0001125345-26-000017 | 10-K | XBRL Viewer

Royalty Monetization Agreement

12 Months Ended

Dec. 31, 2025

Royalty Monetization Arrangement

In June 2025, the Company and 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 December 31, 2025, the estimated effective interest rate under the agreement was approximately 24.3%. 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 $8.3 million during the year ended December 31, 2025, 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 year ended December 31, 2025 (in thousands):


Liability relating to future royalties - beginning balance	$	—
Proceeds from sale of future royalties	70,000
Deferred transaction costs	(327)
Non-cash royalty revenue payable to Sagard	(7,932)
Non-cash interest expense recognized	8,259
Liability relating to future royalties - ending balance	$	70,000

Segment Reporting (Details) $ in Thousands	12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Number of Reportable Segments \| segment	1
Total revenues	$ 149,500	$ 149,962	$ 58,749
Cost of product sales	0	847	619
Cost of manufacturing services	36,009	11,452	7,603
Research and development	147,172	177,194	166,583
Selling, general and administrative	39,160	71,047	52,188
Net loss	(74,620)	(66,966)	(9,058)
Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Reporting, Other Segment Item, Amount	(1,779)	43,612	159,186
Main Segment \| Lorigerlimab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	33,851	36,805	27,716
Main Segment \| MGC030
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	20,968	10,100	0
Main Segment \| MGC028
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	18,681	24,055	14,408
Main Segment \| Vobramitanmab duocarmazine [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	17,486	39,809	39,217
Main Segment \| MGC026
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	17,128	14,126	13,523
Main Segment \| Next-generation T-cell engagers
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	12,353	8,421	10,464
Main Segment \| MGD024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	9,643	9,734	6,974
Main Segment \| ADC
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	4,818	8,002	11,170
Main Segment \| Margetuximab
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	719	10,846	16,081
Main Segment \| Other programs
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 11,525	$ 15,296	$ 27,030

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted average lease term (in years)	9 years 2 months 12 days	10 years
Discount rate	12.30%	12.00%
Operating lease payments	$ 5,200	$ 3,800
Operating lease right-of-use assets	22,895	24,509
Operating lease cost	6,099	6,610
Variable lease cost	1,163	1,114
Sublease Income	(901)	(1,145)
Lease, cost	6,361	6,579
2026	5,507
2027	6,258
2028	7,413
2029	6,346
2030	6,417
Thereafter	33,356
Total lease payments	65,297
Less: imputed interest	(28,535)
Operating lease liabilities	36,762
Research and development	147,172	177,194	$ 166,583
Contractual commitment	$ 4,100
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	5 years
Synaffix B.V.
Lessee, Lease, Description [Line Items]
Potential development and regulatory milestone payments				$ 2,800,000
Research and development	$ 3,200	$ 4,700	$ 2,800

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment Reporting

12 Months Ended

Dec. 31, 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 discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources.

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

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


	Year Ended December 31,
	2025		2024		2023
Total revenue (a)	$	149,500	$	149,962	$	58,749
Cost of product sales	—		847		619
Cost of manufacturing services	36,009		11,452		7,603
Research and development expenses:
Lorigerlimab	33,851		36,805		27,716
MGC030	20,968		10,100		—
MGC028	18,681		24,055		14,408
Vobramitamab duocarmazine	17,486		39,809		39,217
MGC026	17,128		14,126		13,523
Next-generation T-cell engagers	12,353		8,421		10,464
MGD024	9,643		9,734		6,974
Preclinical antibody-drug conjugates (ADCs)	4,818		8,002		11,170
Margetuximab	719		10,846		16,081
Other programs	11,525		15,296		27,030
Total research and development expenses	147,172		177,194		166,583
Selling, general and administrative expenses	39,160		71,047		52,188
Other segment income (loss), net (b)	(1,779)		43,612		159,186
Net loss	$	(74,620)	$	(66,966)	$	(9,058)

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

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

Prior period segment information has be recast to conform to the current-period presentation. These changes include moving discontinued projects separately presented in 2024 and 2023 into Other programs and presenting programs separately in 2025 for molecules no longer in a preclinical phase.

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 Option and Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Shares
Beginning Balance (in shares)	12,939,517
Granted (in shares)	3,074,544
Exercised (in shares)	0
Forfeited or expired (in shares)	(691,507)
Expired (in shares)	(1,216,406)
Ending Balance (in shares)	14,106,148	12,939,517
Exercisable (in shares)	10,216,005
Vested and expected to vest (in shares)	13,793,041
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 14.80
Granted (in dollars per share)	2.14
Exercised (in dollars per share)	0
Forfeited or expired (in dollars per share)	8.54
Expired (in dollars per share)	22.06
Ending Balance (in dollars per share)	11.72	$ 14.80
Exercisable (in dollars per share)	14.06
Vested and expected to vest (in dollars per share)	$ 11.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, Outstanding		6 years 4 months 24 days
Weighted-average remaining contractual term, Exercisable	5 years 4 months 24 days
Weighted-average remaining contractual term, Vested and expected to vest	6 years 3 months 18 days
Aggregate intrinsic value, Outstanding	$ 125
Aggregate intrinsic value, Exercisable	26
Aggregate intrinsic value, Vested and expected to vest	$ 115
Weighted-Average Grant Date Fair Value
Common stock, shares issued (in shares)	0	333,522	34,608
Cash proceeds from exercise of stock options	$ 0	$ 3,128	$ 129
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 1.81	$ 12.61	$ 3.83
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value	$ 0	$ 2,617	$ 93
Fair value of shares vested	15,634	$ 17,992	$ 16,435
Unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 12,400
Unrecognized compensation expense recognition period	1 year 2 months 12 days
Stock Incentive Plan 2013
Shares
Ending Balance (in shares)	9,202,161
Weighted-Average Exercise Price
Ending Balance (in dollars per share)	$ 14.27
Shares
Ending Balance (in shares)	144,263
Restricted Stock Units
Shares
Beginning Balance (in shares)	1,068,994
Granted (in shares)	359,420
Exercised (in shares)	(506,646)
Forfeited (in shares)	(175,972)
Ending Balance (in shares)	745,796	1,068,994
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share)	$ 11.97
Granted (in dollars per share)	2.46
Exercised (in dollars per share)	10.53
Forfeited or expired (in dollars per share)	9.96
Ending Balance (in dollars per share)	$ 8.84	$ 11.97
Unrecognized compensation expense recognition period	1 year
Awards granted in period (in shares)	359,420
Total unrecognized compensation cost	$ 2,900

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 132,663	$ 18,823
Gross Unrealized Gains	37	4
Gross Unrealized Losses	(4)	0
Fair Value	132,696	18,827
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,935
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Fair Value	4,938
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	53,932	1,995
Gross Unrealized Gains	19	0
Gross Unrealized Losses	0	0
Fair Value	53,951	1,995
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	73,796	16,828
Gross Unrealized Gains	15	4
Gross Unrealized Losses	(4)	0
Fair Value	$ 73,807	$ 16,832

- Definition

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

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+ 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
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-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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Income Taxes - Reconciliation of Reported Estimated Income Tax Benefit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
United States federal tax at statutory rate	$ (15,811,000)	$ (13,866,000)	$ (1,902,000)
State taxes (net of federal benefit)	(237,000)	(4,183,000)	(163,000)
Deferred income tax adjustments		(7,299,000)	5,024,000
Deferred state blended rate adjustments		(2,663,000)	1,841,000
Research credit, net	448,000	(12,082,000)	(3,168,000)
Orphan drug credit, net	15,000	(1,308,000)	2,374,000
Other permanent items	1,239,000	388,000	1,301,000
Equity-based compensation	2,024,000	5,594,000	1,950,000
Change in valuation allowance	12,066,000	36,287,000	(7,257,000)
Other	(416,000)	76,000	0
Income tax expense/(benefit)	$ (672,000)	$ 944,000	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
United States federal tax at statutory rate	21.00%
State taxes (net of federal benefit)	0.31%
Research credit, net	(0.60%)
Orphan drug credit, net	(0.02%)
Other permanent items	(1.65%)
Equity-based compensation	(2.69%)
Change in valuation allowance	(16.03%)
Other	0.55%
Income tax expense/(benefit)	0.89%

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 149,500,000	$ 149,962,000	$ 58,749,000
Costs and expenses:
Cost of product sales	0	847,000	619,000
Cost of manufacturing services	36,009,000	11,452,000	7,603,000
Research and development	147,172,000	177,194,000	166,583,000
Selling, general and administrative	39,160,000	71,047,000	52,188,000
Total costs and expenses	222,341,000	260,540,000	226,993,000
Loss from operations	(72,841,000)	(110,578,000)	(168,244,000)
Gain on royalty monetization arrangement	0	0	150,930,000
Gain on sale of MARGENZA	0	36,250,000	0
Interest and other income	6,057,000	9,421,000	9,686,000
Interest and other expense	(8,508,000)	(1,115,000)	(1,430,000)
Loss before income taxes	(75,292,000)	(66,022,000)	(9,058,000)
Income tax (benefit) expense	(672,000)	944,000	0
Net loss	(74,620,000)	(66,966,000)	(9,058,000)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	28,000	10,000	(1,000)
Comprehensive loss	$ (74,592,000)	$ (66,956,000)	$ (9,059,000)
Basic and diluted net loss per common share, basic (in dollars per share)	$ (1.18)	$ (1.07)	$ (0.15)
Basic and diluted net loss per common share, diluted (in dollars per share)	$ (1.18)	$ (1.07)	$ (0.15)
Basic weighted average number of common shares outstanding (in shares)	63,155,096	62,621,185	61,929,198
Diluted weighted average number of common shares outstanding (in shares)	63,155,096	62,621,185	61,929,198
Collaborative and other agreements
Revenues:
Total revenues	$ 87,183,000	$ 119,918,000	$ 30,546,000
Contract manufacturing
Revenues:
Total revenues	52,631,000	13,057,000	9,833,000
Product sales, net
Revenues:
Total revenues	0	16,426,000	17,939,000
Royalty revenue
Revenues:
Total revenues	$ 9,686,000	$ 561,000	$ 431,000

Property, Equipment and Software

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

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


	December 31,
	2025		2024
Computer equipment	$	3,696	$	3,661
Software	11,313		10,926
Furniture and office equipment	717		697
Motor vehicles	50		50
Lab equipment	47,262		46,140
Leasehold improvements	45,023		44,097
Construction in progress	371		1,216
Property, equipment and software	108,432		106,787
Less accumulated depreciation and amortization	(95,807)		(88,687)
Property, equipment and software, net	$	12,625	$	18,100

Depreciation and amortization expense related to property, equipment and software for the years ended December 31, 2025, 2024 and 2023 was $7.2 million, $7.5 million and $9.6 million, respectively.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is developing and commercializing monoclonal antibody-based therapeutics. See Note 13, Segment Reporting, for the Company’s evaluation of its reportable segment and additional disclosures.
Use of Estimates	Use of Estimates The preparation of the financial statements in accordance with generally accepted accounting principles (GAAP) requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, including those related to revenue recognition, fair values of assets, inventory, preclinical study and clinical trial accruals and other contingencies. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Although actual results could differ from these estimates, management does not believe that such differences would be material.
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company considers all investments in highly liquid financial instruments with a maturity of 90 days or less at the date of purchase to be cash equivalents. Cash and cash equivalents includes investments in money market funds with commercial banks and financial institutions, securities issued by the U.S. government and its agencies, Government Sponsored Enterprise agency debt obligations and corporate debt obligations. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. The Company carries marketable securities classified as available-for-sale at fair value as determined by prices for identical or similar securities at the balance sheet date. Classification of marketable securities between current and non-current is dependent upon the maturity date at the balance sheet date taking into consideration the Company’s ability and intent to hold the investment to maturity. Marketable securities consist of Level 2 financial instruments in the fair-value hierarchy. The Company records unrealized gains and losses as a component of other comprehensive loss within the statements of operations and comprehensive loss and as a separate component of stockholders' equity. Realized gains or losses on available-for-sale securities are determined using the specific identification method and the Company includes net realized gains and losses in other income, along with interest income and amortization of premiums and discounts.
Accounts Receivable	Accounts Receivable Accounts receivable arise from amounts due from the Company’s collaborative partners and contract manufacturing work performed by the Company. Accounts receivable that management has the intent and ability to collect are reported in the consolidated balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote. The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2025 or 2024, as the Company has a history of collecting on all outstanding accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses are generally considered to be representative of their respective fair values because of their short-term nature. The Company accounts for recurring and non-recurring fair value measurements in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: •Level 1 – Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. •Level 2 – Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. •Level 3 – Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented. The carrying value of the deferred royalty obligation related to the sale of future royalties under the Purchase and Sale Agreement with Sagard Healthcare Partners (Sagard) approximates its fair value as of December 31, 2025 and is based on the Company’s current estimate of future royalties expected to be earned over the estimated life of the royalty term arrangement. See Note 10, Royalty Monetization Arrangement, for the description of the Level 3 inputs used to estimate the fair value of the liability.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and money market funds with financial institutions that are federally insured. While balances deposited in these institutions often exceed Federal Deposit Insurance Corporation limits, the Company has not experienced any losses on related accounts to date. The Company's investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The counterparties are various corporations, financial institutions and government agencies of high credit standing.
Inventory	Inventory Inventory is composed of raw materials valued at the lower of cost or estimated net realizable value. Cost is determined using the moving average cost basis, which approximates cost on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess, obsolete or expired materials to their estimated realizable value in the period in which the impairment is first identified. Such write downs, should they occur, are recorded within the cost of manufacturing services in the statement of operations.
Property, Equipment and Software	Property, Equipment and Software Property, equipment and software are stated at cost. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Revenue Recognition	Revenue recognition The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (ASC 606) when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative and Other Agreements The Company enters into licensing agreements that are within the scope of ASC 606, under which it may license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company may also enter into development and manufacturing service agreements with its collaborators. For each arrangement that results in revenues, the Company identifies all performance obligations, which may include a license to intellectual property and know-how, research and development activities, transition activities and/or manufacturing services. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Once the estimated transaction price is established, amounts are allocated to the performance obligations that have been identified. The transaction price is generally allocated to each separate performance obligation on a relative standalone selling price basis. The Company must develop assumptions that require judgment to determine the standalone selling price in order to account for these agreements. To determine the standalone selling price, the Company’s assumptions may include (i) the probability of obtaining marketing approval for the product candidate, (ii) estimates regarding the timing and the expected costs to develop and commercialize the product candidate, and (iii) estimates of future cash flows from potential product sales with respect to the product candidate. Standalone selling prices used to perform the initial allocation are not updated after contract inception. The Company does not include a financing component to its estimated transaction price at contract inception unless it estimates that certain performance obligations will not be satisfied within one year. Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Licenses. When the Company grants a license to its intellectual property, it determines whether the nature of the intellectual property to which the customer will have rights is functional intellectual property (functional IP), which has significant standalone functionality, or symbolic intellectual property (symbolic IP) which does not have significant standalone functionality. Revenue from functional IP is recognized at the point in time when control of the distinct license is transferred to the customer. Revenue from symbolic IP is recognized over the access period to the Company’s intellectual property. If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and when (or as) the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the licensee and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the licensee can benefit from a promise for its intended purpose without the receipt of the remaining promise, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Research, Development and/or Manufacturing Services. The promises under the Company’s agreements may include research and development or manufacturing services to be performed by the Company on behalf of the counterparty. If these services are determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to these services as revenue over time based on an appropriate measure of progress when the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. If these services are determined not to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the combined performance obligation as the related performance obligations are satisfied. Customer Options. If an arrangement contains customer options, the Company evaluates whether the options are material rights because they allow the customer to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined using assumptions regarding estimated costs, discount rates, post-option development timeline, the probability of technical and regulatory success and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. If the options are deemed not to be a material right, they are excluded as performance obligations at the outset of the arrangement. Milestone Payments. At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties. For arrangements that include sales-based royalties which are the result of a customer-vendor relationship and for which the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties who are both active participants in the activities and are both exposed to significant risks and rewards dependent on the commercial success of such activities. Such arrangements generally are within the scope of ASC 808, Collaborative Arrangements (ASC 808). While ASC 808 defines collaborative arrangements and provides guidance on income statement presentation, classification, and disclosures related to such arrangements, it does not address recognition and measurement matters, such as (1) determining the appropriate unit of accounting or (2) when the recognition criteria are met. Therefore, the accounting for these arrangements is either based on an analogy to other accounting literature or an accounting policy election by the Company. The Company accounts for certain components of the collaboration agreement that are reflective of a vendor-customer relationship (e.g., licensing arrangement) based on ASC 606. The Company accounts for other components based on a reasonable, rational and consistently applied accounting policy election. Reimbursements from the counter-party that are the result of a collaborative relationship with the counter-party, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense as the services are performed. For a complete discussion of accounting for revenue from collaborative and other agreements, see Note 7, Revenue. Contract manufacturing revenue The Company enters into agreements with third parties to manufacture their drug substance at its Good Manufacturing Practice (GMP) facility. The terms of these arrangements can include an upfront payment to the Company to reserve manufacturing capacity, scheduled payments during the manufacturing process and reimbursement for materials used to manufacture product. The Company recognizes revenue over time on a straight-line basis as the manufacturing services are performed, as the Company believes that its efforts in providing the manufacturing services are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product are allocated to the related manufacturing activities and are recognized as revenue as those activities occur.
Cost of Product Sales and Cost of Manufacturing Services	Cost of Manufacturing Services Cost of manufacturing services consists of the costs to provide manufacturing services to produce certain bulk drug substance under manufacturing and clinical supply agreements with third parties, including salaries and benefits and related stock-based compensation, materials, overhead and other related costs.
Research and Development Expenses, Including Clinical Trial Accruals/Expenses	Research and Development Expense, Including Clinical Trial Accruals/Expenses Research and development expenditures are expensed as incurred. Research and development costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations (CROs), investigative sites and consultants that conduct the Company's clinical trials, the cost of acquiring and manufacturing clinical trial materials, including costs incurred under agreements with contract manufacturing organizations (CMOs), and other allocated expenses, license fees for and milestone payments related to in-licensed products and technologies, stock-based compensation expense, and costs associated with non-clinical activities and regulatory approvals. Right-to-develop agreements may contain cost-sharing provisions whereby the Company and the collaborator share the cost of research and development activities. Reimbursement of research and development expenses received in connection with these agreements is recorded as a reduction of such expenses. Clinical trial expenses are a significant component of research and development expense, and the Company outsources a significant portion of these costs to third parties. Third party clinical trial expenses include investigator fees, site and patient costs, CRO costs, costs for central laboratory testing, data management and CMO costs. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the consolidated balance sheets as a prepaid asset or accrued expenses. These third party agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.
Leases	Leases The Company determines whether an arrangement is or contains a lease at the inception of an arrangement under ASC 842, Leases. For leases where the Company is the lessee, right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term of the lease for which the rate is estimated. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. The lease terms used to calculate the ROU asset and related lease liabilities include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while the expense for finance leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents net loss adjusted for the change during the periods attributed to unrealized gains and losses on available-for-sale debt securities.
Net Loss Per Share	Net Loss Per Share Basic and diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. All stock options and restricted stock units (RSUs) are excluded from the per share calculations as such securities were anti-dilutive for all periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Disaggregation of Income Statement Expense. The standard requires further disaggregation of relevant expense captions in a separate note to the financial statements. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of adopting this guidance on its consolidated financial statements. Recently Adopted Accounting Pronouncements 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 Company adopted the standard in 2025 on a prospective basis, which resulted in incremental income tax disclosures. See Note 11, Income Taxes, for additional information.

TeSera Transaction	12 Months Ended
TeSera Transaction	Dec. 31, 2025
Other Income and Expenses [Abstract]
TeSera Transaction	TerSera Transaction In October 2024, the Company entered into an Asset Purchase and Sale Agreement (ASA) with TerSera in which TerSera acquired global rights to MARGENZA. Pursuant to the ASA, the Company received $40.0 million and may also receive up to $35.0 million in future sales milestone payments. The transaction closed in November 2024. In connection with the ASA, the Company also entered into a Master Manufacturing & Supply Agreement (MSA) with TerSera under which it will manufacture MARGENZA product for TerSera, and a Transition Services Agreement under which it will provide certain services to ensure a smooth business transition to TerSera. The Company determined that the sale of MARGENZA does not qualify for reporting as a discontinued operation since it does not represent a strategic shift that has or will have a major effect on its operations and financial results. The Company determined that the agreements should be accounted for as one single combined contract with multiple elements under which the Company allocated the total consideration of $44.5 million on a relative standalone selling price basis in accordance with the applicable authoritative guidance. The Company recorded a $36.3 million gain on the sale of MARGENZA and related inventory in the “Gain on Sale of MARGENZA” line on its consolidated statements of operations and comprehensive loss for the year ended December 31, 2024.

Income Taxes - Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 9,334	$ 7,821	$ 7,376
Increases for current year tax positions	398	1,001	449
Increases/(decreases) for prior year tax positions	(1,393)	512	(4)
Ending balance	$ 8,339	$ 9,334	$ 7,821

Property, Equipment and Software (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	December 31,
	2025		2024
Computer equipment	$	3,696	$	3,661
Software	11,313		10,926
Furniture and office equipment	717		697
Motor vehicles	50		50
Lab equipment	47,262		46,140
Leasehold improvements	45,023		44,097
Construction in progress	371		1,216
Property, equipment and software	108,432		106,787
Less accumulated depreciation and amortization	(95,807)		(88,687)
Property, equipment and software, net	$	12,625	$	18,100

Income Taxes - Valuation Allowance Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Roll Forward]
Balance at Beginning of Year	$ 401,297	$ 365,010	$ 372,267
Additions	8,806	36,287	0
Deductions	0	0	(7,257)
Balance at End of Year	$ 410,103	$ 401,297	$ 365,010

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company recorded income tax benefit (expense) as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current income tax (benefit) expense:
Federal	$	(435)	$	707	$	—
State	(237)		237		—
Total	$	(672)	$	944	$	—

Reconciliation of Reported Estimated Income Tax Benefit

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


	Year Ended December 31, 2025
	Amount		Rate
United States federal tax at statutory rate	$	(15,811)	21.00	%
Maryland taxes (net of federal benefit)	(237)		0.31	%



Research credit, net	448		(0.60)	%
Orphan drug credit, net	15		(0.02)	%
Officers limit on compensation	1,239		(1.65)	%
Equity-based compensation	2,024		(2.69)	%
Change in valuation allowance	12,066		(16.03)	%
Other	(416)		0.55	%
Income tax expense/(benefit)	$	(672)	0.89	%


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

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

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

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


	December 31,
	2025		2024
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	136,476	$	116,341
State net operating loss carryforward	33,028		31,758
Research and development credit, net	78,946		79,108
Orphan drug credit, net	33,817		33,834
Operating lease liabilities	10,116		10,308
Deferred revenue	35,108		18,795
Section 174 deferred tax asset	68,910		98,810
Equity based compensation	15,838		16,272
Other	5,584		4,971
Gross deferred income tax assets	417,823		410,197
Valuation allowance	(410,103)		(401,297)
Net deferred income tax assets	7,720		8,900

Deferred income tax liabilities:

Operating lease ROU assets	(6,300)		(6,745)
Prepaid expenditures	(1,420)		(2,155)
Gross deferred income tax liabilities	(7,720)		(8,900)
Net deferred income tax asset/(liability)	$	—	$	—

Summary of Valuation Allowance

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


	Balance at Beginning of Year		Additions		Deductions		Balance at End of Year
Year Ended December 31, 2025	$	401,297	$	8,806	$	—	$	410,103
Year Ended December 31, 2024	365,010		36,287		—		401,297
Year Ended December 31, 2023	372,267		—		(7,257)		365,010

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

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


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	9,334	$	7,821	$	7,376
Increases for current year tax positions	398		1,001		449
Increases/(decreases) for prior year tax positions	(1,393)		512		(4)
Ending balance	$	8,339	$	9,334	$	7,821

TeSera Transaction (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
TeSera Transaction (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Gain on sale of MARGENZA		$ 0	$ 36,250	$ 0
TerSera
Disaggregation of Revenue [Line Items]
Other Income	$ 40,000
Milestone from DRI	$ 35,000
TerSera \| Combined Services Agreement
Disaggregation of Revenue [Line Items]
Other Income			$ 44,500

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss	$ (74,620)	$ (66,966)	$ (9,058)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	7,172	7,540	9,645
Amortization of premiums and discounts on marketable securities	(1,648)	(2,810)	(5,004)
Share-based compensation	14,286	29,439	18,373
Gain on royalty monetization arrangement	0	0	(150,930)
Gain on sale of MARGENZA	0	(36,250)	0
Non-cash royalty revenue	(7,932)	0	0
Non-cash interest expense	8,259	0	1,430
Non-cash lease expense	1,784	(663)	3,489
Other non-cash items	0	2	423
(Gain) loss on disposal of assets	(10)	(57)	111
Changes in operating assets and liabilities:
Accounts receivable	(9,063)	6,058	45,855
Inventory	(7,910)	(2,188)	230
Prepaid expenses and other current assets	2,769	(1,567)	215
Other non current assets	0	(170)	(7)
Accounts payable	(280)	(1,530)	1,281
Accrued expenses and other current liabilities	(6,834)	5,003	(4,823)
Lease liabilities	(699)	3,490	(861)
Deferred revenue	(5,398)	(9,414)	11,426
Other non current liabilities	(916)	1,710	0
Net cash used in operating activities	(81,040)	(68,373)	(78,205)
Cash flows from investing activities
Purchases of marketable securities	(208,336)	(77,182)	(239,683)
Proceeds from sales and maturities of marketable securities	96,142	190,025	161,299
Purchases of property, equipment and software	(1,914)	(3,706)	(1,764)
Proceeds from sale of MARGENZA	0	40,000	0
Proceeds from sales of equipment	11	160	64
Net cash provided by (used in) investing activities	(114,097)	149,297	(80,084)
Cash flows from financing activities
Proceeds from issuance of common stock, net of offering costs	0	0	616
Proceeds from stock option exercises and ESPP purchases	129	3,435	553
Taxes paid related to net share settlement of equity awards	(288)	(2,475)	(306)
Principal payments on royalty monetization arrangement	0	0	(157)
Net proceeds from sale of future royalties	69,673	0	149,655
Net cash provided by financing activities	69,514	960	150,361
Net change in cash and cash equivalents	(125,623)	81,884	(7,928)
Cash and cash equivalents at beginning of period	182,840	100,956	108,884
Cash and cash equivalents at end of period	57,217	182,840	100,956
Non-cash operating and investing activities
Property and equipment included in accounts payable or accruals	$ 54	$ 100	$ 505

Organization and Nature of Operations (Details)	12 Months Ended
Organization and Nature of Operations (Details)	Dec. 31, 2025 productCandidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product candidates approved by the FDA	3
Number of proprietary product candidates advancing in clinical development	3

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Supplemental Balance Sheet Information, Operating Leases

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


	December 31,
	2025	2024
Weighted-average remaining lease term (in years)	9.2	10.0
Weighted-average discount rate	12.3%	12.0%

Lease, Cost

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	December 31,
	2025		2024
Operating lease cost	$	6,099	$	6,610
Variable lease cost	1,163		1,114
Sublease income	(901)		(1,145)
Net lease cost	$	6,361	$	6,579

Lessee, Operating Lease, Liability, Maturity

As of December 31, 2025, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2026	$	5,507
2027	6,258
2028	7,413
2029	6,346
2030	6,417
Thereafter	33,356
Total lease payments	65,297
Less: imputed interest	(28,535)
Total lease liabilities	$	36,762

Royalty Monetization Agreement - Rollforward (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability related to future royalties [Roll Forward]
Liability relating to future royalties - beginning balance		$ 0
Non-cash interest expense recognized		8,508	$ 1,115	$ 1,430
Liability relating to future royalties - ending balance		70,000	0
Sagard Healthcare Partners \| Royalty Monetization Arrangement
Liability related to future royalties [Roll Forward]
Liability relating 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		(7,932)
Non-cash interest expense recognized		8,259
Liability relating to future royalties - ending balance		$ 70,000	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

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

Use of Estimates

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

Cash, Cash Equivalents and Marketable Securities

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

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

Accounts Receivable

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

The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2025 or 2024, as the Company has a history of collecting on all outstanding accounts.

Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable and accrued expenses. The carrying amount of accounts receivable, accounts payable and accrued expenses

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

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

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

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

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

The carrying value of the deferred royalty obligation related to the sale of future royalties under the Purchase and Sale Agreement with Sagard Healthcare Partners (Sagard) approximates its fair value as of December 31, 2025 and is based on the Company’s current estimate of future royalties expected to be earned over the estimated life of the royalty term arrangement. See Note 10, Royalty Monetization Arrangement, for the description of the Level 3 inputs used to estimate the fair value of the liability.

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


	Fair Value Measurement at December 31, 2025
	Total		Level 1		Level 2
Assets:
Money market funds	$	11,466	$	11,466	$	—
U.S Treasury securities	4,939		—		4,939
Government-sponsored enterprises	53,950		—		53,950
Corporate debt securities	81,300		—		81,300

Total assets measured at fair value (a)	$	151,655	$	11,466	$	140,189


	Fair Value Measurement at December 31, 2024
	Total		Level 1		Level 2
Assets:
Money market funds	$	67,886	$	67,886	$	—
U.S Treasury securities	5,000		—		5,000
Government-sponsored enterprise	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 December 31, 2025 includes approximately $19.0 million reported as cash and cash equivalents and $132.7 million reported as marketable securities on the balance sheet.

(b) Total assets measured at fair value at December 31, 2024 includes approximately $83.6 million reported as cash and cash equivalents and $18.8 million reported as marketable securities on the balance sheet.

Concentration of Credit Risk

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

The Company's revenue relates to contract development and manufacturing services, agreements with various collaborators, and MARGENZA net product sales (prior to the sale to TerSera Therapeutics LLC (TerSera) in November 2024). The following table includes those counterparties that represent more than 10% of total revenue earned in the periods indicated:


	Year Ended December 31,
	2025	2024	2023
Sanofi S.A. (Sanofi)	33%	*	10%
Incyte Corporation (Incyte)	32%	76%	53%
Gilead Sciences, Inc (Gilead)	24%	*	*
ASD Healthcare and Oncology Supply (ASD)	*	*	10%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)	*	*	12%

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

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


	December 31,
	2025	2024
Incyte	69%	39%
Emergent Biosolutions	16%	*
TerSera	12%	*
ASD	*	18%
McKesson	*	13%
Cardinal Health, Inc.	*	12%

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

Inventory

Inventory is composed of raw materials valued at the lower of cost or estimated net realizable value. Cost is determined using the moving average cost basis, which approximates cost on a first-in, first-out basis. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and it writes down any excess, obsolete or expired materials to their estimated realizable value in the period in which the impairment is first identified. Such write downs, should they occur, are recorded within the cost of manufacturing services in the statement of operations. Inventory at December 31, 2025 consists of $7.9 million in raw materials and supplies procured for the purpose of manufacturing drug substance for the Company's contract manufacturing customers. At December 31, 2025 there was no inventory reserve recorded.

Property, Equipment and Software

Property, equipment and software are stated at cost. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is credited or

charged to operations. Repairs and maintenance costs are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives:


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

Impairment of Long-Lived Assets

The Company assesses the recoverability of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant and Equipment (ASC 360). ASC 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or asset group. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset group. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. For the years ended December 31, 2025, and 2024, the Company determined that there were no impaired assets.

Revenue recognition

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

Collaborative and Other Agreements

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

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

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

contract inception. The Company does not include a financing component to its estimated transaction price at contract inception unless it estimates that certain performance obligations will not be satisfied within one year.

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

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

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

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

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

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

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

For a complete discussion of accounting for revenue from collaborative and other agreements, see Note 7, Revenue.

Contract manufacturing revenue

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

Cost of Manufacturing Services

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

Research and Development Expense, Including Clinical Trial Accruals/Expenses

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

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

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

activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The historical clinical accrual estimates have not been materially different from the actual costs.

Leases

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

Comprehensive Loss

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

Net Loss Per Share

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


	Year Ended December 31,
	2025	2024	2023
Stock options and RSUs	14,851,944	14,008,511	13,129,251

Liability related to the sale of future royalties and related interest expense

The Company assesses the relevant accounting criteria under the FASB 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. See Note 10, Royalty Monetization Arrangement, for additional information.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

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

Recently Adopted Accounting Pronouncements

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 Company adopted the standard in 2025 on a prospective basis, which resulted in incremental income tax disclosures. See Note 11, Income Taxes, for additional information.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024		2023
Total revenue (a)	$	149,500	$	149,962	$	58,749
Cost of product sales	—		847		619
Cost of manufacturing services	36,009		11,452		7,603
Research and development expenses:
Lorigerlimab	33,851		36,805		27,716
MGC030	20,968		10,100		—
MGC028	18,681		24,055		14,408
Vobramitamab duocarmazine	17,486		39,809		39,217
MGC026	17,128		14,126		13,523
Next-generation T-cell engagers	12,353		8,421		10,464
MGD024	9,643		9,734		6,974
Preclinical antibody-drug conjugates (ADCs)	4,818		8,002		11,170
Margetuximab	719		10,846		16,081
Other programs	11,525		15,296		27,030
Total research and development expenses	147,172		177,194		166,583
Selling, general and administrative expenses	39,160		71,047		52,188
Other segment income (loss), net (b)	(1,779)		43,612		159,186
Net loss	$	(74,620)	$	(66,966)	$	(9,058)

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

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

Royalty Monetization Agreement - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability related to future royalty [Line Items]
Net proceeds from sale of future royalties		$ 69,673	$ 0	$ 149,655
Non-cash interest expense recognized		$ 8,508	$ 1,115	$ 1,430
Royalty Monetization Arrangement
Liability related to future royalty [Line Items]
Effective interest rate		24.30%
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		$ 8,259

Income Taxes - Components of the Company's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$ 136,476	$ 116,341
State net operating loss carryforward	33,028	31,758
Research and development credit, net	78,946	79,108
Orphan drug credit, net	33,817	33,834
Operating lease liabilities	10,116	10,308
Deferred revenue	35,108	18,795
Section 174 deferred tax asset	68,910	98,810
Depreciation	15,838	16,272
Other	5,584	4,971
Gross deferred income tax assets	417,823	410,197
Valuation allowance	(410,103)	(401,297)	$ (365,010)	$ (372,267)
Net deferred income tax assets	7,720	8,900
Deferred income tax liabilities:
Operating lease ROU assets	(6,300)	(6,745)
Prepaid expenditures	(1,420)	(2,155)
Gross deferred income tax liabilities	(7,720)	(8,900)
Net deferred income tax asset/(liability)	$ 0	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the year ended December 31, 2025, the Company recorded an income tax benefit of $0.7 million which reflects refunds net of income taxes paid. For the year ended December 31, 2024 the Company was is in a taxable income position due to the Tax Cuts and Jobs Act of 2017 (the Jobs Act) limitation on utilization of Net Operating Losses to 80% of taxable income as well as the limitation on utilization of income tax credits, while the company remains in a full valuation allowance position. For the year ended December 31, 2023 there was no provision for income taxes due to taxable losses generated, fully offset by a valuation allowance. During the year ended December 31, 2025, the Company paid $0.3 million in taxes (net of refunds) to the state of Maryland, and all of the payments made for Federal taxes were refunded.

The Company recorded income tax benefit (expense) as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current income tax (benefit) expense:
Federal	$	(435)	$	707	$	—
State	(237)		237		—
Total	$	(672)	$	944	$	—

Beginning in 2025 annual reporting, the Company adopted ASU 2023-09 prospectively. See Note 2, Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements for additional details. The reconciliation of the reported estimated income tax expense to the amount that would result by applying the U.S. federal statutory tax rate to the net income is as follows (in thousands):


	Year Ended December 31, 2025
	Amount		Rate
United States federal tax at statutory rate	$	(15,811)	21.00	%
Maryland taxes (net of federal benefit)	(237)		0.31	%



Research credit, net	448		(0.60)	%
Orphan drug credit, net	15		(0.02)	%
Officers limit on compensation	1,239		(1.65)	%
Equity-based compensation	2,024		(2.69)	%
Change in valuation allowance	12,066		(16.03)	%
Other	(416)		0.55	%
Income tax expense/(benefit)	$	(672)	0.89	%


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

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

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


	December 31,
	2025		2024
Deferred income tax assets:
Federal U.S. net operating loss carryforward	$	136,476	$	116,341
State net operating loss carryforward	33,028		31,758
Research and development credit, net	78,946		79,108
Orphan drug credit, net	33,817		33,834
Operating lease liabilities	10,116		10,308
Deferred revenue	35,108		18,795
Section 174 deferred tax asset	68,910		98,810
Equity based compensation	15,838		16,272
Other	5,584		4,971
Gross deferred income tax assets	417,823		410,197
Valuation allowance	(410,103)		(401,297)
Net deferred income tax assets	7,720		8,900

Deferred income tax liabilities:

Operating lease ROU assets	(6,300)		(6,745)
Prepaid expenditures	(1,420)		(2,155)
Gross deferred income tax liabilities	(7,720)		(8,900)
Net deferred income tax asset/(liability)	$	—	$	—

In assessing the realization of deferred tax assets, the Company considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future generation for taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all the information available, the Company continues to maintain a full valuation allowance against U.S. federal and state net deferred tax assets due to the Company’s cumulative loss position and lack of sufficient positive evidence to support the realizability of its U.S. net deferred tax assets.

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


	Balance at Beginning of Year		Additions		Deductions		Balance at End of Year
Year Ended December 31, 2025	$	401,297	$	8,806	$	—	$	410,103
Year Ended December 31, 2024	365,010		36,287		—		401,297
Year Ended December 31, 2023	372,267		—		(7,257)		365,010

As of December 31, 2025, the Company has U.S. federal and state net operating loss (NOL) carryforwards of approximately $650.0 million. Of these NOLs, $2.2 million will expire beginning in 2027 through 2028. $647.8 million of NOLs were generated post December 31, 2017 and carryforward indefinitely. In addition, the Company has U.S. federal tax credits of $108.5 million, which will expire in various years beginning in 2027 through 2045.

Utilization of the Company's U.S. federal NOL and tax credit carryforwards may be subject to a substantial annual limitation under Sections 382 and 383 of the Internal Revenue Code (IRC) of 1986, and corresponding provisions of state law, due to ownership changes that may have occurred previously or that could occur in the future. These ownership changes may limit the amount of net operating loss and research and development tax credit carryforwards that can be utilized annually to offset future tax liabilities.

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

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


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	9,334	$	7,821	$	7,376
Increases for current year tax positions	398		1,001		449
Increases/(decreases) for prior year tax positions	(1,393)		512		(4)
Ending balance	$	8,339	$	9,334	$	7,821

As of December 31, 2025 and 2024, of the total gross unrecognized tax benefits, approximately $8.3 million and $9.3 million would favorably impact the Company's effective income tax rate, respectively. Although, due to the Company's determination that the deferred income tax asset would not more likely than not be realized, a valuation allowance would be recorded, therefore, zero net impact would result within the Company's effective income tax rate. The Company's uncertain income tax position liability has been recorded to deferred income taxes to offset the tax attribute carryforward amounts.

For the years ended December 31, 2025, 2024 and 2023, the Company has not recognized any interest or penalties related to the uncertain income tax positions due to the fact such position is related to tax attribute carryforwards which have not yet been utilized. The Company does not anticipate any significant changes to its unrecognized income tax position within the next twelve months.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable.The Company's tax years in the U.S from 2007 forward remain open to examination due to the carryover of unused income tax credits and net operating losses.

On July 4, 2025, the One Big Beautiful Bill Act of 2025 (OBBBA) was enacted, which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Jobs Act. The Company is currently evaluating the impact that the OBBBA will have on its financial statements, but it is not expected have a material impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 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 year ended December 31, 2025,

employees purchased 105,652 shares of common stock under the 2016 ESPP for net proceeds to the Company of approximately $0.1 million.

Employee Stock Incentive Plans

In October 2013, the Company implemented the 2013 Equity Incentive Plan (2013 Plan). In May 2023, the 2013 Plan was terminated, and no further awards may be issued under the plan. If an option granted under the 2013 Plan expires or terminates for any reason without having been fully exercised, if any shares of restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares will become available for issuance under the 2023 Equity Incentive Plan (2023 Plan).

As of December 31, 2025, under the 2013 Plan, there were options to purchase an aggregate of 9,202,161 shares of common stock outstanding at a weighted average exercise price of $14.27 per share. As of December 31, 2025, there were 144,263 unvested RSUs outstanding under the 2013 Plan.

The 2023 Plan was effective as of stockholder approval in May 2023 and provides for grants of stock options and other stock-based awards, as well as cash-based performance awards. The 2023 Plan has been amended pursuant to stockholder approval to increase the number of authorized shares of common stock, and as of December 31, 2025, there are 8,100,000 shares of common stock authorized for issuance under the 2023 Plan. If an option expires or terminates for any reason without having been fully exercised, if any shares of restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares are available for the grant of additional awards. However, any shares that are withheld (or delivered) to pay withholding taxes or to pay the exercise price of an option are not available for the grant of additional awards. As of December 31, 2025, under the 2023 Plan, there were options to purchase an aggregate of 4,897,067 shares of common stock outstanding at a weighted average exercise price of $6.94 per share. As of December 31, 2025, there were 601,328 unvested RSUs outstanding under the 2023 Plan.

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


	Year Ended December 31,
	2025		2024		2023
Research and development	$	8,647	$	11,759	$	9,190
Selling, general and administrative	5,639		17,680		9,183
Total stock-based compensation expense	$	14,286	$	29,439	$	18,373

On October 25, 2024, Dr. Scott Koenig, the former President and Chief Executive Officer of the Company and the Company entered into a separation and consulting agreement (the Separation Agreement), which provided for the terms of Dr. Koenig’s separation from employment. The Company evaluated the impacts of the Separation Agreement and the related modifications to Dr. Koenig’s option awards and RSU awards. As a result, the Company recognized all additional stock-based compensation expense in 2024 in accordance with ASC Topic 718, Compensation – Stock Compensation (ASC 718) in the amount of $6.1 million.

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


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

Employee Stock Options

The Company accounts for stock-based compensation to employees and non-employee directors in accordance with ASC 718. The Company estimates the fair value of stock option awards using the Black-Scholes option pricing model on the date of grant using the assumptions in the table below. Stock options granted to employees generally vest over four years and have a term of ten years. Stock-based compensation expense for stock options is recognized as expense over the requisite service period, which is the vesting period. As the Company has not paid dividends since inception, nor does it expect to pay any dividends for the foreseeable future, the expected dividend yield assumption is zero. The expected volatility is based on the historical stock volatility of the Company’s own common stock over a period equal to the expected term of the options. The risk-free rate of the stock options is based on the U.S. Treasury rate in effect at the time of grant for the expected term of the

stock options. The Company calculates expected term based on the historical experience with similar awards, giving consideration to the contractual terms of the share-based awards, vesting schedules and expectations of future employee behavior. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those shares expected to vest. The Company estimates the forfeiture rate based on historical experience and its expectations regarding future pre-vesting termination behavior of employees. The Company reviews its estimate of the expected forfeiture rate annually, and stock-based compensation expense is adjusted accordingly.


	Year Ended December 31,
	2025	2024	2023
Expected dividend yield	0%	0%	0%
Expected volatility	111% -116%	95% - 116%	76% - 96%
Risk-free interest rate	3.7% - 4.5%	3.5% - 4.7%	3.5% - 4.8%
Expected term	6.11 years	6.06 years	5.88 years

The following table summarizes stock option activity for 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	3,074,544	2.14
Exercised	—	—
Forfeited	(691,507)	8.54
Expired	(1,216,406)	22.06
Outstanding, December 31, 2025	14,106,148	$	11.72		$	125
As of December 31, 2025:
Exercisable	10,216,005	$	14.06	5.4	$	26
Vested and expected to vest	13,793,041	$	11.84	6.3	$	115

As of December 31, 2025, the total unrecognized compensation expense related to unvested stock options, net of related forfeiture estimates, was approximately $12.4 million, which the Company expects to recognize over a weighted-average period of approximately 1.2 years. The following table summarizes additional information on stock options (in thousands, except per share amounts):


	Year Ended December 31,
		2025		2024		2023
Shares of common stock issued with stock options exercises		—		333,522		34,608
Weighted-average fair value per share of stock options granted		$	1.81	$	12.61	$	3.83
Total intrinsic value of stock options exercised		$	—	$	2,617	$	93
Total cash received for stock options exercised		$	—	$	3,128	$	129
Total grant date fair value of stock options vested		$	15,634	$	17,992	$	16,435

Restricted Stock Units

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

The following table summarizes RSU activity for 2025:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2024	1,068,994	$	11.97
Granted	359,420	2.46
Vested	(506,646)	10.53
Forfeited or expired	(175,972)	9.96
Outstanding, December 31, 2025	745,796	$	8.84

At December 31, 2025, there was $2.9 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of 1.0 year.

Stock-based Compensation - Option Pricing Assumptions (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%
Expected term	6 years 1 month 9 days	6 years 21 days	5 years 10 months 17 days
Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	111.00%	95.00%	76.00%
Risk-free interest rate	3.70%	3.50%	3.50%
Minimum \| Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	108.00%
Risk-free interest rate	4.20%
Expected term	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	116.00%	116.00%	96.00%
Risk-free interest rate	4.50%	4.70%	4.80%
Maximum \| Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	174.00%
Risk-free interest rate	4.30%
Expected term	5 years 6 months

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(i)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from the Calculation of Diluted Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options and RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive stock options	14,851,944	14,008,511	13,129,251

Property, Equipment and Software (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 108,432	$ 106,787
Construction in progress	371	1,216
Less accumulated depreciation and amortization	(95,807)	(88,687)
Property, equipment and software, net	12,625	18,100
Depreciation expense	7,200	7,500	$ 9,600
Computer equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	3,696	3,661
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software	11,313	10,926
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software	717	697
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, equipment and software	50	50
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software	47,262	46,140
Construction in progress
Property, Plant and Equipment [Line Items]
Property, equipment and software	$ 45,023	$ 44,097

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		125,000,000	125,000,000
Undesignated Preferred Stock
Class of Stock [Line Items]
Undesignated preferred stock, shares authorized (in shares)		5,000,000
Undesignated preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Undesignated preferred stock, shares issued (in shares)		0	0
Undesignated preferred stock, shares outstanding (in shares)		0	0
At The Market Offering
Class of Stock [Line Items]
Common stock maximum amount available for issuance	$ 100.0
Sale of common stock (in shares)		0	0

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2025		2024		2023
Research and development	$	8,647	$	11,759	$	9,190
Selling, general and administrative	5,639		17,680		9,183
Total stock-based compensation expense	$	14,286	$	29,439	$	18,373

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

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


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

Schedule of Employee Stock Options Award Valuation Assumptions


	Year Ended December 31,
	2025	2024	2023
Expected dividend yield	0%	0%	0%
Expected volatility	111% -116%	95% - 116%	76% - 96%
Risk-free interest rate	3.7% - 4.5%	3.5% - 4.7%	3.5% - 4.8%
Expected term	6.11 years	6.06 years	5.88 years

Schedule of Stock Option Activity

The following table summarizes stock option activity for 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	3,074,544	2.14
Exercised	—	—
Forfeited	(691,507)	8.54
Expired	(1,216,406)	22.06
Outstanding, December 31, 2025	14,106,148	$	11.72		$	125
As of December 31, 2025:
Exercisable	10,216,005	$	14.06	5.4	$	26
Vested and expected to vest	13,793,041	$	11.84	6.3	$	115

Schedule of Additional Information on Stock Options

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


	Year Ended December 31,
		2025		2024		2023
Shares of common stock issued with stock options exercises		—		333,522		34,608
Weighted-average fair value per share of stock options granted		$	1.81	$	12.61	$	3.83
Total intrinsic value of stock options exercised		$	—	$	2,617	$	93
Total cash received for stock options exercised		$	—	$	3,128	$	129
Total grant date fair value of stock options vested		$	15,634	$	17,992	$	16,435

Schedule of RSU Activity

The following table summarizes RSU activity for 2025:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2024	1,068,994	$	11.97
Granted	359,420	2.46
Vested	(506,646)	10.53
Forfeited or expired	(175,972)	9.96
Outstanding, December 31, 2025	745,796	$	8.84

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented and maintain various information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and clinical trial data (Information Systems and Data). Our information security function is led by our Vice President of Information Technology and supported by the Associate Director of Information Security. They are supported by our legal team, a management-level Technology Steering Committee, and the Audit Committee of the Board of Directors. This function is responsible for identifying, assessing, and managing the Company’s cybersecurity threats and risks. We employ various methods to monitor and evaluate the threat environment, including automated tools, subscriptions to cybersecurity threat reports and services, analysis of threats reported to us, evaluations of our and our industry’s risk profile, threat actor analyses, audits, vulnerability assessments, and tabletop incident response exercises. Depending on the environment and system, we implement and maintain various technical, physical, and organizational measures, processes, and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data. These include: an incident response plan and procedures, incident detection and response playbook, business continuity plans, encryption of certain data, network security controls, identity management and access controls, physical security controls, 24/7 systems monitoring, vendor risk management processes, employee cybersecurity and privacy training, penetration testing, cybersecurity insurance, and dedicated cybersecurity staff. Our assessment and management of material risks from cybersecurity threats are integrated into our overall enterprise risk management program. Specifically, (1) cybersecurity risk is addressed as a component of our enterprise risk management program and reflected in our risk register; (2) the information security function works with management to prioritize cybersecurity risks that are more likely to have a material impact on our business; and (3) our Technology Steering Committee evaluates material cybersecurity risks against our overall business objectives and reports to the Audit Committee of the Board of Directors, which evaluates our overall enterprise risk. We engage third-party service providers, including professional services firms, cybersecurity consultants, cybersecurity software providers, managed cybersecurity service providers, penetration testing firms, and dark web monitoring services, to assist in identifying, assessing, and managing material risks from cybersecurity threats. In addition, we use third-party service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, CROs, distributors, and supply chain management resources. We have vendor management processes to manage cybersecurity risks associated with our use of certain of these providers, such as reviewing security questionnaires, reviewing the vendor’s written security program, conducting risk assessments for certain vendors, arranging security assessment calls with the vendor’s security personnel, reviewing security assessments, or imposing contractual obligations on the vendor. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve different levels of assessment designed to help identify and mitigate cybersecurity risks associated with a provider. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our assessment and management of material risks from cybersecurity threats are integrated into our overall enterprise risk management program. Specifically, (1) cybersecurity risk is addressed as a component of our enterprise risk management program and reflected in our risk register; (2) the information security function works with management to prioritize cybersecurity risks that are more likely to have a material impact on our business; and (3) our Technology Steering Committee evaluates material cybersecurity risks against our overall business objectives and reports to the Audit Committee of the Board of Directors, which evaluates our overall enterprise risk.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The board of directors’ Audit Committee and management’s Technology Steering Committee are responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The board of directors’ Audit Committee and management’s Technology Steering Committee are responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The board of directors’ Audit Committee receives periodic reports from our Vice President Information Technology concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The board of directors also receives regular reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President, Information Technology, who has 15 years of information security experience and holds a Certified Information Systems Security Professional (CISSP) certification. Our Associate Director of Information Security holds the CISSP and CCSP certifications, has an MSc. in Information Security and has over 20 years government and industry cybersecurity experience. Company management is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Company management is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances and incident severity, including our Vice President Information Technology who works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents. In addition, the Company’s incident response process includes reporting to the audit committee of the board of directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President, Information Technology, who has 15 years of information security experience and holds a Certified Information Systems Security Professional (CISSP) certification. Our Associate Director of Information Security holds the CISSP and CCSP certifications, has an MSc. in Information Security and has over 20 years government and industry cybersecurity experience. Company management is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Company management is also responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Vice President, Information Technology, who has 15 years of information security experience and holds a Certified Information Systems Security Professional (CISSP) certification. Our Associate Director of Information Security holds the CISSP and CCSP certifications, has an MSc. in Information Security and has over 20 years government and industry cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances and incident severity, including our Vice President Information Technology who works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents. In addition, the Company’s incident response process includes reporting to the audit committee of the board of directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Revenue (Details)		1 Months Ended					3 Months Ended		7 Months Ended	12 Months Ended			24 Months Ended	30 Months Ended	99 Months Ended
Revenue (Details)	Oct. 14, 2022 USD ($)	Nov. 30, 2025 USD ($) performanceObligation	Aug. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 31, 2022 USD ($)	Oct. 31, 2017 USD ($)	Dec. 31, 2025 USD ($) milestone	Dec. 31, 2017 USD ($)	Jul. 31, 2022 USD ($) performanceObligation	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) performanceObligation	Dec. 31, 2023 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2024 USD ($) performanceObligation	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) performanceObligation	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2020 performanceObligation
Collaboration and Other Agreements [Line Items]
Total revenues										$ 149,500,000	$ 149,962,000	$ 58,749,000
Incyte Corporation (Incyte) \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaboration and Other Agreements [Line Items]
Collaborative arrangement, term					3 years
Collaborative arrangement, extension term					1 year
Incyte Corporation (Incyte) \| RevenuesFromCMOAgreementsMember
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment					$ 10,000,000.0
Total revenues										36,800,000	11,000,000.0	9,700,000
Number of performance obligations \| performanceObligation									1							1
Deferred revenue, current							$ 1,500,000			1,500,000	3,400,000			$ 3,400,000	$ 1,500,000
Total annual fixed payments					$ 14,400,000
Incyte Corporation (Incyte) \| RevenuesFromCMOAmendmentAgreement
Collaboration and Other Agreements [Line Items]
Total annual fixed payments														41,700,000
Additional annual fixed payments									$ 5,100,000
Future Manufacturing Revenue							$ 13,500,000			13,500,000					$ 13,500,000
Incyte Corporation (Incyte) \| Manufacturing Services
Collaboration and Other Agreements [Line Items]
Total revenues										$ 0
Revenue, remaining performance obligation, amount																$ 16,800,000
Incyte Corporation (Incyte) \| Manufacturing Services \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Collaboration and Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period							3 years			3 years					3 years
Incyte Corporation (Incyte) \| Incyte MGA012 Agreement
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment								$ 150,000,000.0
Amounts recognized															$ 215,000,000.0
Number of performance obligations \| performanceObligation																			2
Transaction price						$ 154,000,000.0
Clinical trial activities selling price amount													$ 4,000,000.0
Incyte Corporation (Incyte) \| Incyte MGA012 Agreement \| Maximum
Collaboration and Other Agreements [Line Items]
Potential development and regulatory milestone payments						210,000,000.0
Potential commercial milestone payments						$ 330,000,000.0
Potential proceeds from royalties percent						24.00%
Incyte Corporation (Incyte) \| Incyte MGA012 Agreement \| Minimum
Collaboration and Other Agreements [Line Items]
Potential proceeds from royalties percent						15.00%
Incyte Corporation (Incyte) \| Incyte MGA012 Agreement \| Revenues From License Agreements
Collaboration and Other Agreements [Line Items]
Total revenues			$ 100,000,000.0			$ 150,000,000.0				$ 9,700,000	100,600,000	15,000,000.0
Incyte Corporation (Incyte) \| Incyte MGA012 Clinical Services
Collaboration and Other Agreements [Line Items]
Number of performance obligations \| performanceObligation																			1
Incyte Corporation (Incyte) \| Incyte MGA012 Clinical Services \| Revenues From License Agreements
Collaboration and Other Agreements [Line Items]
Total revenues										1,700,000	1,800,000	4,200,000
Gilead Sciences, Inc (Gilead) \| 2022 Gilead Collaboration And License Agreement
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment									$ 60,000,000.0
Total revenues										0	1,500,000	1,500,000
Target nomination, option fees and milestone	$ 1,700,000,000
Deferred revenue							$ 56,800,000			56,800,000	56,800,000			56,800,000	56,800,000
Deferred revenue, current							1,300,000			1,300,000	1,300,000			1,300,000	1,300,000
Deferred revenue, noncurrent							55,500,000			55,500,000	55,500,000			55,500,000	55,500,000
Gilead Sciences, Inc (Gilead) \| Gilead First Research Program
Collaboration and Other Agreements [Line Items]
Total revenues										11,000,000.0	7,800,000	800,000
Deferred revenue							$ 0			0	11,000,000.0			$ 11,000,000.0	0
Revenue, remaining performance obligation, amount																	$ 15,700,000
Option to buy																	10,000,000.0
Revenue recognized				$ 3,300,000
Gilead Sciences, Inc (Gilead) \| Gilead Second Research Program
Collaboration and Other Agreements [Line Items]
Non-refundable upfront payment		$ 25,000,000.0
Number of performance obligations \| performanceObligation		1
Sanofi S.A. (Sanofi) \| Royalty
Collaboration and Other Agreements [Line Items]
Deferred revenue																		$ 100,000,000.0
Revenue, Remaining Performance Obligation, Variable Consideration, Royalty Percentage																		50.00%
Sanofi S.A. (Sanofi) \| Royalty \| Net Sales Milestone
Collaboration and Other Agreements [Line Items]
Revenue, Remaining Performance Obligation, Variable Consideration Amount																	$ 50,000,000.0	$ 50,000,000.0
Sanofi S.A. (Sanofi) \| Royalty \| Regulatory Milestone
Collaboration and Other Agreements [Line Items]
Contract With Customer, Number Of Milestones Achieved \| milestone							2
Sanofi S.A. (Sanofi) \| Provention PRV031 \| Asset Purchase Agreement
Collaboration and Other Agreements [Line Items]
Total revenues										50,000,000.0	0	$ 5,600,000
Emergent Biosolutions \| Manufacturing Services
Collaboration and Other Agreements [Line Items]
Total revenues										10,700,000	$ 2,000,000.0
Number of performance obligations \| performanceObligation											1			1
Deferred revenue, current							$ 5,600,000			$ 5,600,000	$ 300,000			$ 300,000	$ 5,600,000
Revenue, remaining performance obligation, amount											$ 13,500,000			$ 13,500,000

Employee Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Eligible age to participate in plan	21 years
Percentage of employee contribution to salary	100.00%
Percentage of employee vested contribution	100.00%
Defined contribution plan, employer discretionary contribution amount	$ 2.2	$ 2.2	$ 2.1

Revenue	12 Months Ended
Revenue	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Collaborative and Other Agreements Incyte Corporation Incyte License Agreement In 2017, the Company entered into an exclusive global collaboration and license agreement with Incyte, which was amended in March 2018, April 2022, July 2022, and July 2024, for retifanlimab, an investigational monoclonal antibody that inhibits PD-1 (Incyte License Agreement). Incyte has obtained exclusive worldwide rights for the development and commercialization of retifanlimab in all indications, while the Company retains the right to develop its pipeline assets in combination with retifanlimab. Under the terms of the Incyte License Agreement, Incyte paid the Company an upfront payment of $150.0 million in 2017. The Company manufactures a portion of Incyte’s global commercial supply of retifanlimab. In March 2023, the FDA approved Incyte's Biologics License Application (BLA) for ZYNYZ (retifanlimab-dlwr) for the treatment of adults with metastatic or recurrent locally advanced Merkel cell carcinoma. 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. In December 2025, Japan’s Ministry of Health, Labour and Welfare approved ZYNYZ as first-line therapy for adults with locally recurrent or metastatic SCAC. In March 2026, Incyte announced that the European Commission approved ZYNYZ in combination with carboplatin and paclitaxel for the first-line treatment of adult patients with metastatic or inoperable locally recurrent SCAC. 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 December 31, 2025, the Company has recognized $215.0 million for certain development and regulatory milestones under the Incyte License Agreement, including $15.0 million received following the FDA approval of ZYNYZ and $100.0 million received in August 2024 upon entering into an amendment to the Incyte License Agreement pursuant to which certain development milestones were deemed to have been met. Assuming successful development and commercialization by Incyte in multiple indications, the Company is eligible to receive up to an additional $210.0 million in development and regulatory milestones, and up to $330.0 million in commercial milestones. The Company is also eligible to receive tiered royalties of 15% to 24% on global net sales but sold this right to Sagard in June 2025 as described more fully in Note 10, 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 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 reassesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. In July 2024, the Company and Incyte executed Amendment No. 4 to the Incyte License Agreement pursuant to which certain development milestones were deemed to have been met. The Company evaluated the amendment as a contract modification under the provisions of ASC 606 which resulted in $100.0 million of revenue being recognized during the year ended December 31, 2024. From 2018 through December 31, 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 revenue of $9.7 million, $100.6 million and $15.0 million under the Incyte License Agreement during the years ended December 31, 2025, 2024 and 2023, respectively. The revenue is primarily related to development milestones and includes royalties on ZYNYZ sales beginning in late 2023. Incyte Commercial Supply Agreement In 2020, the Company entered into an agreement with Incyte pursuant to which the Company is entitled to manufacture a portion of the global commercial supply needs for retifanlimab (Incyte Commercial Supply Agreement). Unless terminated earlier, the term of the Incyte Commercial Supply Agreement will expire upon the expiration of Incyte’s obligation to pay royalties under the Incyte License Agreement. The Company evaluated this agreement under ASC 606 and identified one performance obligation under the agreement: to perform services related to manufacturing the commercial supply of retifanlimab. The transaction price is based on a fixed price per batch of bulk drug substance to be manufactured and is recognized over time as the services are provided, as the performance by the Company does not create an asset with an alternative use and the Company has an enforceable right to payment for the performance completed to date. The transaction price is being recognized using the input method reflecting the costs incurred (including resources consumed and labor costs incurred) related to the manufacturing services. During the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue of $1.7 million, $1.8 million and $4.2 million, respectively, for services performed under the Incyte Commercial Supply Agreement. Gilead Sciences, Inc. In 2022, the Company and Gilead entered into an exclusive option and collaboration agreement (Gilead Agreement) to develop and commercialize MGD024, an investigational, bispecific antibody that binds CD123 and CD3, and create bispecific cancer antibodies using the Company’s DART and TRIDENT platforms 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 a total of $1.7 billion in target nomination, option fees, and development, regulatory and commercial milestones. Assuming exercise of the CD123 Option, the Company will also be eligible to receive tiered, low double-digit royalties on worldwide net sales of MGD024 (or other CD123 products developed under the agreement) and assuming exercise of the Research Program Option, a flat royalty on worldwide net sales of any products resulting from the two research programs. The Company evaluated the Gilead Agreement under the provisions of ASC 606 and identified the following material promises under the agreement: (i) a license to perform any activities allocated to Gilead under the MGD024 development plan; (ii) development activities regarding MGD024, including manufacturing, research and early clinical development activities, necessary to deliver an informational package of development and clinical data, information and materials specified in the Gilead Agreement during the period in which Gilead can exercise the CD123 Option; (iii) the CD123 Option and (iv) the Research Program Option. The Company concluded that the license under the MGD024 development plan and development activities are not distinct from one another, as the license has limited value without the Company’s performance of the development activities. Therefore, the Company determined that the development term license and development activities should be combined into a single performance obligation (Development Activities). The CD123 Option is considered a material right as the value of the exclusive license exceeds the payment to be made by Gilead if they exercise their option to obtain an exclusive license to develop and commercialize MGD024 or an alternative CD123 product, and is therefore a distinct performance obligation. The Company determined that the Research Program Option does not provide a material right, as there is no discount on its standalone selling price. In accordance with ASC 606, the Company determined that the initial transaction price under the Gilead Agreement was $60.0 million, consisting of the upfront, non-refundable payment paid by Gilead. The CD123 Option and Research Program Option payments are excluded from the initial transaction price at contract inception along with any future development, regulatory, and commercial milestone payments (including royalties) following the CD123 Option and Research Program Option exercise. The Company reassesses the amount of variable consideration included in the transaction price every reporting period. The Company allocated the $60.0 million upfront payment in the transaction price to the Development Activities and the CD123 Option based on each performance obligation’s relative standalone selling price. The standalone selling price for the Development Activities was calculated using an expected cost-plus margin approach for the pre-option development timeline. For the standalone selling price of the CD123 Option, the Company utilized an income-based approach which included the following key assumptions: post-option development timeline and costs, forecasted revenues, discount rates and probabilities of technical and regulatory success. The Company is recognizing revenue related to the Development Activities performance obligation over the estimated period to complete the Development Activities using an input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the Development Activities. The Company has deferred revenue recognition related to the CD123 Option. If Gilead exercises the CD123 Option and obtains an exclusive license, the Company will recognize revenue as it fulfills its obligations under the Gilead Agreement. If the CD123 Option is not exercised, the Company will recognize the entirety of the revenue in the period when the CD123 Option expires. During the year ended December 31, 2025, the Company recorded de minimis revenue under the Gilead Agreement. During each of the years ended December 31, 2024 and 2023, the Company recorded revenue of $1.5 million related to the Gilead Agreement. As of December 31, 2025 and 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 (First Letter Agreement) through which Gilead nominated the first of the two research programs contemplated in the Gilead Agreement (First Research Program), the Company granted Gilead a research license, and the parties agreed on a research plan for the First Research Program under which the Company will provide research and development services. Gilead paid the Company a $15.7 million nomination fee. The Company evaluated the Letter Agreement under the terms of ASC 606, and concluded that it is a modification to the Gilead Agreement that results in a separate contract since the modification is for additional goods and services that are distinct and at standalone selling price. The Company determined that the license and the related research and development activities were not distinct from one another, as the license has limited value without the performance of the research and development activities. As such, the Company determined that these should be combined into a single performance obligation. Gilead also has the exclusive option to pay the Company $10.0 million to obtain a license to exploit the research molecule and research product with respect to the First Research Program. The Company determined that this exclusive option does not provide a material right, as there is no discount on its standalone selling price. In accordance with ASC 606, the Company determined that the initial transaction price for the First Research Program agreement was $15.7 million, consisting of the non-refundable payment paid by Gilead. The Company is recognizing revenue over the estimated period to complete the services using the input method reflecting the costs incurred (including resources consumed and labor hours expended) related to the research and development services. In June 2024, the Company received variable consideration totaling $3.3 million from Gilead upon achievement of a research plan milestone. The variable consideration was added to the transaction price and allocated to the performance obligation to determine the amount of related revenue to be recognized. A proportional amount was recognized based on the input cost to cost measurement of work completed to date. As of December 31, 2025, the Company has completed performing the services related to the First Research Program and therefore all of the related revenue has been recognized. During the years ended December 31, 2025, 2024 and 2023 the Company recorded revenue of $11.0 million, $7.8 million and $0.8 million, respectively, related to the First Research Program. As of December 31, 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. In November 2025,the parties amended the Gilead Agreement by entering into a third letter agreement (Third Letter Agreement) under 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 paid the Company a total of $25.0 million related to the nomination and option exercise. The Company evaluated the Third 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 there is one performance obligation under the Third Letter Agreement; to grant the research term license and exploitation license. In accordance with ASC 606, the Company determined that the initial transaction price for the Second Research Program was $25.0 million, consisting of the non-refundable payment made by Gilead. The Company recognized this amount when it satisfied its performance obligation and transferred the license to Gilead during the year ended December 31, 2025. The Company is entitled to future development, regulatory and commercial milestones related to the Second Research Program should Gilead successfully develop and commercialize the molecule. These 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 Gilead and, therefore, have also been excluded from the transaction price. 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. 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 year ended December 31, 2025, two regulatory milestones were achieved and the Company recognized $50.0 million in revenue. During the year ended December 31, 2024, no revenue was recognized under these agreements. During the year ended December 31, 2023, the Company recognized revenue of $5.6 million under these agreements. Manufacturing Services Agreements 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 was also reimbursed for materials used to manufacture product as well as other costs incurred to provide manufacturing services. In July 2022, the Company and Incyte executed an amendment to the Incyte Manufacturing and Clinical Supply Agreement which extended the term for one year and provided for an additional annual fixed payment of $5.1 million (July 2022 Incyte Amendment). In December 2024 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 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 is recognizing revenue over time on a straight-line basis as the manufacturing services are provided to Incyte, as the Company determined that its efforts in providing the manufacturing services are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product 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 are capitalized and expensed as the materials are used to provide the manufacturing services. During the years ended December 31, 2025, 2024, and 2023, the Company recognized revenue of $36.8 million, $11.0 million and $9.7 million, respectively, under the 2022 Incyte Manufacturing and Clinical Supply Agreement. As of December 31, 2025, $1.5 million in revenue was deferred under this agreement, all of which was current. 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. Based on the current manufacturing schedule contemplated in 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. The Company evaluated the 2025 Incyte Manufacturing and Clinical Supply Agreement under the provisions of ASC 606 and identified one performance obligation to provide manufacturing runs to Incyte, as and when requested by Incyte, over the term of the contract that is part of a series of goods and services. The Company 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 are incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximates the level of effort for the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture product 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 are capitalized and expensed as the materials are used to provide the manufacturing services. As of December 31, 2025, no revenue was recorded under this agreement. Emergent Biosolutions In 2024 and 2025, the Company entered into agreements with Emergent BioSolutions (Emergent) to provide manufacturing services to produce certain Emergent bulk drug substance (Emergent Agreement). Under the terms of the agreement, the Company receives payments in accordance with the manufacturing schedule and are reimbursed for materials used to manufacture product, as well as other costs incurred to provide development and manufacturing services. The Company evaluated the Emergent Agreement under the provisions of ASC 606 and identified one performance obligation to manufacture bulk drug substances over the term of the contract that is part of a series of goods and services. The Company determined that the transaction price consisted of $13.5 million of fixed consideration. The Company is recognizing revenue over time on a straight-line basis as the manufacturing is provided to Emergent, 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 Emergent will be allocated to the related manufacturing activities and will be recognized as revenue as those activities occur. During the years ended December 31, 2025 and 2024, the Company recognized revenue of $10.7 million and $2.0 million, respectively, under the Emergent Agreement. During the year ended December 31, 2023, de minimis revenue was recognized under the agreement. As of December 31, 2025, $5.6 million in revenue was deferred under this agreement, all of which was current. As of December 31, 2024, $0.3 million in revenue was deferred under this agreement, all of which was current.

Summary of Significant Accounting Policies - Summary of Fair Value Measurement Financial Asset and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets [Abstract]
Cash and cash equivalents	$ 19,000	$ 83,600
Securities	132,696	18,827
Investments	132,696	18,827
Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	151,655	102,428
Money market funds
Assets [Abstract]
Cash and cash equivalents	11,466	67,886
U.S Treasury securities
Assets [Abstract]
Securities	4,939	5,000
Government-sponsored enterprises
Assets [Abstract]
Securities	53,950	3,994
Corporate debt securities
Assets [Abstract]
Securities	81,300	25,548
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	11,466	67,886
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	11,466	67,886
Quoted Prices in Active Markets for Identical Assets, Level 1 \| U.S Treasury securities
Assets [Abstract]
Securities	0	0
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Government-sponsored enterprises
Assets [Abstract]
Securities	0	0
Quoted Prices in Active Markets for Identical Assets, Level 1 \| Corporate debt securities
Assets [Abstract]
Securities	0	0
Significant Other Observable Inputs, Level 2 \| Fair Value, Recurring
Assets [Abstract]
Total assets measured at fair value	140,189	34,542
Significant Other Observable Inputs, Level 2 \| Money market funds
Assets [Abstract]
Cash and cash equivalents	0	0
Significant Other Observable Inputs, Level 2 \| U.S Treasury securities
Assets [Abstract]
Securities	4,939	5,000
Significant Other Observable Inputs, Level 2 \| Government-sponsored enterprises
Assets [Abstract]
Securities	53,950	3,994
Significant Other Observable Inputs, Level 2 \| Corporate debt securities
Assets [Abstract]
Securities	$ 81,300	$ 25,548

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company has non-cancelable operating leases for manufacturing, laboratory, office and warehouse space in Maryland. The Company’s leases each have one or more five-year options to renew.

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


	December 31,
	2025	2024
Weighted-average remaining lease term (in years)	9.2	10.0
Weighted-average discount rate	12.3%	12.0%

During the years ended December 31, 2025 and 2024, the Company made cash payments for operating leases of $5.2 million and $3.8 million, respectively. As of December 31, 2025 and 2024, the Company’s ROU assets were valued at $22.9 million and $24.5 million, respectively.

The components of lease cost for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	December 31,
	2025		2024
Operating lease cost	$	6,099	$	6,610
Variable lease cost	1,163		1,114
Sublease income	(901)		(1,145)
Net lease cost	$	6,361	$	6,579

As of December 31, 2025, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


2026	$	5,507
2027	6,258
2028	7,413
2029	6,346
2030	6,417
Thereafter	33,356
Total lease payments	65,297
Less: imputed interest	(28,535)
Total lease liabilities	$	36,762

In-licensing arrangement

In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V., a Lonza company (Synaffix) to develop, manufacture and commercialize up to three antibody-drug conjugate targets using Synaffix’s proprietary technology. The Company made an upfront payment to Synaffix upon contract execution. In March 2023, the Company and Synaffix amended the agreement, adding four additional targets. Assuming all seven targets are successfully developed and commercialized, the Company would be obligated to pay up to $2.8 billion for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, as amended, upon commencement of commercial sales of any products developed from these targets, the Company would be required to pay Synaffix tiered royalties in the low‑single digit percentages on net sales of the respective products. The Company may terminate this agreement at any time with 30 days’ notice to Synaffix. Amounts paid to Synaffix under this agreement are recorded as research and development expense in the consolidated statement of operations. The Company incurred $3.2 million, $4.7 million and $2.8 million in expense under this agreement during the years ended December 31, 2025, 2024 and 2023, respectively.

Contractual Commitments

The Company has certain contractual commitments under manufacturing-related supplier arrangements as of December 31, 2025 totaling $4.1 million that expire through May 2026.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2022		61,701,467
Balance at Dec. 31, 2022	$ 142,013	$ 617	$ 1,235,095	$ (1,093,694)	$ (5)
Share-based compensation	18,373		18,373
Issuance of common stock, net of offering costs (in shares)		167,270
Issuance of common stock, net of offering costs	1,039	$ 2	1,037
Stock plan related activity (in shares)		201,890
Stock plan related activity	247	$ 2	245
Unrealized Gain (Loss) on Investments	(1)				(1)
Net loss	(9,058)			(9,058)
Balance (in shares) at Dec. 31, 2023		62,070,627
Balance at Dec. 31, 2023	152,613	$ 621	1,254,750	(1,102,752)	(6)
Share-based compensation	29,439		29,439
Stock plan related activity (in shares)		749,230
Stock plan related activity	961	$ 7	954
Unrealized Gain (Loss) on Investments	10				10
Net loss	(66,966)			(66,966)
Balance (in shares) at Dec. 31, 2024		62,819,857
Balance at Dec. 31, 2024	116,057	$ 628	1,285,143	(1,169,718)	4
Share-based compensation	14,286		14,286
Stock plan related activity (in shares)		498,756
Stock plan related activity	(160)	$ 5	(165)
Unrealized Gain (Loss) on Investments	28				28
Net loss	(74,620)			(74,620)
Balance (in shares) at Dec. 31, 2025		63,318,613
Balance at Dec. 31, 2025	$ 55,591	$ 633	$ 1,299,264	$ (1,244,338)	$ 32

- 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

- Definition

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

+ References + Details

- Definition

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

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares outstanding (in shares)	63,318,613	62,819,857

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| Segment	1
Accounts receivable, allowance for credit loss	$ 0	$ 0
Inventory, net	7,910,000	0
Impairment of long-lived assets	$ 0	$ 0

Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2025
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Software
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Laboratory and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Stock-based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2017	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 18, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of offering costs		$ 0	$ 0	$ 616
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)		14,106,148	12,939,517
Weighted average exercise price (in dollars per share)		$ 11.72	$ 14.80
Expected dividend yield		0.00%	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		6 years 1 month 9 days	6 years 21 days	5 years 10 months 17 days
Share-Based Payment Arrangement, Accelerated Cost			$ 6,100
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		111.00%	95.00%	76.00%
Risk-free interest rate		3.70%	3.50%	3.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		116.00%	116.00%	96.00%
Risk-free interest rate		4.50%	4.70%	4.80%
Dr Scott Koenig
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		0.00%
Dr Scott Koenig \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		108.00%
Risk-free interest rate		4.20%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		1 year
Dr Scott Koenig \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		174.00%
Risk-free interest rate		4.30%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		5 years 6 months
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Options granted, maximum term		10 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding nonvested (in shares)		745,796	1,068,994
2016 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)					800,000
Maximum employee contribution percent	10.00%
Offering period	6 months
Percent of fair market value to purchase shares	85.00%
Common stock purchased by employees (in shares)		105,652
Proceeds from issuance of common stock, net of offering costs		$ 100
Stock Incentive Plan 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)		9,202,161
Weighted average exercise price (in dollars per share)		$ 14.27
Outstanding nonvested (in shares)		144,263
StockIncentivePlan2023Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)		8,100,000
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)		4,897,067
Weighted average exercise price (in dollars per share)		$ 6.94
Outstanding nonvested (in shares)		601,328

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 57,217	$ 182,840
Marketable securities	132,696	18,827
Accounts receivable	13,373	4,309
Inventory, net	7,910	0
Prepaid expenses and other current assets	8,745	11,514
Total current assets	219,941	217,490
Property, equipment and software, net	12,625	18,100
Operating lease right-of-use assets	22,895	24,509
Other non current assets	1,385	1,556
Total assets	256,846	261,655
Current liabilities:
Accounts payable	4,787	5,013
Accrued expenses and other current liabilities	22,230	29,334
Deferred revenue	10,921	16,319
Lease liabilities	5,177	4,864
Total current liabilities	43,115	55,530
Liability related to future royalties	70,000	0
Deferred revenue, net of current portion	55,503	55,503
Lease liabilities, net of current portion	31,585	32,597
Other non current liabilities	1,052	1,968
Total liabilities	201,255	145,598
Stockholders' equity:
Common stock, 0.01 par value -- 125,000,000 shares authorized, 63,318,613 and 62,819,857 shares outstanding at December 31, 2025 and December 31, 2024, respectively	633	628
Additional paid-in capital	1,299,264	1,285,143
Accumulated other comprehensive gain	32	4
Accumulated deficit	(1,244,338)	(1,169,718)
Total stockholders' equity	55,591	116,057
Total liabilities and stockholders' equity	$ 256,846	$ 261,655

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 05, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36112
Entity Registrant Name	MACROGENICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1591613
Entity Address, Address Line One	9704 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	251-5172
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MGNX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 73.9
Entity Common Stock, Shares Outstanding		63,555,837
Documents Incorporated by Reference	Portions of MacroGenics, Inc.'s definitive proxy statement for the 2026 annual meeting of stockholders are incorporated by reference into Part III of this Annual Report.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001125345
Document Financial Statement Error Correction [Flag]	false

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ (435)	$ 707	$ 0
State	(237)	237	0
Provision for federal or state income taxes	$ (672)	$ 944	$ 0

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan In 2002, the Company established the MacroGenics 401(k) Plan (the Plan) for its employees under Section 401(k) of the IRC. Under this Plan, all employees at least 21 years of age are eligible to participate in the Plan, starting on the first day of employment. Employees may contribute up to 100% of their salary, subject to government maximums. Employees are 100% vested in their contributions to the Plan. The Company's contribution to the Plan, as determined by the Board of Directors, is discretionary. For the years ended December 31, 2025, 2024 and 2023, the Company's contributions to the Plan totaled $2.2 million, $2.2 million and $2.1 million, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Income tax (benefit) expense	$ (672,000)	$ 944,000	$ 0
Gross unrecognized tax benefits	8,300,000	9,300,000
Unrecognized interest or penalties	0	$ 0	$ 0
MARYLAND
Income Tax Examination [Line Items]
Income tax paid, state and local, after refund received	300,000
U.S. Federal and State
Income Tax Examination [Line Items]
Net operating loss carryforwards	650,000,000.0
U.S. Federal and State \| Tax Year 2025 To 2037
Income Tax Examination [Line Items]
Net operating loss carryforwards	2,200,000
U.S. Federal and State \| Indefinite
Income Tax Examination [Line Items]
Net operating loss carryforwards	647,800,000
UNITED STATES \| Tax Year 2027 To 2044
Income Tax Examination [Line Items]
US Federal tax credits carry forward	$ 108,500,000

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on developing 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 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 significant portion of the operating costs of this facility. The Company is currently advancing three proprietary product candidates in clinical development: lorigerlimab, a bispecific DART molecule that targets checkpoint inhibitors PD-1 and CTLA-4; MGC026, an ADC that targets B7-H3 and delivers a novel topoisomerase I inhibitor (TOP1i)-based linker-payload, and MGC028, an ADC that targets ADAM9 and delivers a novel TOP1i-based linker-payload. The Company is also actively developing multiple preclinical-stage ADC and next generation T-cell engager programs. The Company and its partners are developing or commercializing product candidates for which the Company retains certain economic rights. These include three products approved by the FDA: ZYNYZ® (retifanlimab-dlwr), an anti-PD-1 monoclonal antibody (mAb) that the Company out-licensed; MARGENZA® (margetuximab-cmkb), an anti-HER2 mAb that the Company sold to a partner; 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 Annual Report on Form 10-K 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.

Marketable Securities

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Available-for-sale marketable securities as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	4,935	$	3	$	—	$	4,938
Government-sponsored enterprises	53,932		19		—		53,951
Corporate debt securities	73,796		15		(4)		73,807
Total	$	132,663	$	37	$	(4)	$	132,696


	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 at December 31, 2025 and 2024 had contractual maturities of less than one year. All of the Company’s available-for-sale marketable debt securities in an unrealized loss position as of December 31, 2025 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of December 31, 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 for the years ended December 31, 2025 and 2024. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. The Company recorded interest income of $3.4 million, $5.6 million and $4.0 million during the years ended December 31, 2025, 2024 and 2023, respectively, which is included in interest and other income on the consolidated statements of operations and comprehensive loss.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2025
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's amended and restated certificate of incorporation authorizes 125,000,000 shares of common stock, and 5,000,000 shares of undesignated preferred stock, both with a par value of $0.01 per share. There were no shares of undesignated preferred stock issued or outstanding as of December 31, 2025 or 2024. In March 2023, the Company entered into a sales agreement with an agent to sell, from time to time, shares of its common stock having an aggregate sales price of up to $100.0 million through an “at the market offering” (ATM Offering) as defined in Rule 415 under the Securities Act of 1933, as amended. No shares were sold under the ATM offering during the years ended December 31, 2025 and 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 14,286	$ 29,439	$ 18,373
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8,647	11,759	9,190
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,639	$ 17,680	$ 9,183

- Definition

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

+ References

+ Details

Marketable Securities - Available-For-Sale Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0	$ 0
Interest Income, Other	$ 3,400,000	$ 5,600,000	$ 4,000,000.0

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Fair Value Measurement Financial Assets

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


	Fair Value Measurement at December 31, 2025
	Total		Level 1		Level 2
Assets:
Money market funds	$	11,466	$	11,466	$	—
U.S Treasury securities	4,939		—		4,939
Government-sponsored enterprises	53,950		—		53,950
Corporate debt securities	81,300		—		81,300

Total assets measured at fair value (a)	$	151,655	$	11,466	$	140,189


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

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

Summary of Percentage of Customer Concentration

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


	Year Ended December 31,
	2025	2024	2023
Sanofi S.A. (Sanofi)	33%	*	10%
Incyte Corporation (Incyte)	32%	76%	53%
Gilead Sciences, Inc (Gilead)	24%	*	*
ASD Healthcare and Oncology Supply (ASD)	*	*	10%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)	*	*	12%

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

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


	December 31,
	2025	2024
Incyte	69%	39%
Emergent Biosolutions	16%	*
TerSera	12%	*
ASD	*	18%
McKesson	*	13%
Cardinal Health, Inc.	*	12%

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

Estimated Useful Lives

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


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

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

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


	Year Ended December 31,
	2025	2024	2023
Stock options and RSUs	14,851,944	14,008,511	13,129,251

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Available-for-sale

Available-for-sale marketable securities as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	4,935	$	3	$	—	$	4,938
Government-sponsored enterprises	53,932		19		—		53,951
Corporate debt securities	73,796		15		(4)		73,807
Total	$	132,663	$	37	$	(4)	$	132,696


	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
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-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
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-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

Summary of Significant Accounting Policies - Summary of Collaborators that Represent More Than 10% of Total Revenue Earned and Accounts Receivable (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales revenue, net \| Sanofi S.A. (Sanofi)
Concentration Risk [Line Items]
Concentration risk percentage	33.00%		10.00%
Sales revenue, net \| Incyte Corporation (Incyte)
Concentration Risk [Line Items]
Concentration risk percentage	32.00%	76.00%	53.00%
Sales revenue, net \| Gilead Sciences, Inc (Gilead)
Concentration Risk [Line Items]
Concentration risk percentage	24.00%
Sales revenue, net \| ASD Healthcare and Oncology Supply (ASD)
Concentration Risk [Line Items]
Concentration risk percentage			10.00%
Sales revenue, net \| McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)
Concentration Risk [Line Items]
Concentration risk percentage			12.00%
Accounts receivable \| Incyte Corporation (Incyte)
Concentration Risk [Line Items]
Concentration risk percentage	69.00%	39.00%
Accounts receivable \| ASD Healthcare and Oncology Supply (ASD)
Concentration Risk [Line Items]
Concentration risk percentage		18.00%
Accounts receivable \| McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)
Concentration Risk [Line Items]
Concentration risk percentage		13.00%
Accounts receivable \| Emergent Biosolutions
Concentration Risk [Line Items]
Concentration risk percentage	16.00%
Accounts receivable \| TerSera
Concentration Risk [Line Items]
Concentration risk percentage	12.00%
Accounts receivable \| Cardinal Health, Inc.
Concentration Risk [Line Items]
Concentration risk percentage		12.00%

Royalty Monetization Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Liability Related to Future Royalty

Changes to the liability related to future royalties were as follows for the year ended December 31, 2025 (in thousands):


Liability relating to future royalties - beginning balance	$	—
Proceeds from sale of future royalties	70,000
Deferred transaction costs	(327)
Non-cash royalty revenue payable to Sagard	(7,932)
Non-cash interest expense recognized	8,259
Liability relating to future royalties - ending balance	$	70,000