The company's financial position has deteriorated significantly, with total assets falling from $415.4M in 2024Q1 to $197.0M in 2026Q1, while the accumulated deficit has expanded to -$333.9M.
| Total Current Assets | 144.56M | 165.54M | 257.96M | 278.27M | 366.9M | 108.92M |
| Cash & Short-Term Investments | 140.16M | 160.8M | 248.31M | 271.18M | 362.13M | 108.15M |
| Cash Only | 25.31M | 41.72M | 27.39M | 140.6M | 184.44M | 39.3M |
| Short-Term Investments | 114.86M | 119.08M | 220.92M | 130.58M | 177.69M | 68.86M |
| Accounts Receivable | 0 | 305K | 1.26M | 2.45M | 1.27M | 490K |
| Days Sales Outstanding | 8.74 | 4.42 | 8.77 | 19.99 | 27.04 | 736.01 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 4.4M | 4.43M | 8.4M | 4.64M | 2.81M | 272K |
| Total Non-Current Assets | 52.4M | 55.56M | 66.64M | 86.57M | 47.59M | 33.08M |
| Property, Plant & Equipment | 44.92M | 47.38M | 57.66M | 65.15M | 33.26M | 22.14M |
| Fixed Asset Turnover | 0.46x | 0.53x | 0.91x | 0.69x | 0.52x | 0.01x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 8.62M | 2.15M | 3.45M | 15.92M | 7.81M | 6.42M |
| Other Non-Current Assets | 5.32M | 6.03M | 5.54M | 5.49M | 6.52M | 4.52M |
| Total Assets | 196.95M | 221.1M | 324.6M | 364.84M | 414.49M | 141.99M |
| Asset Turnover | 0.10x | 0.11x | 0.16x | 0.12x | 0.04x | 0.00x |
| Asset Growth % | -126.02% | -31.88% | -11.03% | -11.98% | 191.91% | - |
| Total Current Liabilities | 22.5M | 22.93M | 37.31M | 68.86M | 48.54M | 25.17M |
| Accounts Payable | 2.4M | 1.49M | 533K | 1.79M | 2.01M | 1.35M |
| Days Payables Outstanding | 29.02 | 102.22 | - | 6.92 | 423.55 | 1.28K |
| Short-Term Debt | 6.11M | 6.03M | 0 | 3.43M | 0 | 0 |
| Deferred Revenue (Current) | 49.85M | 8.7M | 22.76M | 48.91M | 33.94M | 16.04M |
| Other Current Liabilities | 4.69M | 6.72M | 5.35M | 4.21M | 5.56M | 5.8M |
| Current Ratio | 6.43x | 7.22x | 6.91x | 4.04x | 7.56x | 4.33x |
| Quick Ratio | 6.43x | 7.22x | 6.91x | 4.04x | 7.56x | 4.33x |
| Cash Conversion Cycle | -20.29 | - | - | - | - | - |
| Total Non-Current Liabilities | 36.67M | 39.57M | 52.43M | 80.81M | 440.38M | 149.36M |
| Long-Term Debt | 33.08M | 0 | 0 | 0 | 0 | 30.28M |
| Capital Lease Obligations | 108.21M | 34.63M | 40.19M | 44.8M | 17.06M | 17.96M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.59M | 1.95M | 2.01M | 5.08M | 347.14M | 77.41M |
| Total Liabilities | 59.17M | 62.51M | 89.74M | 149.67M | 488.91M | 174.54M |
| Total Debt | 39.19M | 40.66M | 45.78M | 48.23M | 18.57M | 48.93M |
| Net Debt | 13.88M | -1.06M | 18.39M | -92.37M | -165.87M | 9.63M |
| Debt / Equity | 0.28x | 0.26x | 0.19x | 0.22x | - | - |
| Debt / EBITDA | -0.45x | - | - | - | - | - |
| Net Debt / EBITDA | -0.16x | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -417.61x | -70.00x |
| Total Equity | 137.78M | 158.6M | 234.86M | 215.17M | -74.43M | -32.54M |
| Equity Growth % | -125.23% | -32.47% | 9.15% | 389.1% | -128.7% | - |
| Book Value per Share | 3.67 | 4.26 | 6.28 | 5.74 | -1.99 | -5.49 |
| Total Shareholders' Equity | 137.78M | 158.6M | 234.86M | 215.17M | -74.43M | -32.54M |
| Common Stock | 4K | 4K | 4K | 26K | 2.54M | 573K |
| Retained Earnings | -333.93M | -310.87M | -223M | -144.94M | -76.69M | -33.1M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -44K | 260K | 709K | 9.33M | -274K | -21K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, MGX has seen its total assets decline from $415.4M in 2024Q1 to $197.0M in 2026Q1, a trend that underscores the rapid consumption of capital to fund ongoing research and development activities in the absence of meaningful revenue growth.
The consistent contraction in total assets reflects a business model that is currently unable to replenish its resource base through operational success. Investors should monitor this downward trajectory, as it suggests the company is effectively liquidating its balance sheet to sustain its current R&D-heavy operating structure.
Based on the latest quarterly data, MGX's cash position has plummeted from $140.6M in 2023Q4 to just $25.3M in 2026Q1, indicating a critical reduction in the company's ability to absorb further operational shocks or fund long-term clinical development without immediate external financing.
While the current ratio of 6.43 appears superficially healthy, it is heavily influenced by the rapid depletion of cash relative to liabilities. This liquidity profile suggests that the company is approaching a point where it may need to secure additional capital to avoid an existential funding crisis.
According to the company's balance sheet, retained earnings have deteriorated to -$333.9M as of 2026Q1, a significant decline from -$144.9M in 2023Q4, which highlights the persistent and compounding impact of operating losses on the company's total shareholder equity base.
The erosion of equity quality is a direct consequence of the company's inability to achieve profitability, forcing a reliance on capital markets that may lead to future shareholder dilution. This trend warrants close investigation, as it indicates that the platform's value creation has yet to manifest in the financial statements.
As reported in financial statements, deferred revenue has declined sharply from $79.0M in 2023Q4 to $9.3M in 2026Q1, signaling that the company is rapidly running out of previously recognized upfront payments to support its future reported top-line performance.
The collapse of the deferred revenue balance suggests that the company's historical revenue recognition was heavily reliant on legacy deals that are now largely exhausted. This trend implies that future revenue will be increasingly dependent on securing new, high-value partnerships, which remains a significant operational uncertainty.
Quick answers to the most common questions about buying MGX stock.
As of 2025, Metagenomi, Inc. Common Stock (MGX) had total assets of $221.1M including $165.5M in current assets.
Metagenomi, Inc. Common Stock (MGX) carries total debt of $40.7M, offset by $160.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Metagenomi, Inc. Common Stock (MGX) has total shareholders' equity (book value) of $158.6M ($4.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Metagenomi, Inc. Common Stock (MGX) reported a current ratio of 7.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.