Metagenomi Therapeutics Plunges 31% on Nasdaq Debut Following $94M IPO

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On February 9, 2024, Metagenomi was listed on the NASDAQ (NASDAQ stock code: MGX),Its initial public offering of 6,250,000 ordinary shares was valued at $562.9 million.Priced at $15.00 per share, raising $94 million,Stock Price Dropped 31% on the First Day, Current Market Value is $390 Million。

The last private placement of the biotechnology company was disclosed in January 2023.The $100 million Series B extension financing.As of September 30, Metagenomi had $101 million in cash and equivalents, with another $191 million in marketable securities.

Metagenomi is a preclinical biotechnology company developing therapies using metagenomics-derived genome editing.Since its establishment in 2018, Metagenomi has received over $400 million in funding from more than 30 investment institutions and pharmaceutical companies, including Bayer, RA Capital, Moderna, Bristol Myers Squibb, SymBiosis, and Catalio Capital Management. The most recent financing was a $100 million round in January 2023, bringing the total Series B financing to $275 million.

According to a securities filing, the company's largest shareholders currently include Bayer, Humboldt Fund, Moderna, Sake Holdings, Sozo Ventures, and RA Capital.

Metagenomi is a precision gene therapy company developing therapeutic solutions using its proprietary, comprehensive metagenome-derived genomic editing toolbox. Its toolbox includes programmable nucleases, base editors, and RNA- and DNA-mediated integration systems (including prime editing systems and CRISPR-associated transposases). To date, Metagenomi has analyzed over 460 trillion base pairs, predicted more than 7.4 billion proteins, including over 322 million CRISPR-associated proteins and more than 1.75 million CRISPR systems.

Currently, Metagenomi has developed multiple pipelines, covering indications such as hemophilia and cystic fibrosis, while also targeting undisclosed objectives in cardiovascular, oncology, and metabolic diseases. All of its candidate products are in the preclinical stage.

The company has currently established partnerships with Moderna, Affini-T, and Ionis.

Metagenomi, Inc., together with Kyverna Therapeutics, Fracty Health, Alto Neuroscience, ArriVent BioPharma, and CG Oncology, went public this year. Approximately 50 biotech companies are currently applying for potential listings, but only around 20 biotech companies are expected to conduct IPOs this year.

On February 8, 2024, Kyverna Therapeutics was listed on NASDAQ at an issue price of $22 per share, raising $319 million. The stock price increased by 36% on the first day, with a current market value of $1.2 billion.

Reference: Company's official website