$MGX

Metagenomi Therapeutics, Inc.

CIK:0001785279|SEC Filings

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Collaboration revenue	$ (257)	$ 8,513	$ 991	$ 12,640
Operating expenses:
Research and development	22,512	22,507	41,812	47,649
General and administrative	6,004	6,993	12,539	13,798
Total operating expenses	28,516	29,500	54,351	61,447
Loss from operations	(28,773)	(20,987)	(53,360)	(48,807)
Other income (expense):
Interest income	1,256	2,485	2,795	5,372
Change in fair value of long-term investments	0	(1,292)	0	(1,292)
Other income (expense), net	35	(70)	34	(78)
Total other income, net	1,291	1,123	2,829	4,002
Net loss before provision for income taxes	(27,482)	(19,864)	(50,531)	(44,805)
Provision for income taxes	0	(44)	(10)	(142)
Net loss	(27,482)	(19,908)	(50,541)	(44,947)
Other comprehensive income (loss):
Unrealized loss on available-for-sale marketable securities	(78)	(249)	(382)	(337)
Comprehensive loss	$ (27,560)	$ (20,157)	$ (50,923)	$ (45,284)
Net loss per share attributable to common stockholders - basic	$ (0.73)	$ (0.54)	$ (1.34)	$ (1.21)
Net loss per share attributable to common stockholders - diluted	$ (0.73)	$ (0.54)	$ (1.34)	$ (1.21)
Weighted-average common shares outstanding - basic	37,658,250	37,156,979	37,619,885	37,088,383
Weighted-average common shares outstanding - diluted	37,658,250	37,156,979	37,619,885	37,088,383

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (50,541)	$ (44,947)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	4,820	6,149
Depreciation	2,540	2,693
Loss on fixed assets write-off	0	181
Non-cash lease expense	2,690	2,664
Accretion of discounts on available-for-sale marketable securities	(555)	(1,825)
Amortization of non-cash collaboration revenue	0	(87)
Change in fair value of long-term investments	0	1,292
Impairment of right of use assets	634	0
Changes in operating assets and liabilities:
Accounts receivable	305	384
Prepaid expenses and other assets	783	2,687
Accounts payable	1,114	2,284
Deferred revenue	(491)	(10,417)
Accrued expenses and other current liabilities	886	(2,476)
Operating lease liabilities	(2,937)	(2,818)
Other non-current liabilities	64	143
Net cash used in operating activities	(40,688)	(44,093)
Cash flows from investing activities
Purchases of property and equipment	(150)	(415)
Proceeds from sale of property and equipment	0	37
Purchases of available-for-sale marketable securities	(40,655)	(40,796)
Maturities of available-for-sale marketable securities	77,959	84,974
Net cash provided by investing activities	37,154	43,800
Cash flows from financing activities
Proceeds from issuance of common stock under the ESPP	74	109
Payment of deferred financing costs	(34)	(352)
Net cash provided by (used in) financing activities	40	(243)
Net decrease in cash, cash equivalents and restricted cash	(3,494)	(536)
Cash, cash equivalents and restricted cash at beginning of period	46,915	32,634
Cash, cash equivalents and restricted cash at end of period	43,421	32,098
Supplemental disclosure of non-cash information
Deferred finance issuance costs included in accounts payable, accrued expenses and other current liabilities	2	183
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	39,028	26,850
Restricted cash	4,393	5,248
Cash, cash equivalents and restricted cash at end of period	$ 43,421	$ 32,098

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 39,028	$ 41,722
Available-for-sale marketable securities	81,636	119,077
Accounts receivable	0	305
Prepaid expenses and other current assets	3,804	4,434
Total current assets	124,468	165,538
Property and equipment, net	9,896	12,288
Long-term investments	2,154	2,154
Operating lease right-of-use assets	31,772	35,094
Other assets	1,018	836
Restricted cash	4,393	5,193
Total assets	173,701	221,103
Current liabilities:
Accounts payable	2,603	1,489
Accrued expenses and other current liabilities	7,596	6,719
Current portion of operating lease liabilities	6,235	6,025
Deferred revenue	11,198	8,700
Total current liabilities	27,632	22,933
Non-current portion of operating lease liabilities	31,485	34,632
Deferred revenue, non-current	0	2,989
Other non-current liabilities	2,017	1,953
Total liabilities	61,134	62,507
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):
Preferred stock: $0.0001 par value; 10,000,000 shares authorized and zero shares issued and outstanding	0	0
Common stock: $0.0001 par value; 500,000,000 shares authorized; 37,777,105 and 37,620,668 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	4	4
Additional paid-in-capital	474,096	469,202
Accumulated other comprehensive income (loss)	(122)	260
Accumulated deficit	(361,411)	(310,870)
Total stockholders' equity	112,567	158,596
Total liabilities and stockholders' equity	$ 173,701	$ 221,103