Metagenomi, Inc. reported a significant decline in its financial performance for the second quarter of 2025, with collaboration revenue falling to $8.5 million, down from $20.0 million in the same period last year. For the first half of 2025, revenue totaled $12.6 million, compared to $31.2 million in the prior year. The decrease is primarily attributed to the termination of the collaboration agreement with Moderna, which accounted for a $15.9 million drop in revenue. The company also experienced a net loss of $19.9 million for the quarter, compared to a loss of $10.7 million in Q2 2024, and a total net loss of $44.9 million for the first half of 2025, up from $35.9 million in the previous year.
Operating expenses decreased to $29.5 million for the second quarter, down from $36.9 million in Q2 2024, driven by reductions in research and development costs and general administrative expenses. Research and development expenses were $22.5 million, a decrease from $28.3 million, while general and administrative expenses fell to $7.0 million from $8.6 million. The company reported a loss from operations of $21.0 million for the quarter, compared to a loss of $16.9 million in the prior year.
In terms of strategic developments, Metagenomi has been focusing on advancing its proprietary genome editing technologies and has entered into collaborations with Ionis Pharmaceuticals and Affini-T Therapeutics. The company is actively working on its lead program, MGX-001, aimed at treating hemophilia A, and plans to submit Investigational New Drug (IND) applications in 2026. Additionally, the company has established a new Research and Development Committee to enhance oversight of its scientific initiatives.
As of June 30, 2025, Metagenomi reported total assets of $272.3 million, a decrease from $324.6 million at the end of 2024. The company had cash, cash equivalents, and available-for-sale marketable securities totaling $205.0 million, which management believes will be sufficient to fund operations for at least the next 12 months. However, the company continues to face challenges in achieving profitability and may need to raise additional capital to support its ongoing research and development activities. The outlook remains cautious, with management acknowledging the potential impact of macroeconomic factors and the need for continued investment in its product pipeline.
About Metagenomi, Inc.
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