MacroGenics (MGNX) Q4 2024 Earnings Call Transcript

MacroGenics (MGNX -2.75%)
Q4 2024 Earnings Call
Mar 20, 2025, 4:30 p.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good afternoon. We will begin the MacroGenics fourth quarter and full year 2024 corporate progress and financial results conference call in just a moment. All participants are in a listen-only mode, and we will conduct a question and answer session at the conclusion of the call. At this point, I will turn the call over to Jim Karrels, senior vice president and chief financial officer of MacroGenics.

Please proceed.

James Karrels — Senior Vice President, Chief Financial Officer, and Secretary

Thank you, operator. Good afternoon, and welcome to MacroGenics conference call to discuss our fourth quarter and full year 2024 financial and operational results. For anyone who has not had the chance to review these results, we have issued a press release this afternoon outlining today’s announcements. This release is available under the investors tab on our website at macrogenics.com.

You may also listen to this conference call via webcast on our website, where it will be archived for 30 days beginning approximately two hours after the call is completed. I’d 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. During today’s call, I will be joined by Dr. Scott Koenig, president and chief executive officer of MacroGenics; and Dr. Stephen Eck, our senior vice president, clinical development, and chief medical officer.

And now, I’d like to turn the call over to Scott.

Scott E. Koenig — President, Chief Executive Officer, and Director

Thank you, Jim. I’d like to welcome everyone participating via conference call and webcast today. 2024 was an important year for MacroGenics as we achieved several significant clinical development milestones and are well-positioned to build upon that momentum in 2025. We have a diverse and promising clinical portfolio, and we look forward to a year of continued progress.

On today’s call, we will provide key updates on our business and clinical programs. I’ll now turn it over to Stephen to discuss those clinical updates.

Stephen Eck — Senior Vice President, Clinical Development, and Chief Medical Officer

Thank you, Scott. We made meaningful advancements in 2024 and look forward to continued execution as we develop and grow our portfolio of antibody-based cancer treatments in 2025. First, from our proprietary investigational pipeline, I will talk about lorigerlimab, our bispecific tetravalent DART molecule designed to enable blockade of PD-1 and CTLA-4 with potentially enhanced CTLA-4 blockade on T cells co-expressing these immune checkpoint molecules that are highly enriched in the tumor microenvironment. I’m pleased to share that enrollment is complete in the ongoing LORIKEET phase 2 trial, a 150-patient randomized study for lorigerlimab in combination with docetaxel versus docetaxel alone in second-line chemotherapy-naive patients with metastatic castration-resistant prostate cancer.

The current trial design includes a primary study endpoint of radiographic progression-free survival. Given that this endpoint is an event-driven, the availability and subsequent presentation of final rPFS data will depend on the eventual rPFS event accrual rate. We anticipate providing a clinical update for LORIKEET in the second half of this year. Based on our cumulative experience to date from our phase 1 and phase 2 studies of lorigerlimab, including in metastatic castration-resistant prostate cancer, a tumor setting historically insensitive to checkpoint inhibition, we plan to initiate the limits of phase 2 study.