Executive Summary

Q4 2024 net loss was $52.9M with diluted EPS of -$3.52, driven by higher R&D, G&A, and a $15.8M fair value charge on contingent consideration; prior-year Q4 2023 net loss was $13.0M and EPS -$0.94 .
EPS materially missed Wall Street consensus (-$0.80 vs actual -$3.52); revenue remains non-disclosed/pre‑commercial, and EBITDA was negative, highlighting investment cycle intensity for pipeline advancement ; EPS consensus -$0.80*, EBITDA actual -$48.65M* (S&P Global).
Management reiterated clinical milestones: VESPER‑1 28‑week MET‑097i data expected mid‑2025, Phase 3 initiation for MET‑097i planned late 2025, and multiple oral and amylin readouts through 2025 .
Liquidity strengthened via the February IPO (~$316.2M gross), with cash/equivalents of $352.4M at 12/31/24 and runway into 2027; Q1 2025 cash rose to $588.3M post‑IPO, reaffirming runway into 2027 .

What Went Well and What Went Wrong

Pipeline execution: MET‑097i progressed from first‑in‑human to fully enrolled 28‑week Phase 2b (VESPER‑1) in 2024; CEO highlighted “efficacy at the high end of the competitive landscape” and feasibility of monthly dosing .
Portfolio breadth: Initiation of MET‑233i (amylin) Phase 1 and acceleration of oral GLP‑1 programs (MET‑097o/MET‑224o), with multiple readouts planned throughout 2025 .
Capital position: Completed IPO (~$316.2M gross); year‑end cash $352.4M and runway into 2027; CFO reiterated disciplined capital deployment .

Significant EPS miss vs consensus: Q4 EPS -$3.52 vs -$0.80 consensus*, reflecting higher R&D/G&A and the contingent consideration fair value charge; EBITDA negative*, underscoring development stage losses .
OpEx ramp: Q4 R&D increased to $38.9M and G&A to $9.7M (vs $7.6M and $3.6M in Q4 2023), with change in fair value of contingent consideration $15.8M vs $2.7M prior year .
No revenue disclosed: As a clinical-stage company, revenue was not reported, limiting margin analytics and segment comparisons for the quarter .

Metric	Q4 2023 (oldest)	Q4 2024 (newest)	Q4 2024 Consensus
Net Loss ($USD Millions)	$13.0	$52.9	N/A
Diluted EPS ($USD)	-$0.94	-$3.52	-$0.80*
Total Operating Expenses ($USD Millions)	$13.9	$64.5	N/A
EBITDA ($USD Millions)	N/A	-$48.65*	N/A

Notes: Asterisks indicate values retrieved from S&P Global.

Operating Expense	Q4 2023 (oldest)	Q4 2024 (newest)
R&D ($USD Millions)	$7.6	$38.9
G&A ($USD Millions)	$3.6	$9.7
Change in Fair Value of Contingent Consideration ($USD Millions)	$2.7	$15.8

KPI	Q4 2023 (oldest)	Q4 2024 (current)
MET‑097i VESPER‑1 enrollment (n)	N/A	239; fully enrolled Dec 2024; prelim data mid‑2025
MET‑233i (amylin) status	N/A	SAD/MAD in progress; prelim 4–5 week data mid‑2025
Oral GLP‑1 programs (MET‑097o/MET‑224o)	N/A	Formulation optimization on track; preliminary 4‑week data for MET‑224o expected late 2025

Metric	Period	Previous Guidance	Current Guidance	Change
MET‑097i (VESPER‑1) data timing	Mid‑2025	Preliminary data mid‑2025	Preliminary data mid‑2025	Maintained
MET‑097i Phase 3 initiation	Late 2025	Initiate Phase 3 late 2025	On track to initiate late 2025	Maintained
MET‑233i (amylin) monotherapy readout	Mid‑2025 (5‑week)	Mid‑2025	Q2 2025 / mid‑2025 (5‑week)	Maintained/clarified timing
Oral GLP‑1 lead (MET‑097o/MET‑224o)	Late 2025 (4‑week data)	Late 2025	Late 2025 (selected lead’s 4‑week data)	Maintained
Cash runway	Through 2027	Runway into 2027	Runway into 2027; cash $588.3M at 3/31/25	Maintained; liquidity strengthened

Note: No Q4 2024 earnings call transcript was available after searches of SEC/investor materials .

Topic	Previous Mentions (Q‑2 2024)	Previous Mentions (Q‑1 2024)	Current Period (Q4 2024)	Trend
AI/technology initiatives	Not disclosed publicly	Not disclosed publicly	Not highlighted (focus on clinical pipeline and manufacturing)	Stable (N/A)
Supply chain/manufacturing	Not disclosed publicly	Not disclosed publicly	Amneal collaboration; dedicated lines and global network	Increasing focus
Macro/tariffs	Not disclosed publicly	Not disclosed publicly	Not discussed in Q4 release	Stable (N/A)
Product performance	Not disclosed publicly	Not disclosed publicly	MET‑097i Phase 2a topline, monthly dosing feasibility; VESPER trials timelines	Strengthening
Regulatory/legal	Not disclosed publicly	Not disclosed publicly	Standard forward‑looking safe harbor and risk factors references	Stable
R&D execution	Not disclosed publicly	Not disclosed publicly	Multiple programs advancing; Phase 2b/Phase 1 progress	Increasing
Health features/metabolic focus	Not disclosed publicly	Not disclosed publicly	Obesity/metabolic disease portfolio emphasized	Stable

“2024 was a year of exceptional execution and acceleration at Metsera… supporting a differentiated dosing and tolerability profile with efficacy at the high end of the competitive landscape.” — Whit Bernard, CEO .
“We expect 2025 to be another year of execution and growth, as we rapidly advance Metsera’s portfolio of ultra‑long acting, scalable and combinable injectable and oral candidates.” — Whit Bernard, CEO .
“We believe we have sufficient cash on hand to fund operations into 2027.” — Chris Visioli, CFO (Q1 2025 release) .

No Q4 2024 earnings call transcript was located across SEC and investor relations sites; therefore no Q&A content is available for synthesis .

EPS: Q4 2024 consensus -$0.80 vs actual -$3.52 (material miss)* .
Revenue: Q4 2024 consensus $0.0*; no revenue disclosed in the release .
EBITDA: Actual -$48.65M* (development-stage losses; consistent with elevated R&D and fair value charges) .
Target Price consensus: Not available via our pull this period*.

Note: Asterisks indicate values retrieved from S&P Global.

The quarter’s large EPS miss stems from accelerated R&D/G&A and a sizable contingent consideration fair value charge tied to 2023 acquisition obligations; this is a non‑cash, valuation‑driven item but materially impacts GAAP loss .
Liquidity is solid post‑IPO, with cash of $352.4M at year‑end 2024 and $588.3M by March 31, 2025, supporting an execution-heavy 2025 and runway into 2027 .
Near‑term trading catalysts: VESPER‑1 28‑week MET‑097i data mid‑2025 and MET‑233i 5‑week monotherapy readout Q2 2025; Phase 3 initiation for MET‑097i targeted late 2025 .
Medium‑term thesis: Differentiated monthly GLP‑1 profile and combinable amylin could broaden obesity treatment paradigms; oral GLP‑1 progression offers optionality, though timelines and tolerability will be determinative .
Risk monitoring: Continued OpEx ramp and contingent consideration fair value volatility; dependency on clinical readouts for value inflection; pre‑commercial status limits revenue/margin analytics .
Manufacturing scale‑up via Amneal partnership is a strategic enabler for potential Phase 3 and commercialization, mitigating future supply bottlenecks .
Consensus estimates likely need to reflect the magnitude of non‑cash fair value impacts and accelerated R&D cadence; subsequent quarters (e.g., Q1 2025) show sustained losses consistent with development-stage operations .

Values retrieved from S&P Global where marked with an asterisk.