Metagenomi Therapeutics, Inc.

Listed Company

MGXCIK 0001785279NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)FY ends Dec 31

Period

FY 2025

Revenue

$25.21M

Net Income

$-87.87M

Total Assets

$221.10M

Equity

$158.60M

Shares Out

37.62M

Op. Cash Flow

$-88.89M

Business

Metagenomi, Inc. is a precision genetic medicines company that develops curative therapeutics by applying a proprietary metagenomics-powered discovery platform to genome editing. It offers a comprehensive toolbox of genome editing technologies including programmable nucleases, ultra-small SMART nucleases, base editors, RNA-mediated integration systems (RIGS), and CRISPR-associated transposases (CASTs) for small and large genomic modifications. Business activities include wholly‑owned in vivo therapeutic development programs and out‑licensing or collaborations for ex vivo cell therapy enabling applications. Its programs and collaborations target multiple organs and are distributed through research partnerships, licensing arrangements, and clinical development pathways across the United States and international regulatory jurisdictions.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Collaboration revenue	25	52	45
Research and development	94	109	94
General and administrative	27	32	29
Total operating expenses	121	141	123
Loss from operations	−96	−89	−78
Interest income	9	15	15
Change in fair value of long-term investments	−1	−9	3
Other expense, net	−91,000	−207,000	−74,000
Total other income, net	8	5	18
Net loss before benefit from income taxes	−88	−84	−60
Benefit from income taxes	58,000	6	−8
Net loss	−88	−78	−68
Unrealized gain (loss) on available-for-sale marketable securities	−449,000	806,000	177,000
Comprehensive loss	−88	−77	−68
Net loss per share attributable to common stockholders - basic	−2.36	−2.36	−20.05
Net loss per share attributable to common stockholders - diluted	−2.36	−2.36	−20.05
Weighted-average common shares outstanding - basic	37	33	3
Weighted-average common shares outstanding - diluted	37	33	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	42	27	141	—
Available-for-sale marketable securities	119	221	131	—
Accounts receivable	305,000	1	2	—
Prepaid expenses and other current assets	4	8	5	—
Total current assets	166	258	278	—
Property and equipment, net	12	18	22	—
Long-term investments	2	3	11	—
Operating lease right-of-use assets	35	40	44	—
Other assets	836,000	287,000	5	—
Restricted cash	5	5	5	—
Total assets	221	325	365	—
Accounts payable	1	533,000	2	—
Accrued expenses and other current liabilities	7	8	11	—
Current portion of operating lease liabilities	6	6	3	—
Deferred revenue	9	23	48	—
Total current liabilities	23	37	69	—
Non-current portion of operating lease liabilities	35	40	45	—
Deferred revenue, non-current	3	10	31	—
Other non-current liabilities	2	2	5	—
Total liabilities	63	90	150	—
Commitments and contingencies (Note 8)	—	—	0	—
Preferred stock: $0.0001 par value; 10,000,000 shares authorized and zero shares issued and outstanding	0	0	0	—
Common stock: $0.0001 par value; 500,000,000 shares authorized; 37,620,668 and 37,418,470 shares issued and outstanding as of December 31, 2025 and 2024, respectively	4,000	4,000	0	—
Additional paid-in-capital	469	457	9	—
Accumulated other comprehensive income	260,000	709,000	−97,000	—
Accumulated deficit	−311	−223	−145	—
Total stockholders' equity	159	235	−136	−74
Total liabilities and stockholders' equity	221	325	365	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net loss	−88	−78	−68
Stock-based compensation expense	12	16	7
Depreciation	5	5	4
Loss on fixed assets write-off	502,000	1	—
Non-cash lease expense	5	5	4
Amortization of premiums and discounts on available-for-sale marketable securities	−3	−6	−8
Amortization of non-cash collaboration revenue	−212,000	−2	−742,000
Accounts receivable	952,000	1	−2
Prepaid expenses and other assets	4	−2	−1
Accounts payable	1	−1	−84,000
Income tax payable	—	−3	2
Deferred revenue and collaboration advance	−21	−47	−30
Accrued expenses and other current liabilities	−2	−893,000	2
Operating lease liabilities	−6	−3	−1
Other non-current liabilities	−58,000	−3	4
Net cash used in operating activities	−89	−109	−91
Purchases of property and equipment	−574,000	−3	−10
Proceeds from sale of property and equipment	37,000	—	—
Purchases of available-for-sale marketable securities	−66	−306	−208
Maturities of available-for-sale marketable securities	170	221	264
Purchases of long-term investments	—	−324,000	—
Net cash provided by (used in) investing activities	104	−88	46
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	—	84	—
Proceeds from issuance of common stock under the ESPP	202,000	—	4
Payment of deferred financing costs	−558,000	—	—
Net cash provided by (used in) financing activities	−356,000	84	1
Net increase (decrease) in cash, cash equivalents and restricted cash	14	−113	−45
Conversion of redeemable convertible preferred stock to common stock upon initial public offering	—	351	—
Issuance of common stock and restricted common stock in exchange for profits interests upon Reorganization	—	9	—
Reclassification of deferred offering costs paid in prior year to stockholders' equity	—	3	—
Common shares of Affini-T received for collaboration revenue	—	2	—
Cash paid for income taxes net of (refunds) (Note 13)	−2	4	2

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