Executive Summary

Collaboration revenue was $11.51M in Q3 2024, down 6.9% YoY as Moderna revenue went to zero post-termination, offset by stronger Ionis revenue; net loss was $18.77M and diluted EPS was $(0.51). The company ended the quarter with $274.6M in cash and marketable securities and reiterated runway into 2027 .
Pipeline execution advanced: MGX-001 (hemophilia A) was nominated and supported by 12-month durable FVIII activity in NHPs; IND-enabling activities initiated with IND filing targeted for 2026 .
Ionis collaboration progressed with in vivo rodent POC across four Wave 1 targets; one to two DC nominations are on track for 2025, reinforcing external validation and future collaboration revenue visibility .
Technology differentiation expanded via novel ABE (targetability >95% of genome) and ultra-small SMART editing compatible with single-AAV; these platforms broaden editing scope and delivery options beyond the liver .
Street EPS/revenue consensus for MGX was unavailable via S&P Global for Q3; comparison to estimates cannot be made. Actionable near-term catalysts include the ASH oral presentation in December and continuing Ionis milestones .

What Went Well and What Went Wrong

What Went Well

MGX-001 DC nomination with durable 12-month FVIII activity in NHPs; CEO: “our strong pace of innovation and execution continued… supporting this DC nomination, we achieved successful proof-of-concept in NHPs” .
Ionis Wave 1 programs achieved in vivo rodent POC across TTR and AGT plus two undisclosed cardiometabolic targets; timeline intact for 2025 DC nominations .
Platform advances: ABE targetability (>95% genome), 95% triplex protein knockdown in primary T cells; SMART systems optimized for single-AAV delivery, opening extrahepatic/neuromuscular opportunities .

What Went Wrong

Collaboration revenue declined YoY ($11.51M vs $12.36M) primarily due to the Moderna agreement termination; Q3 Moderna revenue was zero versus $5.31M in Q3 2023, partially offset by Ionis growth .
Other income fell YoY as the Affini‑T mark-to-market swung to a $(2.06)M loss in Q3; total other income decreased to $1.50M (vs $3.78M) .
No Q3 earnings call transcript available; limited opportunity for real-time guidance Q&A/clarifications with analysts for the quarter [ListDocuments returned 0 for earnings-call-transcript].

Financial Results

Metric ($USD Millions unless noted)	Q1 2024	Q2 2024	Q3 2024
Collaboration Revenue	$11.16	$20.01	$11.51
Research & Development Expense	$31.44	$28.32	$26.26
General & Administrative Expense	$8.75	$8.55	$7.64
Total Operating Expenses	$40.19	$36.87	$33.90
Loss from Operations	$(29.03)	$(16.86)	$(22.38)
Interest Income	$3.93	$3.98	$3.62
Net Loss	$(25.15)	$(10.74)	$(18.77)
Diluted EPS (Basic & Diluted)	$(1.19)	$(0.29)	$(0.51)
Cash, Cash Equivalents & Marketable Securities (period-end)	$327.41	$299.92	$274.59

Segment collaboration revenue breakdown:

Collaboration Partner Revenue	Q3 2023	Q3 2024
Ionis	$5.95	$9.90
Moderna	$5.31	$0.00
Affini‑T	$1.11	$1.61
Total	$12.36	$11.51

Selected KPIs and balance sheet items (Q3 2024):

KPI/Balance Sheet	Q3 2024
Cash, Cash Equivalents & Marketable Securities	$274.59
Total Assets	$358.35
Total Liabilities	$102.58
Deferred Revenue (Total)	$41.48 (Current $29.05; Non-current $12.43)
Deferred Revenue – Ionis (breakout)	$41.2

Note on estimates: S&P Global Wall Street consensus for MGX (EPS and revenue) was unavailable for Q3 2024; comparisons to Street estimates cannot be made.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through 2027	Into 2027 (Q2 press release)	Into 2027 (Q3 press release)	Maintained
Hemophilia A (MGX‑001) IND Filing	2026	2026 (Q2 press release)	2026 (Q3 press release)	Maintained
Ionis Wave 1 DC Nominations	2025	1–2 DCs in 2025 (Q2 press release)	1–2 DCs in 2025 (Q3 press release)	Maintained
Technology Milestones (ABE/SMART)	2H24–4Q24	Platform advances disclosed in Q2	ABE targetability >95%, SMART single‑AAV compatibility reiterated in Q3	Enhanced detail

Earnings Call Themes & Trends

Note: No Q3 earnings call transcript was available; themes below reflect Q1–Q3 filings and press materials.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2024)	Trend
R&D Execution (Hemophilia A)	Q1: 4.5‑month NHP durability presented; DC nomination targeted mid‑2024 . Q2: MGX‑001 DC declared; plan to present 12‑month NHP data; IND‑enabling to start .	12‑month durable FVIII activity confirmed; manufacturing initiated; IND 2026 affirmed	Strengthening
Ionis Collaboration Progress	Q1: Wave 1 target selection and revenue recognition ramp . Q2: All Wave 1 in lead optimization; DC nominations planned 2025 .	In vivo rodent POC achieved across all four Wave 1 targets; 1–2 DC nominations in 2025 on track	Strengthening
Platform Differentiation (ABE/SMART)	Q1: Expanded base editing targetability; SMART base editors within AAV capacity .	ABE targetability >95% genome; SMART single‑AAV compatibility highlighted; neuromuscular potential	Strengthening
Revenue Mix and Collaboration Dynamics	Q1: Expect Moderna deferred revenue recognition in Q2; thereafter lower Moderna revenue . Q2: Recognized remaining Moderna deferred; Moderna terminated .	Q3 revenue driven by Ionis ($9.9M) and Affini‑T; Moderna $0	Shift to Ionis
Legal/Regulatory	Q1: No material proceedings .	Securities class action filed Sept 26, 2024; company intends to defend vigorously	Emerging risk

Management Commentary

“Our strong pace of innovation and execution continued in the third quarter, highlighted by the nomination of our first DC, MGX‑001… demonstrating site specific integration and durable Factor VIII activity levels through 12 months” — Brian C. Thomas, PhD, CEO .
“Metagenomi’s collaboration with Ionis is progressing, with one to two planned DC nominations in 2025… Our gene editing toolbox continues to differentiate… novel ABE platform… ultra small SMART editing systems showed compatibility with single‑AAV delivery” — CEO .
Hemophilia expert Dr. Glenn Pierce on genome editing: “poised for yet another disruptive change… site specific integration of FVIII, to produce functional cures… encouraged by preclinical progress” (NHP data release) .

Q&A Highlights

No Q3 earnings call transcript was available. The company hosted a preclinical data call on Sept 4, 2024 related to MGX‑001 durability data in NHPs; no formal earnings Q&A themes can be cited for Q3 .

Estimates Context

S&P Global consensus estimates for MGX EPS and revenue in Q3 2024 were unavailable; as such, results cannot be benchmarked vs Street. The miss/beat narrative is not applicable for this quarter. Values retrieved from S&P Global were unavailable due to data limitations.

Key Takeaways for Investors

Execution de‑risking: MGX‑001 DC nomination and 12‑month NHP durability materially de‑risk hemophilia A program ahead of IND in 2026; December ASH oral presentation is a potential stock catalyst .
Collaboration durability: Revenue is increasingly anchored by Ionis, with strong Q3 contribution ($9.9M) and 2025 DC nominations as near‑term milestones, supporting medium‑term collaboration economics .
Platform breadth: ABE and SMART advances expand targetability and delivery options, creating optionality across hepatic and extrahepatic indications, including neuromuscular .
Financial position: $274.6M cash and securities and reiterated runway into 2027 provide funding clarity through IND‑enabling and Ionis DC milestones; lowers near‑term financing risk .
Revenue volatility: Post‑Moderna termination, quarterly revenue mix may be more concentrated; model for increased Ionis recognition and potential Affini‑T reimbursements while watching other income variability from private asset marks .
Legal risk: Securities class action filed in late Q3 is a headline risk but not yet a cash-flow event; monitor disclosures for potential impacts .
Trading stance: Near-term trading may react to ASH data flow and Ionis program updates; medium-term thesis rests on clinical translation of MGX‑001 and continued external validation via partner milestones .

Metagenomi, Inc. (MGX)·Q3 2024 Earnings Summary