Metagenomi Therapeutics, Inc. Segments Disclosure
The Company operates and manages its business as one operating and reportable segment, which is the business of developing curative therapeutics for patients using the Company’s proprietary, comprehensive metagenomics-derived genome editing toolbox. All of the Company’s long-lived assets are located in the U.S. All revenue presented relate to contracts with customers located in the U.S. The , who is the chief operating decision maker (CODM), reviews financial information on a basis for purposes of evaluating financial performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.
The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).
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|
Years Ended December 31, |
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|
|
2025 |
|
|
2024 |
|
||
Collaboration revenue: |
|
|
|
|
|
|
||
Ionis |
|
$ |
24,621 |
|
|
$ |
30,439 |
|
Moderna |
|
|
— |
|
|
|
18,742 |
|
Affini-T |
|
|
564 |
|
|
|
3,114 |
|
Other |
|
|
25 |
|
|
|
— |
|
Total collaboration revenue |
|
|
25,210 |
|
|
|
52,295 |
|
Operating expenses: |
|
|
|
|
|
|
||
Employee-related expenses |
|
|
40,014 |
|
|
|
47,566 |
|
Stock-based compensation expense |
|
|
11,853 |
|
|
|
16,204 |
|
Research and development supplies and services |
|
|
30,067 |
|
|
|
33,237 |
|
Facilities and overhead costs |
|
|
28,982 |
|
|
|
31,572 |
|
Professional services and consulting |
|
|
10,307 |
|
|
|
12,617 |
|
Total operating expenses |
|
|
121,223 |
|
|
|
141,196 |
|
Loss from operations |
|
|
(96,013 |
) |
|
|
(88,901 |
) |
Other income (expense): |
|
|
|
|
|
|
||
Interest and other income, net |
|
|
9,379 |
|
|
|
14,515 |
|
Change in fair value of long-term investments |
|
|
(1,292 |
) |
|
|
(9,185 |
) |
Benefit from income taxes |
|
|
58 |
|
|
|
5,513 |
|
Net loss |
|
$ |
(87,868 |
) |
|
$ |
(78,058 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 17, 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.