Metagenomi is restructuring, cutting 25% of its workforce and appointing a new CEO to extend cash reserves until Q4 2027. The gene-editing biotech will focus on advancing MGX-001 as a treatment for haemophilia A, leading to a 9% drop in stock price to $2. The company plans to continue developing MGX-001 for other genetic disorders.

Despite the layoffs, Metagenomi will progress its lead candidate and focus on high-value programs. Newly appointed CEO Jian Irish will lead the strategic shift, while founder Brian Thomas steps back but remains on the board. The company reported $184.1m in marketable securities as of September 30.

Metagenomi’s stock prices have plummeted 80% since its IPO in 2024, closing at $1.86 on November 12. The company faced setbacks when Moderna ended a partnership in May 2024. Haemophilia A affects 225,000 patients globally, with treatments including factor VIII replacement therapy and gene therapies like Roctavian. MGX-001 has shown promise in non-human primates.

Biomarin’s Roctavian became the first gene therapy approved for haemophilia A in 2023. Metagenomi aims to leverage its metagenomics and AI platform for genetic discovery and editing. The biotech’s focus remains on developing innovative treatments for genetic disorders.

Read more at Yahoo Finance: Metagenomi culls 25% of its workforce and replaces CEO in reshuffle