Metagenomi Reports $78.1 Million Net Loss for 2024, Highlights IPO and R&D Progress

Metagenomi Technologies, Inc. reported a net loss of $78.1 million for the year ended December 31, 2024, compared to a net loss of $68.3 million in 2023. This increase of $9.8 million reflects a rise in operating expenses, partially offset by increased collaboration revenue. Specifically, research and development expenses increased by $14.8 million to $109.2 million, while general and administrative expenses rose by $3.2 million to $32.0 million. Collaboration revenue increased by $7.5 million to $52.3 million, primarily driven by increased revenue from Ionis Pharmaceuticals, Inc. The company's accumulated deficit stood at $223.0 million as of December 31, 2024.

Significant developments during the year included the completion of an initial public offering (IPO) in February 2024, yielding net proceeds of $80.7 million. The company also underwent a reorganization in January 2024, converting from a limited liability company to a Delaware corporation. Further, the company engaged in regulatory discussions with the FDA regarding its lead hemophilia A program (MGX-001) and initiated manufacturing activities to support IND-enabling studies. Preclinical data from non-human primate studies on MGX-001 were presented at the American Society of Hematology (ASH) meeting.

Operational highlights included achieving in vivo proof-of-concept in rodents for multiple secreted protein deficiency disorders and in vivo proof-of-concept in all four Wave 1 therapeutic targets in its collaboration with Ionis. These targets include transthyretin amyloidosis and refractory hypertension. The company also achieved a development milestone in its collaboration with Affini-T Therapeutics, Inc., establishing cGMP gene editing reagents for cell therapy. As of December 31, 2024, Metagenomi had 202 full-time employees, 69 of whom hold M.D. or Ph.D. degrees.

The company's cash, cash equivalents, and available-for-sale marketable securities totaled $248.3 million as of December 31, 2024. Management projects that these resources will fund operating expenses and capital expenditures for at least the next 12 months. However, future funding requirements will depend on various factors, including the progress of research and development, clinical trials, regulatory approvals, and commercialization efforts. The company anticipates needing substantial additional funding to support its operations and growth strategy.

Metagenomi's outlook includes plans to release updated preclinical data in the first half of 2025 and to complete IND and CTA filings for MGX-001 in 2026. The company also plans to disclose the lead indication for its secreted protein deficiency platform in 2025 and nominate a development candidate in 2026. In its collaboration with Ionis, the company plans to nominate one to two development candidates from Wave 1 targets in 2025 and initiate IND-enabling activities in 2026. The company acknowledges significant risks associated with its business, including the need for substantial additional funding, the lengthy and uncertain process of drug development, and intense competition in the genome editing field.