Metagenomi(MGX) - 2025 Q2 - Quarterly Results

Business Updates Metagenomi advanced its MGX-001 Hemophilia A program, showcased platform technology, and strengthened its board and R&D committee MGX-001 Hemophilia A Program MGX-001 demonstrated durable FVIII activity in NHP studies, with IND/CTA submissions planned for 2026, and alternative constructs under evaluation - The company plans to submit an Investigational New Drug (IND) and Clinical Trial Application (CTA) for its Hemophilia A program in 2026[3] Long-Term NHP Study FVIII Activity Levels (Months 12-19) | Animal ID | Mean FVIII Activity | | :--- | :--- | | 1001 | 75% | | 1002 | 8% | | 1003 | 29% | - Emerging data from a bioengineered FVIII construct showed higher than expected activity, prompting additional studies and consideration of alternatives[3] Platform Technology Updates Metagenomi presented early proof-of-concept data for compact nucleases and novel CAST systems at ASGCT and TIDES conferences - Presented three abstracts at the ASGCT 28th Annual Meeting in May 2025, highlighting early proof-of-concept data for compact nucleases and novel CAST systems for large genomic integrations[8] - Delivered an oral presentation at TIDES 2025 on the use of AI to systematically identify and optimize efficient compact gene editing systems[8] Corporate Updates The company appointed Dr. Laurence Reid to its Board of Directors and established a new R&D Committee for strategic insights - In August 2025, Laurence Reid, Ph.D., was appointed to the Board of Directors[8] - A new Research and Development (R&D) Committee was established within the Board of Directors to provide scientific and clinical strategy insights[8] Second Quarter 2025 Financial Results Metagenomi reported a $205.0 million cash position, reduced R&D and G&A expenses, and a $19.9 million net loss for Q2 2025 Financial Performance Summary The company maintained a $205.0 million cash position as of June 30, 2025, with reduced R&D and G&A expenses year-over-year - Cash, cash equivalents, and available-for-sale marketable securities totaled $205.0 million as of June 30, 2025, anticipated to support operations into 2027[1][6] Quarterly Operating Expenses (YoY Comparison) | Expense Category | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $22.5M | $28.3M | ($5.8M) | | G&A Expenses | $7.0M | $8.6M | ($1.6M) | Condensed Financial Statements The condensed balance sheet shows total assets of $272.3 million and total stockholders' equity of $195.8 million as of June 30, 2025, both decreasing from year-end 2024; Q2 2025 operations reported $8.5 million in collaboration revenue and a $19.9 million net loss Condensed Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $204,993 | $248,307 | | Total assets | $272,284 | $324,599 | | Total liabilities | $76,453 | $89,742 | | Total stockholders' equity | $195,831 | $234,857 | Condensed Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $8,513 | $20,008 | | Total operating expenses | $29,500 | $36,871 | | Loss from operations | $(20,987) | $(16,863) | | Net loss | $(19,908) | $(10,739) | | Net loss per share | $(0.54) | $(0.29) | Company Overview Metagenomi is a precision gene editing company leveraging an AI-driven platform to develop genome editing therapeutics, with a lead program targeting Hemophilia A - Metagenomi is a precision gene editing company utilizing AI and machine learning to develop next-generation genome editing therapeutics[10] - The company's platform encompasses a full spectrum of gene editing technologies, including ultra-small nucleases, base editors, and CRISPR-associated transposase (CAST) systems[10] - The lead development program targets Hemophilia A, an X-linked inherited bleeding disorder affecting over 500,000 patients globally[9][10] Forward-Looking Statements This section contains forward-looking statements regarding product development, regulatory filings, and financial runway, subject to various risks and uncertainties - The press release contains forward-looking statements regarding product development programs, timing of regulatory filings, potential therapies, and the company's anticipated cash runway[11] - Actual results may differ materially due to risks and uncertainties, including those related to R&D activities, clinical testing, third-party supplier dependence, competition, and macroeconomic factors[11][12]