MacroGenics reports Q2 loss, misses revenue and earnings estimates

MacroGenics Inc. reported second-quarter results that missed Wall Street estimates, with a loss of $1.02 per share and revenue falling short of projections.

The biotechnology company, which focuses on developing antibody-based therapies, posted a net loss of $57.8 million, or $1.02 per share, compared with a loss of $49.7 million, or $0.89 per share, in the same period last year. Revenue totaled $20.1 million, down from $25.3 million a year earlier and below the $22.5 million consensus estimate.

MacroGenics cited lower contract revenue from its licensing agreements and slower development milestones as key factors behind the decline. The company also noted increased research and development expenses, which rose to $52.1 million from $45.6 million in Q2 2023.

Shares of MacroGenics fell more than 5% in extended trading following the release. The stock has declined roughly 15% year-to-date, underperforming broader biotech benchmarks.

Management reaffirmed its full-year guidance, projecting total revenue in the range of $85 million to $95 million, though analysts have expressed caution given the softer-than-expected quarterly performance.