0001125345-26-000056 | 10-Q | XBRL Viewer

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

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 six months ended June 30, 2026 and 2025, 33,092 and 56,880 shares of common stock were purchased under the 2016 ESPP, respectively.

Employee Stock Incentive Plans

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

The 2023 Plan was effective as of stockholder approval in May 2023. The 2023 Plan provides for grants of stock options and other stock-based awards, as well as cash-based performance awards. The 2023 Plan originally authorized the issuance of up to an aggregate of 4,850,000 shares of common stock. The Board of Directors and stockholders of the Company subsequently approved amendments to the 2023 Plan to increase the number of shares of common stock available to a total of

9,350,000 shares. If an option expires or terminates for any reason without having been fully exercised, if any shares of restricted stock are forfeited, or if any award terminates, expires or is settled without all or a portion of the shares of common stock covered by the award being issued, such shares are available for the grant of additional awards. However, any shares that are withheld (or delivered) to pay withholding taxes or to pay the exercise price of an option are not available for the grant of additional awards.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	753	$	2,237	$	2,170	$	5,320
General and administrative	1,221		1,453		2,450		2,756
Total stock-based compensation expense	$	1,974	$	3,690	$	4,620	$	8,076

Employee stock options

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


	Six Months Ended June 30,
	2026	2025
Expected dividend yield	0%	0%
Expected volatility	112.6% - 114.0%	110.7% - 115.6%
Risk-free interest rate	3.7% - 4.4%	3.9% - 4.5%
Expected term	6.22 years	6.11 years

The following table summarizes stock option activity during the six months ended June 30, 2026:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2025	14,106,148	$	11.72		$	125
Granted	2,975,160	1.91		—	$	—
Exercised	(23,032)	2.92		—	$	24
Forfeited	(1,251,731)	4.28		—	$	—
Expired	(1,046,363)	15.69		—	$	—
Outstanding, June 30, 2026	14,760,182	$	10.10	6.4	$	13,003
As of June 30, 2026:
Exercisable	10,006,891	$	13.26	5.1	$	2,327
Vested and expected to vest	14,359,528	$	10.28	6.3	$	12,146

As of June 30, 2026, the total unrecognized compensation expense related to unvested stock options, net of related forfeiture estimates, was approximately $9.6 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):


	Six Months Ended June 30,
		2026		2025
Weighted-average fair value per share of stock options granted		$	1.60	$	2.03
Total intrinsic value of stock options exercised		$	24	$	—
Total cash received for stock options exercised		$	67	$	—
Total grant date fair value of stock options vested		$	4,285	$	9,494

Restricted Stock Units

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

The following table summarizes RSU activity during the six months ended June 30, 2026:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2025	745,796	$	8.84
Granted	696,260	2.00
Vested	(393,754)	8.62
Forfeited	(212,292)	5.41
Outstanding, June 30, 2026	836,010	$	4.12

At June 30, 2026, there was $2.1 million of total unrecognized compensation cost related to unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of approximately 1.2 years.

Discontinued Operations - Cash Flows of Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]
Depreciation and amortization	$ 1,798	$ 2,788
Non-cash lease expense	264	403
Gain on sale of CDMO operations before transaction costs	$ (94,842)	$ 0

Royalty Monetization Arrangement - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		11 Months Ended
	May 01, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	May 01, 2026 USD ($)
Liability related to future royalty [Line Items]
Non-cash loss on extinguishment of royalty monetization liability			$ 52,762	$ 0	$ 52,762	$ 0
Royalty Monetization Arrangement
Liability related to future royalty [Line Items]
Effective interest rate			7.40%		7.40%
Sagard Healthcare Partners \| Royalty Monetization Arrangement
Liability related to future royalty [Line Items]
Proceeds from sale of future royalties	$ 60,000	$ 70,000			$ 0	70,000	$ 130,000
Royalty payment threshold		$ 140,000		$ 140,000		140,000
Aggregate purchase price multiple, minimum	1.7						1.7
Aggregate purchase price multiple, maximum	2						2
Contingent payment receivable	$ 20,000						$ 20,000
Derecognition of original liability upon extinguishment	68,200				68,238	0
New liability recognized at fair value upon extinguishment	$ 181,000				181,000	0
Non-cash loss on extinguishment of royalty monetization liability			$ 52,800		52,800
Non-cash interest expense recognized			$ 4,000		$ 8,880	$ 587

Net Loss Per Share - Narrative (Details) - shares	3 Months Ended	6 Months Ended
Net Loss Per Share - Narrative (Details) - shares	Jun. 30, 2026	Jun. 30, 2026
Stock Options And Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,596,192	15,508,633

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table is a reconciliation of loss from continuing operations to net income (loss).


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net loss from continuing operations	$	(69,642)	$	(42,717)	$	(110,940)	$	(84,504)
Net income from discontinued operations, net of taxes	89,157		6,466		93,681		7,217
Net income (loss)	$	19,515	$	(36,251)	$	(17,259)	$	(77,287)

The following table is a reconciliation of basic shares and diluted shares:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Basic shares	63,594,453	63,136,057	63,522,516	63,051,207
Effect of dilutive securities	—	—	—	—
Diluted shares	63,594,453	63,136,057	63,522,516	63,051,207

Segment Reporting (Details) $ in Thousands	3 Months Ended				6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment					1
Number of operating segments \| segment					1
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	$ 32,832		$ 6,869		$ 39,553	$ 13,911
Research and development	38,780		40,791		73,754	80,489
General and administrative	7,904		9,302		17,614	20,020
Net income (loss)	19,515	$ (36,774)	(36,251)	$ (41,036)	(17,259)	(77,287)
Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Total revenues	32,832		6,869		39,553	13,911
Research and development	38,780		40,791		73,754	80,489
General and administrative	7,904		9,302		17,614	20,020
Other segment income (loss), net	(55,790)		507		(59,125)	2,094
Net income (loss)	(69,642)		(42,717)		(110,940)	(84,504)
Lorigerlimab \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	6,120		10,547		13,579	19,425
MGC026 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	7,198		2,961		14,003	8,914
MGC028 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	10,179		4,742		16,573	8,676
Next-generation T-cell engagers \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	5,987		3,516		10,635	5,789
MGC030 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	5,001		5,666		8,930	8,172
MGD024 \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	2,082		2,715		4,858	4,907
Vobramitanmab duocarmazine \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	198		4,387		585	12,653
ADC \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	26		2,058		89	3,857
Other programs \| Main Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Research and development	$ 1,989		$ 4,199		$ 4,502	$ 8,096

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (17,259)	$ (77,287)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,395	3,678
Amortization of premiums and discounts on marketable securities	(1,182)	(493)
Share-based compensation expense	4,620	8,076
Non-cash loss on extinguishment of royalty monetization liability	52,762	0
Non-cash royalty revenue	(13,495)	0
Non-cash interest expense	8,880	587
Non-cash lease expense	716	799
Gain on sale of CDMO operations before transaction costs	(94,842)	0
Loss on disposal of assets	353	0
Changes in operating assets and liabilities:
Accounts receivable	(23,002)	(8,223)
Inventory	(1,242)	(9,275)
Prepaid expenses and other current assets	1,183	4,862
Other non current assets	0	159
Accounts payable	18	(388)
Accrued expenses and other current liabilities	7,379	(7,651)
Lease liabilities	(513)	(214)
Deferred revenue	(2,730)	(8,205)
Other non current liabilities	(600)	(300)
Net cash used in operating activities	(76,559)	(93,875)
Cash flows from investing activities
Purchases of marketable securities	(35,109)	(53,428)
Proceeds from maturities of marketable securities	109,542	26,936
Purchases of property, equipment and software	(1,150)	(1,244)
Net cash provided by (used in) investing activities	73,283	(27,736)
Cash flows from financing activities
Proceeds from stock option exercises and ESPP purchases	184	66
Taxes paid related to net share settlement of equity awards	(218)	(282)
Net proceeds from sale of future royalties	60,000	69,673
Net cash provided by financing activities	59,966	69,457
Net change in cash and cash equivalents	56,690	(52,154)
Cash and cash equivalents at beginning of period	57,217	182,840
Cash and cash equivalents at end of period	113,907	130,686
Supplemental cash flow disclosures
Cash paid for income taxes	0	105
Non-cash operating and investing activities
Property and equipment included in accounts payable or accruals	$ 72	$ 33

Royalty Monetization Arrangement

6 Months Ended

Jun. 30, 2026

Royalty Monetization Arrangement

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

In exchange, the Company received a cash payment of $70.0 million, and Sagard acquired the royalties payable to the Company for global net sales of ZYNYZ until Sagard’s receipt of aggregate royalty payments totaling $140.0 million (Threshold Amount), after which the Company would resume collecting all future royalties under the Incyte License Agreement. The Company accounted for the Royalty Purchase Agreement as a liability related to future royalties (a financing arrangement) because the Company has significant continuing involvement in the generation of the cash flows due to Sagard and other existing obligations under the Incyte License Agreement.

Effective May 1, 2026, the Company and Sagard entered into a First Amendment to the Royalty Purchase Agreement (the Amendment). Under the Amendment, Sagard paid the Company $60.0 million, increasing the aggregate purchase price under the arrangement to $130.0 million. The Amendment also increased and re-defined the Threshold Amount, from a fixed $140.0 million to an amount equal to 1.70 times the aggregate purchase price for periods on or prior to September 30, 2032, or 2.0 times the aggregate purchase price thereafter (Amended Threshold Amount). In addition, the Amendment provides for a one-time milestone payment of up to $20.0 million payable by Sagard to the Company contingent upon ZYNYZ achieving specified calendar year 2026 net sales thresholds under the Incyte License Agreement. Any milestone payment, if paid, is deemed part of the aggregate purchase price and correspondingly increases the Amended Threshold Amount. All other terms of the Royalty Purchase Agreement remained in effect. The Company concluded that the milestone feature is not required to be bifurcated from the host liability and accounted for separately as an embedded derivative because an instrument with the same terms as the milestone feature would not, on a standalone basis, meet the definition of a derivative instrument under ASC 815.

The Company evaluated the Amendment under ASC 470-50, Debt (Modifications and Extinguishments), and determined that the present value of the future cash flows under the amended terms was substantially different from the present value of the remaining cash flows under the original terms. Accordingly, the Amendment was accounted for as an extinguishment of the original liability. The Company derecognized the original liability, which had a net carrying amount of $68.2 million at the amendment date, and recognized a new liability at its estimated fair value of $181.0 million. After giving effect to the $60.0 million of additional proceeds received, the Company recognized a loss on extinguishment of $52.8 million, which is reflected in Loss on extinguishment of royalty monetization liability in the consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026.

The fair value of the new liability was determined based on the Company’s estimates of the future royalties expected to be paid to Sagard over the life of the arrangement, using forecasted net sales of ZYNYZ derived from market data sources and a risk-adjusted discount rate, which are considered Level 3 inputs within the fair value hierarchy. The new liability is amortized over the estimated life of the arrangement using the effective interest rate method. As of June 30, 2026, the estimated effective interest rate under the amended arrangement was approximately 7.40%, reflecting the recognition of the new liability at fair value. Royalty payments made by Incyte to Sagard are recorded as a reduction of the liability when earned, and the difference between the aggregate future estimated payments and the initial fair value of the new liability is recognized as non-cash interest expense over the estimated life of the arrangement. The Company estimates the payments to be made to Sagard based on forecasted royalties and, on a quarterly basis, reassesses the effective interest rate and adjusts it prospectively as necessary. The Company recognized non-cash interest expense of $4.0 million and $8.9 million during the three and six months ended June 30, 2026, respectively, which is reflected in interest and other expense in the consolidated statements of operations and comprehensive income (loss).

Changes to the liability related to future royalties were as follows for the six months ended June 30, 2026 and 2025 (in thousands):


	Six Months Ended June 30,
	2026		2025
Liability related to future royalties - beginning balance	$	70,000	$	—
Proceeds from sale of future royalties	—		70,000
Derecognition of original liability upon extinguishment	(68,238)		—
New liability recognized at fair value upon extinguishment	181,000		—
Deferred transaction costs	—		(327)
Non-cash royalty revenue	(13,495)		—
Non-cash interest expense recognized	8,880		587
Liability related to future royalties - ending balance	178,147		70,260
Liability related to future royalties - current portion	14,992		—
Liability related to future royalties, net of current portion	$	163,155	$	70,260

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Marketable Securities

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


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	12,860	$	—	$	(3)	$	12,857
Government-sponsored enterprises	27,896		—		(6)		27,890
Corporate debt securities	18,657		—		(6)		18,651
Total	$	59,413	$	—	$	(15)	$	59,398


	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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Revenue - Sanofi S.A. (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue - Sanofi S.A. (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Sep. 30, 2023	Mar. 31, 2023
Collaboration And Other Agreements [Line Items]
Total revenues	$ 32,832,000	$ 6,869,000	$ 39,553,000	$ 13,911,000
Accounts receivable	24,597,000		24,597,000		$ 427,000
Sanofi S.A. \| Provention PRV031 \| Asset Purchase Agreement
Collaboration And Other Agreements [Line Items]
Total revenues		$ 24,500,000
Accounts receivable	24,500,000		24,500,000
Sanofi S.A. \| Royalty
Collaboration And Other Agreements [Line Items]
Deferred revenue							$ 100,000,000
Revenue, remaining performance obligation, variable consideration, royalty percentage							50.00%
Sanofi S.A. \| Royalty \| Regulatory And Commerical Milestones
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, variable consideration amount	$ 255,000,000		$ 255,000,000
Sanofi S.A. \| Royalty \| Net Sales Milestone
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, variable consideration amount						$ 50,000,000	$ 50,000,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024		62,819,857
Beginning balance at Dec. 31, 2024	$ 116,057	$ 628	$ 1,285,143	$ (1,169,718)	$ 4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	4,386		4,386
Stock plan activity (in shares)		270,466
Stock plan related activity		$ 3
Stock plan related activity	(283)		(286)
Unrealized gain (loss) on investments	(5)				(5)
Net loss	(41,036)			(41,036)
Ending balance (in shares) at Mar. 31, 2025		63,090,323
Ending balance at Mar. 31, 2025	79,119	$ 631	1,289,243	(1,210,754)	(1)
Beginning balance (in shares) at Dec. 31, 2024		62,819,857
Beginning balance at Dec. 31, 2024	116,057	$ 628	1,285,143	(1,169,718)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(77,287)
Ending balance (in shares) at Jun. 30, 2025		63,205,703
Ending balance at Jun. 30, 2025	46,618	$ 632	1,292,998	(1,247,005)	(7)
Beginning balance (in shares) at Mar. 31, 2025		63,090,323
Beginning balance at Mar. 31, 2025	79,119	$ 631	1,289,243	(1,210,754)	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,679		3,679
Stock plan activity (in shares)		115,380
Stock plan related activity		$ 1
Stock plan related activity	77		76
Unrealized gain (loss) on investments	(6)				(6)
Net loss	(36,251)			(36,251)
Ending balance (in shares) at Jun. 30, 2025		63,205,703
Ending balance at Jun. 30, 2025	46,618	$ 632	1,292,998	(1,247,005)	(7)
Beginning balance (in shares) at Dec. 31, 2025		63,318,613
Beginning balance at Dec. 31, 2025	55,591	$ 633	1,299,264	(1,244,338)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,646		2,646
Stock plan activity (in shares)		241,455
Stock plan related activity		$ 3
Stock plan related activity	(206)		(209)
Unrealized gain (loss) on investments	(59)				(59)
Net loss	(36,774)			(36,774)
Ending balance (in shares) at Mar. 31, 2026		63,560,068
Ending balance at Mar. 31, 2026	21,198	$ 636	1,301,701	(1,281,112)	(27)
Beginning balance (in shares) at Dec. 31, 2025		63,318,613
Beginning balance at Dec. 31, 2025	55,591	$ 633	1,299,264	(1,244,338)	32
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(17,259)
Ending balance (in shares) at Jun. 30, 2026		63,645,711
Ending balance at Jun. 30, 2026	42,873	$ 637	1,303,848	(1,261,597)	(15)
Beginning balance (in shares) at Mar. 31, 2026		63,560,068
Beginning balance at Mar. 31, 2026	21,198	$ 636	1,301,701	(1,281,112)	(27)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,974		1,974
Stock plan activity (in shares)		85,643
Stock plan related activity		$ 1
Stock plan related activity	174		173
Unrealized gain (loss) on investments	12				12
Net loss	19,515			19,515
Ending balance (in shares) at Jun. 30, 2026		63,645,711
Ending balance at Jun. 30, 2026	$ 42,873	$ 637	$ 1,303,848	$ (1,261,597)	$ (15)

- Definition

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

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- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James Karrels [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	James Karrels, Senior Vice President and Chief Financial Officer, adopted a new trading plan on June 4, 2026 (with the first trade possible under the new plan no sooner than September 2, 2026). The trading plan will be effective until September 15, 2027 and covers the potential sale of up to 613,207 shares of common stock.
Name	James Karrels
Title	Senior Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 4, 2026
Expiration Date	September 15, 2027
Arrangement Duration	378 days
Aggregate Available	613,207
Jeffrey Peters [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Jeffrey Peters, Senior Vice President, General Counsel and Corporate Secretary, adopted a new trading plan on May 20, 2026 (with the first trade possible under the new plan no sooner than August 19, 2026). The trading plan will be effective until August 31, 2027 and covers the potential sale of up to 587,875 shares of common stock.
Name	Jeffrey Peters
Title	Senior Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 20, 2026
Expiration Date	August 31, 2027
Arrangement Duration	377 days
Aggregate Available	587,875
Beth Smith [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Beth Smith, Vice President, Controller and Treasurer, adopted a new trading plan on June 5, 2026 (with the first trade possible under the new plan no sooner than September 4, 2026). The trading plan will be effective until December 31, 2027 and covers the potential sale of up to 44,000 shares of common stock.
Name	Beth Smith
Title	Vice President, Controller and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 5, 2026
Expiration Date	December 31, 2027
Arrangement Duration	483 days
Aggregate Available	44,000

Discontinued Operations - Gain on Sale (Details) - Discontinued Operations, Disposed of by Sale - CDMO Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration, net of estimated closing adjustments	$ 119,572
Costs to sell	(8,765)	$ (8,800)		$ (8,800)
Carrying amount of assets sold:
Trade receivables	(11,778)	(11,778)		(11,778)		$ (12,946)
Prepaid expenses and other current assets	(3,350)	(3,350)		(3,350)		(1,521)
Inventory	(9,151)	(9,151)		(9,151)
Property and equipment, net	(9,075)	(9,075)		(9,075)
Operating lease right-of-use asset	(1,053)	(1,053)		(1,053)		(1,115)
Other assets	(1,179)	(1,179)		(1,179)
Total assets sold	(35,586)	(35,586)		(35,586)		(35,192)
Carrying amount of net liabilities assumed:
Operating lease liability	1,158	1,158		1,158
Accrued expenses and other current liabilities	1,507	1,507		1,507		169
Deferred revenue	8,191	8,191		8,191		9,645
Total liabilities	10,856	10,856		10,856		$ 12,599
Total carrying amount of net assets sold	(24,730)	(24,730)		(24,730)
Net gain on sale of the CDMO Operations	$ 86,077	$ 86,077	$ 0	$ 86,077	$ 0

Discontinued Operations

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On May 11, 2026, the Company entered into the Bora Agreement to sell certain assets and liabilities comprising its CDMO Operations, including the leased warehouse in Frederick, Maryland to Bora for cash consideration of $122.5 million, subject to certain closing cash, working capital and indebtedness adjustments. The disposal represents a strategic shift that has a major effect on the Company’s operations and financial results, reflecting the Company’s exit from its contract manufacturing line of business and its decision to focus its resources on its pre-clinical and clinical-stage research and development pipeline. Accordingly, the results of the CDMO Operations are reported as discontinued operations for all periods presented in the accompanying consolidated financial statements.

Effective as of June 30, 2026, the Company and Bora completed the sale under the Bora Agreement, and the Company received cash consideration of $119.6 million, subject to customary post-closing adjustments for net working capital and indebtedness, in July 2026. The Company is entitled to receive up to an additional $5.0 million of contingent consideration upon the achievement of specified manufacturing and process development milestones during 2027 and 2028. The Company assessed the likelihood of achieving these milestones as remote and, accordingly, assigned a de minimis value to the contingent consideration at closing. Any additional consideration will be recognized within discontinued operations in the period the related milestones are achieved. Subsequent changes in the estimated fair value of the contingent consideration, if any, will be recognized in earnings in the period of change.

The CDMO Operations were classified as held for sale during the three months ended June 30, 2026 and were disposed of on June 30, 2026.

The carrying value of the assets and liabilities of the Company’s former CDMO discontinued operations, as of December 31, 2025 were as follows:


	December 31, 2025
Assets
Current assets:
Accounts receivable	$	12,946
Inventory, net	7,910
Prepaid expenses and other current assets	1,521
Total current assets	22,377
Property, equipment and software, net	10,522
Operating lease right-of-use assets	1,115
Other non current assets	1,178
Total assets	$	35,192
Liabilities
Current liabilities:
Accounts payable	$	1,529
Accrued expenses and other current liabilities	169
Deferred revenue	9,645
Lease liabilities	272
Total current liabilities	11,615
Lease liabilities, net of current portion	984
Total liabilities	$	12,599

Gain on sale

During the three and six months ended June 30, 2026, the Company recognized a pretax net gain on the sale of the CDMO Operations before and after transaction related costs of $94.8 million, and $86.1 million, respectively, which is included in net income from discontinued operations, net of tax in the consolidated statements of operations. The gain after transaction related costs on the sale of CDMO Operations (the net gain) reflects the deduction of incremental costs directly incurred in the sale of CDMO operations which amounted to $8.8 million. The net gain was computed as follows and remains subject to finalization of customary post-closing purchase price adjustments:


Cash consideration, net of estimated closing adjustments	$	119,572
Costs to sell	(8,765)
Carrying amount of assets sold:
Trade receivables	(11,778)
Prepaid expenses and other current assets	(3,350)
Inventory	(9,151)
Property and equipment, net	(9,075)
Operating lease right-of-use asset	(1,053)
Other assets	(1,179)
Total assets sold	(35,586)
Carrying amount of net liabilities assumed:
Operating lease liability	1,158
Accounts payable and other current liabilities	1,507
Deferred revenue	8,191
Total liabilities assumed	10,856
Total carrying amount of net assets sold	(24,730)
Net gain on sale of the CDMO Operations	$	86,077

Results of discontinued operations

The following table presents the major classes of line items constituting income from discontinued operations, net of tax, for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contract manufacturing revenue	$	13,142	$	15,372	$	27,196	$	21,523
Cost of manufacturing services	(10,062)		(8,906)		(19,592)		(14,306)
Income from operations of the CDMO Operations	3,080		6,466		7,604		7,217
Net gain on sale of the CDMO Operations	86,077		—		86,077		—


Net income from discontinued operations, net of taxes	$	89,157	$	6,466	$	93,681	$	7,217

Cash flows of discontinued operations

Cash flows attributable to the Company's discontinued operations are included in the Company's consolidated statements of cash flows. Significant non-cash activities attributable to discontinued operations consisted of the following (in thousands):


	Six Months Ended June 30,
	2026		2025
Depreciation and amortization	$	1,798	$	2,788
Non-cash lease expense	264		403
Gain on sale of CDMO operations before transaction costs	(94,842)		—

Continuing involvement

In connection with the sale, the Company and Bora entered into a number of agreements that constitute continuing involvement with the CDMO Operations following the disposal:

Manufacturing and Supply Agreement

Bora will manufacture and supply specified products to the Company using reserved capacity at the Rockville facility. The Company accounts for this arrangement as a supply contract. The Company evaluated whether that contains a lease under ASC 842. The Company concluded that the agreement does not contain an embedded lease, because the reserved manufacturing capacity is not an identified asset that the Company controls and the counterparty retains substantive rights to substitute and reallocate that capacity, and accordingly no right-of-use asset or lease liability has been recognized The initial term is for three years from June 30, 2026. Amounts recognized under this agreement will commence after June 30, 2026.

Transition Services Agreement

The Company and Bora will provide each other with specified transitional support services on a cost-reimbursement basis with no markup, for a period expected to be less than one year. Amounts recognized under this agreement will commence after June 30, 2026.

Manufacturing Facility Lease Assignment

In connection with the sale of the CDMO Operations, the Company assigned its lease for the Rockville, Maryland manufacturing facility to Bora; Under the landlord's consent to that assignment, the Company was not relieved of its obligations under the original lease. The lease assignment is accounted for as an in-substance sublease and thus the right-of-use asset and lease liability have not been derecognized nor have the right-of-use asset and lease liability been included in the disposal group.

Revenue - Emergent Biosolutions (Details) $ in Thousands	3 Months Ended		6 Months Ended
Revenue - Emergent Biosolutions (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) performanceObligation
Collaboration And Other Agreements [Line Items]
Total revenues	$ 32,832	$ 6,869	$ 39,553	$ 13,911
Deferred revenue, current	55,503		55,503		$ 1,276
Emergent Biosolutions \| Manufacturing Services
Collaboration And Other Agreements [Line Items]
Number of performance obligations \| performanceObligation					1
Revenue, remaining performance obligation, amount					$ 13,500
Total revenues	$ 1,900	$ 1,600	$ 7,500	$ 2,800

- Definition

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

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+ Details

Revenue- Incyte Corporation (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended		24 Months Ended	102 Months Ended
Revenue- Incyte Corporation (Details)	Jun. 30, 2024 USD ($)	Jan. 31, 2022 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2017 USD ($) performanceObligation	Dec. 31, 2018 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) performanceObligation	Mar. 31, 2025 USD ($)	Sep. 30, 2023 USD ($)	Jul. 31, 2022 USD ($) performanceObligation	Dec. 31, 2020 performanceObligation
Collaboration And Other Agreements [Line Items]
Total revenues			$ 32,832,000	$ 6,869,000	$ 39,553,000	$ 13,911,000
Deferred revenue, current			55,503,000		55,503,000					$ 55,503,000	$ 1,276,000
Deferred revenue, net of current portion			0		0					0	$ 55,503,000
Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment								$ 150,000,000
Potential commercial milestone payments under agreement								330,000,000
Potential development and regulatory milestone payments under agreement								210,000,000
Development and regulatory milestones recognized							$ 100,000,000			$ 215,000,000
Collaborative agreement transaction price								$ 154,000,000
Variable consideration recognized									$ 4,000,000
Number of performance obligations \| performanceObligation								2
Incyte Corporation \| Incyte Commercial Supply Agreement
Collaboration And Other Agreements [Line Items]
Number of performance obligations \| performanceObligation																1
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Total revenues	$ 3,300,000			5,600,000		11,000,000
Revenue, remaining performance obligation, amount														$ 15,700,000
Minimum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)								15.00%
Maximum \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Potential proceeds from royalties (percent)								24.00%
Revenues From License Agreements \| Incyte Corporation \| Incyte MGA012 Agreement
Collaboration And Other Agreements [Line Items]
Total revenues			7,300,000	1,300,000	13,500,000	1,800,000		$ 150,000,000
Revenues From License Agreements \| Incyte Corporation \| Incyte Commercial Supply Agreement
Collaboration And Other Agreements [Line Items]
Total revenues			10,300,000	0	14,400,000	400,000
RevenuesFromCMOAgreementsMember \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment		$ 10,000,000
Annual Fixed Payments		14,400,000
Number of performance obligations \| performanceObligation												1			1
RevenuesFromCMOAgreementsMember \| Incyte Corporation \| 2022 Agreement
Collaboration And Other Agreements [Line Items]
Total revenues				$ 13,300,000		$ 18,300,000
RevenuesFromCMOAgreementsMember \| Incyte Corporation \| 2025 Agreement
Collaboration And Other Agreements [Line Items]
Total revenues			$ 800,000		$ 4,700,000
RevenuesFromCMOAmendmentAgreement \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Annual Fixed Payments		$ 41,700,000
Additional Payments													$ 13,500,000		$ 5,100,000
Manufacturing Services \| Incyte Corporation
Collaboration And Other Agreements [Line Items]
Extension term															1 year
Revenue, remaining performance obligation, amount												$ 16,800,000
Manufacturing Services \| Incyte Corporation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction		3 years
Manufacturing Services \| Incyte Corporation \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Collaboration And Other Agreements [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction												3 years

Net Loss Per Share - Reconciliation of Loss from Continuing Operations to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (69,642)		$ (42,717)		$ (110,940)	$ (84,504)
Net income from discontinued operations, net of taxes	89,157		6,466		93,681	7,217
Net income (loss)	$ 19,515	$ (36,774)	$ (36,251)	$ (41,036)	$ (17,259)	$ (77,287)

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Section 50
-Paragraph 1
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-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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+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

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

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Stockholders' equity:
Common Stock Shares Issued Not Disclosed	true	true
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)	63,645,711	63,318,613

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. On May 11, 2026, the Company entered into an Asset Purchase Agreement with Bora Pharmaceuticals Co., Ltd. and Bora Biologics USA, LLC (collectively, Bora) to sell certain assets and liabilities comprising its contract development and manufacturing operations (CDMO Operations) (the Bora Agreement). Prior-period amounts have been reclassified to reflect the presentation of the CDMO Operations as discontinued operations. See Note 11, Discontinued Operations, for additional information regarding the sale of the assets and liabilities related to the Company's CDMO Operations. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on March 9, 2026.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (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.
Fair Value of Financial Instruments	The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses and the liability related to future royalties. 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 liability related to future royalties was recognized at fair value upon extinguishment of the Company's prior debt obligation and is subsequently measured at amortized cost using the effective interest method see Note 5. Royalty Monetization Arrangement for additional information. The Company accounts for recurring and non-recurring fair value measurements in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: •Level 1 - Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. •Level 2 - Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. •Level 3 - Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity - e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. There were no transfers between levels during the periods presented.

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Shares
Shares, Outstanding, Beginning Balance (in shares)	14,106,148
Shares, Granted (in shares)	2,975,160
Shares, Exercised (in shares)	(23,032)
Shares, Forfeited or expired (in shares)	(1,251,731)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(1,046,363)
Shares, Outstanding, Ending Balance (in shares)	14,760,182		14,106,148
Shares, Exercisable (in shares)	10,006,891
Shares, Vested and expected to vest (in shares)	14,359,528
Weighted- Average Exercise Price
Weighted- Average Exercise Price, Outstanding, Beginning Balance (in dollars per share)	$ 11.72
Weighted- Average Exercise Price, Granted (in dollars per share)	1.91
Weighted- Average Exercise Price, Exercised (in dollars per share)	2.92
Weighted- Average Exercise Price, Forfeited (in dollars per share)	4.28
Weighted- Average Exercise Price, Expired (in dollars per share)	15.69
Weighted- Average Exercise Price, Outstanding, Ending Balance (in dollars per share)	10.10		$ 11.72
Weighted- Average Exercise Price, Exercisable (in dollars per share)	13.26
Weighted- Average Exercise Price, Vested and expected to vest (in dollars per share)	$ 10.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted- Average Remaining Contractual Term, Outstanding (in years)	6 years 4 months 24 days
Weighted- Average Remaining Contractual Term, Exercisable (in years)	5 years 1 month 6 days
Weighted- Average Remaining Contractual Term, Vested and expected to vest (in years)	6 years 3 months 18 days
Aggregate Intrinsic Value, Exercised	$ 24	$ 0
Aggregate Intrinsic Value, Outstanding, Ending Balance	13,003		$ 125
Aggregate Intrinsic Value, Exercisable	2,327
Aggregate Intrinsic Value, Vested and expected to vest	$ 12,146
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 1.60	$ 2.03
Intrinsic value of options exercised	$ 24	$ 0
Cash received for options exercised	67	0
Fair value of shares vested	4,285	$ 9,494
Unrecognized compensation expense related to non-vested stock-options, net of related forfeiture estimates	$ 9,600
Unrecognized compensation expense recognition period (in years)	1 year 2 months 12 days

Royalty Monetization Arrangement - Rollforward (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended		11 Months Ended
	May 01, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	May 01, 2026	Dec. 31, 2025
Liability related to future royalties [Roll Forward]
Liability related to future royalties - current portion			$ 14,992	$ 14,992			$ 0
Liability related to future royalties, net of current portion			163,155	163,155			$ 70,000
Sagard Healthcare Partners \| Royalty Monetization Arrangement
Liability related to future royalties [Roll Forward]
Liability related to future royalties - beginning balance				70,000	$ 0
Proceeds from sale of future royalties	$ 60,000	$ 70,000		0	70,000	$ 130,000
Derecognition of original liability upon extinguishment	68,200			68,238	0
Liability Related To Future Royalties, Amount Recognized At Fair Value Upon Amendment	$ (181,000)			(181,000)	0
Deferred transaction costs				0	(327)
Non-cash royalty revenue				(13,495)	0
Non-cash interest expense recognized			4,000	8,880	587
Liability related to future royalties - ending balance		70,260	178,147	178,147	70,260
Liability related to future royalties - current portion		0	14,992	14,992	0
Liability related to future royalties, net of current portion		$ 70,260	$ 163,155	$ 163,155	$ 70,260

Stock-Based Compensation - Option Pricing Assumptions (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 2 months 19 days	6 years 1 month 9 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	112.60%	110.70%
Risk-free interest rate	3.70%	3.90%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	114.00%	115.60%
Risk-free interest rate	4.40%	4.50%

- 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

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-Topic 718
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-Section 50
-Paragraph 2
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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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+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In August 2026, Gilead exercised its option to obtain a license to exploit the research molecule and research product with respect to the First Research Program (see Note 6, Revenue, for additional information). In accordance with the terms of the First Letter Agreement under the Gilead Agreement, Gilead will pay the Company $10.0 million related to this option exercise.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 113,907	$ 57,217
Marketable securities	59,398	132,696
Accounts receivable	24,597	427
Other receivable	119,576	0
Prepaid expenses and other current assets	4,209	7,224
Total current assets associated with discontinued operations (Note 11)	0	22,377
Total current assets	321,687	219,941
Property, equipment and software, net	2,387	2,103
Operating lease right-of-use assets	21,140	21,780
Other non current assets	195	207
Total non current assets associated with discontinued operations (Note 11)	0	12,815
Total assets	345,409	256,846
Current liabilities:
Accounts payable	3,442	3,258
Accrued expenses and other current liabilities	29,902	22,061
Deferred revenue	55,503	1,276
Lease liabilities	4,976	4,905
Liability related to future royalties	14,992	0
Total current liabilities associated with discontinued operations (Note 11)	0	11,615
Total current liabilities	108,815	43,115
Liability related to future royalties, net of current portion	163,155	70,000
Deferred revenue, net of current portion	0	55,503
Lease liabilities, net of current portion	30,116	30,601
Other non current liabilities	450	1,052
Total non current liabilities associated with discontinued operations (Note 11)	0	984
Total liabilities	302,536	201,255
Stockholders' equity:
Common stock, $0.01 par value -- 125,000,000 shares authorized, 63,645,711 and 63,318,613 shares outstanding at June 30, 2026 and December 31, 2025, respectively	637	633
Additional paid-in capital	1,303,848	1,299,264
Accumulated other comprehensive income (loss)	(15)	32
Accumulated deficit	(1,261,597)	(1,244,338)
Total stockholders' equity	42,873	55,591
Total liabilities and stockholders' equity	$ 345,409	$ 256,846

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies During the three months ended June 30, 2026, there were no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 with the exception of the change to the Company's significant accounting policies noted below. Discontinued Operations On June 30, 2026, the Company completed the sale of its contract development and manufacturing organization operations to Bora. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, a component of an entity that has been disposed of, or is classified as held for sale, is reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The Company evaluated the quantitative and qualitative factors relevant to the divestiture of the CDMO Operations, including the significance of the CDMO Operations to its consolidated revenues, net income (loss), and total assets, and determined that the disposal represented such a strategic shift and met the criteria for presentation as discontinued operations. Accordingly, the results of operations of the CDMO Operations are reported as discontinued operations, and the related assets and liabilities are classified as assets and liabilities of discontinued operations, in the accompanying consolidated financial statements for all periods presented. Prior period amounts have been recast to conform to this presentation. Discontinued operations comprise the contract manufacturing revenue and cost of manufacturing services historically attributable to the CDMO Operations, together with the gain recognized on the disposal. Amounts historically presented as shared or corporate costs that are expected to continue subsequent to the disposal have not been allocated to discontinued operations and remain in continuing operations. Assets and liabilities classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell, and depreciation and amortization of long-lived assets within the disposal group ceased upon classification as held for sale. Unless otherwise noted, amounts in the notes to the consolidated financial statements relate to continuing operations. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (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.

Net Loss Per Share - Reconciliation of Basic Shares and Diluted Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Basic shares (in shares)	63,594,453	63,136,057	63,522,516	63,051,207
Effect of dilutive securities (in shares)	0	0	0	0
Diluted shares (in shares)	63,594,453	63,136,057	63,522,516	63,051,207

Revenue- Gilead Science Inc (Details)	1 Months Ended			3 Months Ended		6 Months Ended
Revenue- Gilead Science Inc (Details)	Nov. 30, 2025 USD ($) performanceObligation	Jun. 30, 2024 USD ($)	Oct. 31, 2022 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Sep. 30, 2023 USD ($)
Collaboration And Other Agreements [Line Items]
Total revenues				$ 32,832,000	$ 6,869,000	$ 39,553,000	$ 13,911,000
Deferred revenue, current				55,503,000		55,503,000		$ 1,276,000
Deferred revenue, net of current portion				0		0		55,503,000
Gilead \| 2022 Gilead Collaboration And License Agreement
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment			$ 60,000,000
Total revenues				1,000,000	500,000	1,300,000	100,000
Deferred revenue								56,800,000
Deferred revenue, current				$ 55,500,000		$ 55,500,000		1,300,000
Deferred revenue, net of current portion								$ 55,500,000
Potential target nomination, option fees and milestone payments			$ 1,700,000,000
Gilead \| Gilead First Research Program
Collaboration And Other Agreements [Line Items]
Total revenues		$ 3,300,000			$ 5,600,000		$ 11,000,000
Revenue, remaining performance obligation, amount									$ 15,700,000
Potential option fee									$ 10,000,000
Gilead \| Gilead Second Research Program
Collaboration And Other Agreements [Line Items]
Non-refundable upfront payment	$ 25,000,000
Number of performance obligations \| performanceObligation	1

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	753	$	2,237	$	2,170	$	5,320
General and administrative	1,221		1,453		2,450		2,756
Total stock-based compensation expense	$	1,974	$	3,690	$	4,620	$	8,076

Valuation Assumptions Using the Black-Scholes Option-Pricing Model


	Six Months Ended June 30,
	2026	2025
Expected dividend yield	0%	0%
Expected volatility	112.6% - 114.0%	110.7% - 115.6%
Risk-free interest rate	3.7% - 4.4%	3.9% - 4.5%
Expected term	6.22 years	6.11 years

Schedule of Stock Options Roll Forward

The following table summarizes stock option activity during the six months ended June 30, 2026:


	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2025	14,106,148	$	11.72		$	125
Granted	2,975,160	1.91		—	$	—
Exercised	(23,032)	2.92		—	$	24
Forfeited	(1,251,731)	4.28		—	$	—
Expired	(1,046,363)	15.69		—	$	—
Outstanding, June 30, 2026	14,760,182	$	10.10	6.4	$	13,003
As of June 30, 2026:
Exercisable	10,006,891	$	13.26	5.1	$	2,327
Vested and expected to vest	14,359,528	$	10.28	6.3	$	12,146

Schedule of RSU Activity

The following table summarizes RSU activity during the six months ended June 30, 2026:


	Shares	Weighted-Average Grant Date Fair Value
Outstanding, December 31, 2025	745,796	$	8.84
Granted	696,260	2.00
Vested	(393,754)	8.62
Forfeited	(212,292)	5.41
Outstanding, June 30, 2026	836,010	$	4.12

Stock Option Additional Information [Table]

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


	Six Months Ended June 30,
		2026		2025
Weighted-average fair value per share of stock options granted		$	1.60	$	2.03
Total intrinsic value of stock options exercised		$	24	$	—
Total cash received for stock options exercised		$	67	$	—
Total grant date fair value of stock options vested		$	4,285	$	9,494

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36112
Entity Registrant Name	MACROGENICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1591613
Entity Address, Address Line One	9704 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	301
Local Phone Number	251-5172
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MGNX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,700,187
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001125345
Current Fiscal Year End Date	--12-31

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on a Recurring Basis

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


	Fair Value Measurements at June 30, 2026
	Total		Level 1		Level 2
Assets:
Money market funds	$	35,795	$	35,795	$	—
U.S. Treasury securities	12,857		—		12,857
Government-sponsored enterprises	27,890		—		27,890
Corporate debt securities	32,095		—		32,095

Total assets measured at fair value(a)	$	108,637	$	35,795	$	72,842


	Fair Value Measurements 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(b)	$	151,655	$	11,466	$	140,189

(a) Total assets measured at fair value at June 30, 2026 includes approximately $49.2 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2025 includes approximately $19.0 million reported in cash and cash equivalents on the consolidated balance sheet.

Nature of Operations - Narrative (Details)	6 Months Ended
Nature of Operations - Narrative (Details)	Jun. 30, 2026 productCandidate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of product candidates approved by the FDA	3

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2017	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	May 31, 2026	May 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		$ 1,974	$ 3,690	$ 4,620	$ 8,076
Research and Development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		753	2,237	2,170	5,320
General and Administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense		$ 1,221	$ 1,453	$ 2,450	$ 2,756
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate	10.00%
Offering period	6 months
Purchase price of common stock percent of the fair market value	85.00%
StockIncentivePlan2023Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)						9,350,000	4,850,000
TwoThousandSixteenEmployeeStockPurchasePlanMember
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock purchased (in shares)				33,092	56,880

Subsequent Event (Details) - Gilead - Gilead First Research Program - USD ($) $ in Millions	Aug. 13, 2026	Sep. 30, 2023
Subsequent Event [Line Items]
Fees receivable from option exercise		$ 10.0
Subsequent Event
Subsequent Event [Line Items]
Fees receivable from option exercise	$ 10.0

Royalty Monetization Arrangement (Tables)

6 Months Ended

Jun. 30, 2026

Liability Related to Future Royalty

Changes to the liability related to future royalties were as follows for the six months ended June 30, 2026 and 2025 (in thousands):


	Six Months Ended June 30,
	2026		2025
Liability related to future royalties - beginning balance	$	70,000	$	—
Proceeds from sale of future royalties	—		70,000
Derecognition of original liability upon extinguishment	(68,238)		—
New liability recognized at fair value upon extinguishment	181,000		—
Deferred transaction costs	—		(327)
Non-cash royalty revenue	(13,495)		—
Non-cash interest expense recognized	8,880		587
Liability related to future royalties - ending balance	178,147		70,260
Liability related to future royalties - current portion	14,992		—
Liability related to future royalties, net of current portion	$	163,155	$	70,260

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Securities	$ 59,398	$ 132,696
Fair Value Measurements, Recurring Basis
Assets:
Cash and cash equivalents	49,200	19,000
Total assets measured at fair value	108,637	151,655
Fair Value Measurements, Recurring Basis \| Level 1
Assets:
Total assets measured at fair value	35,795	11,466
Fair Value Measurements, Recurring Basis \| Level 2
Assets:
Total assets measured at fair value	72,842	140,189
Fair Value Measurements, Recurring Basis \| Money market funds
Assets:
Cash and cash equivalents	35,795	11,466
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 1
Assets:
Cash and cash equivalents	35,795	11,466
Fair Value Measurements, Recurring Basis \| Money market funds \| Level 2
Assets:
Cash and cash equivalents	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities
Assets:
Securities	12,857	4,939
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| U.S. Treasury securities \| Level 2
Assets:
Securities	12,857	4,939
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises
Assets:
Securities	27,890	53,950
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Government-sponsored enterprises \| Level 2
Assets:
Securities	27,890	53,950
Fair Value Measurements, Recurring Basis \| Corporate debt securities
Assets:
Securities	32,095	81,300
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 1
Assets:
Securities	0	0
Fair Value Measurements, Recurring Basis \| Corporate debt securities \| Level 2
Assets:
Securities	$ 32,095	$ 81,300

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	May 11, 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of CDMO operations before transaction costs				$ 94,842	$ 0
CDMO Operations \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration						$ 122,500
Cash consideration, net of estimated closing adjustments	$ 119,572
Potential additional post-closing cash payments	5,000	$ 5,000		5,000
Gain on sale of CDMO operations before transaction costs	94,800
Net gain on sale of the CDMO Operations	86,077	86,077	$ 0	86,077	$ 0
Discontinued operation, costs to sell	$ 8,765	$ 8,800		$ 8,800
Discontinued operation, manufacturing and supply agreement, term	3 years

Stock-based Compensation - Restricted Stock Unit Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Weighted-Average Grant Date Fair Value
Unrecognized compensation expense recognition period (in years)	1 year 2 months 12 days
Restricted Stock Units
Shares
Beginning Balance (in shares) \| shares	745,796
Granted (in shares) \| shares	696,260
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised \| shares	(393,754)
Exercised (in dollars per share) \| $ / shares	$ 8.62
Forfeited or expired (in shares) \| shares	(212,292)
Ending Balance (in shares) \| shares	836,010
Weighted-Average Grant Date Fair Value
Beginning Balance (in dollars per share) \| $ / shares	$ 8.84
Granted (in dollars per share) \| $ / shares	2.00
Forfeited or expired (in dollars per share) \| $ / shares	5.41
Ending Balance (in dollars per share) \| $ / shares	$ 4.12
Total unrecognized compensation cost \| $	$ 2.1
Unrecognized compensation expense recognition period (in years)	1 year 2 months 12 days

Segment Reporting

6 Months Ended

Jun. 30, 2026

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

The CODM uses consolidated net loss from continuing operations, consistent with the amounts reported in the Company’s consolidated statements of operations to evaluate performance, forecast future period financial results and allocate resources. Please refer to the consolidated balance sheets and the accompanying notes to the consolidated financial statements for segment asset information.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total revenue (a)	$	32,832	$	6,869	$	39,553	$	13,911

Research and development expenses:
MGC028	10,179		4,742		16,573		8,676
MGC026	7,198		2,961		14,003		8,914
Lorigerlimab	6,120		10,547		13,579		19,425
Next-generation T-cell engagers	5,987		3,516		10,635		5,789
MGC030	5,001		5,666		8,930		8,172
MGD024	2,082		2,715		4,858		4,907
Vobramitamab duocarmazine	198		4,387		585		12,653
Preclinical antibody-drug conjugates (ADCs)	26		2,058		89		3,857
Other programs	1,989		4,199		4,502		8,096
Total research and development expenses	38,780		40,791		73,754		80,489
General and administrative expenses	7,904		9,302		17,614		20,020
Other segment income (loss), net (b)	(55,790)		507		(59,125)		2,094
Net loss from continuing operations	$	(69,642)	$	(42,717)	$	(110,940)	$	(84,504)

(a) Total revenue includes collaborative and other agreements and royalty revenue.

(b) Other segment income (loss), net includes interest and other income and interest and other expense, and for the three and six months ended June 30, 2026 the loss on extinguishment of royalty monetization liability.

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 6. 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

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Description of the business MacroGenics, Inc. (the Company) is incorporated in the state of Delaware. The Company is a biopharmaceutical company focused on developing innovative antibody-based therapeutics for the treatment of cancer. The Company generates its pipeline of product candidates from its proprietary suite of antibody technology platforms. The Company is currently developing therapeutics utilizing multiple modalities, including antibody-drug conjugates (ADCs) and multi-specific antibodies (which are referred to as DART® and TRIDENT® molecules). The combination of the Company’s technology platforms and antibody engineering expertise has allowed the Company to generate promising product candidates – three of which have received marketing approval by the U.S. Food and Drug Administration (FDA) – and to enter into several strategic collaborations with global biopharmaceutical companies. These collaborations have enabled the Company to leverage the additional expertise of its collaborators to advance the development of multiple partnered product candidates. The Company operated a commercial-scale cGMP antibody manufacturing facility in its Maryland headquarters to support its clinical programs and to provide outsourced contract development and manufacturing services to its collaborators and other third parties for commercial and clinical products until June 30, 2026, on which date the Company completed its sale of certain assets and liabilities related to its contract development and manufacturing operations (CDMO Operations). The historical results of the CDMO Operations are reflected as discontinued operations in the Company's consolidated financial statements for all periods presented. See Note 11, Discontinued Operations, for additional information regarding the sale of the assets and liabilities related to the Company's CDMO Operations. The Company is currently advancing multiple proprietary product candidates. These include three clinical-stage ADCs incorporating a novel topoisomerase I inhibitor (TOP1i)-based linker-payload: MGC026, which targets B7-H3; MGC028, which targets ADAM9; and MGC030, which is directed against an undisclosed target. The Company is also developing lorigerlimab, a clinical-stage bispecific DART molecule targeting the immune checkpoint receptors PD-1 and CTLA-4. In addition, the Company is 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 Quarterly Report on Form 10-Q was filed. The Company has implemented, and will continue to evaluate and execute, various cost-saving measures that are intended to extend its financial runway while continuing to progress its pipeline. Other risk factors pertinent to the Company's business, including significant equity market volatility and availability of funding in the biotechnology sector, as well as potential issues in the global economy, credit markets and financial markets as a result of significant worldwide events, including inflation, fluctuating interest rates and geopolitical upheaval, might unfavorably impact the Company's ability to generate such additional funding. Given the uncertainty in the rapidly changing market and economic conditions related to these uncertainties, the Company will continue to evaluate the nature and extent of the impact of these uncertainties on its business and financial position. Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. The financial statements include all adjustments (consisting only of normal recurring adjustments) that the management of the Company believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. On May 11, 2026, the Company entered into an Asset Purchase Agreement with Bora Pharmaceuticals Co., Ltd. and Bora Biologics USA, LLC (collectively, Bora) to sell certain assets and liabilities comprising its contract development and manufacturing operations (CDMO Operations) (the Bora Agreement). Prior-period amounts have been reclassified to reflect the presentation of the CDMO Operations as discontinued operations. See Note 11, Discontinued Operations, for additional information regarding the sale of the assets and liabilities related to the Company's CDMO Operations. The accompanying unaudited interim consolidated financial statements include the accounts of MacroGenics, Inc. and its wholly owned subsidiaries, MacroGenics UK Limited and MacroGenics Limited. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and related notes should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (SEC) on March 9, 2026.
Reclassifications	Reclassification Royalty revenue of approximately $1.3 million and $1.8 million for the three and six months ended June 30, 2025, respectively, was reclassified from Collaborative and other agreements to Royalty revenue on the consolidated statement of operations and comprehensive income (loss) to conform to the current period presentation.

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses and the liability related to future royalties. 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 liability related to future royalties was recognized at fair value upon extinguishment of the Company's prior debt obligation and is subsequently measured at amortized cost using the effective interest method see Note 5. Royalty Monetization Arrangement for additional information. The Company accounts for recurring and non-recurring fair value measurements in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (ASC 820). ASC 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value, and requires expanded disclosures about fair value measurements. The ASC 820 hierarchy ranks the quality of reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

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

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

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

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

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


	Fair Value Measurements at June 30, 2026
	Total		Level 1		Level 2
Assets:
Money market funds	$	35,795	$	35,795	$	—
U.S. Treasury securities	12,857		—		12,857
Government-sponsored enterprises	27,890		—		27,890
Corporate debt securities	32,095		—		32,095

Total assets measured at fair value(a)	$	108,637	$	35,795	$	72,842


	Fair Value Measurements 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(b)	$	151,655	$	11,466	$	140,189

(a) Total assets measured at fair value at June 30, 2026 includes approximately $49.2 million reported in cash and cash equivalents on the consolidated balance sheet.

(b) Total assets measured at fair value at December 31, 2025 includes approximately $19.0 million reported in cash and cash equivalents on the consolidated balance sheet.

- Definition

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

+ References

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+ Details

Discontinued Operations - Major Classes of Line Items Constituting Income from Discontinued Operations, Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations, net of taxes		$ 89,157	$ 6,466	$ 93,681	$ 7,217
Discontinued Operations, Disposed of by Sale \| CDMO Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract manufacturing revenue		13,142	15,372	27,196	21,523
Cost of manufacturing services		(10,062)	(8,906)	(19,592)	(14,306)
Income from operations of the CDMO Operations		3,080	6,466	7,604	7,217
Net gain on sale of the CDMO Operations	$ 86,077	86,077	0	86,077	0
Net income from discontinued operations, net of taxes		$ 89,157	$ 6,466	$ 93,681	$ 7,217

- Definition

+ References + Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Net Income (Loss) Per Share

The numerator for both basic and diluted earnings per share (EPS) is net income (loss). The denominator for basic EPS is the weighted-average number of shares outstanding during the period. The dilutive effect of outstanding stock options and RSUs is reflected in the denominator for diluted EPS using the treasury stock method.

The following table is a reconciliation of loss from continuing operations to net income (loss).


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net loss from continuing operations	$	(69,642)	$	(42,717)	$	(110,940)	$	(84,504)
Net income from discontinued operations, net of taxes	89,157		6,466		93,681		7,217
Net income (loss)	$	19,515	$	(36,251)	$	(17,259)	$	(77,287)

The following table is a reconciliation of basic shares and diluted shares:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Basic shares	63,594,453	63,136,057	63,522,516	63,051,207
Effect of dilutive securities	—	—	—	—
Diluted shares	63,594,453	63,136,057	63,522,516	63,051,207

Basic and diluted shares are the same for the three and six months ended June 30, 2026 and 2025 due to the Company's net loss from continuing operations. Although the Company recorded net income from discontinued operations in all periods presented, the net income from discontinued operations does not change the treatment of potentially dilutive securities. The Company is required to use net income (loss) from continuing operations as the benchmark to determine whether potential common shares are dilutive or antidilutive. Accordingly, all stock options and RSUs are excluded from the per share calculations as such securities were anti-dilutive for all periods presented and the number of stock options and RSUs that were excluded from the calculation of net loss per share are 15,596,192 and 15,508,633 for the three and six months ended June 30, 2026 and 2025, respectively.

In-Licensing Arrangement	6 Months Ended
In-Licensing Arrangement	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
In-licensing arrangement	Commitments and Contingencies In-licensing Arrangement In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V., a Lonza company, (Synaffix) to develop, manufacture and commercialize up to three antibody-drug conjugate targets using Synaffix’s proprietary technology. The Company made an upfront payment to Synaffix upon contract execution. In March 2023, the Company and Synaffix amended the agreement, adding four additional targets. Assuming all seven targets are successfully developed and commercialized, the Company would be obligated to pay up to $2.8 billion for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, as amended, upon commencement of commercial sales of any products developed from these targets, the Company would be required to pay Synaffix tiered royalties in the low‑single digit percentages on net sales of the respective products. The Company may terminate this agreement at any time with 30 days’ notice to Synaffix. Amounts paid to Synaffix under this agreement are recorded as research and development expense in the consolidated statements of operations and comprehensive income (loss). During the three months ended June 30, 2026, the company recorded no expense under this agreement compared to $1.2 million during the three months ended June 30, 2025. During the six months ended June 30, 2026 and 2025, the Company recorded expense of $0.3 million and $2.4 million, respectively, under this agreement. Contractual Commitments The Company has certain contractual commitments under manufacturing-related supplier arrangements as of June 30, 2026 totaling $10.4 million that expire through November 2026.

In-Licensing Arrangement (Detail) - USD ($)	3 Months Ended		6 Months Ended
In-Licensing Arrangement (Detail) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2023
In-Licensing arrangement [Line Items]
Research and development	$ 38,780,000	$ 40,791,000	$ 73,754,000	$ 80,489,000
Contractual Obligation	10,400,000		10,400,000
Synaffix B.V.
In-Licensing arrangement [Line Items]
Potential development and regulatory milestone payments under agreement					$ 2,800,000,000
Research and development	$ 0	$ 1,200,000	$ 300,000	$ 2,400,000

Discontinued Operations - Carrying Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Total current assets	$ 0	$ 22,377
Current liabilities:
Total current liabilities	0	11,615
Discontinued Operations, Disposed of by Sale \| CDMO Operations
Current assets:
Accounts receivable	11,778	12,946
Inventory, net		7,910
Prepaid expenses and other current assets	3,350	1,521
Total current assets		22,377
Property, equipment and software, net		10,522
Operating lease right-of-use assets	1,053	1,115
Other non current assets		1,178
Total assets	35,586	35,192
Current liabilities:
Accounts payable		1,529
Accrued expenses and other current liabilities	1,507	169
Deferred revenue	8,191	9,645
Lease liabilities		272
Total current liabilities		11,615
Lease liabilities, net of current portion		984
Total liabilities	$ 10,856	$ 12,599

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total revenue (a)	$	32,832	$	6,869	$	39,553	$	13,911

Research and development expenses:
MGC028	10,179		4,742		16,573		8,676
MGC026	7,198		2,961		14,003		8,914
Lorigerlimab	6,120		10,547		13,579		19,425
Next-generation T-cell engagers	5,987		3,516		10,635		5,789
MGC030	5,001		5,666		8,930		8,172
MGD024	2,082		2,715		4,858		4,907
Vobramitamab duocarmazine	198		4,387		585		12,653
Preclinical antibody-drug conjugates (ADCs)	26		2,058		89		3,857
Other programs	1,989		4,199		4,502		8,096
Total research and development expenses	38,780		40,791		73,754		80,489
General and administrative expenses	7,904		9,302		17,614		20,020
Other segment income (loss), net (b)	(55,790)		507		(59,125)		2,094
Net loss from continuing operations	$	(69,642)	$	(42,717)	$	(110,940)	$	(84,504)

(a) Total revenue includes collaborative and other agreements and royalty revenue.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 32,832	$ 6,869	$ 39,553	$ 13,911
Costs and expenses:
Research and development	38,780	40,791	73,754	80,489
General and administrative	7,904	9,302	17,614	20,020
Total costs and expenses	46,684	50,093	91,368	100,509
Loss from operations	(13,852)	(43,224)	(51,815)	(86,598)
Loss on extinguishment of royalty monetization liability	(52,762)	0	(52,762)	0
Interest and other income	1,368	1,414	2,922	3,093
Interest and other expense	(4,396)	(802)	(9,285)	(894)
Loss before income taxes	(69,642)	(42,612)	(110,940)	(84,399)
Income tax provision	0	105	0	105
Net loss from continuing operations	(69,642)	(42,717)	(110,940)	(84,504)
Net income from discontinued operations, net of taxes	89,157	6,466	93,681	7,217
Net income (loss)	19,515	(36,251)	(17,259)	(77,287)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	12	(6)	(47)	(12)
Comprehensive income (loss)	$ 19,527	$ (36,257)	$ (17,306)	$ (77,299)
Net income (loss) per common share - basic
Loss from continuing operations (in usd per share)	$ (1.10)	$ (0.67)	$ (1.75)	$ (1.34)
Income (loss) from discontinued operations (in usd per share)	1.40	0.10	1.47	0.11
Net income (loss) per share - basic (in usd per share)	0.31	(0.57)	(0.27)	(1.23)
Net income (loss) per common share - diluted
Loss from continuing operations (in usd per share)	(1.10)	(0.67)	(1.75)	(1.34)
Income (loss) from discontinued operations (in usd per share)	1.40	0.10	1.47	0.11
Net income (loss) per share - diluted (in usd per share)	$ 0.31	$ (0.57)	$ (0.27)	$ (1.23)
Weighted average common shares outstanding
Basic weighted average common shares outstanding (in shares)	63,594,453	63,136,057	63,522,516	63,051,207
Diluted weighted average common shares outstanding (in shares)	63,594,453	63,136,057	63,522,516	63,051,207
Collaborative and other agreements
Revenues:
Total revenues	$ 25,488	$ 5,558	$ 26,058	$ 12,157
Royalty revenue
Revenues:
Total revenues	$ 7,344	$ 1,311	$ 13,495	$ 1,754

Revenue	6 Months Ended
Revenue	Jun. 30, 2026
Collaboration and License Agreements [Abstract]
Revenue	Revenue Collaborative and Other Agreements Incyte Corporation Incyte License Agreement In 2017, the Company entered into an exclusive global collaboration and license agreement with Incyte, which was amended in March 2018, April 2022, July 2022 and July 2024, for retifanlimab, an investigational monoclonal antibody that inhibits PD-1 (Incyte License Agreement). Incyte has obtained exclusive worldwide rights for the development and commercialization of retifanlimab in all indications, while the Company retains the right to develop its pipeline assets in combination with retifanlimab. Under the terms of the Incyte License Agreement, Incyte paid the Company an upfront payment of $150.0 million in 2017. The Company manufactured a portion of Incyte’s global commercial supply of retifanlimab until June 30, 2026 when it sold its CDMO Operations to Bora; see Note 11, Discontinued Operations, for additional information. 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 June 30, 2026, the Company has recognized $215.0 million for certain development and regulatory milestones under the Incyte License Agreement. 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 was 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 5. 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. The Company evaluated the Incyte License Agreement under the provisions of ASC Topic 606, Revenue from Contracts with Customers (ASC 606) at inception and identified the following two performance obligations under the agreement: (i) the license of retifanlimab and (ii) the performance of certain clinical activities through a brief technology transfer period. The Company determined that the license and clinical activities are separate performance obligations because they are capable of being distinct and are distinct in the context of the contract. The license has standalone functionality as it is sublicensable, Incyte has significant capabilities in performing clinical trials, and Incyte is capable of performing these activities without the Company's involvement; the Company performed the activities during the transfer period as a matter of convenience. The Company determined that the transaction price of the Incyte License Agreement at inception was $154.0 million, consisting of the consideration to which the Company was entitled in exchange for the license and an estimate of the consideration for clinical activities to be performed. The transaction price was allocated to each performance obligation based on their relative standalone selling price. The standalone selling price of the license was determined using the adjusted market assessment approach considering similar collaboration and license agreements. The standalone selling price for the agreed-upon clinical activities to be performed was determined using the expected cost approach based on similar arrangements the Company has with other parties. The potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable, and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. Any consideration related to sales-based milestones and royalties will be recognized when the related sales occur, as they were determined to relate predominantly to the license granted to Incyte and, therefore, have also been excluded from the transaction price. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. In July 2024, the Company and Incyte executed Amendment No. 4 to the Incyte License Agreement pursuant to which certain development milestones were deemed to have been met. The Company evaluated the amendment as a contract modification under the provisions of ASC 606 which resulted in $100.0 million of revenue being recognized in 2024. From 2018 through June 30, 2026, 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 $7.3 million and $1.3 million in royalty revenue under the Incyte License Agreement during the three months ended June 30, 2026 and 2025 respectively. The Company recognized $13.5 million and $1.8 million in royalty revenue under the Incyte License Agreement during the six months ended June 30, 2026 and 2025, respectively. Incyte Commercial Supply Agreement In 2020, the Company entered into an agreement with Incyte pursuant to which the Company was 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 was based on a fixed price per batch of bulk drug substance to be manufactured and was recognized over time as the services were provided, as the performance by the Company did not create an asset with an alternative use and the Company had an enforceable right to payment for the performance completed to date. The transaction price was being recognized using the input method reflecting the costs incurred (including resources consumed and labor costs incurred) related to the manufacturing services. Variable consideration relating to the reimbursed materials and other reimbursed costs incurred to manufacture retifanlimab was allocated to the related manufacturing activities and was recognized as revenue as those activities occurred. Materials purchased by the Company to manufacture retifanlimab were considered inventory and were capitalized and expensed as the materials were used to provide the manufacturing services. As part of the sale of the Company's CDMO Operations, (see Note 11), the Incyte Commercial Supply Agreement was assigned to Bora. The Company recognized $10.3 million in revenue during the three months ended June 30, 2026, and recognized no revenue during the three months ended June 30, 2025 under the Incyte Commercial Supply Agreement, which is reflected in the Net income from discontinued operations, net of taxes line on the consolidated statements of operations and comprehensive income (loss). The Company recognized $14.4 million and $0.4 million in revenue under the Incyte Commercial Supply Agreement during the six months ended June 30, 2026 and 2025, respectively, which is reflected in the Net income from discontinued operations, net of taxes line on the consolidated statements of operations and comprehensive income (loss). Gilead Sciences, Inc In 2022, the Company and Gilead Sciences, Inc. (Gilead) entered into an exclusive option and collaboration agreement (Gilead Agreement) to develop and commercialize MGD024, an investigational, bispecific antibody that binds CD123 and CD3, and create bispecific cancer antibodies using the Company’s DART 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 extended 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. The Company recognized $1.0 million and $0.5 million in revenue under the Gilead Agreement during the three months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, the Company recognized revenue of $1.3 million and $0.1 million, respectively. As of June 30, 2026, $55.5 million in revenue was deferred under this agreement, all of which was current. As of December 31, 2025, $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 First 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 recognized 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. The Company completed performing the services and recognizing revenue related to the First Research Program in mid-2025. The Company recorded $5.6 million and $11.0 million in revenue related to the First Research Program during the three and six months ended June 30, 2025, respectively. 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 was eligible to receive an additional $50.0 million if TZIELD achieved a certain level of net sales by June 30, 2026. This milestone was not achieved and has expired. In April 2023, Sanofi S.A. (Sanofi) completed its acquisition of Provention and the Company entered into a tripartite agreement with DRI and Sanofi under which it was released of any obligations under the Royalty Purchase Agreement. In September 2023, the Company and Sanofi executed Amendment No. 2 to the Provention APA and terminated the Royalty Purchase Agreement with DRI. As a result, the remaining $50.0 million sales milestone under the Royalty Purchase Agreement was incorporated into the Provention APA. The Company evaluated the Provention APA under the provisions of ASC 606, and determined that the potential development and regulatory milestone payments are fully constrained until the Company concludes that achievement of the milestone is probable and that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods. Any consideration related to sales-based milestones will be recognized when the related sales occur. The Company re-assesses the transaction price in each reporting period and when events whose outcomes are resolved or other changes in circumstances occur. During the three months ended June 30, 2026, a regulatory milestone was achieved and the Company recognized $24.5 million in revenue. Payment for this milestone is not due from Sanofi until September 2026, therefore the $24.5 million is included in accounts receivable on the consolidated balance sheet. As of June 30, 2026, the remaining future potential regulatory and commercial milestones total $255.0 million. 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 2022 Incyte Manufacturing and Clinical Supply Agreement which extended the term for one year and provided for an additional annual fixed payment of $5.1 million (July 2022 Incyte Amendment). In December 2024 and March 2025, the Company and Incyte entered into letter agreements whereby Incyte reserved additional manufacturing services during 2025 with a total fixed cost of $13.5 million (Incyte Letter Agreements). The Company evaluated the 2022 Incyte Manufacturing and Clinical Supply Agreement, the July 2022 Incyte Amendment and the Incyte Letter Agreements under the provisions of ASC 606 and identified one performance obligation to provide manufacturing runs to Incyte, as and when requested by Incyte, over the term of the contract that is part of a series of goods and services. The Company determined that the transaction price consists of the upfront payment of $10.0 million, the annual fixed payments and the payments per batch under the Incyte Letter Agreements totaling $41.7 million. The Company recognized revenue over time on a straight-line basis as the manufacturing services were provided to Incyte, as the Company determined that its efforts in providing the manufacturing services were incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximated 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 was allocated to the related manufacturing activities and was recognized as revenue as those activities occurred. Materials purchased by the Company to manufacture the product for Incyte were considered inventory and were capitalized and expensed as the materials were used to provide the manufacturing services. The 2022 Incyte Manufacturing and Clinical Supply Agreement expired on December 31, 2025. During the three and six months ended June 30, 2025, the Company recognized revenue of $13.3 million and $18.3 million, respectively, under the 2022 Incyte Manufacturing and Clinical Supply Agreement. 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 was to pay a total fixed cost of $16.8 million over the term of the agreement. The Company would 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 recognized revenue over time on a straight-line basis as the manufacturing services were provided to Incyte, as the Company determined that its efforts in providing the manufacturing services were incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximated 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 was allocated to the related manufacturing activities and was recognized as revenue as those activities occurred. Materials purchased by the Company to manufacture the product for Incyte were considered inventory and were capitalized and expensed as the materials were used to provide the manufacturing services. As described more fully in Note 11, Discontinued Operations, the Company sold its CDMO Operations as of June 30, 2026 and assigned the 2025 Incyte Manufacturing and Clinical Supply Agreement to Bora. During the three and six months ended June 30, 2026, the Company recognized revenue of $0.8 million and $4.7 million, respectively, under the 2025 Incyte Manufacturing and Clinical Supply Agreement, which is reflected in the Net income from discontinued operations, net of taxes line on the consolidated statements of operations and comprehensive income (loss). 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 received payments in accordance with the manufacturing schedule and was 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 recognized 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 were incurred evenly throughout the performance period and therefore straight-line revenue recognition closely approximated 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 was allocated to the related manufacturing activities and was recognized as revenue as those activities occurred. The Emergent Agreement was assigned to Bora as of June 30, 2026. During the three months ended June 30, 2026 and 2025, the Company recognized revenue of $1.9 million and $1.6 million, respectively, under the Emergent Agreement. During the six months ended June 30, 2026 and 2025 the Company recognized revenue of $7.5 million and $2.8 million, respectively, under the Emergent Agreement, which is reflected in the Net income from discontinued operations, net of taxes line on the consolidated statements of operations and comprehensive income (loss).

Marketable Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

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


	June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	12,860	$	—	$	(3)	$	12,857
Government-sponsored enterprises	27,896		—		(6)		27,890
Corporate debt securities	18,657		—		(6)		18,651
Total	$	59,413	$	—	$	(15)	$	59,398


	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

All of the Company's available-for-sale securities held as of June 30, 2026 and December 31, 2025 had contractual maturities of less than one year. All of the Company's available-for-sale securities in an unrealized loss position as of June 30, 2026 were in a loss position for less than twelve months. Unrealized losses on available-for-sale debt securities as of June 30, 2026 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to

increased credit risks associated with specific securities. Accordingly, no allowance for credit losses related to the Company's available-for-sale debt securities was recorded. The Company does not intend to sell its investments and it is not more likely than not that the Company will be required to sell its investments before recovery of their amortized cost bases, which may be at maturity.

Marketable Securities (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 59,413,000	$ 132,663,000
Gross Unrealized Gains	0	37,000
Gross Unrealized Losses	(15,000)	(4,000)
Fair Value	59,398,000	132,696,000
Allowance for credit loss related to available-for-sale debt securities	0	0
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	12,860,000	4,935,000
Gross Unrealized Gains	0	3,000
Gross Unrealized Losses	(3,000)	0
Fair Value	12,857,000	4,938,000
Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	27,896,000	53,932,000
Gross Unrealized Gains	0	19,000
Gross Unrealized Losses	(6,000)	0
Fair Value	27,890,000	53,951,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	18,657,000	73,796,000
Gross Unrealized Gains	0	15,000
Gross Unrealized Losses	(6,000)	(4,000)
Fair Value	$ 18,651,000	$ 73,807,000

- Definition

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

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+ Details

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The carrying value of the assets and liabilities of the Company’s former CDMO discontinued operations, as of December 31, 2025 were as follows:


	December 31, 2025
Assets
Current assets:
Accounts receivable	$	12,946
Inventory, net	7,910
Prepaid expenses and other current assets	1,521
Total current assets	22,377
Property, equipment and software, net	10,522
Operating lease right-of-use assets	1,115
Other non current assets	1,178
Total assets	$	35,192
Liabilities
Current liabilities:
Accounts payable	$	1,529
Accrued expenses and other current liabilities	169
Deferred revenue	9,645
Lease liabilities	272
Total current liabilities	11,615
Lease liabilities, net of current portion	984
Total liabilities	$	12,599

The net gain was computed as follows and remains subject to finalization of customary post-closing purchase price adjustments:


Cash consideration, net of estimated closing adjustments	$	119,572
Costs to sell	(8,765)
Carrying amount of assets sold:
Trade receivables	(11,778)
Prepaid expenses and other current assets	(3,350)
Inventory	(9,151)
Property and equipment, net	(9,075)
Operating lease right-of-use asset	(1,053)
Other assets	(1,179)
Total assets sold	(35,586)
Carrying amount of net liabilities assumed:
Operating lease liability	1,158
Accounts payable and other current liabilities	1,507
Deferred revenue	8,191
Total liabilities assumed	10,856
Total carrying amount of net assets sold	(24,730)
Net gain on sale of the CDMO Operations	$	86,077

The following table presents the major classes of line items constituting income from discontinued operations, net of tax, for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Contract manufacturing revenue	$	13,142	$	15,372	$	27,196	$	21,523
Cost of manufacturing services	(10,062)		(8,906)		(19,592)		(14,306)
Income from operations of the CDMO Operations	3,080		6,466		7,604		7,217
Net gain on sale of the CDMO Operations	86,077		—		86,077		—


Net income from discontinued operations, net of taxes	$	89,157	$	6,466	$	93,681	$	7,217

Significant non-cash activities attributable to discontinued operations consisted of the following (in thousands):


	Six Months Ended June 30,
	2026		2025
Depreciation and amortization	$	1,798	$	2,788
Non-cash lease expense	264		403
Gain on sale of CDMO operations before transaction costs	(94,842)		—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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