Metagenomi, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant developments in its operations and financial performance. The company, which focuses on precision genetic medicines, experienced a decrease in cash and cash equivalents, dropping from $140.6 million at the end of 2023 to $25.1 million by September 30, 2024. However, available-for-sale marketable securities increased substantially from $130.6 million to $249.5 million during the same period, contributing to total current assets rising to $282.3 million.

The company reported collaboration revenue of $11.5 million for Q3 2024, a slight decline from $12.4 million in Q3 2023. For the nine-month period, collaboration revenue increased to $42.7 million, up from $32.4 million in the prior year. The revenue primarily stemmed from agreements with Ionis Pharmaceuticals, Affini-T Therapeutics, and previously with Moderna, from which collaboration revenue was $0 in Q3 2024 following the termination of the agreement in April 2024.

Total operating expenses for Q3 2024 were $33.9 million, a decrease from $34.8 million in Q3 2023. However, for the nine months ended September 30, 2024, operating expenses rose to $111.0 million, compared to $90.7 million in the same period of 2023. The increase was driven by higher research and development costs, which totaled $86.0 million for the nine months, up from $69.6 million in 2023.

Net loss for Q3 2024 was $18.8 million, an improvement from a loss of $19.8 million in Q3 2023. For the nine months, the net loss increased to $54.7 million from $49.0 million in the prior year. The accumulated deficit as of September 30, 2024, stood at $199.6 million.

Strategically, Metagenomi completed its IPO on February 13, 2024, raising approximately $80.7 million in net proceeds. The company also underwent a reorganization in January 2024, merging Metagenomi Technologies, LLC into Metagenomi, Inc., and executed a reverse stock split prior to the IPO. As of September 30, 2024, the company had 37.4 million shares of common stock outstanding.

Looking ahead, Metagenomi anticipates continued investment in research and development, with plans to engage in clinical trials and further collaborations. The company expects its existing cash and marketable securities to fund operations into 2027, although it acknowledges the need for additional funding to support its growth and development initiatives.