Segment Reporting

The Company identifies its reportable segments based on information reviewed by the Company’s Chief Operating Decision Maker (CODM). The Company operates as one operating and reportable segment, which is discovering, developing, manufacturing and commercializing innovative antibody-based therapeutics for the treatment of cancer. The Company has determined its reportable operating segment based on the management approach, which considers the internal organization and reporting used by the Company’s CODM to make decisions about allocating resources and assessing the Company’s performance. The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the CODM for purposes of assessing performance and allocating resources.

The CODM uses consolidated net loss, consistent with the amounts reported in the Company’s consolidated statements of operations to evaluate performance, forecast future period financial results and allocate resources. Total consolidated assets presented in the accompanying consolidated balance sheets also represent the segment’s total assets.

The table below summarizes the significant expenses regularly reviewed by the CODM (in thousands):


	Year Ended December 31,
	2025		2024		2023
Total revenue (a)	$	149,500	$	149,962	$	58,749
Cost of product sales	—		847		619
Cost of manufacturing services	36,009		11,452		7,603
Research and development expenses:
Lorigerlimab	33,851		36,805		27,716
MGC030	20,968		10,100		—
MGC028	18,681		24,055		14,408
Vobramitamab duocarmazine	17,486		39,809		39,217
MGC026	17,128		14,126		13,523
Next-generation T-cell engagers	12,353		8,421		10,464
MGD024	9,643		9,734		6,974
Preclinical antibody-drug conjugates (ADCs)	4,818		8,002		11,170
Margetuximab	719		10,846		16,081
Other programs	11,525		15,296		27,030
Total research and development expenses	147,172		177,194		166,583
Selling, general and administrative expenses	39,160		71,047		52,188
Other segment income (loss), net (b)	(1,779)		43,612		159,186
Net loss	$	(74,620)	$	(66,966)	$	(9,058)

(a) Total revenue includes collaborative and other agreements, product sales, net, contract manufacturing, and government agreements.

(b) Other segment income (loss), net includes the gain on sale of MARGENZA, gain on royalty monetization, interest and other income and expense, and income tax expense.

Prior period segment information has be recast to conform to the current-period presentation. These changes include moving discontinued projects separately presented in 2024 and 2023 into Other programs and presenting programs separately in 2025 for molecules no longer in a preclinical phase.

The Company operates in the United States and all material long-lived assets of the Company reside in the United States. For information about the Company’s revenues, see Note 7, Revenue.

Historical Timeline

Fiscal Year	Filed
2025	Mar 9, 2026	Showing above
2024	Mar 20, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

MACROGENICS INC Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures