Executive Summary

Q4 2024 came in modestly ahead of Wall Street: revenue $9.61M versus $9.46M consensus and EPS of -$0.63 versus -$0.78 consensus; both represent small beats, while annual collaboration revenue rose to $52.30M for FY 2024 . Values marked with * retrieved from S&P Global.
Cash, cash equivalents and AFS securities were $248.3M at year-end, with runway into 2027, supporting continued IND-enabling work and first IND/CTA filings in 2026 for MGX-001 in hemophilia A .
Pipeline execution advanced: durable Factor VIII activity sustained >16 months in NHPs, MGX-001 declared as DC, and Ionis Wave 1 programs on track for 1–2 DCs in 2025; Pre-IND and ex-US regulatory meetings planned in 2025 .
Near-term stock narrative catalysts include final NHP durability data in 1H25, Ionis DC nominations in 2025, and clarity on Pre-IND steps—all while sequential revenue decelerated into Q4, a watch-point for estimate revision risk . Values marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

Beat vs consensus on both revenue and EPS in Q4 2024: revenue $9.61M vs $9.46M and EPS -$0.63 vs -$0.78; small but positive surprises signal disciplined cost control and predictable collaboration revenue timing [GetEstimates Q4 2024]. Values marked with * retrieved from S&P Global.
Hemophilia A preclinical durability: “Oral presentation at ASH demonstrated sustained FVIII activity in an NHP study for more than 16 months,” strengthening the case for MGX-001’s durability profile .
Strong liquidity and runway: “Well capitalized with $248.3 million… at the end of Q4 2024; Cash runway anticipated to support operating plans into 2027,” de-risks near-term financing needs .

Quote (CEO): “Our diverse and modular AI-driven metagenomics platform is designed to precisely target any site in the human genome, yielding the potential to address the full spectrum of genetic diseases” .

What Went Wrong

Sequential deceleration: Collaboration revenue slipped Q2→Q3→Q4 ($20.01M → $11.51M → $9.61M), raising questions on quarterly cadence of partner milestones and revenue recognition . Values marked with * retrieved from S&P Global.
Annual operating intensity increased: FY 2024 R&D $109.2M (vs $94.4M in 2023) and G&A $32.0M (vs $28.8M), while FY 2024 net loss widened to $78.06M (vs $68.26M), reflecting heavier platform and program investment .
Market-related headwind: change in fair value of long-term investments was -$9.19M in 2024 vs +$2.87M in 2023, pressuring other income and annual loss .

Financial Results

Quarterly Comparisons (oldest → newest)

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$12.40*	$20.01	$11.51	$9.61*
Diluted EPS ($USD)	-$5.67*	-$0.29*	-$0.51*	-$0.63*
Net Income ($USD Millions)	-$19.29*	-$10.74*	-$18.77*	-$23.40*
Net Income Margin (%)	-155.61%*	-53.67%*	-163.04%*	-243.37%*
Total Operating Expenses ($USD Millions)	$32.60*	$36.87	$33.90	$30.24*
Cash & Equivalents ($USD Millions, period-end)	$140.60*	$61.18*	$25.12*	$27.39*

Values marked with * retrieved from S&P Global.

Actual vs Consensus – Q4 2024

Metric	Q4 2024 Consensus	Q4 2024 Actual	Surprise	# of Estimates
Revenue ($USD Millions)	$9.46	$9.61	+$0.15	5
Primary EPS ($USD)	-$0.78	-$0.63	+$0.15	4

Values retrieved from S&P Global.

Annual Context (FY)

Metric	FY 2023	FY 2024
Collaboration Revenue ($USD Millions)	$44.76	$52.30
R&D Expense ($USD Millions)	$94.40	$109.20
G&A Expense ($USD Millions)	$28.85	$32.02
Net Loss ($USD Millions)	$68.26	$78.06
Interest Income ($USD Millions)	$15.47	$14.72
Change in FV of Long-term Investments ($USD Millions)	$2.87	-$9.19
Cash, Cash Equivalents & AFS Securities ($USD Millions, year-end)	$271.18	$248.31

Notes

Revenue is primarily collaboration revenue; no segment disclosures provided in Q4 materials .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through 2027	Into 2027 (Q2/Q3 2024)	Into 2027 (Q4 2024)	Maintained
MGX-001 IND Timing	2026	File IND/CTA in 2026 (Q2/Q3 2024)	File IND/CTA in 2026 (Q4 2024)	Maintained
MGX-001 Regulatory	2025	N/A	Pre-IND and ex-US regulatory meetings in 2025	Introduced
Ionis Wave 1 DC Nominations	2025	1–2 DCs in 2025 (Q2/Q3 2024)	1–2 DCs in 2025 (Q4 2024)	Maintained
Secreted Protein Deficiencies	2025–2026	NHP PoC and DC nomination timeline not explicit	NHP PoC in 2025; DC nomination in 2026	Clarified

Earnings Call Themes & Trends

No earnings call transcript was available for Q4 2024 in the document set.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
AI/Technology Initiatives	Unveiled ultra small editing; RIGS/CAST PoC; multiplex base editing progress	ABE platform with wider targetability; SMART compatible with single-AAV	Continued AI/ASR-enabled optimization; SMART nucleases and novel ABEs presented; CAST publication	Strengthening
Hemophilia A (MGX-001)	DC declared; FDA engagement; plan to show 12-month NHP durability	Durable FVIII through 12 months; IND track for 2026	FVIII activity sustained >16 months; Pre-IND in 2025; IND/CTA in 2026	Advancing
Cardiometabolic (Ionis)	4 Wave 1 programs to lead optimization; RH announced; plan DCs in 2025	Rodent PoC on all 4 targets; 1–2 DCs in 2025	1–2 DCs in 2025; robust rodent PoC and lead optimization	On Track
Secreted Protein Deficiencies	Platform outlined leveraging albumin locus approach	Continuing to advance wholly-owned programs	In vivo PoC in rodents across three targets; NHP PoC planned 2025	Building
Regulatory/Corporate	cGMP initiation plan and FDA engagement	Manufacturing activities initiated; investor events	Pre-IND/ex-US meetings in 2025; Board addition (Eric Bjerkholt)	Maturing
Liquidity/Runway	Cash $299.9M; runway into 2027	Cash $274.6M; runway into 2027	Cash $248.3M; runway into 2027	Adequate but trending lower

Management Commentary

“In 2024, we made significant progress toward our goal of developing curative genetic medicines for patients. We progressed MGX-001… and remain on track to submit our first IND in hemophilia A in 2026” — Brian C. Thomas, PhD, CEO .
“Supporting this DC nomination, we achieved successful proof-of-concept in NHPs, demonstrating site specific integration and durable Factor VIII activity levels through 12 months… we remain on track to file an IND for MGX-001 in 2026” — Brian C. Thomas, PhD, CEO (Q3) .

Q&A Highlights

No Q4 2024 earnings call transcript was found; therefore, Q&A specifics and tone changes cannot be assessed from primary transcripts in this document set.

Estimates Context

Q4 2024 results modestly beat consensus: revenue $9.61M vs $9.46M and EPS -$0.63 vs -$0.78; estimate count breadth was limited (5 revenue, 4 EPS), consistent with an early-stage biotech coverage profile. Values retrieved from S&P Global.
With sequential deceleration vs Q2/Q3, estimate revisions may skew toward cautious near-term quarterly revenue cadence, offset by improving program visibility (final NHP data in 1H25, DC nominations in 2025) . Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Near-term de-risking events: final NHP durability readout for MGX-001 in 1H25 and Pre-IND/regulatory meetings in 2025; IND/CTA filings in 2026 are reiterated .
Positive surprise in Q4 vs consensus on both revenue and EPS suggests a predictable cadence in collaboration revenue and cost control; however, sequential deceleration remains a watch-point [GetEstimates Q4 2024] . Values marked with * retrieved from S&P Global.
Liquidity remains strong with runway through 2027, supporting IND-enabling efforts without immediate financing pressure; monitor cash burn as platform scales .
Ionis collaboration momentum continues with lead optimization and planned 2025 DC nominations; cardiometabolic indications provide large-market optionality .
Secreted protein deficiency platform leverages albumin locus integration approach with multi-target PoC; NHP PoC in 2025 could broaden wholly-owned pipeline .
Technical differentiation via AI/ASR and compact editing systems (SMART, ABEs, CAST/RIGS) underpins extrahepatic ambitions and potential single-AAV delivery advantages .
Trading setup: modest fundamental beat, durable preclinical data, and multiple 2025 catalysts can support sentiment; near-term quarter-to-quarter revenue volatility and annual opex intensity are key risk flags .