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® Developing Breakthrough Biologics, Life-Changing Medicines® Corporate Update November 13, 2025
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2 Legal Notices The information in this slide deck is current as of November 12, 2025, unless otherwise noted, and is qualified in its entirety by reference to MacroGenics’ Annual, Quarterly and Current Reports filed with the SEC. MacroGenics undertakes no obligation to update any of the information herein. Cautionary Note on Forward-Looking Statements Any statements in this presentation about future expectations, plans and prospects for MacroGenics (“Company”), including statements about the Company’s strategy, future operations, clinical development of and regulatory plans for the Company’s therapeutic candidates, expected timing of the release of clinical updates and safety and efficacy data for the Company’s ongoing clinical trials, anticipated cash runway and other statements containing the words “subject to”, "believe", “anticipate”, “plan”, “expect”, “intend”, “estimate”, “potential,” “project”, “may”, “will”, “should”, “would”, “could”, “can”, the negatives thereof, variations thereon and similar expressions, or by discussions of strategy, including our ability to execute on our key strategic priorities for 2025 and 2026, constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks that TZIELD, lorigerlimab, ZYNYZ, or any other product candidate’s revenue, expenses and costs may not be as expected, risks relating to TZIELD, lorigerlimab, ZYNYZ, or any other product candidate’s market acceptance, competition, reimbursement and regulatory actions; future data updates, including timing and results of efficacy and safety data with respect to product candidates in ongoing clinical trials; our ability to provide manufacturing services to our customers; the uncertainties inherent in the initiation and enrollment of future clinical trials; the availability of financing to fund the internal development of our product candidates; expectations of expanding ongoing clinical trials; expectations for the timing and steps required in the regulatory review process; expectations for regulatory approvals; expectations of future milestone payments; the impact of competitive products; our ability to enter into agreements with strategic partners and other matters that could affect the availability or commercial potential of the Company's product candidates; business, economic or political disruptions due to catastrophes or other events, including natural disasters, terrorist attacks, civil unrest and actual or threatened armed conflict, or public health crises; costs of litigation and the failure to successfully defend lawsuits and other claims against us; and other risks described in the Company's filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this presentation represent the Company's views only as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof. Trademarks DART, TRIDENT, MacroGenics, and the MacroGenics logo are trademarks or registered trademarks of MacroGenics, Inc. All third-party trademarks used herein are registered trademarks of their respective owners. Investigational Agents The safety and efficacy of investigational agents and/or investigational uses of approved products have not been established. November 12, 2025
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3 (a) TZIELD® was sold to Provention Bio (Sanofi) and is marketed by Sanofi; ZYNYZ® was licensed to, and is marketed by, Incyte. MARGENZA® was sold to, and is marketed by, TerSera Therapeutics LLC. (b) MacroGenics’ cash, cash equivalents and marketable securities were $146.4 million as of September 30, 2025, not including receipt of $75.0 million in partnering payments from Sanofi and Gilead, which are expected subsequent to September 30, 2025. These amounts, in addition to projected and anticipated future payments from partners and anticipated savings from the Company’s ongoing cost-reduction initiatives, are expected to support the Company’s cash runway into late 2027. ` • Cash runway guidance into late 2027(b) • ~$600M Non-dilutive funding raised over last 3 years Resourced to Deliver on Plan Unique Capabilities to Develop Next Generation Antibodies for Treating Cancer ADCs Dual Checkpoints TCEs Broad Clinical Pipeline & Track Record of Advancing Novel Medicines Novel Platform Technologies Support Pipeline Innovative Antibody-Based Therapeutics Proprietary Platforms: DART® TRIDENT® November 12, 2025 4 Fully-Owned Product Candidates 3 FDA-Approved Therapeutics(a)
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4 Continued Advancement on Our Key Strategic Priorities For 2025-2026 Determine development path for lorigerlimab Complete IND application for MGC030 Initiate IND-enabling studies for two new product candidates Forge partnerships Strengthen financial position Advance LINNET study $25M from Gilead licenseExpand Gilead partnership $50M TZIELD milestones End mCRPC development November 12, 2025 Advance MGC026 and MGC028 to assess clinical proof-of-concept
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5 Proprietary and Partnered Programs The safety and efficacy of investigational agents and/or investigational uses of approved products have not been established. Pipeline reflects current status of each program or most recently completed phase of development. November 12, 2025 Program Target / Modality Lead Indication(s) Preclinical Phase 1 Phase 2 Phase 3 Marketed Partner PROPRIETARY PROGRAMS Lorigerlimab PD-1 × CTLA-4 / DART® PROC/CCGC LINNET Study — MGC026 B7-H3 / TOP1i ADC Multiple Solid Tumors — MGC028 ADAM9 / TOP1i ADC Multiple Solid Tumors — MGC030 Undisclosed / TOP1i ADC Multiple Solid Tumors — PARTNERED PROGRAMS MARGENZA HER2 / Fc-Optim. mAb HER2+ Metastatic Breast Cancer ZYNYZ PD-1 / mAb MCC, SCAC TZIELD CD3 / mAb Type 1 Diabetes MGD024 CD123 × CD3 / DART CD123+ Heme Malignancies Bispecific Undisclosed / TRIDENT® Multiple Solid Tumors Bispecific Undisclosed / DART® Undisclosed Exclusive Option
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6 Lorigerlimab (formerly MGD019) is investigational and has not yet been approved for marketing by any regulatory authority Lorigerlimab (PD-1 × CTLA-4): DART Molecule w/Two Validated Checkpoint Targets Function/ MoA • Simultaneous and/or independent blockade of two validated checkpoint inhibitor molecules Future Development Focus • Ph. 1 dose expansion results highlighted promising efficacy and safety results (n=127 patients at dose of 6.0 mg/kg Q3W) − Confirmed objective responses observed across multiple indications, including PROC and CRPC − Manageable safety profile in advanced solid tumors, with ability to maintain blockade of CTLA-4 for extended period (e.g., >1 year) Program Activities • LINNET Phase 2 study in ovarian cancer is ongoing November 12, 2025 ASCO-GU 2023 (Luke, et al., #155); 12/12/22 data cut-off CTLA-4 CTLA-4 PD-1 IgG4 PD-1 MGC026 MGD024MGC028 MGC030Lorigerlimab
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7 Volrustomig is in five Phase 3 trials and cadonilimab has several approvals in China * Compared to benchmark IgGs Source: Pan, et al., MABS, 2023; Dovedi, et al., Cancer Discovery, 2021 Lorigerlimab has Potential to Differentiate from Other PD-1 × CTLA-4 Bispecifics Lorigerlimab Cadonilimab Volrustomig Innovator Valency (PD-1 x CTLA-4) FC Region PD-1 Blockade* Format 2 × 2 Stabilized IgG4 Equivalent Tetravalent DART 2 × 2 Fc-null IgG1 Equivalent IgG-scFv2 1 × 1 Fc-null IgG1 Not Available CTLA-4 Blockade* Enhanced on PD1+ cells; Reduced on PD1- cells CTLA-4 Blockade* Not Available Duetmab MGC026 MGD024MGC028 MGC030Lorigerlimab November 12, 2025
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8 Lorigerlimab represents potential novel approach to treat PROC and CCGC CPI=Checkpoint Inhibitor Source: : https://gco.iarc.who.int/today, accessed 13 November 2025 ; Elahere package insert; Durand et al. Cancer Treatment Reviews, 2025 Gyne/Onc Remains Underserved Market with Opportunity for Novel CPI • Lorigerlimab’s ability to block two immune checkpoints could be complementary with other modalities with orthogonal MoAs Platinum Resistant Ovarian Cancer 2L+ (FRα+) PROC Analog ORR PFS >$2B Forecast Peak Sales MGC026 MGD024MGC028 MGC030Lorigerlimab November 12, 2025 42.3% 5.6 mos 16.5 mos OS • We believe lorigerlimab represents a unique opportunity in Clear Cell Gynecological Cancers due to inherent refractory nature to chemotherapy Clear Cell Gynecological Cancers >38K deaths annually across G7 due to ovarian cancers Existing ADCs show limited durability of response
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9 KEYNOTE-100(1) (Merck) Hamanishi, et al.(2) (BMS) NRG GY003 Zamarin, et al.(3) (BMS) PRESERVE-004/ GOG-3081(4) (OncoC4) Patients, N 285 / 91 (1-3 Prior lines PFI 3- 12 vs 4-6 Prior Lines PFI ≥ 3 mos.) 10 10 49 51 33 29 Treatment Pembrolizumab Nivolumab Nivolumab Nivolumab (Nivo) Nivo + Ipi Gostitobart + Pembro Gostitobart + Pembro Dosing 200 mg Q3W 1 mg/kg 3 mg/kg Ind: Nivo Q2W for 8 weeks; Main: Nivo Q2W Ind: Nivo + Ipi Q3W for 4 Cycles; Main: Nivo Q2W 1 mg/kg Gos + 200 mg Pembro 2 mg/kg Gos + 200 mg Pembro ORR 8.1% / 9.9% 10.0% 20.0% 12.2% 31.4% 25% 27.6% mPFS 2.1 mos 3.5 mos 3 mos 2.0 mos 3.9 mos NA NA TRAE, Grade 3+ 20.2% 40% 40% 33% 49% 45.5% 41.4% mOS NA 20.0 mos NA 21.8 mos 28.1 mos NA NA Single Agent PD-1 Therapy Demonstrated Limited ORR in PROC Patients (1) Matulonis et al., JCO 38(15: Suppl 6005), 2020; (2) Hamanishi et al., JCO, 2015; (3) Zamarin et al., J Clin Oncol, 2020; (4) Barlin et al., ESMO’24; (5) Platinum Free Interval refers to the duration from the last dose of platinum-containing chemotherapy to the documented relapse of the disease. PFI=platinum-free interval, Ind=Induction; Main=Maintenance MGC026 MGD024MGC028 MGC030Lorigerlimab November 12, 2025
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10 Ongoing enrollment; Study update anticipated by mid-2026 PROC=platinum-resistant ovarian cancer; CCGC=clear cell gynecologic cancer; Q3W=every 3 weeks; ORR=objective response rate; PFS=progression-free survival; DCR=disease control rate; DoR=duration of response; PFI=platinum-free interval; PARP=poly(ADP-ribose) polymerase. Lorigerlimab: PROC and CCGC Phase 2 Study Design Summary Lorigerlimab 6 mg/kg Q3W N=up to 40 Platinum-Resistant Ovarian Cancer (PROC) Simon’s 2-Stage Primary Endpoint: ORR Key Secondary Endpoints: PFS, DCR, DoR Key Eligibility Criteria PROC: • High-grade serous ovarian carcinoma • Platinum-resistant disease (PFI <6m) • 1-3 Prior lines • PARP allowed (not req’d) CCGC: • ≥1 Prior line • PARP allowed (not req’d) Exclusion criteria (for both): • Primary platinum- refractory disease Clear Cell Gynecologic Cancer (CCGC) Lorigerlimab 6 mg/kg Q3W N=20 MGC026 MGD024MGC028 MGC030Lorigerlimab November 12, 2025
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11 Positioned to Develop Potential First- or Best-in-Class Antibody Drug Conjugates • Leveraging Synaffix’s site specific linker-payload technology • Platform de-risked with multiple partner-led clinical- stage programs(a) • First-in-class targets • 20+ Years of antibody engineering expertiseAntibody Discovery Access to Proprietary Linker-Toxins Development Capabilities • Broad clinical-stage ADC portfolio • Established network of ADC manufacturing partners Lorigerlimab MGD024MGC028 MGC030MGC026 (a) Partnered programs can be found on the Synaffix website November 12, 2025
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12 MacroGenics’ ADCs Well-Positioned to Differentiate from Other TOP1i ADCs Synaffix’s proprietary linker-toxin provides unique potency as compared to other validated payloads Linker Conjugation Less Sensitivity to Efflux/MDR Avoidance(a) Potency(a) Exatecan SN-38 Deruxtecan HydraSpaceTM & Val-Ala Protease-Cleavable Site-Specific at Glycan (N297) +++ Sub-nM CL2A pH sensitive Native Cysteines ++ 3 – 10× Less Potent GGFG Protease Cleavable Native Cysteines + 2 – 5× Less Potent SYNtecan E ADC (DAR4) Outperforms Trastuzumab Deruxtecan (DAR8) in Syngeneic Mice(b) (a) Rowinsky, Eric K. "14 Preclinical and Clinical Development of Exatecan." Camptothecins in Cancer Therapy (2005); Khera, Eshita, et al. Molecular Cancer Therapeutics 21.2 (2022): 310-321; Ogitani, et al. Cancer Sci 107 (2016) 1039-1046; Ogitani, et al. Clin Cancer Res, 22(20) October 15, 2016; and Weng, W, et al. AACR Cancer Discovery, April 2023. (b) Data generated by Synaffix; presented at World ADC 2023. Lorigerlimab MGD024MGC028 MGC030MGC026 November 12, 2025
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13 Rationale / Positioning • B7-H3 overexpression in multiple tumor types; correlates with poor prognosis • Evidence of clinical proof-of-concept established by other B7-H3 ADCs across multiple indications Function/ MoA • Employs Synaffix’s proprietary ADC platform – GlycoConnect site-specific Fc conjugation with protease cleavable linker for enhanced efficacy and safety – Hydraspace highly-polar spacer technology for increased stability and therapeutic index – SYNtecan E proprietary linker-payload for ADCs (DAR ~4) (exatecan is active catabolite) Status • Dose escalation completed • Recently initiated Phase 1 dose expansion in two solid tumor indications MGC026: Opportunity to Exploit Validated Target Across Multiple Indications Drug Linker and Payload DAR ~4 B7-H3 B7-H3 IgG1 (a) Rowinsky, Eric K. "14 Preclinical and Clinical Development of Exatecan." Camptothecins in Cancer Therapy (2005); Khera, Eshita, et al. Molecular Cancer Therapeutics 21.2 (2022): 310-321; Ogitani, et al. Cancer Sci 107 (2016) 1039-1046; Ogitani, et al. Clin Cancer Res, 22(20) October 15, 2016; and Weng, W, et al. AACR Cancer Discovery, April 2023. MGC026 is investigational and has not yet been approved for marketing by any regulatory authority November 12, 2025 MGC026Lorigerlimab MGD024MGC028 MGC030
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14 MGC026: SYNtecan ADC Exhibits Favorable Profile Compared to DXd-based ADC November 12, 2025 In vivo efficacy in preclinical CDx models Calu-6 (Lung Cancer) 0 7 14 21 28 35 42 49 56 0 500 1000 1500 2000 2500 Study Day Tumor Volume (mm3) ↑ 3 mg/kg 0 7 14 21 28 35 42 49 56 0 500 1000 1500 2000 2500 Study Day Tumor Volume (mm3) ↑ 0.3 mg/kg 0 7 14 21 28 35 42 49 56 0 500 1000 1500 2000 2500 Study Day Tumor Volume (mm3) ↑ 1 mg/kg 0 7 14 21 28 35 42 49 56 63 70 0 200 400 600 800 1000 1200 Study Day Tumor Volume (mm3) ↑ 0 7 14 21 28 35 42 49 56 63 70 0 200 400 600 800 1000 1200 Study Day Tumor Volume (mm3) ↑ 0 7 14 21 28 35 42 49 56 63 70 0 200 400 600 800 1000 1200 Study Day Tumor Volume (mm3) ↑ A375.S2 (Melanoma) V ehicle MGA017- SYNtecan E (MGC026)MGA017- DXdVehicle MGA017-DXd MGA017-SYNtecan E (MGC026) Lorigerlimab MGD024MGC028 MGC030MGC026
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15 Rationale / Positioning • Targets ADAM9 (A Disintegrin And Metalloprotease 9) ‒ Plays role in tumorigenesis and cancer progression ‒ Over-expressed in multiple cancers, including NSCLC and multiple GI- associated cancers Function/ MoA • Employs Synaffix’s proprietary ADC platform • Potent anti-tumor activity observed in multiple in vivo models • Encouraging safety and tolerability profile in GLP cyno tox study ‒ Well tolerated at high dose levels with mild, reversible side effects and no ocular toxicity Status • Phase 1 dose escalation study ongoing MGC028: Potential First-in-Class ADAM9 ADC Drug Linker and Payload DAR ~4 IgG1 MGC028 is investigational and has not yet been approved for marketing by any regulatory authority November 12, 2025 ADAM9 ADAM9 MGC026 MGC028Lorigerlimab MGD024MGC030
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16 Supports broad clinical development opportunity across multiple solid tumors MGC028: Promising Product Profile Based on Preclinical Data Broad Range of Human Cancer Indications With Target Expression Potent Activity Observed Across PDX Models with Range of ADAM9 Expression 7 21 28 35 42 49 56 63 70 0 500 1000 1500 2000 2500 3000 Days (Post Treatment) Mean Tumor Volume (mm3) 0 14 Pancreatic Cancer H-score = 116 7 21 28 35 42 49 0 500 1000 1500 2000 2500 3000 NSCLC H-score = 179 Days (Post Treatment) Mean Tumor Volume (mm3) 0 14 Vehicle MGC028 [10 mg/kg Q2W x 2] 89% 65% 67% 67% 35% 22% 19% 11% 27% 22% 20% 35% 49% 38% 8% 11% 13% 30% 29% 43% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% CRC (n=123) Pancreatic (n=60) Cholangio (n=36) Lung Adenocarcinoma (n=15) Gastric CA (n=20) TNBC (N=122) Lung SCC (N=21) % of Tumors with Indicated H-score 101 - 300 1 - 100 NegativeH-Score: MGC026Lorigerlimab MGD024MGC030MGC028 0 7 14 21 28 35 42 49 56 63 70 0 500 1000 1500 2000 Colorectal Cancer H-score = 87 Days (Post Treatment) Mean Tumor Volume (mm3) 0 7 14 21 28 35 42 49 56 63 70 77 0 500 1000 1500 2000 2500 3000 Cholangiocarcinoma H-Score = 172 Days (Post Treatment) Mean Tumor Volume (mm ) November 12, 2025
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17 Rationale / Positioning • TOP1i-based ADC that targets undisclosed antigen expressed across several solid tumors • There are currently no approved therapeutics to this target Function/ MoA • Employs Synaffix’s proprietary ADC platform • Potent anti-tumor activity observed in multiple in vivo models • Encouraging preliminary safety and tolerability profile in exploratory cyno tox studies Status • IND planned for 2026 MGC030: Solid Tumor-Targeting ADC IgG1 November 12, 2025 TBA TBA MGC030 is investigational and has not yet been approved for marketing by any regulatory authority Drug Linker and Payload DAR ~4 MGC026Lorigerlimab MGD024MGC030MGC028
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18 Rationale / Positioning • Favorable preclinical data presented at ASH 2021: – Anti-leukemic activity in vitro and in murine tumor models – Good tolerability in cynos with reduced cytokine release – PK profile consistent with dosing patient on weekly basis or longer interval – Combinable with standard-of-care agents Function/ MoA • Redirected T-cell killing against leukemia cells – Next generation CD3 variant minimizes cytokine release syndrome while maintaining cytolytic activity – Inclusion of Fc domain extends half-life to enable intermittent dosing Program Activities • Ongoing Phase 1 dose escalation in hem. malignancies • Commenced Gilead collaboration in October 2022 Gilead leveraging MacroGenics’ significant CD3-directed bispecific development know-how MGD024: Next Generation CD123 × CD3 DART Molecule MGD024 is investigational and has not yet been approved for marketing by any regulatory authority November 12, 2025 Fc Region (extended half-life) CD3 CD123 IgG1 MGD024MGC026Lorigerlimab MGC030MGC028
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19 Preclinical data presented at ASH 2021 MGD024: Favorable Cytokine Profile, Encouraging Combination Activity (in vivo) 7 21 28 35 42 0 500 1000 1500 2000 2500 Study Day Tumor Volume (mm3) 14 ↑ │ Rx Start 49 ↑ Rx End 0 ↑ │ PBMC ↑ KG1a CYT, 7.5 mg/kg MGD024, 0.05 mg/kg MGD024, 0.05 mg/kg + CYT Vehicle 21 28 42 49 56 0 500 1000 1500 2000 2500 Suboptimal VEN Enhances MGD024-mediated Anti-tumor Activity Study Day Tumor Volume (mm3) Vehicle VEN, 40 mg/kg MGD024, 0.1 mg/kg MGD024, 0.1 mg/kg + VEN 0 ↑ PBMC 7 ↑ | | Molm-13 14 ↑ Rx Start 35 ↑ VEN Stop MGD024 Enhances Anti-tumor Activity When Combined with Either Cytarabine (CYT) or Venetoclax (VEN) November 12, 2025 Alderson, et al., ASH 2021 Improved Tolerability vs. Wild Type (WT) in Cynos Interleukin-6 MGC026Lorigerlimab MGC030 MGD024MGC028
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20 Financial Overview • $146M Cash, cash equivalents and marketable securities as of September 30, 2025(a) – Cash runway guidance into late 2027(b) • Historical financial details: • Total revenues and other income (primarily from collaborative agreements) 0 40 80 120 160 200 240 2021 2022 2023 2024 $ in Millions November 12, 2025 (a) Does not include receipt of $50.0 million from Sanofi or $25.0 million from Gilead, which are expected to be received subsequent to September 30, 2025 . (b) MacroGenics’ cash, cash equivalents and marketable securities were $146.4 million as of September 30, 2025, not including receipt of $75.0 million in partnering payments from Sanofi and Gilead, which are expected subsequent to September 30, 2025. These amounts, in addition to projected and anticipated future payments from partners and anticipated savings from the Company’s ongoing cost-reduction initiatives, are expected to support the Company’s cash runway into late 2027. (c) Does not include $150.9 million of Other Income (“Gain on royalty monetization arrangement”). (d) Includes $150.9 million of Other Income (“Gain on royalty monetization arrangement”). 9 Mos. Ended $ in Millions 2021 2022 2023 2024 9/30/24 9/30/25 Total Revenues $77 $152 $59(c) $150 $131 $108 R&D Expense 215 207 167 177 138 113 Total Costs and Expenses 280 273 227 261 188 169 Cash & Investments 244 154 230 202 200 146(a) (d)
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21 Key Strategic Priorities For 2025 and 2026 Determine development path for lorigerlimab Advance MGC026 and MGC028 to assess clinical proof-of-concept Complete IND application for MGC030 Initiate IND-enabling studies for two new product candidates Forge partnerships to accelerate development of products & platforms Strengthen financial position through operational efficiency, collaboration revenue, and asset monetization November 12, 2025
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22 Thank You! Jim Karrels – SVP , Chief Financial Officer 301-354-2681 | karrelsj@macrogenics.com Link to our latest presentations: http://ir.macrogenics.com/events.cfm www.macrogenics.com Investor Relations Inquiries: Business Development Inquiries: Harish Krishnaswamy – SVP , Business Development & Portfolio Planning krishnaswamyh@macrogenics.com November 12, 2025