MacroGenics funds lead ADC MGC026 into 2028 after asset and royalty sales

MacroGenics has told investors it held $288M in cash and marketable securities at 30 September 2026, and expects that to finance operations through 2028. The figures appeared in a corporate presentation dated 12 November 2026.

The company says it raised $359M across 2025 and 2026 without selling new equity. Two of the sources it names are the disposal of its manufacturing operations and the sale of its royalty interest in ZYNYZ. The material reviewed does not give the size of each transaction, the buyers or the terms.

The money is going mainly behind MGC026, an investigational antibody-drug conjugate aimed at the B7-H3 target. Squamous cell carcinoma of the head and neck is the programme's lead indication. The presentation also lists further ADCs, T-cell engagers and dual checkpoint molecules, but the material available did not include trial data, regulatory timelines or development plans for any of them.

For context, small and mid-sized biotechs often turn to royalty and asset sales when they want to fund late-stage work without diluting shareholders, though the trade-off is giving up future income or in-house capabilities. The material reviewed does not say how MacroGenics weighed that trade-off, and no approval or regulatory filing for MGC026 is described.