MacroGenics, Inc. (NASDAQ:MGNX) Q3 2019 Earnings Conference Call Transcript

Nov 06, 2019 • 04:30 pm ET

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MacroGenics, Inc. (NASDAQ:MGNX) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon. We will begin the MacroGenics 2019 Third Quarter Corporate Progress and Financial Results Conference Call in just a moment. [Operator Instructions]

At this point, I will turn the call over to Anna Krassowska, Vice President, Investor Relations and Corporate Communications of MacroGenics.

Executive
Anna Krassowska

Thank you. Good afternoon and welcome to MacroGenics' conference call to discuss our third quarter 2019 financial and operational results. For anyone who has not had a chance to review our results, we issued a press release this afternoon outlining today's announcement, which is available under the Investors tab on our website and macrogenics.com. You may also listen to this conference call via webcast on our website, where it will be archived for 30 days, beginning approximately two hours after the call is completed.

I would like to alert listeners that today's discussion will include statements about the company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the Safe Harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our annual, quarterly and current reports filed with the SEC.

In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change except to the extent required by applicable law.

And now I'd like to turn the call over to Dr. Scott Koenig, MacroGenics' President and Chief Executive Officer.

Executive
Scott Koenig

Thank you Anna. I'd like to welcome everyone participating via conference call and webcast today. Thank you for joining us. This afternoon I will focus my prepared remarks on our more advanced programs and the near term milestones expected during the remainder of the year. But before I do so, let me first turn the call over to Jim Karrels, Senior Vice President and Chief Financial Officer, who will review our financial results for the quarter.

Executive
James Karrels

Thank you, Scott. This afternoon MacroGenics reported financial results for the quarter ended September 30, 2019, which highlight our financial position as well as the progress we have made over the quarter. As described in our release, MacroGenics had research and development expenses of $44.9 million for the quarter ended September 30, 2019, compared to $46.2 million for the quarter ended September 30, 2018.

This decrease was due to decreased development and manufacturing costs for MGA012 and flotetuzumab, partially offset by increased clinical trial costs related to our MGD013 study. We had general and administrative expenses of $11.8 million for the quarter ended September 30, 2019, compared to $9.6 million for the quarter ended September 30 2018.

This increase was primarily due to consulting expenses and other professional service fees. We recorded total revenue, consisting primarily of