0001125345-25-000108 | 10-Q | XBRL Viewer

Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Basic income (loss) per common share is determined by dividing income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted income (loss) per share is computed by dividing the income (loss) attributable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company's stock option grants and RSUs. 15,609,038 stock options and RSUs (common stock equivalents) were excluded from the calculation of diluted income per share for the three months ended September 30, 2025, because their inclusion would have been anti-dilutive. 14,235,295 stock options and RSUs (common stock equivalents) were excluded from the calculation of diluted income per share for the three months ended September 30, 2024, because their inclusion would have been anti-dilutive.

Basic and diluted income (loss) per common share is computed as follows (in thousands except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) used for calculation of basic and diluted EPS	$	16,822	$	56,309	$	(60,465)	$	(51,545)

Denominator:
Weighted average shares outstanding, basic	63,233,266		62,744,005		63,112,560		62,566,723
Effect of dilutive securities:
Stock options and restricted stock units	50,358		121,836		—		—
Weighted average shares outstanding, diluted	63,283,624		62,865,841		63,112,560		62,566,723

Net income (loss) per share, basic	$	0.27	$	0.90	$	(0.96)	$	(0.82)
Net income (loss) per share, diluted	$	0.27	$	0.90	$	(0.96)	$	(0.82)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 80,129	$ 182,840
Marketable securities	66,268	18,827
Accounts receivable	69,230	4,309
Inventory, net	8,750	0
Prepaid expenses and other current assets	7,714	11,514
Total current assets	232,091	217,490
Property, equipment and software, net	13,975	18,100
Right-of-use asset	23,305	24,509
Other non current assets	1,392	1,556
Total assets	270,763	261,655
Current liabilities:
Accounts payable	5,940	5,013
Accrued expenses and other current liabilities	23,087	29,334
Deferred revenue	10,302	16,319
Lease liabilities	5,141	4,864
Total current liabilities	44,470	55,530
Liability related to future royalties	70,256	0
Deferred revenue, net of current portion	55,840	55,503
Lease liabilities, net of current portion	31,868	32,597
Other non current liabilities	1,328	1,968
Total liabilities	203,762	145,598
Stockholders' equity:
Common stock, $0.01 par value -- 125,000,000 shares authorized, 63,258,532 and 62,819,857 shares outstanding at September 30, 2025 and December 31, 2024, respectively	633	628
Additional paid-in capital	1,296,546	1,285,143
Accumulated other comprehensive income	5	4
Accumulated deficit	(1,230,183)	(1,169,718)
Total stockholders' equity	67,001	116,057
Total liabilities and stockholders' equity	$ 270,763	$ 261,655

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares outstanding (in shares)	63,258,532	62,819,857

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Securities	$ 66,268	$ 18,827
Fair Value Measurements, Recurring Basis
Assets:
Cash and cash equivalents	39,500	83,600
Total assets measured at fair value	105,773	102,428
Fair Value Measurements, Recurring Basis \| Level 1
Assets:
Total assets measured at fair value	10,605	67,886
Fair Value Measurements, Recurring Basis \| Level 2
Assets:
Total assets measured at fair value	95,168	34,542
Fair Value Measurements, Recurring Basis \| Money market funds
Assets:
Cash and cash equivalents	10,605	67,886
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 1
Assets:
Cash and cash equivalents	10,605	67,886
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 2
Assets:
Cash and cash equivalents	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities
Assets:
Securities	4,984	5,000
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 2
Assets:
Securities	4,984	5,000
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises
Assets:
Securities	31,215	3,994
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 2
Assets:
Securities	31,215	3,994
Fair Value Measurements, Recurring Basis \| Corporate debt securities
Assets:
Securities	58,969	25,548
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 2
Assets:
Securities	$ 58,969	$ 25,548

Revenue - Provention (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue - Provention (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Collaboration And Other Agreements [Line Items]
Total revenues	$ 72,839	$ 110,708	$ 108,273	$ 130,609

- 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

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Stock options excluded from computation of earnings per share (in shares)	15,609,038			14,235,295
Net loss	$ 16,822	$ (36,251)	$ (41,036)	$ 56,309	$ (55,664)	$ (52,190)	$ (60,465)	$ (51,545)
Basic weighted average common shares outstanding (in shares)	63,233,266			62,744,005			63,112,560	62,566,723
Stock options and restricted stock units	50,358			121,836			0	0
Diluted weighted average common shares outstanding (in shares)	63,283,624			62,865,841			63,112,560	62,566,723
Basic net loss per common share (in usd per share)	$ 0.27			$ 0.90			$ (0.96)	$ (0.82)
Diluted net loss per common share (in usd per share)	$ 0.27			$ 0.90			$ (0.96)	$ (0.82)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

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

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+ Details

Marketable Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

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


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	4,983	$	1	$	—	$	4,984
Government-sponsored enterprises	26,222		7		—		26,229
Corporate debt securities	35,058		2		(5)		35,055
Total	$	66,263	$	10	$	(5)	$	66,268


	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

All of the Company's available-for-sale securities held as of September 30, 2025 and December 31, 2024 had contractual maturities of less than one year. All of the Company's available-for-sale securities in an unrealized loss position as of September 30, 2025 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of September 30, 2025 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. The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell its investments before recovery of their amortized cost bases, which may be at maturity.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Options outstanding (in shares)	15,210,035		12,939,517
Cash received for options exercised	$ 0	$ 3,122

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

The Company identifies its reportable segments based on information reviewed by the Company’s Chief Operating Decision Maker (CODM). The Company operates as one operating and reportable segment, which is developing 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. Please refer to the consolidated balance sheets and the accompanying notes to the consolidated financial statements for segment asset information.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenue (a)	$	72,839	$	110,708	$	108,273	$	130,609
Cost of product sales	—		168		—		614
Cost of manufacturing services	11,589		1,702		25,894		6,195
Research and development expenses:
Lorigerlimab	7,763		6,268		27,188		26,897
MGC030	7,045		4,000		15,217		8,900
MGC028	3,443		4,280		12,118		20,158
Vobramitamab duocarmazine	3,316		10,514		15,969		32,221
Next-generation T-cell engagers	3,104		1,994		8,894		6,575
MGC026	3,028		3,010		11,942		10,865
MGD024	2,125		2,341		7,032		7,285
Preclinical antibody-drug conjugates (ADCs)	862		1,541		4,718		5,918
Margetuximab	—		2,089		650		8,077
Other programs	2,023		4,506		9,470		11,408
Total research and development expenses	32,709		40,543		113,198		138,304
Selling, general and administrative expenses	9,905		14,104		29,925		43,237
Other segment income (loss), net (b)	(1,814)		2,118		279		6,196
Net income (loss)	$	16,822	$	56,309	$	(60,465)	$	(51,545)

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

(b) Other segment income (loss), net includes interest and other income and interest and other 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 7. 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

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2017	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 21, 2025	Dec. 31, 2024	May 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		15,210,035		15,210,035			12,939,517
Weighted-average exercise price of stock options outstanding (in dollars per share)		$ 12.47		$ 12.47			$ 14.80
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		$ 3,548	$ 5,970	$ 11,625	$ 18,174
Research and Development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		2,219	2,940	7,282	9,033
General and Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		$ 1,329	$ 3,030	$ 4,343	$ 9,141
2016 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate	10.00%
Share-based compensation, number of shares authorized (in shares)	800,000
Offering period	6 months
Purchase price of common stock percent of the fair market value	85.00%
StockIncentivePlan2023Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)						8,100,000		4,850,000
TwoThousandSixteenEmployeeStockPurchasePlanMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock purchased (in shares)				56,880	44,129

Segment Reporting (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment							1
Number of operating segments \| segment							1
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 72,839			$ 110,708			$ 108,273	$ 130,609
Cost of product sales	0			168			0	614
Cost of manufacturing services	11,589			1,702			25,894	6,195
Research and development	32,709			40,543			113,198	138,304
Selling, general and administrative	9,905			14,104			29,925	43,237
Net loss	16,822	$ (36,251)	$ (41,036)	56,309	$ (55,664)	$ (52,190)	(60,465)	(51,545)
Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	72,839			110,708			108,273	130,609
Cost of product sales	0			168			0	614
Cost of manufacturing services	11,589			1,702			25,894	6,195
Research and development	32,709			40,543			113,198	138,304
Selling, general and administrative	9,905			14,104			29,925	43,237
Other segment income (loss), net	(1,814)			2,118			279	6,196
Net loss	16,822			56,309			(60,465)	(51,545)
Lorigerlimab \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	7,763			6,268			27,188	26,897
MGC030 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	7,045			4,000			15,217	8,900
MGC028 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	3,443			4,280			12,118	20,158
Vobramitanmab duocarmazine \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	3,316			10,514			15,969	32,221
Next-generation T-cell engagers \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	3,104			1,994			8,894	6,575
MGC026 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	3,028			3,010			11,942	10,865
MGD024 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	2,125			2,341			7,032	7,285
ADC \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	862			1,541			4,718	5,918
Margetuximab \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	0			2,089			650	8,077
Other programs \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 2,023			$ 4,506			$ 9,470	$ 11,408

Revenue - Sanofi S.A. (Details) $ in Thousands	3 Months Ended
Revenue - Sanofi S.A. (Details) $ in Thousands	Sep. 30, 2025 USD ($) milestone	Dec. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Collaboration And Other Agreements [Line Items]
Accounts receivable	$ 69,230	$ 4,309
Sanofi S.A. \| Royalty
Collaboration And Other Agreements [Line Items]
Deferred revenue				$ 100,000
Revenue, remaining performance obligation, variable consideration, royalty percentage				50.00%
Sanofi S.A. \| Royalty \| Regulatory And Commerical Milestones
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, variable consideration amount	$ 279,500
Sanofi S.A. \| Royalty \| Regulatory Milestone
Collaboration And Other Agreements [Line Items]
Number of milestones achieved \| milestone	2
Revenue recognized	$ 50,000
Accounts receivable	$ 50,000
Sanofi S.A. \| Royalty \| Net Sales Milestone
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, variable consideration amount			$ 50,000	$ 50,000

Royalty Monetization Arrangement - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024
Liability related to future royalty [Line Items]
Net proceeds from sale of future royalties			$ 69,673	$ 0
Royalty Monetization Arrangement
Liability related to future royalty [Line Items]
Effective interest rate		18.60%	18.60%
Sagard Healthcare Partners \| Royalty Monetization Arrangement
Liability related to future royalty [Line Items]
Proceeds from sale of future royalties	$ 70,000		$ 70,000
Royalty payment threshold	140,000
Deferred transaction costs	300		327
Net proceeds from sale of future royalties	$ 69,700
Non-cash interest expense recognized		$ 3,300	$ 3,916

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net loss	$ (60,465)	$ (51,545)
Adjustments to reconcile net income loss to net cash used in operating activities:
Depreciation and amortization expense	5,467	5,487
Amortization of premiums and discounts on marketable securities	(1,004)	(2,625)
Stock-based compensation	11,625	18,174
Non-cash royalty revenue	(3,333)	0
Non-cash interest expense recognized	3,916	0
Non-cash lease expense	1,204	1,835
Other adjustments	0	(55)
Changes in operating assets and liabilities:
Accounts receivable	(64,921)	1,616
Inventory	(8,750)	(2,023)
Prepaid expenses and other current assets	3,800	108
Other non current assets	164	200
Accounts payable	921	170
Accrued expenses and other current liabilities	(5,913)	648
Lease liabilities	(452)	128
Deferred revenue	(5,680)	(2,084)
Other non current liabilities	(640)	0
Net cash used in operating activities	(124,061)	(29,966)
Cash flows from investing activities
Purchases of marketable securities	(119,490)	(63,394)
Proceeds from sale and maturities of marketable securities	73,053	174,150
Purchases of property, equipment and software	(1,670)	(3,086)
Proceeds from sales of equipment	0	160
Net cash (used in) provided by investing activities	(48,107)	107,830
Cash flows from financing activities
Proceeds from stock option exercises and ESPP purchases	66	3,276
Taxes paid related to net share settlement of equity awards	(282)	(2,471)
Net proceeds from sale of future royalties	69,673	0
Net cash provided by financing activities	69,457	805
Net change in cash and cash equivalents	(102,711)	78,669
Cash and cash equivalents at beginning of period	182,840	100,956
Cash and cash equivalents at end of period	80,129	179,625
Supplemental cash flow disclosures
Cash paid for income taxes	105	0
Non-cash operating and investing activities
Property and equipment included in accounts payable or accruals	$ 7	$ 0

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies As of September 30, 2025, the following accounting policy is considered significant in addition to those disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Liability related to the sale of future royalties and related interest expense The Company assesses the relevant accounting criteria under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 470, Debt (ASC 470) to determine whether the upfront payment received from the purchaser should be accounted for as debt or deferred income depending on the facts and circumstances. If the criteria in ASC 470 is met, the Company accounts for net proceeds from sales of its rights to receive future royalty payments as a liability that is amortized using the effective interest method over the term of the arrangement. The liability related to future royalties is presented net of unamortized issuance costs on the consolidated balance sheets. Interest expense on the liability related to future royalties is recognized using the effective interest rate method over the life of the arrangement. The Company calculates an effective interest rate which will amortize its related obligation to zero over the anticipated repayment period. The liability related to future royalties and the related interest expense are based on the Company’s current estimates of future revenues expected to be received over the life of the arrangement, which the Company determines by using internal sales projections and external information from market data sources, which are considered Level 3 inputs. The Company periodically assesses the expected payments and to the extent the Company’s estimates of future royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, the Company will adjust the effective interest rate and recognize related non-cash interest expense on a prospective basis. Non-cash amortization is reflected as interest expense in the consolidated statements of operations and comprehensive loss. Recent Accounting Pronouncements 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 adoption of ASU 2023-09 will expand our income tax disclosures, but will have no impact on reported income tax expense or related tax assets or liabilities.

Marketable Securities (Details) - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 66,263,000	$ 18,823,000
Gross Unrealized Gains	10,000	4,000
Gross Unrealized Losses	(5,000)	0
Fair Value	66,268,000	18,827,000
Allowance for credit loss related to available-for-sale debt securities	0	0
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,983,000
Gross Unrealized Gains	1,000
Gross Unrealized Losses	0
Fair Value	4,984,000
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26,222,000	1,995,000
Gross Unrealized Gains	7,000	0
Gross Unrealized Losses	0	0
Fair Value	26,229,000	1,995,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,058,000	16,828,000
Gross Unrealized Gains	2,000	4,000
Gross Unrealized Losses	(5,000)	0
Fair Value	$ 35,055,000	$ 16,832,000

- Definition

Amount 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 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: 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 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 5: 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://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue- Incyte Corporation (Details)	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended		24 Months Ended	93 Months Ended
Revenue- Incyte Corporation (Details)	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 31, 2022 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2017 USD ($) performanceObligation	Dec. 31, 2018 USD ($)	Sep. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)
Collaboration And Other Agreements [Line Items]
Total revenues				$ 72,839,000	$ 110,708,000	$ 108,273,000	$ 130,609,000
Deferred revenue, current				10,302,000		10,302,000		$ 16,319,000			$ 10,302,000
Deferred revenue, net of current portion				55,840,000		55,840,000		55,503,000			55,840,000
Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment									$ 150,000,000
Potential commercial milestone payments under agreement									330,000,000
Potential development and regulatory milestone payments under agreement									210,000,000
Development and regulatory milestones recognized	$ 100,000,000							100,000,000			215,000,000
Collaborative agreement transaction price									$ 154,000,000
Variable consideration recognized										$ 4,000,000
Number of performance obligations \| performanceObligation									2
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Total revenues		$ 3,300,000		0	400,000	11,000,000	2,400,000
Deferred revenue, current				0		0		11,000,000			0
Revenue, remaining performance obligation, amount													$ 15,700,000
Minimum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)									15.00%
Maximum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)									24.00%
Revenues From License Agreements \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Total revenues				3,300,000	100,000	5,100,000	300,000		$ 150,000,000
Revenues From License Agreements \| Incyte Corporation \| Incyte Commercial Supply Agreement
Collaboration And Other Agreements [Line Items]
Total revenues				1,000,000	500,000	1,700,000	1,400,000
RevenuesFromCMOAgreementsMember \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment			$ 10,000,000
Annual Fixed Payments			14,400,000
Total revenues				10,500,000	$ 3,800,000	28,400,000	$ 8,100,000
Deferred revenue, current				0		0		$ 3,400,000			0
RevenuesFromCMOAmendmentAgreement \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Annual Fixed Payments			$ 41,700,000
Additional Payments												$ 13,500,000		$ 5,100,000
Manufacturing Services \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Extension term														1 year
Revenue, remaining performance obligation, amount				$ 16,800,000		$ 16,800,000					$ 16,800,000
Manufacturing Services \| Incyte Corporation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction			3 years
Manufacturing Services \| Incyte Corporation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction				3 years		3 years					3 years

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on a Recurring Basis

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


	Fair Value Measurements at September 30, 2025
	Total		Level 1		Level 2
Assets:
Money market funds	$	10,605	$	10,605	$	—
U.S. Treasury securities	4,984		—		4,984
Government-sponsored enterprises	31,215		—		31,215
Corporate debt securities	58,969		—		58,969

Total assets measured at fair value(a)	$	105,773	$	10,605	$	95,168


	Fair Value Measurements 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(b)	$	102,428	$	67,886	$	34,542

(a) Total assets measured at fair value at September 30, 2025 includes approximately $39.5 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2024 includes approximately $83.6 million reported in cash and cash equivalents on the consolidated balance sheet.

In-Licensing Arrangement	9 Months Ended
In-Licensing Arrangement	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
In-licensing arrangement	Commitments and Contingencies In-licensing Arrangement In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V., a Lonza company, (Synaffix) to develop, manufacture and commercialize up to three antibody-drug conjugate targets using Synaffix’s proprietary technology. The Company made an upfront payment to Synaffix upon contract execution. In March 2023, the Company and Synaffix amended the agreement, adding four additional targets. Assuming all seven targets are successfully developed and commercialized, the Company would be obligated to pay up to $2.8 billion for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, as amended, upon commencement of commercial sales of any products developed from these targets, the Company would be required to pay Synaffix tiered royalties in the low‑single digit percentages on net sales of the respective products. The Company may terminate this agreement at any time with 30 days’ notice to Synaffix. Amounts paid to Synaffix under this agreement are recorded as research and development expense in the consolidated statement of operations. During the three months ended September 30, 2025 and 2024, the Company recorded expense of $0.8 million and $1.0 million, respectively, under this agreement. During the nine months ended September 30, 2025 and 2024, the Company recorded expense of $3.2 million and $4.4 million, respectively, under this agreement. Contractual Commitments The Company has certain contractual commitments under manufacturing-related supplier arrangements as of September 30, 2025 totaling $7.1 million that expire through January 2026.

Net Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Common Share Computation

Basic and diluted income (loss) per common share is computed as follows (in thousands except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) used for calculation of basic and diluted EPS	$	16,822	$	56,309	$	(60,465)	$	(51,545)

Denominator:
Weighted average shares outstanding, basic	63,233,266		62,744,005		63,112,560		62,566,723
Effect of dilutive securities:
Stock options and restricted stock units	50,358		121,836		—		—
Weighted average shares outstanding, diluted	63,283,624		62,865,841		63,112,560		62,566,723

Net income (loss) per share, basic	$	0.27	$	0.90	$	(0.96)	$	(0.82)
Net income (loss) per share, diluted	$	0.27	$	0.90	$	(0.96)	$	(0.82)

In-Licensing Arrangement (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
In-Licensing Arrangement (Detail) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2023
In-Licensing arrangement [Line Items]
Research and development	$ 32,709	$ 40,543	$ 113,198	$ 138,304
Contractual Obligation	7,100		7,100
Synaffix B.V.
In-Licensing arrangement [Line Items]
Potential development and regulatory milestone payments under agreement					$ 2,800,000
Research and development	$ 800	$ 1,000	$ 3,200	$ 4,400

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenue (a)	$	72,839	$	110,708	$	108,273	$	130,609
Cost of product sales	—		168		—		614
Cost of manufacturing services	11,589		1,702		25,894		6,195
Research and development expenses:
Lorigerlimab	7,763		6,268		27,188		26,897
MGC030	7,045		4,000		15,217		8,900
MGC028	3,443		4,280		12,118		20,158
Vobramitamab duocarmazine	3,316		10,514		15,969		32,221
Next-generation T-cell engagers	3,104		1,994		8,894		6,575
MGC026	3,028		3,010		11,942		10,865
MGD024	2,125		2,341		7,032		7,285
Preclinical antibody-drug conjugates (ADCs)	862		1,541		4,718		5,918
Margetuximab	—		2,089		650		8,077
Other programs	2,023		4,506		9,470		11,408
Total research and development expenses	32,709		40,543		113,198		138,304
Selling, general and administrative expenses	9,905		14,104		29,925		43,237
Other segment income (loss), net (b)	(1,814)		2,118		279		6,196
Net income (loss)	$	16,822	$	56,309	$	(60,465)	$	(51,545)

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

(b) Other segment income (loss), net includes interest and other income and interest and other expense.

Inventory, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory, net	$ 8,750	$ 0

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Marketable Securities

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


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	4,983	$	1	$	—	$	4,984
Government-sponsored enterprises	26,222		7		—		26,229
Corporate debt securities	35,058		2		(5)		35,055
Total	$	66,263	$	10	$	(5)	$	66,268


	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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Inventory, Net	9 Months Ended
Inventory, Net	Sep. 30, 2025
Inventory Disclosure [Abstract]
Inventory, Net	Inventory, NetInventory at September 30, 2025 consists of $8.8 million in materials and supplies procured for the purpose of manufacturing drug substance for the Company's contract manufacturing customers.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	2,219	$	2,940	$	7,282	$	9,033
Selling, general and administrative	1,329		3,030		4,343		9,141
Total stock-based compensation expense	$	3,548	$	5,970	$	11,625	$	18,174

Valuation Assumptions Using the Black-Scholes Option-Pricing Model

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


	Nine Months Ended September 30,
	2025	2024
Expected dividend yield	0%	0%
Expected volatility	110.7% - 115.6%	94.9% - 115.7%
Risk-free interest rate	3.7% - 4.5%	3.5% - 4.7%
Expected term	6.11 years	6.06 years

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the nine months ended September 30, 2025:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024	12,939,517	$	14.80	6.4
Granted	2,874,944	2.19
Exercised	—	—
Forfeited	(393,733)	9.23
Expired	(210,693)	21.29
Outstanding, September 30, 2025	15,210,035	$	12.47	6.3	$	136
As of September 30, 2025:
Exercisable	10,698,518	$	15.18	5.3	$	22
Vested and expected to vest	14,880,587	$	12.59	6.3	$	128

Schedule of RSU Activity

The following table summarizes RSU activity during the nine months ended September 30, 2025:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2024	1,068,994	$	11.97
Granted	359,420	2.46
Vested	(491,146)	10.71
Forfeited	(100,052)	10.35
Outstanding, September 30, 2025	837,216	$	8.82

Stock Option Additional Information [Table]

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


	Nine Months Ended September 30,
		2025		2024
Weighted-average fair value per share of stock options granted		$	1.85	$	12.79
Total intrinsic value of stock options exercised		$	—	$	2,616
Total cash received for stock options exercised		$	—	$	3,122
Total grant date fair value of stock options vested		$	12,836	$	13,533

Stock-based Compensation - Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Weighted-Average Grant Date Fair Value
Unrecognized compensation expense recognition period (in years)	1 year 3 months 18 days
Restricted Stock Units
Shares
Beginning Balance (in shares) \| shares	1,068,994
Granted (in shares) \| shares	359,420
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised \| shares	(491,146)
Exercised (in dollars per share) \| $ / shares	$ 10.71
Forfeited or expired (in shares) \| shares	(100,052)
Ending Balance (in shares) \| shares	837,216
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 11.97
Granted (in dollars per share) \| $ / shares	2.46
Forfeited or expired (in dollars per share) \| $ / shares	10.35
Ending Balance (in dollars per share) \| $ / shares	$ 8.82
Total unrecognized compensation cost \| $	$ 4.7
Unrecognized compensation expense recognition period (in years)	1 year 1 month 6 days

Revenue	9 Months Ended
Revenue	Sep. 30, 2025
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 ZYNYZ (retifanlimab-dlwr) for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma. In May 2025, the FDA approved ZYNYZ with carboplatin and paclitaxel for the first-line treatment of adults with inoperable locally recurrent or metastatic squamous cell carcinoma of the anal canal (SCAC), and as a single agent, for adults with locally recurrent or metastatic SCAC with disease progression on or intolerance to platinum-based chemotherapy. Furthermore, Incyte has stated it is pursuing development of retifanlimab in potentially registration-enabling studies, including in patients with non-small cell lung cancer. Incyte is also pursuing development of retifanlimab in combination with select product candidates from its pipeline. Under the terms of the Incyte License Agreement, as amended, Incyte leads global development of retifanlimab. From the inception of the Incyte License Agreement through September 30, 2025, the Company has recognized $215.0 million for certain development and regulatory milestones under the Incyte License Agreement, including $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, but sold this right to Sagard in June 2025 as described more fully in Note 6. Royalty Monetization Arrangement. The Company retains the right to develop its pipeline assets in combination with retifanlimab, with Incyte commercializing retifanlimab and the Company commercializing its asset(s), if any such potential combinations are approved. In addition, the Company retains the right to manufacture a portion of both companies' global commercial supply needs of retifanlimab, subject to the separate commercial supply agreement. The Company evaluated the Incyte License Agreement under the provisions of ASC Topic 606, Revenue from Contracts with Customers (ASC 606) at inception and identified the following two performance obligations under the agreement: (i) the license of retifanlimab and (ii) the performance of certain clinical activities through a brief technology transfer period. The Company determined that the license and clinical activities are separate performance obligations because they are capable of being distinct and are distinct in the context of the contract. The license has standalone functionality as it is sublicensable, Incyte has significant capabilities in performing clinical trials, and Incyte is capable of performing these activities without the Company's involvement; the Company performed the activities during the transfer period as a matter of convenience. The Company determined that the transaction price of the Incyte License Agreement at inception was $154.0 million, consisting of the consideration to which the Company was entitled in exchange for the license and an estimate of the consideration for clinical activities to be performed. The transaction price was allocated to each performance obligation based on their relative standalone selling price. The standalone selling price of the license was determined using the adjusted market assessment approach considering similar collaboration and license agreements. The standalone selling price for the agreed-upon clinical activities to be performed was determined using the expected cost approach based on similar arrangements the Company has with other parties. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, as they were determined to relate predominantly to the license granted to Incyte and, therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. 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 in 2024. From 2018 through September 30, 2025, 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 $3.3 million and $0.1 million in revenue under the Incyte License Agreement during the three months ended September 30, 2025 and 2024, respectively. The Company recognized $5.1 million and $0.3 million in revenue under the Incyte License Agreement during the nine months ended September 30, 2025 and 2024, respectively. 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. The Company recognized $1.0 million and $0.5 million in revenue under the Incyte Commercial Supply Agreement during the three months ended September 30, 2025 and 2024, respectively. The Company recognized $1.7 million and $1.4 million in revenue under the Incyte Commercial Supply Agreement during the nine months ended September 30, 2025 and 2024, respectively. Gilead Sciences, Inc In 2022, the Company and Gilead Sciences, Inc. (Gilead) entered into an exclusive option and collaboration agreement (Gilead Agreement) to develop and commercialize MGD024, an investigational, bispecific antibody that binds CD123 and CD3, 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 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. No revenue was recognized under the Gilead Agreement during the three and nine months ended September 30, 2025. The Company recognized $0.4 million and $0.9 million in revenue under the Gilead Agreement during the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, $57.1 million in revenue was deferred under this agreement, $1.3 million of which was current and $55.8 million of which was non-current. 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. In September 2023, the Company and Gilead executed a letter agreement (the 2023 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 2023 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. As of September 30, 2025, the Company has completed performing the services related to the First Research Program and therefore all of the related revenue has been recognized. The Company recorded no revenue and $0.4 million in revenue related to the First Research Program during the three months ended September 30, 2025 and 2024, respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded revenue of $11.0 million and $2.4 million, respectively. As of September 30, 2025, no revenue was deferred under this agreement. As of December 31, 2024, $11.0 million in revenue was deferred under this agreement, all of which was current. Sanofi S.A. In 2018, the Company entered into an asset purchase agreement with Provention Bio, Inc. (Provention) pursuant to which Provention acquired the Company’s interest in teplizumab, a monoclonal antibody being developed for the treatment of type 1 diabetes (Provention APA). The FDA approved the BLA for TZIELD (teplizumab-mzwv) in November 2022. 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 retained 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 remains eligible to receive an additional $50.0 million if TZIELD achieves a certain level of net sales. In April 2023, Sanofi S.A. (Sanofi) completed its acquisition of Provention and the Company entered into a tripartite agreement with DRI and Sanofi under which it was released of any obligations under the Royalty Purchase Agreement. 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 sales milestone under the Royalty Purchase Agreement was incorporated into the Provention APA. The Company evaluated the Provention APA under the provisions of ASC 606, and determined that 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. Any consideration related to sales-based milestones will be recognized when the related sales occur. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. During the three months ended September 30, 2025, two regulatory milestones were achieved and the Company recognized $50.0 million in revenue. Payment for these milestones is not due from Sanofi until after September 30, 2025, therefore the $50.0 million is included in accounts receivable on the consolidated balance sheet. As of September 30, 2025, the remaining future potential regulatory and commercial milestones total $279.5 million. Manufacturing Services Agreement Incyte In January 2022, the Company entered into a Manufacturing and Clinical Supply Agreement with Incyte (2022 Incyte Manufacturing and Clinical Supply Agreement) to provide manufacturing services to produce certain Incyte bulk drug substance over a three-year period. Under the terms of the 2022 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 2022 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 and March 2025, the Company and Incyte entered into letter agreements whereby Incyte reserved additional manufacturing services during 2025 with a total fixed cost of $13.5 million (Incyte Letter Agreements). The Company evaluated the 2022 Incyte Manufacturing and Clinical Supply Agreement, the July 2022 Incyte Amendment and the Incyte Letter Agreements under the provisions of ASC 606 and identified one performance obligation to provide manufacturing runs to Incyte, as and when requested by Incyte, over the term of the contract that is part of a series of goods and services. The Company determined that the transaction price consists of the upfront payment of $10.0 million, the annual fixed payments and the payments per batch under the Incyte Letter Agreements totaling $41.7 million. The Company will recognize revenue over time on a straight-line basis as the manufacturing services are provided to Incyte, as the Company determined that its efforts in providing the manufacturing services will be incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product for Incyte will be allocated to the related manufacturing activities and will be recognized as revenue as those activities occur. Materials purchased by the Company to manufacture the product for Incyte are considered inventory and will be capitalized and expensed as the materials are used to provide the manufacturing services. During the three months ended September 30, 2025 and 2024, the Company recognized revenue of $10.5 million and $3.8 million, respectively, under the 2022 Incyte Manufacturing and Clinical Supply Agreement. During the nine months ended September 30, 2025 and 2024, the Company recognized revenue of $28.4 million and $8.1 million, respectively, under the 2022 Incyte Manufacturing and Clinical Supply Agreement. As of September 30, 2025, no revenue was deferred under this agreement. As of December 31, 2024, $3.4 million in revenue was deferred under this agreement, all of which was current. In September 2025, the Company entered into a new Manufacturing and Clinical Supply Agreement with Incyte (2025 Incyte Manufacturing and Clinical Supply Agreement) to provide manufacturing services to produce certain Incyte bulk drug substance over a three-year period beginning in January 2026. Under the terms of the 2025 Incyte Manufacturing and Clinical Supply Agreement, Incyte will pay a total fixed cost of $16.8 million over the term of the agreement. The Company will also be reimbursed for materials used to manufacture product as well as other costs incurred to provide manufacturing services. As of September 30, 2025, no revenue was recorded under this agreement.

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

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Shares

Shares, Outstanding, Beginning Balance (in shares)

12,939,517

Shares, Granted (in shares)

2,874,944

Shares, Exercised (in shares)

Shares, Forfeited or expired (in shares)

(393,733)

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

(210,693)

Shares, Outstanding, Ending Balance (in shares)

15,210,035

12,939,517

Shares, Exercisable (in shares)

10,698,518

Shares, Vested and expected to vest (in shares)

14,880,587

Weighted- Average Exercise Price

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

$ 14.80

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

2.19

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

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

9.23

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

21.29

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

12.47

$ 14.80

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

15.18

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

$ 12.59

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

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

6 years 3 months 18 days

6 years 4 months 24 days

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

5 years 3 months 18 days

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

6 years 3 months 18 days

Aggregate Intrinsic Value, Outstanding, Ending Balance

$ 136

Aggregate Intrinsic Value, Exercisable

Aggregate Intrinsic Value, Vested and expected to vest

$ 128

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

$ 1.85

$ 12.79

Intrinsic value of options exercised

$ 0

$ 2,616

Fair value of shares vested

12,836

$ 13,533

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

$ 17,300

Unrecognized compensation expense recognition period (in years)

1 year 3 months 18 days

Stock Option Additional Information [Table]

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


	Nine Months Ended September 30,
		2025		2024
Weighted-average fair value per share of stock options granted		$	1.85	$	12.79
Total intrinsic value of stock options exercised		$	—	$	2,616
Total cash received for stock options exercised		$	—	$	3,122
Total grant date fair value of stock options vested		$	12,836	$	13,533

Stock-Based Compensation - Option Pricing Assumptions (Details)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 1 month 9 days	6 years 21 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	110.70%	94.90%
Risk-free interest rate	3.70%	3.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	115.60%	115.70%
Risk-free interest rate	4.50%	4.70%

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Event (Details) $ in Millions	Nov. 12, 2025 USD ($)
Gilead \| Subsequent Event \| License
Subsequent Event [Line Items]
Revenue, remaining performance obligation, amount	$ 25.0

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on March 20, 2025.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 adoption of ASU 2023-09 will expand our income tax disclosures, but will have no impact on reported income tax expense or related tax assets or liabilities.
Fair Value of Financial Instruments	The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of their short-term nature. The Company accounts for recurring and non-recurring fair value measurements in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: •Level 1 - Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. •Level 2 - Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. •Level 3 - Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity - e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023		62,070,627
Beginning balance at Dec. 31, 2023	$ 152,613	$ 621	$ 1,254,750	$ (1,102,752)	$ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,512		5,512
Stock plan activity (in shares)		489,875
Stock plan related activity		$ 5
Stock plan related activity	248		243
Unrealized gain (loss) on investments	(29)				(29)
Net loss	(52,190)			(52,190)
Ending balance (in shares) at Mar. 31, 2024		62,560,502
Ending balance at Mar. 31, 2024	106,154	$ 626	1,260,505	(1,154,942)	(35)
Beginning balance (in shares) at Dec. 31, 2023		62,070,627
Beginning balance at Dec. 31, 2023	152,613	$ 621	1,254,750	(1,102,752)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(51,545)
Ending balance (in shares) at Sep. 30, 2024		62,763,120
Ending balance at Sep. 30, 2024	120,066	$ 627	1,273,722	(1,154,297)	14
Beginning balance (in shares) at Mar. 31, 2024		62,560,502
Beginning balance at Mar. 31, 2024	106,154	$ 626	1,260,505	(1,154,942)	(35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	6,693		6,693
Stock plan activity (in shares)		160,467
Stock plan related activity		$ 1
Stock plan related activity	625		624
Unrealized gain (loss) on investments	11				11
Net loss	(55,664)			(55,664)
Ending balance (in shares) at Jun. 30, 2024		62,720,969
Ending balance at Jun. 30, 2024	57,819	$ 627	1,267,822	(1,210,606)	(24)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	5,969		5,969
Stock plan activity (in shares)		42,151
Stock plan related activity	(69)		(69)
Unrealized gain (loss) on investments	38				38
Net loss	56,309			56,309
Ending balance (in shares) at Sep. 30, 2024		62,763,120
Ending balance at Sep. 30, 2024	120,066	$ 627	1,273,722	(1,154,297)	14
Beginning balance (in shares) at Dec. 31, 2024		62,819,857
Beginning balance at Dec. 31, 2024	116,057	$ 628	1,285,143	(1,169,718)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	4,386		4,386
Stock plan activity (in shares)		270,466
Stock plan related activity		$ 3
Stock plan related activity	(283)		(286)
Unrealized gain (loss) on investments	(5)				(5)
Net loss	(41,036)			(41,036)
Ending balance (in shares) at Mar. 31, 2025		63,090,323
Ending balance at Mar. 31, 2025	79,119	$ 631	1,289,243	(1,210,754)	(1)
Beginning balance (in shares) at Dec. 31, 2024		62,819,857
Beginning balance at Dec. 31, 2024	116,057	$ 628	1,285,143	(1,169,718)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(60,465)
Ending balance (in shares) at Sep. 30, 2025		63,258,532
Ending balance at Sep. 30, 2025	67,001	$ 633	1,296,546	(1,230,183)	5
Beginning balance (in shares) at Mar. 31, 2025		63,090,323
Beginning balance at Mar. 31, 2025	79,119	$ 631	1,289,243	(1,210,754)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,690		3,690
Stock plan activity (in shares)		115,380
Stock plan related activity		$ 1
Stock plan related activity	66		65
Unrealized gain (loss) on investments	(6)				(6)
Net loss	(36,251)			(36,251)
Ending balance (in shares) at Jun. 30, 2025		63,205,703
Ending balance at Jun. 30, 2025	46,618	$ 632	1,292,998	(1,247,005)	(7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,549		3,549
Stock plan activity (in shares)		52,829
Stock plan related activity		$ 1
Stock plan related activity	0		(1)
Unrealized gain (loss) on investments	12				12
Net loss	16,822			16,822
Ending balance (in shares) at Sep. 30, 2025		63,258,532
Ending balance at Sep. 30, 2025	$ 67,001	$ 633	$ 1,296,546	$ (1,230,183)	$ 5

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

Royalty Monetization Arrangement - Rollforward (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2025
Liability related to future royalties [Roll Forward]
Liability related to future royalties - beginning balance			$ 0
Liability related to future royalties - ending balance		$ 70,256	70,256
Sagard Healthcare Partners \| Royalty Monetization Arrangement
Liability related to future royalties [Roll Forward]
Liability related to future royalties - beginning balance			0
Proceeds from sale of future royalties	$ 70,000		70,000
Deferred transaction costs	$ (300)		(327)
Non-cash royalty revenue payable to Sagard			(3,333)
Non-cash interest expense recognized		3,300	3,916
Liability related to future royalties - ending balance		$ 70,256	$ 70,256

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Description of the business MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on developing 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 are 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 $1.6 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 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 1 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 programs, including ADC and next generation T-cell engager programs. The Company and its partners are developing or commercializing product candidates for which the Company retains certain economic rights. These include three products approved by the FDA: MARGENZA® (margetuximab-cmkb), an anti-HER2 monoclonal antibody (mAb) that the Company 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 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 Quarterly Report on Form 10-Q was filed. 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. Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on March 20, 2025.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventSubsequent to September 30, 2025, the Company and Gilead executed a letter agreement (the 2025 Letter Agreement) through which Gilead nominated the second of the two research programs contemplated in the Gilead Agreement (Second Research Program) and the Company granted Gilead a research license. Gilead also exercised their exclusive option to obtain a license to exploit the research molecule and research product with respect to the Second Research Program. Gilead is obligated to pay the Company a total of $25.0 million related to the nomination and option exercise.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

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

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

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


	Fair Value Measurements at September 30, 2025
	Total		Level 1		Level 2
Assets:
Money market funds	$	10,605	$	10,605	$	—
U.S. Treasury securities	4,984		—		4,984
Government-sponsored enterprises	31,215		—		31,215
Corporate debt securities	58,969		—		58,969

Total assets measured at fair value(a)	$	105,773	$	10,605	$	95,168


	Fair Value Measurements 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(b)	$	102,428	$	67,886	$	34,542

(a) Total assets measured at fair value at September 30, 2025 includes approximately $39.5 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2024 includes approximately $83.6 million reported in cash and cash equivalents on the consolidated balance sheet.

- Definition

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

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+ Details

Revenue- Gilead Science Inc (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
Revenue- Gilead Science Inc (Details) - USD ($)	Oct. 14, 2022	Jun. 30, 2024	Oct. 31, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Sep. 30, 2023
Collaboration And Other Agreements [Line Items]
Total revenues				$ 72,839,000	$ 110,708,000	$ 108,273,000	$ 130,609,000
Deferred revenue, current				10,302,000		10,302,000		$ 16,319,000
Deferred revenue, net of current portion				55,840,000		55,840,000		55,503,000
Gilead \| 2022 Gilead Collaboration And License Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment			$ 60,000,000
Total revenues				0	400,000	0	900,000
Deferred revenue				57,100,000		57,100,000		56,800,000
Deferred revenue, current				1,300,000		1,300,000		1,300,000
Deferred revenue, net of current portion				55,800,000		55,800,000		55,500,000
Potential target nomination, option fees and milestone payments	$ 1,700,000,000
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Total revenues		$ 3,300,000		0	$ 400,000	11,000,000	$ 2,400,000
Deferred revenue, current				$ 0		$ 0		$ 11,000,000
Revenue, remaining performance obligation, amount									$ 15,700,000
Potential option fees									$ 10,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Total revenues	$ 72,839	$ 110,708	$ 108,273	$ 130,609
Costs and expenses:
Cost of product sales	0	168	0	614
Cost of manufacturing services	11,589	1,702	25,894	6,195
Research and development	32,709	40,543	113,198	138,304
Selling, general and administrative	9,905	14,104	29,925	43,237
Total costs and expenses	54,203	56,517	169,017	188,350
Income (loss) from operations	18,636	54,191	(60,744)	(57,741)
Interest and other income	1,528	2,118	4,620	7,335
Interest and other expense	(3,342)	0	(4,236)	(1,139)
Income (loss) before income taxes	16,822	56,309	(60,360)	(51,545)
Income tax provision	0	0	105	0
Net loss	16,822	56,309	(60,465)	(51,545)
Other comprehensive income:
Unrealized gain on investments	12	38	1	20
Comprehensive income (loss)	$ 16,834	$ 56,347	$ (60,464)	$ (51,525)
Net income (loss) per common share:
Basic net loss per common share (in usd per share)	$ 0.27	$ 0.90	$ (0.96)	$ (0.82)
Diluted net loss per common share (in usd per share)	$ 0.27	$ 0.90	$ (0.96)	$ (0.82)
Weighted average common shares outstanding:
Basic weighted average common shares outstanding (in shares)	63,233,266	62,744,005	63,112,560	62,566,723
Diluted weighted average common shares outstanding (in shares)	63,283,624	62,865,841	63,112,560	62,566,723
Main Segment
Revenues:
Total revenues	$ 72,839	$ 110,708	$ 108,273	$ 130,609
Costs and expenses:
Cost of product sales	0	168	0	614
Cost of manufacturing services	11,589	1,702	25,894	6,195
Research and development	32,709	40,543	113,198	138,304
Selling, general and administrative	9,905	14,104	29,925	43,237
Net loss	16,822	56,309	(60,465)	(51,545)
Collaborative and other agreements
Revenues:
Total revenues	53,003	101,408	66,915	105,180
Product sales, net
Revenues:
Total revenues	0	4,161	0	14,270
Contract manufacturing
Revenues:
Total revenues	19,836	4,573	41,358	9,742
Government agreements
Revenues:
Total revenues	$ 0	$ 566	$ 0	$ 1,417

Royalty Monetization Arrangement (Tables)

9 Months Ended

Sep. 30, 2025

Liability Related to Future Royalty

Changes to the liability related to future royalties were as follows for the nine months ended September 30, 2025 (in thousands):


Liability related to future royalties - beginning balance	$	—
Proceeds from sale of future royalties	70,000
Deferred transaction costs	(327)
Non-cash royalty revenue payable to Sagard	(3,333)
Non-cash interest expense recognized	3,916
Liability related to future royalties - ending balance	$	70,256

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Nov. 07, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-36112
Entity Registrant Name	MACROGENICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1591613
Entity Address, Address Line One	9704 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	251-5172
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MGNX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,258,532
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001125345
Current Fiscal Year End Date	--12-31

Royalty Monetization Arrangement

9 Months Ended

Sep. 30, 2025

Royalty Monetization Arrangement

In June 2025, the Company and Sagard Healthcare Partners (Sagard) entered into a Purchase and Sale Agreement (Royalty Purchase Agreement) pursuant to which the Company sold to Sagard its right to receive royalties on global net sales of ZYNYZ (retifanlimab-dlwr) occurring on and after July 1, 2025 under the Company’s Global Collaboration and License Agreement, dated as of October 24, 2017, as amended (Incyte License Agreement), with Incyte Corporation (Incyte).

Under the terms of the Royalty Purchase Agreement, the Company received a cash payment of $70.0 million. In exchange, Sagard acquired the royalties payable to the Company under the License Agreement for global net sales of ZYNYZ, subject to a cap. Following Sagard’s receipt of aggregate royalty payments totaling $140.0 million, the Company will resume collecting all future royalties under the License Agreement. The Company has retained its other economic interests related to ZYNYZ, including future potential development, regulatory and commercial milestones.

The $70.0 million proceeds received from Sagard under the Royalty Purchase Agreement were recorded as a liability related to future royalties, net of transaction costs of $0.3 million, which will be amortized over the estimated life of the arrangement using the effective interest rate method. The Company accounted for the Royalty Purchase Agreement as a financing arrangement because the Company has significant continuing involvement in the generation of cash flows due to Sagard and other existing obligations under the License Agreement. Royalty revenue will be recognized as earned on net sales of ZYNYZ, and the Company will record the royalty payments Incyte makes to Sagard as a reduction of the liability when earned. The aggregate future estimated payments, less the $69.7 million of net proceeds, will be recorded as interest expense over the estimated life of the arrangement. As such payments are made to Sagard, the balance of the liability will be effectively repaid over the life of the Royalty Purchase Agreement. The Company estimates the payments to be made to Sagard over the term of the Royalty Purchase Agreement based on forecasted royalties and will calculate the effective interest rate required to

discount such payments back to the liability balance. As of September 30, 2025, the estimated effective interest rate under the agreement was approximately 18.6%. Over the course of the Royalty Purchase Agreement, the actual effective interest rate will be affected by the amount and timing of net royalty revenue recognized and changes in forecasted revenue. On a quarterly basis, the Company will reassess the effective interest rate and adjust the rate prospectively as necessary. The company recognized non-cash interest expense of $3.3 million and $3.9 million during the three and nine months ended September 30, 2025, respectively, which is reflected in the interest and other expense line on the consolidated statements of operations.

Changes to the liability related to future royalties were as follows for the nine months ended September 30, 2025 (in thousands):


Liability related to future royalties - beginning balance	$	—
Proceeds from sale of future royalties	70,000
Deferred transaction costs	(327)
Non-cash royalty revenue payable to Sagard	(3,333)
Non-cash interest expense recognized	3,916
Liability related to future royalties - ending balance	$	70,256

Nature of Operations - Narrative (Details) $ in Billions	9 Months Ended	62 Months Ended
Nature of Operations - Narrative (Details) $ in Billions	Sep. 30, 2025 productCandidate	Sep. 30, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product candidates approved by the FDA	3
Non-dilutive funding \| $		$ 1.6
Number of proprietary product candidates advancing in clinical development	3

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Employee Stock Purchase Plan

In May 2017, the Company’s stockholders approved the 2016 Employee Stock Purchase Plan (the 2016 ESPP). The 2016 ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is not subject to the provisions of the Employee Retirement Income Security Act of 1974. The Company reserved 800,000 shares of common stock for issuance under the 2016 ESPP. The 2016 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 10% of their eligible compensation, subject to any plan limitations. The 2016 ESPP provides for six-month offering periods ending on May 31 and November 30 of each year. At the end of each offering period, employees are able to purchase shares at 85% of the fair market value of the Company’s common stock on the last day of the offering period. During the nine months ended September 30, 2025 and 2024, 56,880 and 44,129 shares of common stock were purchased under the 2016 ESPP, respectively.

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).

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 originally authorized the issuance of up to an aggregate of 4,850,000 shares of common stock. In May 2024 and May 2025, the board and stockholders of the Company approved amendments to the 2023 Plan to increase the number of shares of common stock available to a total of 8,100,000 shares. If an option expires or terminates for any reason without having been fully exercised, if any shares of

restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares are available for the grant of additional awards. However, any shares that are withheld (or delivered) to pay withholding taxes or to pay the exercise price of an option are not available for the grant of additional awards.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	2,219	$	2,940	$	7,282	$	9,033
Selling, general and administrative	1,329		3,030		4,343		9,141
Total stock-based compensation expense	$	3,548	$	5,970	$	11,625	$	18,174

Employee stock options


	Nine Months Ended September 30,
	2025	2024
Expected dividend yield	0%	0%
Expected volatility	110.7% - 115.6%	94.9% - 115.7%
Risk-free interest rate	3.7% - 4.5%	3.5% - 4.7%
Expected term	6.11 years	6.06 years

The following table summarizes stock option activity during the nine months ended September 30, 2025:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024	12,939,517	$	14.80	6.4
Granted	2,874,944	2.19
Exercised	—	—
Forfeited	(393,733)	9.23
Expired	(210,693)	21.29
Outstanding, September 30, 2025	15,210,035	$	12.47	6.3	$	136
As of September 30, 2025:
Exercisable	10,698,518	$	15.18	5.3	$	22
Vested and expected to vest	14,880,587	$	12.59	6.3	$	128

As of September 30, 2025, the total unrecognized compensation expense related to unvested stock options, net of related forfeiture estimates, was approximately $17.3 million, which the Company expects to recognize over a weighted-average period of approximately 1.3 years. The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Nine Months Ended September 30,
		2025		2024
Weighted-average fair value per share of stock options granted		$	1.85	$	12.79
Total intrinsic value of stock options exercised		$	—	$	2,616
Total cash received for stock options exercised		$	—	$	3,122
Total grant date fair value of stock options vested		$	12,836	$	13,533

Restricted Stock Units

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

The following table summarizes RSU activity during the nine months ended September 30, 2025:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2024	1,068,994	$	11.97
Granted	359,420	2.46
Vested	(491,146)	10.71
Forfeited	(100,052)	10.35
Outstanding, September 30, 2025	837,216	$	8.82

At September 30, 2025, there was $4.7 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of approximately 1.1 years.