MacroGenics Inc (NASDAQ:MGNX) has announced its results for the 2017 financial year ended December 31 along with the release of an update on its corporate progress.
The financial results revealed that the company had a total revenue of $157.7 million, most of which was from its collaborative deals. Additionally, the revenue figure marked a significant improvement compared to the $ $91.9 million that the firm managed to earn in the previous year. The clinical-stage biopharmaceutical company also reported improved marketable securities, cash and cash equivalents at $305.1 million as of December 31, 2017, a noteworthy improvement from $285.0 million in the previous year.
Research and development expenses came in at $147.2 million which was slightly higher compared to $122.1 million for the previous year. The extra spending was due to more enrollments in the company’s clinical trials and also IND-enabling in two of the firm’s preclinical treatments. General and administrative expenses were also on the rise with the figure for the year ended December 31, 2017 coming in at $32.7 million compared to $29.8 million in the previous year.
MacroGenics reported a net loss of $19.6 million for the year ended December 31, 2017 marking a huge improvement compared to the $58.5 million loss reported in for the previous year. There was also a comprehensive update on some of the company’s projects.
“We have had multiple advances in our portfolio of product candidates recently. In addition to margetuximab passing an interim futility analysis for the SOPHIA Phase 3 metastatic breast cancer study, a combination of margetuximab with an anti-PD-1 agent has shown encouraging activity in the treatment of gastric cancer patients in a Phase 2 study,” stated MacroGenics CEO, Scott Koenig.
Koenig also pointed out that MacroGenics plans to continue enrolling more patients diagnosed with relapsed/refractory acute myeloid leukemia (AML) into the dose expansion study for flotetuzumab. The decision to enroll more patients was made after the company reported positive results from its studies during the latest medical conferences. The CEO also added that the firm plans to disclose more data this year while it works on improving the development strategies for its product portfolio.
MacroGenics stock closed the latest trading session on Wednesday at $32.46.