CODM) uses the reported measure(s) of segment profit or loss in assessing performance. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The Company adopted the standard in the fourth quarter of 2024. The adoption did not have a material impact on its consolidated financial statements. See Note 13, Segment Reporting, for additional information.

Stock-based Compensation

12 Months Ended

Dec. 31, 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, 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 months offering periods ending on May 31 and November 30 of each year. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period. During the year ended December 31, 2024, employees purchased 94,619 shares of common stock under the 2016 ESPP for net proceeds to the Company of approximately $0.3 million.

Employee Stock Incentive Plans

In October 2013, the Company implemented the 2013 Equity Incentive Plan (2013 Plan). 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). As of December 31, 2024, under the 2013 Plan, there were options to purchase an aggregate of 10,613,229 shares of common stock outstanding at a weighted average exercise price of $14.96 per share. As of December 31, 2024, there were 404,449 unvested RSUs outstanding under the 2013 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 is 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. As of December 31, 2024, under the 2023 Plan, there were options to purchase an aggregate of 2,326,288 shares of common stock outstanding at a weighted average exercise price of $14.06 per share. As of December 31, 2024, there were 664,545 unvested RSUs outstanding under the 2023 Plan.

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


	Year Ended December 31,
	2024		2023		2022
Research and development	$	11,759	$	9,190	$	10,094
Selling, general and administrative	17,680		9,183		10,344
Total stock-based compensation expense	$	29,439	$	18,373	$	20,438

On October 25, 2024, Dr. Scott Koenig, the President and Chief Executive Officer of the Company and the Company entered into a separation and consulting agreement (the Separation Agreement), which provides for the terms of Dr. Koenig’s separation from employment, effective February 28, 2025 (the Separation Date). Under the Separation Agreement and in accordance with the terms of his employment agreement, the Company accelerated vesting of 50% of the unvested stock option awards and RSU awards granted to Dr. Koenig during his employment outstanding as of the Separation Date. Additionally, pursuant to the Separation Agreement, following Dr. Koenig’s Separation Date, Dr. Koenig will serve as an advisor to the Company. As compensation for the advisory services, all remaining unvested option awards and RSU awards as of the Separation Date will continue to vest during the advisory services period. Lastly, all outstanding, accelerated and continued vesting options during the advisory services were amended to extend the exercisability period. The Company evaluated the impacts of the Separation Agreement and the related modifications to Dr. Koenig’s option awards and RSU awards. As a result, the Company recognized all additional stock-based compensation expense in 2024 in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718) in the amount of $6.1 million. On February 25, 2025, Dr. Koenig and the Company amended the Separation Agreement to extend Dr. Koenig’s Separation Date to a date to be determined by the Board

of Directors of the Company as the special executive search committee of the Board of Directors continues its process to identify the next Chief Executive Officer of the Company.

The assumptions used to estimate the fair value of Dr. Koenig’s modified awards in 2024 were as follows:


Expected dividend yield			0%
Expected volatility			108% -174%
Risk-free interest rate			4.2% - 4.3%
Expected term			1.00 year - 5.50 years

Employee Stock Options

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


	Year Ended December 31,
	2024	2023	2022
Expected dividend yield	0%	0%	0%
Expected volatility	95% -116%	76% - 96%	88% - 92%
Risk-free interest rate	3.5% - 4.7%	3.5% - 4.8%	1.4% - 4.0%
Expected term	6.06 years	5.88 years	5.95 years

The following table summarizes stock option activity for 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	1,986,182	15.95
Exercised	(333,522)	9.38
Forfeited	(165,111)	11.44
Expired	(771,669)	25.67
Outstanding, December 31, 2024	12,939,517	$	14.80	6.4	$	15
As of December 31, 2024:
Exercisable	9,004,928	$	16.68	5.5	$	9
Vested and expected to vest	12,456,248	$	14.96	6.3	$	14

As of December 31, 2024, the total unrecognized compensation expense related to unvested stock options, net of related forfeiture estimates, was approximately $20.1 million, which the Company expects to recognize over a weighted-

average period of approximately 1.4 years. The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Year Ended December 31,
		2024		2023		2022
Shares of common stock issued with stock options exercises		333,522		34,608		120,900
Weighted-average fair value per share of stock options granted		$	12.61	$	3.83	$	6.84
Total intrinsic value of stock options exercised		$	2,617	$	93	$	634
Total cash received for stock options exercised		$	3,128	$	129	$	172
Total grant date fair value of stock options vested		$	17,992	$	16,435	$	19,573

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 for 2024:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2023	905,614	$	5.97
Granted	679,715	16.43
Vested	(483,181)	6.91
Forfeited or expired	(33,154)	13.27
Outstanding, December 31, 2024	1,068,994	$	11.97

At December 31, 2024, there was $6.4 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of 1.4 years.

Income Taxes - Income Tax Paid Table (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal	$ 707
State	237
Provision for federal or state income taxes	$ 944	$ 0	$ 0

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2024		2023		2022
Research and development	$	11,759	$	9,190	$	10,094
Selling, general and administrative	17,680		9,183		10,344
Total stock-based compensation expense	$	29,439	$	18,373	$	20,438

Schedule of Share-Based Payment Award, Modified Awards, Valuation Assumptions

The assumptions used to estimate the fair value of Dr. Koenig’s modified awards in 2024 were as follows:


Expected dividend yield			0%
Expected volatility			108% -174%
Risk-free interest rate			4.2% - 4.3%
Expected term			1.00 year - 5.50 years

Schedule of Employee Stock Options Award Valuation Assumptions


	Year Ended December 31,
	2024	2023	2022
Expected dividend yield	0%	0%	0%
Expected volatility	95% -116%	76% - 96%	88% - 92%
Risk-free interest rate	3.5% - 4.7%	3.5% - 4.8%	1.4% - 4.0%
Expected term	6.06 years	5.88 years	5.95 years

Schedule of Stock Option Activity

The following table summarizes stock option activity for 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	1,986,182	15.95
Exercised	(333,522)	9.38
Forfeited	(165,111)	11.44
Expired	(771,669)	25.67
Outstanding, December 31, 2024	12,939,517	$	14.80	6.4	$	15
As of December 31, 2024:
Exercisable	9,004,928	$	16.68	5.5	$	9
Vested and expected to vest	12,456,248	$	14.96	6.3	$	14

Schedule of RSU Activity

The following table summarizes RSU activity for 2024:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2023	905,614	$	5.97
Granted	679,715	16.43
Vested	(483,181)	6.91
Forfeited or expired	(33,154)	13.27
Outstanding, December 31, 2024	1,068,994	$	11.97