Metagenomi Therapeutics Inc (NASDAQ: MGX) is a clinical-stage genomic medicine company that develops genome editing therapies for genetic diseases. The company has no approved products and generates no commercial revenue as of its 10-K filed March 5, 2026. Revenue to date has come from collaboration and license agreements, most notably a November 2022 Collaboration and License Agreement with Ionis Pharmaceuticals focused on four disease targets in cardiometabolic indications. Lead program MGX-001 targets hemophilia A through a site-specific genome integration system, with preclinical data from non-human primate studies reported in November 2025 showing durable Factor VIII activity over approximately 19 months. The company has incurred net operating losses and negative cash flows from operations, relies on financing to fund operations, and carries remaining non-cancelable lease obligations of $53.5 million as of December 31, 2025. Facilities are located in California. Jian Irish became CEO and President in November 2025, following the departure of founder Brian C. Thomas.

Revenue model

Collaboration and license revenue from pharmaceutical partners, including Ionis Pharmaceuticals under a 2022 agreement. No product sales revenue. The company depends on additional equity or debt financing to fund operations, as commercial product revenue is not expected for many years, if at all.

Products and services

MGX-001: a genome editing therapy for hemophilia A using a site-specific large gene integration system delivered via AAV and LNP components, in preclinical stage as of the 10-K filed March 5, 2026. The company also demonstrated preclinical application of the MGX-001 integration system for antithrombin III deficiency in late 2025. An AI-integrated platform supports genome editing research.

Customers and end markets

Pharmaceutical collaborators, including Ionis Pharmaceuticals. End markets are genetic and rare diseases, with current programs focused on hemophilia A, cardiometabolic indications, and secreted protein deficiencies. No commercial customers as of the 10-K filed March 5, 2026.

Value-chain role

Early-stage drug developer. Conducts internal preclinical research and licenses genome editing technologies to pharmaceutical partners. Contracts third parties for preclinical research studies and supplies.

Geographic exposure

Operations based in California. No commercial geographic footprint disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-05

Industry: Biological Products, (No Diagnostic Substances) Peers: Invivyd Inc aTyr Pharma Inc CervoMed Inc Skye Bioscience Inc Immunic Inc Nuvectis Pharma Inc Tevogen Bio Holdings Inc Seres Therapeutics Inc