Liquidity is rapidly depleting, with cash balances falling to $66.5 million in 2026Q1 from $182.8 million in 2024Q4, reflecting a business model that struggles to generate consistent free cash flow.
| 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 | -69.96M | -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 % | 79.85% | -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 | -70.36M | -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 | 6.94M | 5.52M | 7.54M | 9.64M | 11.87M | 11.26M | 11.96M | 10.85M | 8.28M | 7.23M | 7.61M | 2.86M | 1.82M | 1.19M | 959.93K | 1.15M |
| Stock-Based Compensation | 9.9M | 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 | 1.43M | 2.1M | -39.78M | -150.48M | 6.63M | 6.33M | -260K | 25.09M | 48.39M | 41.62M | 26.69M | 12.36M | 1.82M | 626.35K | -150.69K | -1.46M |
| Working Capital Changes | -17.87M | -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 | 117K | -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 | -73K | -7.91M | -2.19M | 230K | 55K | -6.42M | 0 | -9.63M | -4.63M | 11.83M | -291K | 1.49M | -269K | 508.69K | -438.74K | -230.94K |
| Change in Payables | -2.31M | -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 | -78.68M | -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 | -1.73M | -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 | 1.1% | 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 | 81.6M | 107.28M | -58.87M | -142.91M | 0 | 0 | 0 | 0 |
| Cash from Financing | 69.59M | 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) | 0 | 0 | 0 | -157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 140K | 129K | 0 | 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 | 960K | 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 | -79.05M | -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 | -71.69M | -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 % | -45.64% | -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 % | 0.98% | -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 | -1.13 | -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) | 1.02x | 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 |
Liquidity and clinical execution
According to reported financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -3.04 in 2025Q4 to 2.49 in 2024Q4, illustrating that accounting earnings are frequently decoupled from the actual timing of cash-based collaboration milestone receipts.
The wide variance in the conversion ratio suggests that investors should be wary of using net income as a proxy for operational health. The reliance on non-recurring milestone payments creates significant noise, making it difficult to discern the underlying cash-generating capability of the core business.
As indicated by the quarterly cash flow data, free cash flow remains deeply inconsistent, oscillating between a positive $59.6 million in 2024Q3 and a negative $47.7 million in 2025Q2, which underscores the company's dependence on lumpy, non-recurring partnership inflows to offset persistent operational cash outflows.
The inability to generate sustained positive free cash flow highlights the structural challenge of funding a high-burn R&D pipeline through intermittent collaboration revenue. This trajectory suggests that the company remains in a high-risk phase where cash flow is dictated by external partnership events rather than internal commercial momentum.
Based on the provided cash flow tables, working capital changes have been a primary driver of quarterly cash fluctuations, notably with a $53.1 million inflow in 2025Q4 followed by a $52.2 million outflow in 2025Q3, indicating significant volatility in the timing of accounts receivable and deferred revenue.
These dramatic swings in working capital suggest that the company's cash position is highly sensitive to the timing of milestone-related collections. Investors should monitor whether these fluctuations represent genuine operational efficiency or merely the accounting recognition of long-term partnership agreements that do not reflect recurring cash inflows.
As reported in recent filings, the company has prioritized the preservation of liquidity, with no dividends or share repurchases observed, while capital deployment has been limited to modest R&D-related expenditures and occasional asset-related transactions, such as the $40 million acquisition noted in 2024Q4.
The absence of shareholder-friendly capital returns is consistent with a company in a capital-intensive growth phase that is currently struggling to reach self-sustainability. The focus on asset-related transactions suggests that management is attempting to bolster the pipeline, though this further strains the limited cash runway.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $11.3 million in 2024Q4, serves as a significant non-cash expense that masks the true economic cost of talent retention, while capitalized costs remain minimal, suggesting that most R&D spend is immediately expensed through the income statement.
The reliance on stock-based compensation as a primary tool for managing cash burn warrants further investigation, as it dilutes existing shareholders to preserve cash for clinical trials. This practice suggests that the company's operational reality is more expensive than the headline cash burn figures might otherwise imply.
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.