MacroGenics Stifel 2026 Healthcare Conference 2026

Yeah. No. Well, first of all, thanks for inviting us to the conference. It's my pleasure to give you an update on the company. We will have actually our Q3 earnings release coming up in a couple days.

Okay. That will obviously provide additional context.

I will just say generally, and I've been in the CEO role now a little over a year, it's been a very busy year for the company. It's been a transformative year. We've done a lot of work to really refocus the enterprise. We actually divested what was an embedded CDMO operation earlier this year. Been pretty active on the corporate development partnering tact, which has helped also solidify the balance sheet for the company. So we have about $290 million of capital, all non-dilutive, that was brought into the company. We've really focused the development priorities across the pipeline with two critical verticals right now, our ADC portfolio, which include three clinical stage assets.

Two of these are first-in-class programs that have the promise to be disruptive new therapies, and then one is the B7-H3 asset, which we can talk about. We had some recent data highlights at ESMO. Then we also continue to have a strong emphasis on T-cell engagers. That encompasses both a few assets that are partnered with Gilead, but we're also expanding and evolving that portfolio to include some wholly owned assets. A lot of what we've been doing this year is obviously positioning the company for what could be a really exciting 2027, which is then the opportunity to have multiple inflection points as we have additional program updates and really showcase the innovation and potential of the pipeline.

Sure. First of all, I'll just say the target itself is pretty remarkable when you think about the broad clinical validation that we've seen over the last couple years with meaningful clinical results probably in over 12 different tumor types. So that's very unique when you compare it to some of the more lineage-specific targets like folate receptor that had some very promising data, but it's primarily confined to the ovarian- and maybe endometrial subsets.

So that breadth of activity makes this a very promising target and positions it as a potential backbone therapy that could be used either as monotherapy or in combination. That also comes with some potential risk because it's a very competitive category. There are a number of groups that have late-stage development programs, and our goal was not to necessarily try to do head-to-head studies with groups that already were well into pivotal studies. That led us to really refocus away from indications like small cell lung cancer- which is really where most of the early activity is being concentrated.

The four tumor types that you mentioned, head and neck cancer, I'd say that's one where the TOP1 landscape is much less competitive. There's obviously a lot of activity with de novo EGFR bispecifics showcasing very impressive data, and we've seen even the more recent headline around the Peto asset from Zymab showing provocative signals. Those are obviously orthogonal mechanisms that could ultimately be complementary with what we're doing. There is some competition, but I'd say the primary ADCs in development are auristatin-based molecules.

that also have a very different profile compared to us. There have been a few datasets with other B7-H3 targeting molecules. Most of these are out of China. CSPC, Kelun-Biotech, both had some data presented at ASCO earlier this year with a mid-teen kind of response rate as a best overall response. That is an opportunity that we, again, it's going to be, as many fields in oncology do require some careful navigation, but that could be a potential foothold to showcase the utility of the asset. Melanoma is another indication. That's an area that is typically more focus of immunotherapy.

Conventional cytotoxic chemo has not been as effective, so that's another potentially white space opportunity to build a foothold. Sarcoma, and specifically soft tissue sarcoma, very aggressive disease with relatively low efficacy bars. It is a smaller disease, but potentially could afford an accelerated development strategy, and there has been some validation with the GSK/Hansoh molecule.

in osteosarcoma. Endometrial cancer, which is the fourth indication, that is an admittedly more crowded area. There again, you have other targets, including folate receptor, that are showing interesting results. B7-H4 is another target. That may be more what ultimately we relegated to a benchmark data set, at least for monotherapy development purposes. That's kind of what really informed our thinking, primarily thinking about competitive landscape.

Yep. Obviously, the other input was looking at our early dose escalation data, where we did see a confirmed 29% response rate in what we deemed to be the therapeutically relevant dose ranges of six to nine mg.