Metagenomi Therapeutics, Inc.

What they do

Metagenomi discovers and develops CRISPR-based gene editing tools derived from metagenomics, the study of genetic material recovered from the natural environment. Its lead wholly-owned program, MGX-001, is designed as a one-time treatment to provide durable gene expression and life-long protection from bleeding events in hemophilia A. The company also evaluates indications using its large gene integration system for protein replacement via gene insertion and has partnered assets targeting cardiometabolic diseases. As of June 30, 2026, it had 37,777,105 shares of common stock outstanding and traded on the Nasdaq Global Select Market under the symbol MGX.

Revenue drivers

• Collaboration and license agreements — Revenue has come from collaboration agreements and license arrangements rather than product sales; total annual revenue fell from $52.3M in 2024 to $25.2M in 2025.
• Partnered cardiometabolic assets — The company states it is pursuing partnered assets targeting cardiometabolic diseases, alongside its wholly-owned programs, but the filings provided do not break out revenue by partner or program.
• MGX-001 hemophilia A program — MGX-001 remains preclinical, with no product revenue; the company is conducting IND-enabling studies including GLP toxicity.

Recent performance

Second quarter 2026 revenue was not disclosed in the earnings release excerpt, but quarterly revenue fell sharply across the period: $8.5M in Q2 2025, $8.7M in Q3 2025, $3.9M in Q4 2025, and $1.2M in Q1 2026. R&D expenses were $22.5 million for the quarter ended June 30, 2026, flat versus the comparable 2025 period, while G&A expenses were $6.0 million versus $7.0 million. Annual net loss widened to $87.9 million in 2025 from $78.1 million in 2024, with an accumulated deficit of $310.9 million as of December 31, 2025. Cash, cash equivalents, and available-for-sale marketable securities were $120.7 million as of June 30, 2026.

Strategy

The company is prioritizing its wholly-owned MGX-001 hemophilia A program, expecting IND-enabling studies to be complete by the end of the third quarter of 2026 and planning to submit an IND application in the fourth quarter of 2026. Subject to regulatory clearance, it intends to initiate clinical trials in 2027 and says it is engaging with hemophilia investigators and key opinion leaders to prepare for a first-in-human study. It also continues to evaluate disease indications treatable by protein replacement via gene insertion using its large gene integration system, and to pursue partnered cardiometabolic assets. Management describes a focus on high-value programs in indications with well-understood biology and clearly defined regulatory pathways, funded with a runway anticipated to support operations through the fourth quarter of 2027.

Risks

• No approved products or product revenue — MGX-001 is preclinical and IND-enabling studies are only expected to complete by the end of Q3 2026, so the company has no product revenue and depends on collaborations.
• Recurring losses and accumulated deficit — Net loss was $87.9 million in 2025 with an accumulated deficit of $310.9 million as of December 31, 2025, and the company expects to continue incurring significant losses.
• Declining revenue — Annual revenue fell from $52.3 million in 2024 to $25.2 million in 2025, and quarterly revenue declined from $8.7 million in Q3 2025 to $1.2 million in Q1 2026.
• Capital needs and cash runway — Operating cash flow was negative $88.9 million in 2025, and the stated runway of $120.7 million in cash and marketable securities extends only through the fourth quarter of 2027.

Outlook

Management says IND-enabling studies for MGX-001 are expected to be complete by the end of the third quarter of 2026, with an IND submission on track for the fourth quarter of 2026 and clinical trial initiation in 2027 subject to regulatory clearance. The company states its $120.7 million in cash, cash equivalents, and available-for-sale marketable securities as of June 30, 2026 is anticipated to support operations through the fourth quarter of 2027. It also intends to continue expanding its pipeline using its genome editing capabilities in site-specific deletion, insertion, and correction.