Metagenomi Therapeutics, Inc Financials
This page shows Metagenomi Therapeutics, Inc (MGX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Metagenomi’s business model is still research-funded, with cash shaped more by asset movements than revenue in FY2025.
Cash rose from$27.4M in FY2024 to$41.7M in FY2025, which looks counterintuitive beside another year of heavy burn. The reason is that positive investing cash flow of$103.5M offset free cash burn of-$89.5M , so the year-end liquidity picture reflects asset reallocation more than an improving operating engine.
Revenue fell to
The balance sheet is materially cleaner than FY2023, when liabilities exceeded assets, because FY2025 carried only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Metagenomi Therapeutics, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Metagenomi Therapeutics, Inc scores -2.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($48.6M) relative to total liabilities ($62.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Metagenomi Therapeutics, Inc passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Metagenomi Therapeutics, Inc generates $1.01 in operating cash flow (-$88.9M OCF vs -$87.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Metagenomi Therapeutics, Inc generated $25.2M in revenue in fiscal year 2025. This represents a decrease of 51.8% from the prior year.
Metagenomi Therapeutics, Inc's EBITDA was -$90.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.6% from the prior year.
Metagenomi Therapeutics, Inc reported -$87.9M in net income in fiscal year 2025. This represents a decrease of 12.6% from the prior year.
Metagenomi Therapeutics, Inc earned $-2.36 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Cash & Balance Sheet
Metagenomi Therapeutics, Inc generated -$89.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.3% from the prior year.
Metagenomi Therapeutics, Inc held $41.7M in cash against $0 in long-term debt as of fiscal year 2025.
Metagenomi Therapeutics, Inc had 38M shares outstanding in fiscal year 2025. This represents an increase of 0.5% from the prior year.
Margins & Returns
Metagenomi Therapeutics, Inc's operating margin was -380.9% in fiscal year 2025, reflecting core business profitability. This is down 210.9 percentage points from the prior year.
Metagenomi Therapeutics, Inc's net profit margin was -348.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 199.3 percentage points from the prior year.
Metagenomi Therapeutics, Inc's ROE was -55.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.2 percentage points from the prior year.
Capital Allocation
Metagenomi Therapeutics, Inc invested $94.4M in research and development in fiscal year 2025. This represents a decrease of 13.5% from the prior year.
Metagenomi Therapeutics, Inc invested $574K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 81.6% from the prior year.
MGX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M-68.1% | $3.9M-54.8% | $8.7M+1.7% | $8.5M+106.3% | $4.1M-57.1% | $9.6M-16.5% | $11.5M-42.5% | $20.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $19.3M-10.2% | $21.5M-15.0% | $25.3M+12.3% | $22.5M-10.5% | $25.1M+8.5% | $23.2M-11.8% | $26.3M-7.3% | $28.3M |
| SG&A Expenses | $6.5M-3.6% | $6.8M+9.0% | $6.2M-11.1% | $7.0M+2.8% | $6.8M-3.8% | $7.1M-7.4% | $7.6M-10.6% | $8.6M |
| Operating Income | -$24.6M-0.9% | -$24.4M-6.7% | -$22.8M-8.8% | -$21.0M+24.6% | -$27.8M-34.9% | -$20.6M+7.9% | -$22.4M-32.7% | -$16.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $10K-70.6% | $34K+114.5% | -$234K-631.8% | $44K-55.1% | $98K+108.1% | -$1.2M+42.6% | -$2.1M+4.2% | -$2.2M |
| Net Income | -$23.1M-2.4% | -$22.5M-10.5% | -$20.4M-2.4% | -$19.9M+20.5% | -$25.0M-7.0% | -$23.4M-24.6% | -$18.8M-74.8% | -$10.7M |
| EPS (Diluted) | $-0.61 | N/A | $-0.55-1.9% | $-0.54+20.6% | $-0.68 | N/A | $-0.51-75.9% | $-0.29 |
MGX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $197.0M-10.9% | $221.1M-10.8% | $247.9M-8.9% | $272.3M-8.6% | $297.9M-8.2% | $324.6M-9.4% | $358.3M-7.1% | $385.9M |
| Current Assets | $144.6M-12.7% | $165.5M-12.8% | $189.8M-10.3% | $211.7M-9.2% | $233.2M-9.6% | $258.0M-8.6% | $282.3M-8.2% | $307.6M |
| Cash & Equivalents | $25.3M-39.3% | $41.7M+27.3% | $32.8M+22.1% | $26.9M-8.0% | $29.2M+6.6% | $27.4M+9.0% | $25.1M-58.9% | $61.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $0-100.0% | $305K | N/A | $900K0.0% | $900K-18.2% | $1.1M | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $59.2M-5.3% | $62.5M-10.0% | $69.5M-9.1% | $76.5M-10.3% | $85.2M-5.1% | $89.7M-12.5% | $102.6M-11.9% | $116.5M |
| Current Liabilities | $22.5M-1.9% | $22.9M-22.5% | $29.6M-11.1% | $33.3M-16.6% | $39.9M+6.9% | $37.3M-18.3% | $45.7M-13.5% | $52.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $137.8M-13.1% | $158.6M-11.1% | $178.4M-8.9% | $195.8M-7.9% | $212.7M-9.5% | $234.9M-8.2% | $255.8M-5.1% | $269.4M |
| Retained Earnings | -$333.9M-7.4% | -$310.9M-7.8% | -$288.3M-7.6% | -$267.9M-8.0% | -$248.0M-11.2% | -$223.0M-11.7% | -$199.6M-10.4% | -$180.8M |
MGX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.2M+10.1% | -$23.5M-10.8% | -$21.3M0.0% | -$21.3M+7.0% | -$22.8M+13.1% | -$26.3M+1.4% | -$26.6M-1.3% | -$26.3M |
| Capital Expenditures | $25K-70.6% | $85K+14.9% | $74K-41.7% | $127K-55.9% | $288K-13.8% | $334K-72.2% | $1.2M+80.5% | $665K |
| Free Cash Flow | -$21.2M+10.3% | -$23.6M-10.8% | -$21.3M+0.2% | -$21.4M+7.6% | -$23.1M+13.1% | -$26.6M+4.4% | -$27.8M-3.2% | -$27.0M |
| Investing Cash Flow | $4.0M-87.7% | $32.4M+18.3% | $27.4M+43.5% | $19.1M-22.9% | $24.7M-13.4% | $28.5M+419.5% | -$8.9M+31.5% | -$13.0M |
| Financing Cash Flow | -$27K-136.5% | $74K+139.6% | -$187K-12.7% | -$166K-115.6% | -$77K | $0+100.0% | -$492K+75.8% | -$2.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MGX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1970.1%-1347.1pp | -623.0%-359.3pp | -263.8%-17.2pp | -246.5%+427.6pp | -674.1%-459.6pp | -214.5%-20.1pp | -194.4%-110.1pp | -84.3% |
| Net Margin | -1847.7%-1271.7pp | -576.0%-340.5pp | -235.5%-1.7pp | -233.8%+372.9pp | -606.7%-363.3pp | -243.4%-80.3pp | -163.0%-109.4pp | -53.7% |
| Return on Equity | -16.7%-2.5pp | -14.2%-2.8pp | -11.4%-1.3pp | -10.2%+1.6pp | -11.8%-1.8pp | -10.0%-2.6pp | -7.3%-3.4pp | -4.0% |
| Return on Assets | -11.7%-1.5pp | -10.2%-2.0pp | -8.2%-0.9pp | -7.3%+1.1pp | -8.4%-1.2pp | -7.2%-2.0pp | -5.2%-2.5pp | -2.8% |
| Current Ratio | 6.43-0.8 | 7.22+0.8 | 6.42+0.1 | 6.36+0.5 | 5.85-1.1 | 6.91+0.7 | 6.18+0.4 | 5.82 |
| Debt-to-Equity | 0.43+0.0 | 0.390.0 | 0.390.0 | 0.39-0.0 | 0.40+0.0 | 0.38-0.0 | 0.40-0.0 | 0.43 |
| FCF Margin | -1698.7%-1094.5pp | -604.2%-357.9pp | -246.3%+4.8pp | -251.1%+309.3pp | -560.5%-283.7pp | -276.8%-35.0pp | -241.8%-107.0pp | -134.8% |
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Frequently Asked Questions
What is Metagenomi Therapeutics, Inc's annual revenue?
Metagenomi Therapeutics, Inc (MGX) reported $25.2M in total revenue for fiscal year 2025. This represents a -51.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Metagenomi Therapeutics, Inc's revenue growing?
Metagenomi Therapeutics, Inc (MGX) revenue declined by 51.8% year-over-year, from $52.3M to $25.2M in fiscal year 2025.
Is Metagenomi Therapeutics, Inc profitable?
No, Metagenomi Therapeutics, Inc (MGX) reported a net income of -$87.9M in fiscal year 2025, with a net profit margin of -348.5%.
What is Metagenomi Therapeutics, Inc's EBITDA?
Metagenomi Therapeutics, Inc (MGX) had EBITDA of -$90.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Metagenomi Therapeutics, Inc's operating margin?
Metagenomi Therapeutics, Inc (MGX) had an operating margin of -380.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Metagenomi Therapeutics, Inc's net profit margin?
Metagenomi Therapeutics, Inc (MGX) had a net profit margin of -348.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Metagenomi Therapeutics, Inc's return on equity (ROE)?
Metagenomi Therapeutics, Inc (MGX) has a return on equity of -55.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Metagenomi Therapeutics, Inc's free cash flow?
Metagenomi Therapeutics, Inc (MGX) generated -$89.5M in free cash flow during fiscal year 2025. This represents a 20.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Metagenomi Therapeutics, Inc's operating cash flow?
Metagenomi Therapeutics, Inc (MGX) generated -$88.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Metagenomi Therapeutics, Inc's total assets?
Metagenomi Therapeutics, Inc (MGX) had $221.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Metagenomi Therapeutics, Inc's capital expenditures?
Metagenomi Therapeutics, Inc (MGX) invested $574K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Metagenomi Therapeutics, Inc spend on research and development?
Metagenomi Therapeutics, Inc (MGX) invested $94.4M in research and development during fiscal year 2025.
What is Metagenomi Therapeutics, Inc's current ratio?
Metagenomi Therapeutics, Inc (MGX) had a current ratio of 7.22 as of fiscal year 2025, which is generally considered healthy.
What is Metagenomi Therapeutics, Inc's debt-to-equity ratio?
Metagenomi Therapeutics, Inc (MGX) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Metagenomi Therapeutics, Inc's return on assets (ROA)?
Metagenomi Therapeutics, Inc (MGX) had a return on assets of -39.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Metagenomi Therapeutics, Inc's cash runway?
Based on fiscal year 2025 data, Metagenomi Therapeutics, Inc (MGX) had $41.7M in cash against an annual operating cash burn of $88.9M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Metagenomi Therapeutics, Inc's Altman Z-Score?
Metagenomi Therapeutics, Inc (MGX) has an Altman Z-Score of -2.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Metagenomi Therapeutics, Inc's Piotroski F-Score?
Metagenomi Therapeutics, Inc (MGX) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Metagenomi Therapeutics, Inc's earnings high quality?
Metagenomi Therapeutics, Inc (MGX) has an earnings quality ratio of 1.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Metagenomi Therapeutics, Inc?
Metagenomi Therapeutics, Inc (MGX) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.