Metagenomi Files for Nasdaq IPO: Aims to Raise $100 Million, Backed by Bayer and Moderna-VCBeat

Gene therapy company Metagenomi (Stock Code: “MGX”) recently updated its prospectus in preparation for an IPO on the NASDAQ in the United States.

Metagenomi Prices IPO at $15-$17 per Share, Offers 6.25 Million Shares, Aims to Raise $100 Million at Midpoint

01 Operating Loss of $58.3 Million in 9 Months

Metagenomi, Inc. is a gene therapeutics company founded in 2018 by Brian Thomas and Jillian Banfield, metagenomics researchers from the University of California, Berkeley.

Metagenomi owns a series of next-generation gene editing systems, which are wholly owned by the company. By applying machine learning to mine microbial genomes, they seek to discover new nucleases that can be used for gene editing.

In November 2021, mRNA vaccine giant Moderna announced a collaboration with Metagenomi to combine Metagenomi's next-generation gene editing systems based on CRISPR and other gene editing systems with Moderna’s mRNA technology and LNP delivery technology, aiming to develop the next generation of in vivo gene editing therapies and create treatments for patients with severe genetic diseases.

The prospectus shows that Metagenomi's revenues in 2021 and 2022 were US$243,000 and US$17.2 million, respectively; R&D expenses were US$14.48 million and US$43.14 million, respectively; operating losses were US$23.95 million and US$44.64 million, respectively; net losses were US$21.44 million and US$43.59 million, respectively.

Metagenomi’s revenue in the first nine months of 2023 was $32.36 million, compared to $11.61 million in the same period last year; R&D expenses were $69.65 million, compared to $28.08 million in the same period last year; operating loss was $58.30 million, compared to $28.87 million in the same period last year; net loss was $48.96 million, compared to $28.97 million in the same period last year.

02 Bayer Medicine is a shareholder

In February 2022, Metagenomi completed a $175 million Series B financing round, with investors including RA Capital, Leaps by Bayer, Humboldt Fund, PFM Health Sciences, Farallon Capital Management, Deep Track Capital, Frazier Life Sciences, Pura Vida Investments, Surveyor Capital, Novo Holdings, BMS, and Moderna, among others.

On January 5, 2023, Metagenomi announced the completion of a $100 million Series B+ financing round, led jointly by Novo Holdings, Catalio Capital Management, and SymBiosis, with participation from Leaps by Bayer, Moderna, and initial Series B investors PFM Health Sciences, Farallon Capital Management, among others.

Metagenomi’s Total Series B Proceeds Reach $275 Million.

As of the pre-IPO stage, Metagenomi had raised a total of $480 million. As of September 30, 2023, Metagenomi held $290 million in cash.

Before the IPO, Bayer HealthCare LLC held 12.97%, Humboldt Fund I, LP held 6.07%, Sozo Ventures held 5.64%, ModernaTX held 5.47%, Brian C. Thomas, Ph.D. held 7.61%, Sebastián Bernales, Ph.D. held 8.54%, and Jian Irish, Ph.D., MBA held 1.87%.

After the IPO, Bayer HealthCare LLC holds 10.81%, Humboldt Fund I, LP holds 5.06%, Sozo Ventures holds 4.7%, ModernaTX holds 4.56%, Brian C. Thomas, Ph.D. holds 6.34%, Sebastián Bernales, Ph.D. holds 7.11%, and Jian Irish, Ph.D., MBA holds 1.56%.

The following is Metagenomi's roadshow PPT (organized by Leid.net):