10-Q · May 11, 2026
Metagenomi Therapeutics reported its financial results for Q1 2026, showing a significant drop in collaboration revenue to $1.25 million from $4.13 million a year earlier, which highlights the challenges in sustaining…
Earnings analysis · 10-Q
MGX earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Metagenomi remains an early-stage, loss-making biotechnology company, reporting negative collaboration revenue of $0.257 million and diluted EPS of negative $0.73. Six-month net loss increased to $50.5 million from…
Read full summary
Metagenomi remains an early-stage, loss-making biotechnology company, reporting negative collaboration revenue of $0.257 million and diluted EPS of negative $0.73. Six-month net loss increased to $50.5 million from $44.9 million year over year, while liquidity of $120.7 million provides at least 12 months of funding under the current plan. The filing highlights substantial financing needs, heightened MGX-001 development uncertainty due to high FVIII variability, and unresolved securities litigation, with no numeric revenue or EPS guidance provided.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.73
- Segment
- Collaboration revenue: -$0.257 million; no additional segment revenue breakdown was disclosed
What stood out
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$120.7M liquidity supports near-term operations
Cash, cash equivalents and available-for-sale marketable securities totaled $120.7 million as of June 30, 2026, which management expects will fund operations and capital expenditures for at least the next 12 months.
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Development spending remains funded
The company reported six-month net losses of $50.5 million for the period ended June 30, 2026, compared with $44.9 million for the same period in 2025, a $5.6 million increase.
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In-house clinical manufacturing capability
Management stated that it operates a cGMP manufacturing facility capable of manufacturing clinical-grade nucleases and mRNA, supporting wholly owned and collaboration programs.
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R&D remains the workforce priority
The company had 113 full-time employees as of June 30, 2026, including 92 employees in research, development and technical operations.
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No material control deficiencies reported
The company reported effective disclosure controls and procedures as of June 30, 2026, and disclosed no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Minimal and volatile collaboration revenue
Collaboration revenue was negative $0.257 million and diluted EPS was negative $0.73, underscoring the lack of a recurring product-revenue base.
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Operating losses continue to widen
The company reported net losses of $50.5 million for the six months ended June 30, 2026, versus $44.9 million in the prior-year period, and an accumulated deficit of $361.4 million as of June 30, 2026.
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Future financing and dilution risk
Although liquidity was $120.7 million as of June 30, 2026, the company states that substantial additional funding will be required and is subject to the Form S-3 Baby Shelf Rule limiting primary offerings to one-third of non-affiliate market value.
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MGX-001 data may delay development
The filing identifies new or heightened uncertainty around MGX-001: nonhuman-primate studies demonstrated high activity and high variability related to FVIII, and the company has commenced additional studies and may consider alternatives to its bioengineered FVIII construct.
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Securities litigation remains unresolved
The company disclosed that the Securities Action filed on September 26, 2024 is currently in discovery after the court granted-in-part and denied-in-part the motion to dismiss on March 24, 2026; no loss estimate can currently be made.
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AI and data-privacy compliance exposure
The filing adds material AI-related regulatory and compliance exposure: most provisions of the EU AI Act are scheduled to become effective on August 2, 2026, while the company states its data-privacy program is in its early stages and has not yet assessed compliance with all applicable requirements.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that existing cash, cash equivalents and available-for-sale marketable securities of $120.7 million should fund operating expenses and capital expenditures for at least the next 12 months from the filing date.
Earlier filings 4
10-K · March 5, 2026
Metagenomi Therapeutics reported a net loss of $87.9 million for the fiscal year ended December 31, 2025, compared to a loss of $78.1 million in 2024. Revenue from collaboration agreements dropped significantly to $25.2…
10-Q · November 12, 2025
Metagenomi reported Q3 2025 results, showing a revenue of $8.659 million, a slight increase from $8.534 million in Q3 2024, but a decline in net loss to $20.393 million from $18.773 million in the prior year. The…
10-Q · August 12, 2025
Metagenomi, Inc. reported a decline in revenue and wider losses for Q2 2025 compared to previous periods. The company generated $8.5 million in collaboration revenue, down from $20 million a year earlier, with a notable…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.