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

Jul 30, 2020 • 04:30 pm ET

Previous

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

Share
Close

Loading Event

Loading Transcript

Presentation
Executive
James Karrels

2020, compared to $12.1 million for the quarter ended June 30, 2019. This decrease is primarily due to a decrease in consulting costs with a smaller decrease in travel-related costs due to COVID-19.

MacroGenics net loss was $46.9 million for the quarter ended June 30, 2020, compared to a net loss of $31.8 million for the quarter ended June 30, 2019. Our cash, cash equivalents and marketable securities as of June 30, 2020, were $232.8 million compared to $215.8 million as of December 31, 2019.

During the quarter ended June 30, 2020, we received $96.5 million in net proceeds from the sale of approximately 4 million shares of our common stock pursuant to an at the market or ATM offering. Subsequent to June 30, 2020, we received an additional $21.3 million in net proceeds from sale of approximately 726,000 shares pursuant to the ATM as well as the earlier mentioned $12 million from Boehringer Ingelheim.

I'll point out that as of June 30, 2020, the $12 million from BI was reflected on our balance sheet as a receivable. Finally, we anticipate that our cash, cash equivalents and marketable securities as of June 30, 2020, plus the additional proceeds just described, which we subsequently received, combined with anticipated and potential collaboration payments should enable us to fund our operations into 2023, assuming the company's programs and collaborations advance as currently contemplated. This represents an extension of our previously reported cash runway guidance.

I'll now turn the call back to Scott.

Executive
Scott Koenig

Thank you, Jim. We are excited about the momentum we have built to date in 2020 as well as the events we are anticipating during the remainder of the year and into 2021. I would like to begin by introducing Stephen Eck. As we announced, Stephen joined us at the beginning of July as our Senior Vice President of Clinical Development and Chief Medical Officer. Stephen is a hematologist oncologist by training with broad leadership experience in the development and commercialization of oncology therapeutics, and we are excited to have him on the team. Assets that he has managed include enzalutamide, erlotinib and gilteritinib.

Stephen is with us on the call today and will join us for the Q&A portion. Welcome, Stephen.

Executive
Stephen Eck

Thank you, Scott. I'm delighted to have joined MacroGenics at such an exciting time of its history.

Executive
Scott Koenig

Thank you, Stephen. I will start with flotetuzumab, an investigational bispecific CD123 x CD3 DART molecule and our most recent product candidate to date in a registration study. Informed by discussions with the FDA, this trial will be a single-arm study in up to 200 AML patients whose disease is either refractory to induction treatment, which we refer to as primary induction failure or as relapsed early within six months after an initial response.

The study will be conducted as an expansion of the ongoing Phase I/II study. The primary endpoint is response rate comprised of complete remission and complete remissions with partial hematological recovery or CRH. We plan to submit updated