Start here if you're new
what it is
Metagenomi is trying to build one-shot genetic medicines by editing DNA inside the body.
how it gets paid
Last year Metagenomi made $25M in revenue. collaboration revenue was the main engine at $12M, or 48% of sales.
why growth slowed
Revenue fell 51.8% last year. $21 million mattered because one quarter of revenue is nice.
what just happened
Revenue hit $21M, but the bigger story is that losses still dominated the income statement.
At a glance
n/a balance sheet
-$2.36 fy2024 eps est
$52M fy2024 rev est
n/a operating margin
~$55M market cap
What they do
Metagenomi is trying to build one-shot genetic medicines by editing DNA inside the body.
The moat is breadth, not current sales. Metagenomi says its discovery engine has analyzed more than 7.4 billion proteins, which is a very large search map for finding new gene editors. Platform → the tool kit behind the drugs → so what: if your platform keeps producing usable editors, you get more shots on goal than a one-program biotech.
How they make money
$25M
annual revenue · their business grew -51.8% last year
collaboration revenue
$12M
dn
research services
$6M
up
platform access and licenses
$4M
flat
preclinical milestone revenue
$3M
dn
The products that matter
lead hemophilia program
MGX-001 (Hemophilia A)
lead value driver
At a ~$55M market cap, one lead program carries most of the narrative weight. If MGX-001 advances, the platform gets credibility. If it stalls, the rest of the story gets harder to fund.
main catalyst
partner-funded discovery
Collaboration Revenue
$25.2M · 100% of sales
This is the entire revenue base, and it fell 59.3% from a year ago. It helps finance the lab, but it does not make MGX a stable commercial business.
cash support
gene-editing platform
Discovery Platform
$160.8M cash backing it
The platform is why investors stay interested beyond one asset, but the proof is still thin. For now, the cash balance is doing more work than product revenue in keeping that option alive.
optionality
Key numbers
-380.9%
operating margin
Operating margin → what is left after running the business → so what: MGX lost about $3.81 in operations for every $1 of FY2024 revenue estimate.
$36M
long-term debt
Long-term debt → money owed for years → so what: it equals 40% of capital, which is a heavy load for a company worth about $55 million.
$25M
annual revenue
Annual revenue → money actually coming in → so what: this is a very small base for a biotech funding multiple expensive programs.
176
employees
Headcount → how many people the company supports → so what: 176 employees against $25 million of annual revenue tells you costs can outrun sales fast.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $36M (40% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MGX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $21M, but the bigger story is that losses still dominated the income statement.
EDGAR shows latest-quarter revenue of $21 million, up 146% vs. prior year. But quarterly EPS was still deeply negative, which keeps the stock tied to financing risk more than operating momentum.
$21M
revenue
-$1.76
eps
+146%
revenue vs. last year
the number that mattered
$21 million mattered because one quarter of revenue is nice, but it does not fix a business still posting large per-share losses.
source: company earnings report, 2026
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What could go wrong
the top risk is clinical delay or failure for MGX-001 in hemophilia A. With no product revenue to absorb disappointment, bad data would hit the whole thesis at once.
med
MGX-001 fails to earn the story
This company is still being judged through one lead program. If the hemophilia asset slips, underwhelms, or loses credibility, the platform narrative takes the hit with it.
There is no product-sales cushion here. One weak readout would reframe the whole business from future platform to expensive research project.
med
cash burn turns the balance-sheet discount into a countdown
MGX has $160.8M in cash, but it also lost $69M. If spending stays heavy and program timing slips, equity financing becomes the next catalyst whether holders want it or not.
That would pressure existing shareholders through dilution before the science has a chance to do the selling for them.
med
collaboration revenue keeps shrinking
All $25.2M of current revenue came from collaborations, and that line fell 59.3% from a year ago. If partner revenue stays lumpy, investors stop treating it like support and start treating it like noise.
That matters because there is still no commercial product line underneath it.
All $25.2M of current revenue is collaboration revenue, and the company is still losing $69M. If MGX-001 slips while that burn profile stays intact, the cash cushion stops feeling large in a hurry.
source: institutional data · regulatory filings · risk analysis
Pay attention to
timeline
the next MGX-001 update
This is still the event that can change the entire tone of the stock. You are waiting for evidence that the lead hemophilia program is moving, not just existing.
metric
cash versus net loss
Start with $160.8M of cash and compare it against the $69M loss. That tells you more about staying power than the share price does.
risk
collaboration revenue stability
All revenue came from collaborations, and that line fell 59.3% from a year ago. If it falls again, financing dependence becomes a louder part of the story.
trend
market cap versus cash gap
A ~$55M market cap against $160.8M of cash is the strangest number on the page. Watch whether that gap closes because confidence returns or because cash burns down.
Analyst rankings
short-term outlook
mixed
coverage is thin and target data are thinner. in human-speak: there is no clean street consensus to lean on.
risk profile
high
Pre-commercial biotech with one lead program does not trade in smooth lines. Expect catalyst moves, not gradual compounding.
chart momentum
event-driven
The 52-week range of $1–$4 tells you this name trades on funding math and program headlines more than classic trend signals.
earnings predictability
40 / 100
That score is low because the business model is still forming. Revenue is partner-dependent, and the income statement will stay noisy until there is a product business to measure.
source: institutional data
Institutional activity
institutional ownership data for MGX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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