MacroGenics, Inc. (NASDAQ:MGNX) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET

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MacroGenics, Inc. (NASDAQ:MGNX) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. We will begin the MacroGenics 2020 Second quarter Corporate Progress and Financial Results Conference Call in just a moment. [Operator Instructions] At this moment, we will conduct a question-and-answer session at the conclusion of the call.

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 the MacroGenics conference call to discuss our second quarter 2020 financial and operational results. For anyone who has not had the chance to review these results, we issued a press release this afternoon outlining today's announcement, which is available under the Investors tab on our website at macrogenics.com. You may listen to this conference call via webcast on our website where this archived for 30 days beginning approximately 2 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, President and Chief Executive Officer of MacroGenics.

Executive
Scott Koenig

Thank you, Anna. I'd like to welcome everyone participating via conference call and webcast today. This afternoon, I will provide key highlights from our clinical programs. 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 June 30, 2020, which highlight our financial position as well as our recent progress. As described in our release, MacroGenics total revenue consisting primarily of revenue from collaborative agreements was $20.3 million for the quarter ended June 30, 2020, compared to $10.6 million for the quarter ended June 30, 2019. This increase was primarily due to the recognition of a $12 million payment from Boehringer Ingelheim under a 2010 license and collaboration agreement.

Our research and development expenses were $57.4 million for the quarter ended June 30, 2020, compared to $51.4 million for the quarter ended June 30, 2019. This increase was primarily due to an increase in development and clinical trial costs for multiple programs. General and administrative expenses were $10.2 million for the quarter ended June 30,