Core Insights - Metagenomi, Inc. has appointed Dr. Laurence Reid to its Board of Directors, bringing 30 years of experience in building biotech companies and shaping business strategies [1][2] - Dr. Reid's expertise is expected to enhance Metagenomi's efforts in advancing its proprietary gene editing technologies and developing curative genetic medicines [2] Company Overview - Metagenomi is a precision gene editing company utilizing artificial intelligence and machine learning to create potentially curative genome editing therapeutics [3] - The company’s gene editing toolbox has analyzed over 7.4 billion proteins, enabling it to target various genetic mutations across the human genome [3] - Metagenomi's lead program focuses on Hemophilia A, aiming to provide lifelong protection from bleeding events and joint damage [3] Leadership Background - Dr. Reid has a strong track record as a biotech executive, having served in leadership roles at several companies, including Decibel Therapeutics and Warp Drive Bio [2] - He is currently the chairperson of Broken String Biosciences and serves on the boards of KalVista Pharmaceuticals and other private biotech firms [2] - Dr. Reid holds a B.A. in natural sciences from Cambridge University and a Ph.D. in biochemistry from King's College, London University [2]

Financial Data and Key Metrics Changes - The company faced challenges in June due to weaker iron ore prices, resulting in a cash outflow of AUD 15 million for the quarter [4][10] - The average realized price of Coolin Island fines decreased by 29% to USD 68 per dry metric tonne [9] - Total cash flow generated for the full fiscal year was AUD 29 million, with revenue of AUD 359 million and cash operating costs of AUD 264 million [11] Business Line Data and Key Metrics Changes - Total material movement was 2.2 million tonnes, with ore mining increasing by 22% to 680,000 tonnes [7] - June ore processing increased by 14% to 811,000 tonnes, with total annual processing at 2.6 million tonnes [7] - Eight shipments were completed in the quarter, totaling 632,000 wet metric tonnes at an average grade of 63.9% [8] Market Data and Key Metrics Changes - The benchmark 62% FE iron ore index averaged USD 98 per dry metric tonne, down from USD 104 [9] - The high-grade 65 index averaged USD 108 in the quarter, with a recent increase to USD 118 per dry metric tonne [9] - The Australian dollar strengthened, averaging USD 0.641 compared to USD 0.627 in the previous quarter [10] Company Strategy and Development Direction - The company is focused on maximizing cash flow from Kulin over the next 12 to 18 months and advancing the AUD 50 million acquisition of a half interest in the Central Tanami gold project [5][12] - The acquisition is seen as a critical step to reposition the company as a diversified long-life minerals producer [5] - The company aims to enter the gold sector and build a profitable gold business, with a target for a development decision within 12 to 18 months [12][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the operational challenges due to weather and pricing but expressed optimism for fiscal 2026, targeting sales of 3 million to 3.2 million tonnes [4][8] - The company anticipates a stronger performance through fiscal 2026, with a focus on safely maximizing production and cash flow generation [17] - Management highlighted the potential for resource growth through further drilling in the Central Tanami project [14] Other Important Information - The company has paused its share buyback program during negotiations and is reassessing it ahead of the full-year results [16] - The company has made strategic investments in other mining companies, including a 9.8% stake in Fenix Resources and a 5.4% stake in AIC Mines [16] Q&A Session Summary - No questions were asked during the Q&A session, and the company encouraged participants to reach out for any inquiries regarding the announcements [19][20]

Summary of Mount Gibson Iron (MGX) Teleconference - July 15, 2025 Company and Industry - **Company**: Mount Gibson Iron (MGX) - **Industry**: Mining, specifically focusing on gold and iron ore Core Points and Arguments 1. **Acquisition Announcement**: Mount Gibson announced the acquisition of a 50% interest in the Central Tanami Gold Project for AUD 50 million from Northern Star Resources Limited, marking a strategic entry into the gold sector [2][3][4] 2. **Diversification Strategy**: The acquisition is part of Mount Gibson's strategy to diversify its operations as its primary iron ore mine, Coolin Island, approaches the end of its life cycle [2][3][13] 3. **Gold Project Details**: The Central Tanami project is one of Australia's largest undeveloped gold projects, with a total gold inventory exceeding 2.6 million ounces at an average grade of 3.2 grams per tonne [4][5] 4. **Infrastructure and Resources**: The project includes a non-operating gold ore processing plant, accommodation camp, airstrip, and extensive technical data, which will facilitate a faster development timeline [5][6] 5. **Valuation Metrics**: The acquisition price equates to approximately AUD 61 per ounce of contained gold based on current resources, dropping to around AUD 38 per ounce when including historical estimates [7][8] 6. **Development Timeline**: Mount Gibson aims to fast-track the project towards a development decision within 12 to 18 months, leveraging existing resources and infrastructure [6][8][10] 7. **Joint Venture Dynamics**: The company plans to collaborate closely with Tanami Gold, which shares a major shareholder, to align development objectives [8][9] 8. **Regulatory Approvals**: The transaction is subject to several conditions, including approval from the Foreign Investment Review Board and other typical pre-completion conditions [11][12] Additional Important Content 1. **Market Conditions**: The management is cautious about the gold price, acknowledging current favorable conditions but not assuming they will last indefinitely [20][21] 2. **Buyback Program**: Mount Gibson has a buyback program in place, which is currently on hold due to confidentiality surrounding the acquisition [16][19] 3. **Long-term Strategy**: The acquisition is seen as a step towards transitioning from a single commodity producer to a diversified multi-commodity producer, with ongoing investments in junior resource companies [13][14] This summary encapsulates the key points discussed during the teleconference, highlighting Mount Gibson's strategic move into the gold sector and its implications for future growth and diversification.

Transaction Overview - Mount Gibson Iron (MGX) is acquiring a 50% interest in the Central Tanami Project JV (CTPJV) from Northern Star Resources Ltd (NST)[10] - The acquisition cost is $50 million, plus adjustments[10] - The transaction is conditional and expected to be completed by March 31, 2026[26] Central Tanami Gold Project (CTPJV) - The CTPJV has a significant Mineral Resource of 1.6 million ounces of gold (100% basis)[10] - The project area covers approximately 5,700 square kilometers[10] - The Groundrush gold deposit within the CTPJV produced over 600,000 ounces of gold between 2001 and 2005 at 4 g/t Au[24,36] - The CTPJV includes a non-operating 1.2 Mtpa Carbon-in-Leach processing plant[24] Mount Gibson Iron (MGX) - MGX has substantial cash and investment reserves of $460 million as of March 31, 2025[16] - MGX has shipped over 40 million tonnes of iron ore since 2007 from Koolan Island[16] - MGX's Koolan Island mine is in its final 12-18 months of mine life[16] Valuation and Comparables - The acquisition multiple is $61/oz based on JORC 2012 Mineral Resource or $38/oz including historical (JORC 2004) estimates[29] - The average comparable transaction multiple is $174/oz[29]

Company Vision and Strategy - Metagenomi's vision is to harness its metagenomics platform to create curative genetic medicines for patients[8] - The company's strategy involves using a diverse and modular genome editing toolbox to precisely target any site in the human genome, addressing the full spectrum of genetic diseases[9] - Metagenomi focuses on investments in development and manufacturing across gene editing technologies to enable rapid advancement to the clinic[11] Disease Targets and Pipeline - Hundreds of millions of people worldwide have diseases potentially treatable with gene editing, including over 180 million with rare diseases of genetic origin and over 200 million with cardiovascular disease tied to genetic risk factors[14] - The company's pipeline includes programs targeting Hemophilia A (affecting more than 500,000 patients globally), Transthyretin Amyloidosis (TTR) (affecting 300,000–500,000 patients globally), and Refractory Hypertension (affecting 900,000 patients in the US)[14, 19] - Metagenomi's Hemophilia A program, MGX-001, has demonstrated sustained Factor VIII activity in non-human primate (NHP) studies for more than 16 months[53] Technology and Platform - Metagenomi's metagenomics platform is the foundation of its gene editing toolbox, involving proprietary sampling, AI-powered screening, and engineering & optimization[20, 22, 24, 25] - The company has a proprietary library of highly precise and efficient nucleases, including ultra-small systems (SMARTs), providing a programmable chassis for other gene editing tools[31] - Metagenomi's base editing platform achieves efficient multiplex editing for cell engineering, with reprogrammed chassis increasing genome targetability[112, 113] Partnerships and Corporate Overview - Metagenomi has strategic collaborations, including one with Ionis focusing on cardiometabolic diseases, with up to 8 targets and potential milestone payments and royalties up to $2.9 billion[50] - The company is well-capitalized with a cash runway into 2027[135]

Core Insights - Metagenomi, Inc. has made significant advancements in gene editing technologies, particularly for treating neurological disorders through extrahepatic in vivo gene editing [1][2] - The company presented three abstracts at the ASGCT 28 Annual Meeting, showcasing its proprietary gene editing toolbox, including compact nucleases and CRISPR-associated transposases (CAST) [1][2] Gene Editing Technologies - The metagenomics discovery platform utilizes natural microbial evolution and AI-guided protein optimization to identify and enhance novel gene editing systems [2] - Compact Type II and Type V nucleases have been developed for efficient in vivo editing, with a focus on delivering large therapeutic genes [2][9] - The CAST system has shown promise in addressing challenges related to targeted and precise large gene integration [2] Presentation Highlights - A compact type II CRISPR system (MG21-1) demonstrated up to 69% target protein reduction in the CNS with localized AAV9 delivery [6] - An ultra-compact type V nuclease (MG119-28) achieved over 50% restoration of dystrophin protein levels in DMD model myocytes and 64% knockdown of target protein in the motor cortex [6] - The type V-K CAST system has improved integration efficiency by over 50 times compared to natural systems, indicating its potential for therapeutic applications [9] Company Overview - Metagenomi leverages AI and machine learning to develop next-generation genome editing therapeutics, analyzing over 7.4 billion proteins to target various genetic mutations [7] - The company has a lead program in Hemophilia A, aiming to provide lifelong protection from bleeding events and joint damage [7]

Core Insights - Metagenomi reported a quarterly loss of $0.68 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.62, marking an earnings surprise of -9.68% [1] - The company's revenues for the quarter were $4.13 million, missing the Zacks Consensus Estimate by 52.83%, and down from $11.16 million a year ago [2] - Metagenomi's stock has declined approximately 57.1% since the beginning of the year, contrasting with the S&P 500's decline of only -0.6% [3] Financial Performance - Over the last four quarters, Metagenomi has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.54 on revenues of $8.75 million, and for the current fiscal year, it is -$2.41 on revenues of $38.87 million [7] Industry Context - The Medical - Drugs industry, to which Metagenomi belongs, is currently ranked in the top 29% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Metagenomi's stock performance [5] Future Outlook - The company's earnings outlook will be crucial for determining the stock's immediate price movement, with management's commentary on the earnings call being particularly important [3][4] - The estimate revisions trend for Metagenomi is currently mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited financial statements for Q1 2025 reflect a net loss of $25.0 million, a decrease in total assets, and reduced collaboration revenue, balanced by lower operating expenses [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $297.9 million, primarily due to a reduction in marketable securities, while total liabilities also decreased, resulting in stockholders' equity of $212.7 million Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $29,195 | $27,386 | | Available-for-sale marketable securities | $196,775 | $220,921 | | Total current assets | $233,195 | $257,960 | | Total assets | $297,866 | $324,599 | | **Liabilities & Equity** | | | | Total current liabilities | $39,893 | $37,309 | | Total liabilities | $85,208 | $89,742 | | Total stockholders' equity | $212,658 | $234,857 | [Condensed Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2025, collaboration revenue significantly decreased to $4.1 million, while research and development and general and administrative expenses also fell, resulting in a net loss of $25.0 million Condensed Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $4,127 | $11,159 | | Research and development | $25,142 | $31,439 | | General and administrative | $6,805 | $8,752 | | Loss from operations | ($27,820) | ($29,032) | | Net loss | ($25,039) | ($25,148) | | Net loss per share, basic and diluted | ($0.68) | ($1.19) | [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $22.8 million in Q1 2025, while investing activities provided $24.7 million, leading to a net increase in cash, cash equivalents, and restricted cash of $1.8 million Condensed Statement of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($22,842) | ($29,850) | | Net cash provided by (used in) investing activities | $24,728 | ($94,732) | | Net cash provided by (used in) financing activities | ($77) | $86,537 | | Net increase (decrease) in cash | $1,809 | ($38,045) | [Notes to Unaudited Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) Notes to the financial statements confirm $226.0 million in liquidity, detail ongoing collaborations with Ionis and Affini-T, the termination of the Moderna agreement, a pending class action lawsuit, and the establishment of a $75.0 million ATM program - Management believes that existing cash, cash equivalents, and available-for-sale marketable securities of **$226.0 million** as of March 31, 2025, will be sufficient to fund its current operating plan for at least the next 12 months[38](index=38&type=chunk)[142](index=142&type=chunk) - The collaboration agreement with Moderna was mutually terminated on April 26, 2024, resulting in Metagenomi regaining full rights to its base editing and RNA-mediated integration systems[60](index=60&type=chunk) - Under the Ionis agreement, the company recognized **$4.0 million** in revenue for Q1 2025, with approximately **$36.8 million** in remaining performance obligations expected over the next three years[81](index=81&type=chunk) - A class action lawsuit was filed against the company in September 2024, alleging misleading statements in its IPO registration materials concerning the Moderna collaboration, with the outcome currently unpredictable[83](index=83&type=chunk)[161](index=161&type=chunk) - In March 2025, the company established an At-The-Market (ATM) sales agreement to sell up to **$75.0 million** of its common stock, with no shares sold as of March 31, 2025[89](index=89&type=chunk)[119](index=119&type=chunk)[138](index=138&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights the company's precision gene editing platform, progress on lead program MGX-001, ongoing collaborations, a **$7.0 million** decrease in Q1 2025 collaboration revenue, reduced operating expenses, and **$226.0 million** in liquidity expected to fund operations for at least 12 months [Overview](index=27&type=section&id=Overview) Metagenomi, a precision gene editing company, is advancing its lead program MGX-001 for hemophilia A towards 2026 regulatory submissions, progressing collaborations with Ionis and Affini-T, and recently completed an IPO and established an ATM program - The lead program, MGX-001 for hemophilia A, is a knock-in therapy targeting IND/CTA submissions in **2026** following pre-IND meetings in H2 **2025**[103](index=103&type=chunk)[107](index=107&type=chunk) - The collaboration with Ionis has achieved in vivo rodent proof-of-concept for all four Wave 1 genetic targets in cardiometabolic diseases, with one to two development candidates planned for nomination in **2025**[109](index=109&type=chunk) - The collaboration with Affini-T for ex vivo cell therapy applications is progressing, triggering a **$0.3 million** payment to Metagenomi upon an option exercise on April 14, 2025[110](index=110&type=chunk) - The company completed its IPO on February 13, 2024, raising net proceeds of approximately **$80.7 million**[118](index=118&type=chunk)[88](index=88&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Collaboration revenue decreased by **$7.0 million** in Q1 2025 due to the Ionis agreement and Moderna termination, while R&D and G&A expenses also fell, resulting in a stable net loss of **$25.0 million** Collaboration Revenue Breakdown (in thousands) | Collaborator | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Ionis | $3,974 | $8,065 | ($4,091) | | Moderna | $0 | $2,795 | ($2,795) | | Affini-T | $153 | $299 | ($146) | | **Total** | **$4,127** | **$11,159** | **($7,032)** | Research and Development Expense Breakdown (in thousands) | Expense Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Employee-related expenses | $9,381 | $10,641 | ($1,260) | | R&D supplies and services | $7,441 | $9,698 | ($2,257) | | Stock-based compensation | $1,280 | $3,998 | ($2,718) | | **Total R&D Expense** | **$25,142** | **$31,439** | **($6,297)** | - General and administrative expenses decreased by **$1.9 million** year-over-year, primarily due to a **$1.3 million** decrease in professional services and consulting costs[135](index=135&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held **$226.0 million** in liquidity, expected to fund operations for at least 12 months, with past funding from preferred stock, collaborations, and IPO proceeds, and future plans for additional capital via an ATM program and other sources - As of March 31, 2025, the company had **$226.0 million** in cash, cash equivalents and available-for-sale marketable securities, estimated to be sufficient to fund operations for at least the next 12 months[142](index=142&type=chunk)[177](index=177&type=chunk) - Primary sources of liquidity include sales of redeemable convertible preferred units (**~$351.7 million**), net proceeds from the February 2024 IPO (**~$80.7 million**), and upfront payments from collaboration agreements (**~$120.0 million**)[137](index=137&type=chunk) - Net cash used in operating activities decreased to **$22.8 million** in Q1 2025 from **$29.9 million** in Q1 2024[144](index=144&type=chunk)[146](index=146&type=chunk)[147](index=147&type=chunk) - The company will require substantial additional funding to support its continuing operations, including advancing its portfolio, conducting clinical trials, and potential commercialization[139](index=139&type=chunk)[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Metagenomi is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, Metagenomi is not required to provide quantitative and qualitative disclosures about market risk[156](index=156&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[157](index=157&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2025[158](index=158&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a securities class action lawsuit filed September 26, 2024, alleging misleading statements in its IPO registration materials regarding the Moderna collaboration, with the outcome currently unpredictable - A class action lawsuit was filed against the company, certain officers, and directors on September 26, 2024, alleging violations of the Securities Act related to disclosures about the Moderna collaboration in its IPO filings[83](index=83&type=chunk)[431](index=431&type=chunk) - The company cannot currently predict the outcome of the lawsuit or estimate a range of possible loss[83](index=83&type=chunk)[432](index=432&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company faces extensive risks including a history of losses and need for funding, early-stage development challenges, reliance on third parties, significant regulatory hurdles, and substantial intellectual property litigation risks in the rapidly evolving genome editing field [Risks Related to Financial Position and Need for Capital](index=43&type=section&id=Risks%20Related%20to%20Financial%20Position%20and%20Need%20for%20Capital) The company has a history of significant losses, including a **$25.0 million** net loss in Q1 2025 and an accumulated deficit of **$248.0 million**, necessitating substantial additional funding for future operations and raising concerns about long-term viability - The company has incurred significant losses since inception, with a net loss of **$25.0 million** for Q1 2025 and an accumulated deficit of **$248.0 million** as of March 31, 2025[166](index=166&type=chunk) - Substantial additional funding is required for operations, and failure to raise capital could force delays or termination of R&D programs and commercialization efforts[176](index=176&type=chunk) - The company's short operating history and early stage of development make it difficult to assess its future viability and performance[182](index=182&type=chunk)[183](index=183&type=chunk) [Risks Related to Business, Technology, and Industry](index=49&type=section&id=Risks%20Related%20to%20Business%2C%20Technology%2C%20and%20Industry) The company faces significant business risks including early-stage development with no clinical candidates, challenges with novel genome editing technology, complex manufacturing, intense competition, and potential negative public perception of gene editing and AI use - The company is in a very early development stage with no product candidates in IND-enabling studies or clinical trials, and commercialization is many years away, if ever[187](index=187&type=chunk) - The novel nature of genome editing technology presents additional risks, including changing regulatory guidance, potential for off-target effects, and immunological reactions[191](index=191&type=chunk)[192](index=192&type=chunk) - Manufacturing genetic therapies is complex and difficult, potentially leading to production problems, lot failures, or insufficient supply that could delay development programs[216](index=216&type=chunk) - The company faces significant competition from numerous companies in the rapidly evolving genome editing field, including those with more advanced or effective therapies and greater financial resources[221](index=221&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - The use of artificial intelligence (AI) in the company's platform introduces risks related to inaccuracy, bias, IP infringement, and an uncertain legal landscape, potentially leading to reputational harm and legal liability[254](index=254&type=chunk)[255](index=255&type=chunk) [Risks Related to Third Party Relationships](index=88&type=section&id=Risks%20Related%20to%20Third%20Party%20Relationships) The company's reliance on third-party collaborations and CMOs for research, development, and manufacturing creates risks including conflicting priorities, non-performance, agreement termination, and supply chain disruptions, which could significantly impair its programs - Conflicts with collaborators or strategic partners could lead them to act in a manner adverse to the company, such as developing competing products or withdrawing support for programs[320](index=320&type=chunk)[321](index=321&type=chunk) - The success of collaborations with partners like Ionis and Affini-T is not guaranteed and depends on the collaborator's efforts, resources, and strategic focus, over which Metagenomi has limited control[322](index=322&type=chunk)[323](index=323&type=chunk) - The company relies on third-party CMOs for manufacturing materials like gRNA and DNA templates, which creates risks related to regulatory compliance (cGMP), quality assurance, and potential supply disruptions[338](index=338&type=chunk)[339](index=339&type=chunk) - Reliance on third parties for conducting clinical trials (CROs) and research reduces direct control over these activities and their timelines, and any failure by these parties to perform could harm development programs[333](index=333&type=chunk)[335](index=335&type=chunk) [Risks Related to Our Intellectual Property](index=100&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) The company's success hinges on its intellectual property, facing risks from a competitive and litigious genome editing patent landscape, potential patent invalidation or infringement claims, and challenges in protecting trade secrets, all of which could impede product commercialization - Commercial success depends on protecting proprietary technology, but the scope of patent protection may not be broad enough to prevent competitors from developing similar products[358](index=358&type=chunk)[361](index=361&type=chunk) - The patent landscape for biotechnology is uncertain, and patents may be challenged and invalidated, making it difficult and costly to ensure IP protection[366](index=366&type=chunk)[374](index=374&type=chunk)[375](index=375&type=chunk) - The company may be sued for infringing third-party IP rights, which could be costly, time-consuming, and prevent or delay the development and commercialization of its genome editing systems[404](index=404&type=chunk)[405](index=405&type=chunk) - The field of CRISPR-based technology is subject to extensive patent filings and complex litigation, with multiple third-party patent portfolios potentially relevant to the company's work[407](index=407&type=chunk)[408](index=408&type=chunk) - The company relies on trade secrets, which are difficult to protect, and unauthorized disclosure by employees, collaborators, or contractors could impair its competitive position[415](index=415&type=chunk)[416](index=416&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=127&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales in Q1 2025 and confirmed no material change in the planned use of **$80.7 million** net proceeds from its February 2024 IPO - The company closed its IPO on February 13, 2024, receiving net proceeds of approximately **$80.7 million** after **$13.0 million** in costs[464](index=464&type=chunk)[465](index=465&type=chunk) - There has been no material change in the planned use of the net proceeds from the IPO as described in the final prospectus[466](index=466&type=chunk) [Item 3. Defaults Upon Senior Securities](index=127&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - The company reports no defaults upon senior securities[467](index=467&type=chunk) [Item 4. Mine Safety Disclosures](index=127&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[468](index=468&type=chunk) [Item 5. Other Information](index=127&type=section&id=Item%205.%20Other%20Information) The company reported no other material information for the quarter, confirming no director or officer adopted or terminated a Rule 10b5-1 trading arrangement - During the quarter ended March 31, 2025, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement[470](index=470&type=chunk) [Item 6. Exhibits](index=128&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications by the Principal Executive Officer and Principal Financial Officer, and Inline XBRL documents

Financial Performance - As of March 31, 2025, Metagenomi reported cash, cash equivalents, and available-for-sale marketable securities of $226.0 million, expected to support operations into 2027[1][9] - Research and development (R&D) expenses for Q1 2025 were $25.1 million, a decrease from $31.4 million in the same period of 2024, representing a reduction of approximately 20.5%[9][10] - General and administrative (G&A) expenses for Q1 2025 were $6.8 million, down from $8.8 million in Q1 2024, indicating a decrease of approximately 22.7%[10] - Collaboration revenue for Q1 2025 was reported at $4.1 million, a significant decrease from $11.2 million in Q1 2024[20] - The net loss for Q1 2025 was $25.0 million, slightly improved from a net loss of $25.1 million in Q1 2024[20] Research and Development - The nonhuman primate (NHP) study for the Hemophilia A program showed FVIII activity levels of 80%, 10%, and 32% in three animals at the 19-month mark, correlating with gene integration frequencies of 5.3%, 0.89%, and 2.5% respectively[3] - The mean FVIII activity during months 12-19 post lipid nanoparticle dosing was 75%, with individual results of 8% and 29% for two of the animals[3] - The company plans to leverage findings from the NHP study to inform the strategy for the MGX-001 program moving forward[2] Technological Advancements - Metagenomi's AI-driven metagenomics platform has analyzed over 7.4 billion proteins, enhancing its gene editing capabilities[13] - The company anticipates additional advancements in its compact CRISPR-associated transposase (CAST) systems for clinical applications in 2025[7]

Core Insights - Metagenomi, Inc. reported financial results for Q1 2025, highlighting progress in its gene editing programs and a strong cash position to support operations through 2027 [1][10]. Business Updates - The company is focused on its lead program for hemophilia A, showing promising durability of response data with sustained FVIII activity over approximately 19 months in nonhuman primates (NHPs) [2][3]. - Emerging data from the MGX-001 program indicates higher than expected FVIII activity, with ongoing full data collection and potential for further studies [4][6]. - The NHP study demonstrated consistent FVIII activity at therapeutically relevant levels, with mean FVIII activity of 75%, 8%, and 29% in three animals during months 12-19 [7]. Financial Performance - As of March 31, 2025, the company had $226.0 million in cash, cash equivalents, and marketable securities, expected to sustain operations into 2027 [6][10]. - R&D expenses for Q1 2025 were $25.1 million, a decrease from $31.4 million in the same period of 2024 [10]. - G&A expenses were $6.8 million for Q1 2025, down from $8.8 million in Q1 2024 [11]. Platform Technology Updates - The company’s AI-driven metagenomics platform has analyzed over 7.4 billion proteins, enabling the development of a comprehensive gene editing toolbox [13]. - Recent advancements include the integration of large, therapeutically relevant genes into the human genome using novel compact CRISPR-associated transposases (CAST) systems [7]. Upcoming Events - Metagenomi plans to participate in scientific conferences in Q2 2025, presenting findings related to its AI-guided metagenomic discovery and in vivo therapeutic genome editing [9].