**Metagenomi Therapeutics, Inc. Reports Financial Results and Operational Progress in Form 10-K Filing**
Metagenomi Therapeutics, Inc., an in vivo genome editing company, released its Form 10-K filing, detailing its financial performance and operational developments. The company reported collaboration revenue of $25.2 million for the year ended December 31, 2025, a decrease from $52.3 million in the prior year. This decline was primarily attributed to the termination of the Moderna Agreement, which resulted in a $18.7 million decrease, and a $5.8 million decrease in revenue related to the Ionis Agreement due to the timing of work performed. The company's net loss for 2025 was $87.9 million, compared to a net loss of $78.1 million in 2024.
Operating expenses for Metagenomi totaled $121.2 million in 2025, a decrease from $141.2 million in 2024. Research and development expenses decreased by $14.7 million to $94.4 million, driven by reduced employee-related expenses, stock-based compensation, and research supplies. General and administrative expenses also decreased by $5.2 million to $26.8 million, primarily due to lower professional service costs and reduced headcount. The company's cash, cash equivalents, and available-for-sale marketable securities totaled $160.8 million as of December 31, 2025.
Operationally, Metagenomi highlighted the progress of its lead program, MGX-001, for hemophilia A, which demonstrated curative Factor VIII activity in non-human primates. The company completed a pre-IND meeting and remains on track for an IND submission in the fourth quarter of 2026, with clinical trials expected to begin in 2027. Additionally, the MGX-001 system showed potential in treating antithrombin III deficiency in an in vivo study. In the fourth quarter of 2025, Metagenomi implemented a strategic restructuring, reducing its workforce by 25% to focus capital on MGX-001 and extend its cash runway into the fourth quarter of 2027.
Looking ahead, Metagenomi intends to advance MGX-001 into clinical development and pursue additional programs leveraging its signature gene editing capabilities. The company will also continue its collaboration with Ionis Pharmaceuticals, focusing on cardiometabolic diseases. Metagenomi anticipates that its existing cash, cash equivalents, and available-for-sale marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months. The company's future success depends on its ability to advance product candidates through clinical trials, obtain regulatory approvals, and commercialize its 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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- Importance: Considered the most comprehensive and important document a public company files with the SEC.
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