Metagenomi Reports Q1 2025 Financial Results, Collaboration Revenue Drops to $4.1 Million

Metagenomi, Inc. reported its financial results for the first quarter of 2025, revealing a collaboration revenue of $4.1 million, a significant decrease from $11.2 million in the same period last year. This decline was primarily attributed to a $4.1 million drop in revenue from its collaboration with Ionis Pharmaceuticals and the termination of its agreement with Moderna, which previously contributed $2.8 million. The company's total operating expenses also decreased to $31.9 million from $40.2 million, driven by reduced research and development costs, which fell from $31.4 million to $25.1 million.

The net loss for the quarter was $25.0 million, slightly improved from a loss of $25.1 million in the prior year. The company reported a basic and diluted net loss per share of $0.68, compared to $1.19 in the same quarter of 2024. Metagenomi's accumulated deficit as of March 31, 2025, stood at $248.0 million, reflecting the ongoing financial challenges faced by the company as it continues to invest heavily in research and development.

In terms of strategic developments, Metagenomi completed its initial public offering (IPO) in February 2024, raising approximately $80.7 million in net proceeds. The company has since entered into an Open Market Sale Agreement, allowing it to issue up to $75.0 million in common stock through an at-the-market offering. As of March 31, 2025, Metagenomi had $226.0 million in cash, cash equivalents, and available-for-sale marketable securities, which it believes will be sufficient to fund its operations for at least the next 12 months.

Operationally, Metagenomi is focused on advancing its pipeline of gene editing therapies, including its lead program MGX-001 for hemophilia A. The company is also pursuing collaborations, such as its ongoing partnership with Ionis, which has four therapeutic targets in development. The company aims to leverage its proprietary genome editing toolbox to develop curative therapies across various diseases, with plans to conduct pre-IND meetings and submit clinical trial applications in the coming years.

Looking ahead, Metagenomi anticipates continued investment in its research and development activities, with expectations of increased expenses as it advances its therapeutic candidates. The company remains committed to achieving regulatory approvals for its product candidates, although it acknowledges the uncertainty surrounding the timing and costs associated with clinical trials and commercialization efforts.