MacroGenics is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer treatments. MacroGenics has no products it sells directly, but has generated three FDA-approved drugs that it has out-licensed or sold to partners: ZYNYZ (licensed to Incyte), TZIELD (sold to Sanofi's Provention Bio), and MARGENZA (sold to TerSera). MacroGenics develops drug candidates using proprietary antibody engineering platforms, including DART (bispecific antibodies that bind two targets simultaneously), TRIDENT (trispecific antibodies), and ADCs (antibody-drug conjugates that deliver cytotoxic drugs directly to cancer cells). Key clinical candidates include lorigerlimab (a PD-1 x CTLA-4 bispecific), MGD024 (targeting CD123 and CD3 in blood cancers), and ADCs MGC026 and MGC028, both in Phase 1 trials in solid tumors. MacroGenics' revenue is lumpy and milestone-driven, coming from upfront licensing payments, option fees, development milestones, royalties on partnered products, asset sales, and contract manufacturing services from its Rockville, Maryland facility. MacroGenics has monetized some royalty streams — selling the ZYNYZ royalty to Sagard for $70M and the TZIELD royalty to DRI Healthcare for $100M. Its customers are other biopharma companies, such as Gilead, Incyte, and Sanofi, who fund development and commercialization in exchange for rights to MacroGenics' assets or platforms.