Overview

We are a clinical-stage biopharmaceutical company focused on developing innovative antibody-based therapeutics for the treatment of cancer. We generate our pipeline of product candidates from our proprietary suite of antibody technology platforms. We are currently developing therapeutics utilizing multiple modalities, including antibody-drug conjugates (ADCs) and multi-specific antibodies (which we refer to as DART and TRIDENT molecules).

In June 2026, we completed the sale of our GMP manufacturing operations, including our contract development and manufacturing (CDMO) business, to Bora Pharmaceuticals Co., Ltd. and Bora Biologics USA, LLC for $119.6 million. This transaction allows us to focus our resources on advancing our pre-clinical and clinical-stage research and development pipeline.

We currently have multiple proprietary product candidates in development, including three clinical-stage ADCs, a clinical-stage bispecific DART molecule, and several preclinical-stage ADC and T-cell engager programs. We also have three products approved by the FDA that we have out-licensed or sold to partners.

Our operations have been primarily funded through public and private offerings of our securities, as well as collaborations with other biopharmaceutical companies. As of June 30, 2026, we had an accumulated deficit of $1.3 billion, which we expect will continue to increase as we progress our pipeline. However, we believe our current cash, cash equivalents and marketable securities, combined with anticipated future payments from our partners and cost-saving initiatives, will support our cash runway through 2028.

Macroeconomic Conditions

The global economy, credit markets and financial markets have experienced significant volatility due to factors such as fluctuating interest rates, geopolitical upheaval, and trade restrictions. These macroeconomic conditions have created supply chain and inventory disruptions, as well as fluctuations in economic growth, employment, inflation, and consumer sentiment. The ultimate duration and impact of these conditions remain difficult to predict and could adversely affect our business.

Collaborations

We have entered into several strategic collaborations with global biopharmaceutical companies, which have provided us with over $1.6 billion in non-dilutive funding since our inception. Our current collaborations include:

• Incyte Corporation: We have an exclusive global collaboration for the development and commercialization of our anti-PD-1 antibody, retifanlimab, while retaining the right to develop our pipeline assets in combination with retifanlimab.

• Gilead Sciences: We have an exclusive option and collaboration agreement to develop and commercialize our CD123-targeting bispecific antibody, MGD024, as well as create additional bispecific cancer antibodies using our DART platform.

Results of Operations

Our revenue for the three and six months ended June 30, 2026 increased significantly compared to the same periods in 2025, primarily due to the achievement of a $24.5 million regulatory milestone for TZIELD and higher royalty revenue from ZYNYZ sales. These increases were partially offset by a decrease in revenue recognized under the Gilead First Research Program.

Our research and development expenses decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025, mainly due to lower costs for lorigerlimab, vobramitamab duocarmazine, and certain preclinical ADC programs, partially offset by increased costs for MGC026, MGC028, and next-generation T-cell engagers.

General and administrative expenses also decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to lower personnel-related costs.

Liquidity and Capital Resources

We have primarily funded our operations through the sale of our common stock and revenue from our collaborations. As of June 30, 2026, we had $56.7 million in net cash provided by operating, investing, and financing activities, which, combined with the $119.6 million received from the sale of our CDMO operations, the $24.5 million milestone due from Sanofi, and the $10.0 million from Gilead’s option exercise, is expected to support our cash runway through 2028.

We will continue to require significant additional funding to advance our pipeline of product candidates through clinical development and regulatory approval. We anticipate drawing upon available sources of capital, including equity and debt instruments, to support our ongoing research and development activities. However, there can be no assurances that new sources of capital will be available on commercially acceptable terms.