Metagenomi, Inc. reported its financial results for the third quarter of 2025, revealing a collaboration revenue of $8.7 million, a decrease from $11.5 million in the same period last year. For the nine months ending September 30, 2025, total collaboration revenue was $21.3 million, down from $42.7 million in 2024. The decline in revenue is attributed primarily to a significant reduction in revenue from the Moderna Agreement, which had previously contributed $18.7 million in the prior year, as well as a decrease in revenue from the Affini-T Agreement.
The company's operating expenses for the third quarter were $31.5 million, a slight decrease from $33.9 million in the same quarter of 2024. Research and development expenses accounted for $25.3 million, down from $26.3 million, while general and administrative expenses fell to $6.2 million from $7.6 million. Despite these reductions, Metagenomi reported a net loss of $20.4 million for the quarter, compared to a loss of $18.8 million in the prior year. For the nine-month period, the net loss was $65.3 million, up from $54.7 million in 2024.
In terms of strategic developments, Metagenomi has undergone significant organizational changes, including the termination of its collaboration agreement with Affini-T due to the latter's financial difficulties. This termination allows Metagenomi to regain full control over its intellectual property related to T-cell receptor-based therapies. Additionally, the company entered into a new licensing agreement with Acuitas Therapeutics for lipid nanoparticle technology, which is expected to enhance its genome editing capabilities.
Operationally, Metagenomi's cash and cash equivalents stood at $32.8 million as of September 30, 2025, with total assets amounting to $247.9 million. The company has an accumulated deficit of $288.3 million, reflecting its ongoing investment in research and development. Metagenomi anticipates that its existing cash reserves will be sufficient to fund operations for at least the next 12 months, although it may need to seek additional capital to support its growth strategy and ongoing clinical development efforts.
Looking ahead, Metagenomi plans to advance its lead product candidate, MGX-001, into clinical development, with pre-IND regulatory meetings expected by the end of 2025. The company is also exploring additional therapeutic candidates targeting secreted protein deficiencies and aims to nominate development candidates from its collaboration with Ionis Pharmaceuticals in 2025. Despite the challenges faced, Metagenomi remains focused on leveraging its proprietary genome editing technologies to develop innovative therapies.
About Metagenomi, Inc.
Metagenomi, Inc. is a genetic medicines company specializing in genome editing technologies. Using proprietary metagenomics, AI, and advanced molecular tools, it develops precise, durable gene editing systems for treating genetic and protein deficiency diseases. Its portfolio includes in vivo therapies for hemophilia A, secreted protein disorders, and collaborations targeting cardiometabolic conditions, aiming to deliver potentially curative, one-time treatments across multiple organs and disease areas.
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