Operating cash flow was negative in most quarters, with FCF margin at -126.6% in 2026Q2 and only three of ten quarters generating positive free cash flow, suggesting headline cash strength such as the $59.6M FCF in 2024Q3 may reflect working capital timing rather than sustainable generation.
MacroGenics, Inc. (MGNX) cash flow statement — 15-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -63.72M | -81.04M | -68.37M | -78.2M | -86.96M | -143.83M | -111.9M | -134.27M | -153.23M | 14.4M | -43.68M | -13.66M | -32.76M | -14.17M | -6.58M | 6.76M |
| Operating CF Margin % | - | -54.21% | -46.09% | -136.74% | -57.97% | -190.14% | -114.46% | -216.48% | -254.88% | 9.26% | -50.45% | -13.55% | -69.31% | -24.97% | -11.04% | 14.36% |
| Operating CF Growth % | 98.74% | -18.53% | 12.57% | 10.07% | 39.54% | -28.54% | 16.66% | 12.38% | -1163.76% | 132.98% | -219.74% | 58.3% | -131.15% | -115.32% | -197.41% | - |
| Net Income | -14.59M | -74.62M | -66.97M | -9.06M | -119.76M | -202.12M | -129.74M | -151.81M | -171.45M | -19.63M | -58.53M | -20.14M | -38.31M | -260.83K | 8.36M | 6.72M |
| Depreciation & Amortization | 5.89M | 7.17M | 7.54M | 9.64M | 11.87M | 11.26M | 11.96M | 12.31M | 9.16M | 7.23M | 7.61M | 2.86M | 1.82M | 1.19M | 959.93K | 1.15M |
| Stock-Based Compensation | 10.83M | 14.29M | 29.44M | 18.37M | 20.44M | 23.13M | 20.68M | 19.57M | 16.52M | 14.74M | 12.16M | 7.85M | 3.24M | 862.16K | 838.39K | 2.35M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -47.25M | 453K | -39.78M | -150.48M | 6.63M | 6.33M | -260K | 23.63M | -881K | 0 | 0 | 12.36M | 1.82M | 626.35K | -150.69K | -1.46M |
| Working Capital Changes | -18.6M | -28.33M | 1.39M | 53.32M | -6.13M | 17.57M | -14.53M | -12.88M | -6.58M | 12.06M | -4.92M | -4.23M | 488K | -16.59M | -16.59M | -2M |
| Change in Receivables | -23.84M | -9.06M | 6.06M | 45.85M | -45.84M | 12.7M | -10.34M | 16.84M | -15.94M | -10.88M | -1.54M | 1.71M | -931K | 42.2K | 1.35M | 12.55M |
| Change in Inventory | 123K | -7.91M | -2.19M | 230K | 55K | -6.42M | 0 | -9.63M | 0 | 0 | 0 | 1.49M | -269K | 508.69K | -438.74K | -230.94K |
| Change in Payables | 126K | -280K | -1.53M | 1.28M | -10.86M | 7.13M | 3.72M | 787K | 1.55M | -1.54M | 2.23M | -163K | -1.5M | -570.09K | -7.31M | -10.27M |
| Cash from Investing | -13.08M | -114.1M | 149.3M | -80.08M | 70.72M | -36.61M | -7.79M | -79.36M | 56.64M | 77.88M | -70.25M | -152.11M | -3.57M | -2.96M | -940.04K | -500.21K |
| Capital Expenditures | -1.82M | -1.91M | -3.71M | -1.76M | -3.62M | -6.2M | -5.91M | -4.29M | -24.95M | -29.4M | -11.38M | -9.2M | -3.57M | -2.96M | -940.04K | -500.21K |
| CapEx % of Revenue | 1.09% | 1.28% | 2.5% | 3.08% | 2.42% | 8.2% | 6.04% | 6.92% | 41.51% | 18.91% | 13.14% | 9.12% | 7.56% | 5.22% | 1.58% | 1.06% |
| Acquisitions | 0 | 11K | 0 | 64K | 0 | 0 | 0 | 75.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11K | 0 | 40.16M | 0 | 0 | 0 | 0 | -75.07M | 0 | 0 | 0 | -142.91M | 0 | 0 | 0 | 0 |
| Cash from Financing | 60.02M | 69.51M | 960K | 150.36M | 1.66M | 122.78M | 174.34M | 119.97M | 104.99M | 35.35M | 1.85M | 204.35M | 77.44M | 85.87M | 46.83K | 12.09M |
| Debt Issued (Net) | -9.67M | 0 | 0 | -157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 247K | 129K | 3.44M | 1.17M | 1.08M | 117.82M | 170.46M | 118.66M | 103M | 34.2M | -39K | 203.44M | 76.7M | 84.77M | 46.83K | 12.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -2.01M | 0 | -260K | -40K | -39K | -29K | -19K | 0 | 0 | 0 |
| Other Financing | 69.45M | 69.39M | -2.48M | 149.35M | 574K | 4.96M | 3.89M | 1.31M | 1.99M | 1.14M | 1.89M | 911K | 744K | 1.1M | 174 | 0 |
| Net Change in Cash | -16.78M | -125.62M | 81.88M | -7.93M | -14.59M | -57.66M | 54.66M | -93.66M | 8.4M | 127.63M | -112.07M | 38.58M | 41.11M | 68.74M | -7.48M | 18.34M |
| Free Cash Flow | -65.54M | -82.95M | -72.08M | -79.97M | -90.58M | -150.03M | -117.8M | -138.56M | -178.19M | -15M | -55.06M | -22.86M | -36.33M | -17.13M | -7.52M | 6.26M |
| FCF Margin % | -39.09% | -55.49% | -48.59% | -139.82% | -60.38% | -198.34% | -120.5% | -223.4% | -296.38% | -9.64% | -63.59% | -22.66% | -76.87% | -30.19% | -12.61% | 13.3% |
| FCF Growth % | 12.11% | -15.09% | 9.87% | 11.72% | 39.62% | -27.36% | 14.98% | 22.24% | -1088.08% | 72.76% | -140.88% | 37.08% | -112.05% | -127.77% | -220.22% | - |
| FCF per Share | -1.03 | -1.31 | -1.15 | -1.29 | -1.47 | -2.50 | -2.25 | -2.88 | -4.35 | -0.42 | -1.59 | -0.72 | -1.33 | -0.65 | -0.41 | 0.34 |
| FCF Conversion (FCF/Net Income) | 4.49x | 1.09x | 1.02x | 8.63x | 0.73x | 0.71x | 0.86x | 0.88x | 0.89x | -0.73x | 0.75x | 0.68x | 0.86x | 54.33x | -0.79x | 1.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 944K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MGNX stock.
MacroGenics, Inc. (MGNX) generated $-81.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MacroGenics, Inc. (MGNX) reported negative free cash flow of $83.0M in 2025, indicating capital requirements exceeded cash from operations.
MacroGenics, Inc. (MGNX) spent $1.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Net Income Decoupled From Operating Cash
According to reported quarterly figures, MGNX's operating cash flow diverged sharply from net income across the ten quarters, with OCF/NI ratios swinging between -3.04 and 2.49, a pattern that suggests reported earnings are poorly anchored to underlying cash generation.
The 2026Q2 net income of $19.5M alongside operating cash outflow of -$40.7M produces an OCF/NI ratio of -2.09, meaning reported profit did not translate into cash at all. The 2025Q4 quarter shows the inverse, with a loss of -$14.2M paired with $43.0M of operating inflow, which appears driven by working capital release of $53.1M rather than operating performance. Investors should monitor whether these accrual-driven swings reflect milestone timing or deeper weaknesses in earnings quality.
Free Cash Flow Negative Through Most Periods
Based on reported figures, MGNX generated positive free cash flow in only three of ten quarters, with the best result of $59.6M in 2024Q3 offset by recurring outflows reaching -$47.7M in 2025Q2, indicating an unstable cash trajectory.
FCF margins ranged from -174.0% in 2026Q1 to 103.8% in 2025Q4, a spread so wide that the margin metric itself appears dominated by lumpy revenue recognition rather than steady operating economics. The cumulative FCF across the period remains negative, which suggests the company has relied on cash reserves or external capital rather than self-funded operations. This warrants further investigation into the duration of runway implied by current burn levels.
Minimal Capital Intensity, Burn Driven by Opex
As reported in financial statements, MGNX's capital expenditures remained small relative to revenue in most quarters, with CapEx/Revenue falling from 16.0% in 2024Q1 to 0.5% in 2024Q3, indicating that capital intensity does not explain the cash burn.
Capital spending averaged well below $1.5M per quarter and declined over the period, consistent with an asset-light biotechnology model. Because CapEx is immaterial relative to operating outflows, the cash burn appears to originate from R&D and operating expense commitments rather than physical asset investment. Depreciation of roughly $1.6M to $2.1M per quarter exceeds CapEx in most periods, suggesting the asset base is not being meaningfully reinvested.
Working Capital Swings Dominate Cash Timing
According to reported figures, working capital changes ranged from -$52.2M in 2025Q3 to +$53.1M in 2025Q4, a swing large enough to dominate quarterly operating cash flow and suggest timing-driven rather than structural cash dynamics.
The reversal from -$52.2M to +$53.1M across consecutive quarters points to collections or payables timing tied to milestone and licensing receipts rather than steady operating efficiency. Such volatility makes quarterly OCF an unreliable indicator of run-rate cash generation. Investors may wish to focus on trailing multi-quarter aggregates when assessing underlying cash performance.
Cumulative Earnings Versus Cash Reality
Based on the ten-quarter reported data, cumulative operating cash flow remains deeply negative while cumulative net income is also negative, with the gap driven largely by non-cash and working capital items, indicating that neither profit nor cash has established a durable base.
Summing reported quarterly figures shows cumulative net income and operating cash flow both negative, but the magnitudes differ meaningfully across quarters, which suggests non-operating items and accrual timing materially distort the earnings picture. Stock-based compensation of roughly $2M to $11M per quarter represents a non-cash cost that flatters operating cash relative to economic burn. The absence of dividends or buybacks confirms that all deployment decisions are funded from balance sheet resources.
Positive Quarters May Mask Underlying Burn
Based on reported figures, the strongest cash quarters for MGNX, such as 2024Q3 and 2025Q4, coincided with large working capital inflows and acquisition proceeds, suggesting headline FCF strength may reflect one-time timing rather than sustainable generation.
Acquisition net proceeds of $40.0M in 2024Q4 and $80.0K in 2024Q3, combined with working capital releases of $53.1M in 2025Q4, indicate that several favorable cash periods were not driven by recurring operating performance. Stripping out these items, the underlying operating burn across the ten quarters appears persistent. Investors should treat isolated positive FCF readings with caution and evaluate trailing aggregates that exclude timing-driven receipts before inferring a durable change in cash trajectory.