Detailed financial statements for Metagenomi, Inc. Common Stock (MGX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Metagenomi, Inc. operates as a biotechnology company focused on gene editing, committed to developing therapeutic solutions for patients. The company utilizes a distinctive genome editing toolkit, sourced from metagenomics, for its development efforts within the United States. This advanced toolkit comprises programmable nucleases, base editors, and sophisticated RNA and DNA-mediated integration systems, notably prime editing and CRISPR-associated transposases.
Analysis Summary
Trailing-twelve-month margins: gross margin 74.3%, operating margin -7.4%, net margin -6.9%.
At the current price of $1.15, MGX has negative trailing earnings (P/E not meaningful) and an ROE of -63.65%. Market capitalisation stands at $43M.
Balance sheet quality for MGX: current ratio of 7.2, net cash position of $120.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $243000 | $17.2M | $44.8M | $52.3M | $25.2M |
| Cost of Revenue | $387000 | $1.7M | $94.4M | 0 | $5.3M |
| Gross Profit | -$144000 | $15.5M | -$49.6M | $52.3M | $19.9M |
| Research & Development | $14.5M | $43.1M | $94.4M | $109.2M | $94.4M |
| Selling, General & Admin | $9.7M | $18.7M | $28.8M | $32.0M | $26.8M |
| Operating Expenses | $23.8M | $60.1M | $28.8M | $141.2M | $115.9M |
| Operating Income | -$23.9M | -$44.6M | -$78.5M | -$88.9M | -$96.0M |
| EBITDA | -$20.8M | -$39.2M | -$56.0M | -$78.2M | -$82.6M |
| Interest Expense | $302000 | $98000 | 0 | 0 | 0 |
| Pre-tax Income | -$21.4M | -$41.0M | -$60.2M | -$83.6M | -$87.9M |
| Income Tax | 0 | $2.6M | $8.0M | -$5.5M | -$58000 |
| Net Income | -$21.4M | -$43.6M | -$68.3M | -$78.1M | -$87.9M |
| EPS | $-3.62 | $-1.16 | $-1.82 | $-2.09 | $-2.36 |
| EPS (Diluted) | $-3.62 | $-1.16 | $-1.82 | $-2.09 | $-2.36 |
| Shares Outstanding (Diluted) | $5.9M | $37.5M | $37.5M | $37.4M | $37.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $8.7M | $3.9M | $1.2M | -$257000 |
| Gross Profit | $7.3M | $2.6M | $385000 | -$257000 |
| Operating Income | -$22.8M | -$24.4M | -$24.6M | -$28.8M |
| EBITDA | -$19.3M | -$21.2M | -$21.8M | -$26.2M |
| Net Income | -$20.4M | -$22.5M | -$23.1M | -$27.5M |
| EPS | $-0.55 | $-0.60 | $-0.61 | $-0.73 |
| EPS (Diluted) | $-0.55 | $-0.60 | $-0.61 | $-0.73 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $39.3M | $184.4M | $140.6M | $27.4M | $41.7M |
| Short-term Investments | $68.9M | $177.7M | $130.6M | $220.9M | $119.1M |
| Receivables | $490000 | $1.3M | $2.5M | $1.3M | $305000 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $108.9M | $366.9M | $278.3M | $258.0M | $165.5M |
| Property, Plant & Equipment | $22.1M | $33.3M | $65.2M | $57.7M | $47.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $142.0M | $414.5M | $364.8M | $324.6M | $221.1M |
| Accounts Payable | $1.4M | $2.0M | $1.8M | $533000 | $1.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $25.2M | $48.5M | $68.9M | $37.3M | $22.9M |
| Long-term Debt | $30.3M | 0 | 0 | 0 | 0 |
| Total Liabilities | $174.5M | $488.9M | $500.4M | $89.7M | $62.5M |
| Retained Earnings | -$33.1M | -$76.7M | -$144.9M | -$223.0M | -$310.9M |
| Total Equity | -$32.5M | -$74.4M | -$135.6M | $234.9M | $158.6M |
| Total Debt | $48.9M | $18.6M | $48.2M | $45.8M | $40.7M |
| Net Debt | -$59.2M | -$343.6M | -$223.0M | -$202.5M | -$120.1M |
| Working Capital | $83.7M | $318.4M | $209.4M | $220.7M | $142.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $32.8M | $41.7M | $25.3M | $39.0M |
| Total Assets | $247.9M | $221.1M | $197.0M | $173.7M |
| Total Liabilities | $69.5M | $62.5M | $59.2M | $61.1M |
| Total Equity | $178.4M | $158.6M | $137.8M | $112.6M |
| Total Debt | $41.7M | $40.7M | $39.2M | $37.7M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$21.4M | -$43.6M | -$68.3M | -$78.1M | -$87.9M |
| Depreciation & Amortization | $387000 | $1.7M | $4.2M | $5.4M | $5.3M |
| Stock-based Compensation | $375000 | $2.0M | $6.9M | $16.2M | $11.9M |
| Change in Working Capital | $46.3M | $69.5M | -$26.4M | -$59.7M | -$22.1M |
| Operating Cash Flow | $24.3M | $29.7M | -$91.4M | -$109.1M | -$88.9M |
| Capital Expenditure | -$2.9M | -$14.0M | -$9.8M | -$3.1M | -$574000 |
| Acquisitions | 0 | 0 | 0 | 0 | $37000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $21.4M | $15.7M | -$101.2M | -$112.2M | -$89.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$21.3M | -$23.5M | -$21.2M | -$19.5M |
| Capital Expenditure | -$74000 | -$85000 | -$25000 | -$125000 |
| Free Cash Flow | -$21.3M | -$23.6M | -$21.2M | -$19.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.0M | $2.7M | $2.6M | $2.3M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +6978.2% | +160.2% | +16.8% | -51.8% |
| Net Income Growth (YoY) | | -103.3% | -56.6% | -14.4% | -12.6% |
| EPS Growth (YoY) | | +68.0% | -56.9% | -14.8% | -12.9% |
| Shares Change (YoY) | | +531.9% | +0.0% | -0.1% | -0.4% |
| FCF Growth (YoY) | | -26.3% | -742.8% | -10.8% | +20.3% |
| Gross Margin | -59.3% | 89.9% | -110.9% | 100.0% | 78.9% |
| Operating Margin | -9854.7% | -259.5% | -175.4% | -170.0% | -380.9% |
| EBITDA Margin | -8540.3% | -227.9% | -125.2% | -149.5% | -327.7% |
| Net Margin | -8823.9% | -253.4% | -152.5% | -149.3% | -348.5% |
| FCF Margin | 8787.7% | 91.6% | -226.2% | -214.5% | -354.9% |
| Effective Tax Rate | -0.0% | -6.3% | -13.3% | 6.6% | 0.1% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $3.60 | $0.42 | $-2.70 | $-3.00 | $-2.40 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.9M | $37.5M | $37.5M | $37.4M | $37.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -63.65% |
| Return on Invested Capital | -65.88% |
| Return on Assets | -53.81% |
| Gross Margin | 74.29% |
| Operating Margin | -741.58% |
| Net Margin | -689.20% |
Financial Health
| Debt / Equity | 0.34 |
| Current Ratio | 4.50 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.85 | -8.89 | -5.66 | -1.73 | -0.69 |
| P/B | -1.88 | -5.19 | -2.85 | 0.58 | 0.38 |
| P/S | 251.58 | 22.46 | 8.63 | 2.58 | 2.39 |
| Gross Margin | -59.3% | 89.9% | -110.9% | 100.0% | 78.9% |
| Operating Margin | -9854.7% | -259.5% | -175.4% | -170.0% | -380.9% |
| Net Margin | -8823.9% | -253.4% | -152.5% | -149.3% | -348.5% |