The company's financial stability is under pressure as total equity has eroded to $21.2 million, while the debt-to-equity ratio has spiked to 1.72 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 182.52M | 219.94M | 217.49M | 251.34M | 222.18M | 279.56M | 312.59M | 239.78M | 269.12M | 322.3M | 283.95M | 342.38M | 164.74M | 119.46M | 49.93M | 58.66M |
| Cash & Short-Term Investments | 154.23M | 189.91M | 201.67M | 229.81M | 154.35M | 243.62M | 272.53M | 215.76M | 232.86M | 305.12M | 284.98M | 339.05M | 157.59M | 116.48M | 47.74M | 55.22M |
| Cash Only | 66.52M | 57.22M | 182.84M | 100.96M | 108.88M | 123.47M | 181.13M | 126.47M | 220.13M | 211.73M | 84.1M | 196.17M | 157.59M | 116.48M | 47.74M | 55.22M |
| Short-Term Investments | 87.71M | 132.7M | 18.83M | 128.85M | 45.46M | 120.15M | 91.4M | 89.28M | 12.73M | 93.39M | 192.9M | 142.88M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.43M | 13.37M | 4.31M | 10.37M | 56.22M | 10.39M | 23.08M | 12.74M | 29.58M | 13.64M | 2.76M | 1.22M | 2.94M | 2M | 2.05M | 3.4M |
| Days Sales Outstanding | 61.32 | 32.65 | 10.6 | 66.16 | 136.79 | 50.12 | 86.17 | 75 | 179.6 | 32.02 | 11.65 | 4.43 | 22.67 | 12.89 | 12.52 | 26.36 |
| Inventory | 9.5M | 7.91M | 0 | 1.22M | 1.45M | 4.39M | 0 | 0 | 0 | 0 | -7.99M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 68.46 | 66.86 | - | 54.2 | 71.72 | 604.16 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 8.37M | 8.74M | 11.51M | 9.95M | 10.16M | 0 | 0 | 0 | 0 | 383K | 704K | 305K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 35.35M | 36.91M | 53.06M | 47.08M | 67.33M | 55.69M | 66.15M | 72.72M | 63.01M | 51.59M | 27.32M | 16.89M | 9.15M | 6.33M | 3.82M | 4.02M |
| Property, Plant & Equipment | 33.97M | 35.52M | 42.61M | 45.69M | 56.91M | 54.29M | 61.52M | 68.41M | 56.71M | 49.98M | 17.96M | 14.84M | 6.79M | 5.04M | 3.27M | 3.29M |
| Fixed Asset Turnover | 4.31x | 4.21x | 3.48x | 1.25x | 2.64x | 1.39x | 1.59x | 0.91x | 1.06x | 3.11x | 4.82x | 6.80x | 6.97x | 11.27x | 18.25x | 14.31x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.99M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.38M | 1.39M | 10.46M | 1.39M | 1.38M | 1.4M | 4.62M | 4.3M | 6.29M | 1.6M | 1.37M | 2.04M | 2.36M | 1.29M | 552.1K | 730.2K |
| Total Assets | 217.87M | 256.85M | 261.65M | 298.42M | 289.51M | 335.25M | 378.74M | 312.5M | 332.13M | 373.88M | 311.26M | 359.27M | 173.89M | 125.78M | 53.75M | 62.68M |
| Asset Turnover | 0.63x | 0.58x | 0.57x | 0.19x | 0.52x | 0.23x | 0.26x | 0.20x | 0.18x | 0.42x | 0.28x | 0.28x | 0.27x | 0.45x | 1.11x | 0.75x |
| Asset Growth % | 19.57% | -1.84% | -12.32% | 3.08% | -13.64% | -11.48% | 21.2% | -5.91% | -11.17% | 20.12% | -13.36% | 106.61% | 38.24% | 134.03% | -14.25% | - |
| Total Current Liabilities | 95.94M | 43.12M | 55.53M | 56.11M | 48.61M | 74.58M | 50.67M | 45.17M | 59.94M | 49.76M | 27.3M | 23.29M | 27.09M | 28.82M | 29.73M | 44.29M |
| Accounts Payable | 4.29M | 4.79M | 5.01M | 6.44M | 4.9M | 15.5M | 8.03M | 4.31M | 4M | 2.45M | 4M | 2.97M | 1.67M | 3.17M | 3.74M | 11.05M |
| Days Payables Outstanding | 38.01 | 40.46 | 148.77 | 286.02 | 242.16 | 2.13K | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 5.21M | 5.18M | 0 | 0 | 4.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 97.09M | 10.92M | 16.32M | 21.65M | 9.99M | 0 | 0 | 0 | 21.72M | 7.2M | 4.26M | 5.87M | 14.25M | 20.27M | 24.12M | 31.65M |
| Other Current Liabilities | 18.45M | 22.23M | 0 | 0 | 29M | 20.65M | 4.46M | 10.7M | 1.02M | 1.52M | 2.91M | 2.75M | 3.25M | 1.8M | 628.77K | 533.56K |
| Current Ratio | 1.90x | 5.10x | 3.92x | 4.48x | 4.57x | 3.75x | 6.17x | 5.31x | 4.49x | 6.48x | 10.40x | 14.70x | 6.08x | 4.14x | 1.68x | 1.32x |
| Quick Ratio | 1.80x | 4.92x | 3.92x | 4.46x | 4.54x | 3.69x | 6.17x | 5.31x | 4.49x | 6.48x | 10.69x | 14.70x | 6.08x | 4.14x | 1.68x | 1.32x |
| Cash Conversion Cycle | 91.77 | 59.05 | - | -165.66 | -33.65 | -1.48K | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 100.73M | 158.14M | 98.97M | 89.7M | 98.89M | 21.05M | 32.19M | 36.71M | 29.31M | 24.89M | 15.21M | 22.64M | 25.51M | 18.05M | 32.26M | 35.88M |
| Long-Term Debt | 31.3M | 70M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.69M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 95.58M | 31.59M | 32.6M | 30.2M | 30.11M | 20.79M | 25.26M | 27.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 8.9M | 0 | 9.04M | 0 | 0 | 0 | 0 | 0 | 308K | 4.63M | -3.69M | -8B | 0 | 0 |
| Other Non-Current Liabilities | 69.44M | 1.05M | 1.97M | 258K | 258K | 258K | 6.93M | 9.15M | 10.31M | 4.05M | 5.17M | 7.32M | 9.03M | 8.01M | 9.5M | 12.64M |
| Total Liabilities | 196.68M | 201.25M | 145.6M | 145.81M | 147.5M | 95.63M | 82.86M | 81.87M | 89.25M | 74.64M | 42.51M | 45.93M | 52.6M | 46.87M | 61.98M | 80.16M |
| Total Debt | 36.51M | 106.76M | 37.46M | 33.97M | 34.83M | 25.47M | 29.25M | 30.57M | 0 | 298K | 1.89M | 4.71M | 8.01M | 1.4M | 0 | 0 |
| Net Debt | -30.01M | 49.55M | -145.38M | -66.98M | -74.05M | -98M | -151.88M | -95.9M | -220.13M | -211.43M | -82.21M | -191.46M | -149.59M | -115.08M | -47.74M | -55.22M |
| Debt / Equity | 1.72x | 1.92x | 0.32x | 0.22x | 0.25x | 0.11x | 0.10x | 0.13x | - | 0.00x | 0.01x | 0.02x | 0.07x | 0.02x | - | - |
| Debt / EBITDA | -0.65x | - | - | - | - | - | - | - | - | - | - | - | - | 0.90x | - | - |
| Net Debt / EBITDA | 0.53x | - | - | - | - | - | - | - | - | - | - | - | - | -73.80x | -5.21x | -8.63x |
| Interest Coverage | -4.78x | -8.56x | -58.21x | -5.33x | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 21.2M | 55.59M | 116.06M | 152.61M | 142.01M | 239.62M | 295.88M | 230.63M | 242.88M | 299.24M | 268.75M | 313.34M | 121.29M | 78.91M | -8.24M | -17.48M |
| Equity Growth % | -188.88% | -52.1% | -23.95% | 7.46% | -40.73% | -19.02% | 28.29% | -5.04% | -18.83% | 11.34% | -14.23% | 158.35% | 53.69% | 1058.01% | 52.89% | - |
| Book Value per Share | 0.33 | 0.88 | 1.85 | 2.46 | 2.31 | 4.00 | 5.64 | 4.80 | 5.93 | 8.29 | 7.75 | 9.85 | 4.43 | 3.00 | -0.45 | -0.96 |
| Total Shareholders' Equity | 21.2M | 55.59M | 116.06M | 152.61M | 142.01M | 239.62M | 295.88M | 230.63M | 242.88M | 299.24M | 268.75M | 313.34M | 121.29M | 78.91M | -8.24M | -17.48M |
| Common Stock | 636K | 633K | 628K | 621K | 617K | 613K | 562K | 490K | 424K | 369K | 349K | 343K | 280K | 251.78K | 10.99K | 10.49K |
| Retained Earnings | -1.28B | -1.24B | -1.17B | -1.1B | -1.09B | -973.94M | -771.82M | -642.08M | -490.27M | -312.34M | -292.71M | -234.19M | -214.05M | -175.73M | -175.47M | -183.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19K | -57.74K | -57.74K | -57.74K |
| Accumulated OCI | -27K | 32K | 4K | -6K | -5K | -61K | -7K | 16K | -3K | -61K | -82K | -5K | -17.36M | -15.53M | -14.34M | -13.38M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical execution
As reported in recent financial filings, MacroGenics' total equity has contracted significantly from $152.6 million in 2023Q4 to $21.2 million in 2026Q1, reflecting a persistent erosion of the balance sheet as the company continues to fund its clinical pipeline through accumulated losses.
The consistent decline in equity highlights the company's struggle to achieve self-sustaining operations, with retained earnings remaining deeply negative at -$1.3 billion. This trajectory suggests that the business model is currently reliant on external capital or milestone-driven inflows to prevent further deterioration of the net asset position.
Based on reported figures, the company's debt-to-equity ratio has experienced extreme volatility, spiking to 1.92 in 2025Q4 from 0.22 in 2023Q4, which indicates that management is utilizing debt instruments as a tactical bridge to manage liquidity during periods of high clinical trial expenditure.
The fluctuation in debt levels suggests that the company lacks a stable long-term capital structure, instead relying on opportunistic borrowing to navigate cash flow gaps. Investors should monitor whether these debt obligations are being used to fund core R&D or merely to cover operational shortfalls, as the latter would imply heightened refinancing risk.
According to the latest quarterly data, the company's cash position has dwindled to $66.5 million as of 2026Q1, a significant reduction from the $182.8 million reported in 2024Q4, which underscores the accelerating depletion of liquid assets relative to the ongoing clinical burn rate.
While the current ratio of 1.90 appears superficially adequate, the underlying cash burn suggests that the company's liquidity buffer is rapidly thinning. This environment may force management to seek dilutive equity financing or aggressive partnership terms, potentially impacting shareholder value in the near term.
As indicated by the balance sheet, deferred revenue remains a substantial liability at $68.0 million, which, based on accounting disclosures, represents non-cash obligations that may obscure the true underlying commercial performance of the company's partnership-driven revenue model.
This deferred revenue balance acts as a significant distortion, as it suggests that a portion of the company's reported liabilities are actually future performance obligations rather than traditional debt. Analysts should be cautious, as the eventual recognition of these amounts is contingent upon clinical milestones that remain inherently uncertain.
Quick answers to the most common questions about buying MGNX stock.
As of 2025, MacroGenics, Inc. (MGNX) had total assets of $256.8M including $219.9M in current assets.
MacroGenics, Inc. (MGNX) carries total debt of $106.8M, offset by $189.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MacroGenics, Inc. (MGNX) has total shareholders' equity (book value) of $55.6M ($0.88 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MacroGenics, Inc. (MGNX) reported a current ratio of 5.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.