MetaVia Inc (NASDAQ: MTVA) is a clinical-stage biopharmaceutical company developing drug candidates for metabolic diseases including obesity, type 2 diabetes (T2DM), and metabolic dysfunction-associated steatohepatitis (MASH). The company generates no product revenue and funds operations through equity financing, including at-the-market offerings. As of December 31, 2025, MetaVia had $10.3 million in cash and cash equivalents, an accumulated deficit of $148.8 million, and incurred a net loss of $13.0 million (or $7.35 per basic and diluted share) for FY2025. The company has reported net losses and negative operating cash flows since inception and carries a going concern qualification, with net cash used in operating activities of $15.7 million for FY2025. Its pipeline includes Vanoglipel (DA-1241), a GPR119 agonist in Phase 2a for MASH and T2DM, and DA-1726, a GLP1R/GCGR dual agonist oxyntomodulin analog in Phase 1 for obesity. No products are approved or commercialized.

Revenue model

MetaVia has no approved products and generates no commercial revenue. Operations are funded through equity issuances, including at-the-market offerings and private placements. The company operates at a pre-revenue stage with all expenses directed toward clinical development.

Products and services

Vanoglipel (DA-1241): a GPR119 agonist in Phase 2a clinical development for MASH and T2DM, promoting release of GLP-1, GIP, and PYY gut peptides. DA-1726: a GLP1R and GCGR dual agonist oxyntomodulin analog in Phase 1 for obesity, designed for once-weekly subcutaneous administration. Phase 1 data presented at ObesityWeek 2025 (November 2025) showed favorable safety, tolerability, and reductions in body weight and waist circumference.

Customers and end markets

No commercial customers as of December 31, 2025. Target end markets are patients with obesity, type 2 diabetes, and MASH. Future customers, if products are approved, would include patients, physicians, hospitals, and third-party payors including Medicare and private insurers.

Value-chain role

Clinical-stage drug developer. MetaVia operates upstream in the pharmaceutical value chain, conducting preclinical and clinical trials. It has no manufacturing, commercialization, or distribution infrastructure disclosed in the filing.

Geographic exposure

Incorporated in Delaware and listed on Nasdaq. The filing references U.S. and European Union regulatory and pricing environments as relevant to future commercialization, but no geographic revenue breakdown exists given pre-revenue status.

Source: SEC 10-K, filed 2026-03-26

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