The wider-than-expected loss and negative revenue are incremental negatives, but the stock's $46M market cap already prices in high risk. The binary catalyst remains the MGX-001 IND submission in Q4 2026—watch for any delays or safety signals in the upcoming GLP toxicity data completion by end of Q3.
Price Chart
Executive Summary
Metagenomi reported Q2 2026 results with a net loss of -$0.73 per share, wider than the -$0.63 consensus estimate, and collaboration revenue of -$0.3M (negative revenue due to a contract adjustment) vs $2.9M consensus. Cash burn continues, with cash dropping from $140.2M to $120.7M quarter-over-quarter. The company remains on track for its key catalyst—MGX-001 IND submission in Q4 2026—but the widening loss and negative revenue surprise are incremental negatives for a pre-revenue biotech with a $46M market cap.
Key Financial Metrics
Key Facts
- Net loss per share was -$0.73 for Q2 2026, wider than the -$0.63 consensus estimate
- Collaboration revenue was -$0.3M (negative) vs $2.9M consensus, due to a contract adjustment
- Cash, cash equivalents, and marketable securities fell to $120.7M from $140.2M at Q1 end
- R&D expenses were flat at $22.5M vs $22.5M year-over-year
- Company remains on track for MGX-001 IND submission in Q4 2026 and clinical trials in 2027
- Cash runway expected to support operations through Q4 2027
Financial Impact
Q2 net loss of -$27.5M vs -$19.9M in Q2 2025; cash burn of ~$19.5M in the quarter
Risk Factors
- Cash burn rate may accelerate if IND-enabling studies encounter delays
- Negative collaboration revenue signals potential contract renegotiation or termination risk
- Pre-revenue biotech with binary regulatory catalyst—any IND delay would be severely negative
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-342388 |
| Document: mgx-20260810.htm | 0001193125-26-342388 |
| Document: 0001193125-26-342388-index-headers.html | 0001193125-26-342388 |
| Document: 0001193125-26-342388-index.html | 0001193125-26-342388 |
| Document: 0001193125-26-342388.txt | 0001193125-26-342388 |
| 8-K Data (Synthetic) | 0001193125-26-342388 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 21, 2026 5w ago | 8-K | $1.14 $0.8310 | ▼ −27.11% | ▼ −26.55% | $0.8000 (−29.82%) |
Aug 10, 2026 11w ago | 8-K | $1.21 $1.15 | ▲ +4.96% | ▲ +3.90% | $0.8000 (+33.88%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.23 $1.26 | ▲ +2.44% | ▼ −1.18% | $0.8000 (−34.96%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.23 $1.26 | ▲ +2.44% | ▼ −1.18% | $0.8000 (−34.96%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.23 $1.26 | ▲ +2.44% | ▼ −1.18% | $0.8000 (−34.96%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.23 $1.26 | ▲ +2.44% | ▼ −1.18% | $0.8000 (−34.96%) |
Jun 10, 2026 19w ago | Insider Cluster | $1.23 $1.26 | ▲ +2.44% | ▼ −1.18% | $0.8000 (−34.96%) |
May 11, 2026 24w ago | 8-K | $1.35 $1.23 | ▼ −8.89% | ▼ −7.16% | $0.8000 (−40.74%) |
May 11, 2026 24w ago | Press Release | $1.35 $1.23 | ▲ +8.89% | ▲ +7.16% | $0.8000 (+40.74%) |
Apr 27, 2026 26w ago | DEFA14A | $1.44 $1.36 | ▼ −5.56% | ▼ −11.02% | $0.8000 (−44.44%) |
US Market Status
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