Metagenomi will slash a quarter of its workforce and switch up its CEO as part of efforts to extend its cash runway to Q4 2027.
The layoffs come via the shelving of early discovery and platform research. Instead, the US-headquartered gene-editing biotech will direct funds towards progressing its lead candidate MGX-001 into clinical testing as a one-time in vivo treatment for haemophilia A, in what the company is calling a “strategic evolution”.
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Shares in the company tumbled 9% to $2 each at market open on 12 November following the announcement made after market close on 11 November. Shares closed a further 7% down by market close on 12 November, reflecting investor concern. The biotech has a market cap of $69.8m.
Despite the pipeline shuffle, Metagenomi is still planning to continue development of MGX-001’s site-specific genome integration system in other secreted protein disorders. The biotech will also pursue progression of its protein knockout assets targeting cardiometabolic diseases, in partnership with Ionis Pharmaceuticals, as per the 11 November press release.
“We are committed to our most compelling programmes that have the highest probability of success, and potential to address unmet needs and create near-term value,” said newly appointed CEO Jian Irish.
As Irish takes the role of CEO, previous CEO and company founder Brian Thomas will step back, though he will be remaining on the board of directors.
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By GlobalDataThe news comes as the company announced $184.1m worth of marketable securities as of 30 September, as per its Q3 2025 earnings update.
Metagenomi closed its initial public offering (IPO) almost two years ago with $93.75m raised as it began Nasdaq trading at a $15 stock price. This came amid a surge of biotech IPOs in Q1 2024, which followed a two-year decline. Since then, the company’s stock prices have plummeted by over 80% to the $1.86 close on 12 November.
Months after its IPO closed, however, Metagenomi suffered a setback. In May 2024, the biotech announced that Moderna had broken-off a several-year partnership to develop its preclinical primary hyperoxaluria type 1 (PH1) programme.
Metagenomi’s haemophilia A prospects
Haemophilia A is the most common X-linked inherited bleeding disorder, caused by a variety of loss-of-function mutations in the FVIII protein. The World Federation of Hemophilia has identified around 225,000 patients with haemophilia A, according to its 2024 global survey.
Current treatments for the disease, that affects males to a greater extent, include factor VIII replacement therapy and antibodies designed to mimic or enhance protein function, such as Roche’s Hemlibra (emicizumab).
Biomarin’s Roctavian (valoctocogene roxaparvovec) became the first FDA-approved gene therapy for haemophilia A in 2023.
MGX-001 has demonstrated curative FVIII activity in non-human primates according to Metagenomi.
The biotech uses a metagenomics and AI-powered platform to scan its library of genetic material with the aim of discovering novel systems that can be targeted with genome editing.
Cell & Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva.
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