0001193125-26-216774 | 10-Q | XBRL Viewer | Metagenomi Therapeutics INC

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Unrealized Gains (Losses) and Fair Value of Available-for-sale Marketable Securities

The following tables summarize the amortized cost, unrealized gains (losses) and fair value of available-for-sale marketable securities (in thousands):


	March 31, 2026
	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	23,503		$	—	$	—		$	23,503
U.S. government bonds		59,666			40		(47	)		59,659
Government agency obligations		18,285			26		(5	)		18,306
Corporate debt obligations		18,740			—		(40	)		18,700
Commercial paper		18,209			2		(20	)		18,191
Total		138,403			68		(112	)		138,359
Less: amounts classified as cash equivalents		(23,503	)		—		—			(23,503	)
Total available-for-sale marketable securities	$	114,900		$	68	$	(112	)	$	114,856


	December 31, 2025
	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	40,721		$	—	$	—		$	40,721
U.S. government bonds		72,006			172		(1	)		72,177
Government agency obligations		15,762			63		—			15,825
Corporate debt obligations		15,201			10		—			15,211
Commercial paper		15,848			16		—			15,864
Total		159,538			261		(1	)		159,798
Less: amounts classified as cash equivalents		(40,721	)		—		—			(40,721	)
Total available-for-sale marketable securities	$	118,817		$	261	$	(1	)	$	119,077

Summary of Amortized Cost and Fair Value of Available-for-sale Marketable Securities by Contractual Maturity

The amortized cost and fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year	$	109,867	$	109,839	$	112,777	$	113,038
Maturing in one to five years		5,033		5,017		6,040		6,039
Total available-for-sale marketable securities	$	114,900	$	114,856	$	118,817	$	119,077

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41949
Entity Registrant Name	Metagenomi Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	5959 Horton Street
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Emeryville
Entity Address, State or Province	CA
Entity Tax Identification Number	81-3909017
Entity Address, Postal Zip Code	94608
City Area Code	510
Local Phone Number	871-4880
Document Fiscal Year Focus	2026
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MGX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,646,858
Entity Central Index Key	0001785279
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Period Focus	Q1

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10.

Stock-Based Compensation

2019 Equity Incentive Plan

Prior to the 2024 Company reorganization, the Company granted profits interests under the 2019 Equity Incentive Plan, adopted on March 13, 2019 (the “2019 Plan”). The Company granted profits interests with a threshold amount established by the Board of Managers of the Company’s predecessor, Metagenomi LLC, on the date of issuance. The 2019 Plan allowed for grants of profits interests to the Company’s officers, employees, directors and consultants. Immediately after the reorganization, all of the outstanding profits interest units were exchanged for shares of common stock, including shares subject to certain vesting conditions. The following table presents a summary of the unvested common stock activity:


Unvested Common Stock	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		61,127		$	55.85
Vested		(23,357	)		36.51
Forfeited		(692	)		43.13
Outstanding as of March 31, 2026		37,078		$	68.27

2024 Stock Option and Incentive Plan

Stock Option Activity

The following table presents a summary of the stock option activity:


Stock Options	Number of Shares			Weighted-Average Exercise Price
Outstanding as of December 31, 2025		3,960,489		$	6.57
Granted		60,850			1.53
Forfeited/Expired		(306,793	)		5.70
Outstanding as of March 31, 2026		3,714,546		$	6.56
Exercisable as of March 31, 2026		1,255,977		$	9.36

Restricted Stock Unit Activity

The following table presents a summary of the restricted stock unit activity:


Restricted Stock Units	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		2,317,315		$	2.29
Granted		7,300			1.53
Vested		(27,081	)		8.22
Forfeited		(95,093	)		1.74
Outstanding as of March 31, 2026		2,202,441		$	2.24

Compensation Expense

The following table presents the classification of stock-based compensation expense for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	863	$	1,280
General and administrative expenses		1,689		1,648
Total	$	2,552	$	2,928

As of March 31, 2026, there was $2.5 million of unrecognized compensation expense related to restricted stock awards that is expected to be recognized over a weighted-average period of 0.8 years, $8.4 million of unrecognized compensation expense related to stock options that is expected to be recognized over a weighted-average period of 2.4 years and $4.3 million of unrecognized compensation expense related to restricted stock units that is expected to be recognized over a weighted-average period of 1.9 years.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchanges Commission (“SEC”). Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company’s condensed financial statements for the periods presented. These interim financial results are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2026, or any other future period. Readers should read these interim unaudited condensed financial statements in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to revenue recognition under its collaboration agreements, stock-based compensation expense, accruals, the fair value of long-term investments, the valuation of deferred tax assets and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires, among other things, more detailed disclosures about specified categories of expense (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This ASU may be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 25,306	$ 41,722
Available-for-sale marketable securities	114,856	119,077
Accounts receivable	0	305
Prepaid expenses and other current assets	4,396	4,434
Total current assets	144,558	165,538
Property and equipment, net	11,160	12,288
Long-term investments	2,154	2,154
Operating lease right-of-use assets	33,761	35,094
Other assets	927	836
Restricted cash	4,393	5,193
Total assets	196,953	221,103
Current liabilities:
Accounts payable	2,398	1,489
Accrued expenses and other current liabilities	4,690	6,719
Current portion of operating lease liabilities	6,105	6,025
Deferred revenue	9,306	8,700
Total current liabilities	22,499	22,933
Non-current portion of operating lease liabilities	33,081	34,632
Deferred revenue, non-current	1,635	2,989
Other non-current liabilities	1,953	1,953
Total liabilities	59,168	62,507
Commitments and contingencies (Note 8)
Stockholders' equity (deficit):
Preferred stock: $0.0001 par value; 10,000,000 shares authorized and zero shares issued and outstanding	0	0
Common stock: $0.0001 par value; 500,000,000 shares authorized; 37,647,057 and 37,620,668 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	4	4
Additional paid-in-capital	471,754	469,202
Accumulated other comprehensive income	(44)	260
Accumulated deficit	(333,929)	(310,870)
Total stockholders' equity	137,785	158,596
Total liabilities and stockholders' equity	$ 196,953	$ 221,103

Stock-Based Compensation - Summary of Common Stock Option Activity (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, number of shares outstanding beginning balance \| shares	3,960,489
Stock options, number of shares granted \| shares	60,850
Stock options, number of shares forfeited/expired \| shares	(306,793)
Stock options, number of shares outstanding ending balance \| shares	3,714,546
Stock options, number of shares exercisable as of March 31, 2026 \| shares	1,255,977
Stock options, weighted average exercise price outstanding beginning balance \| $ / shares	$ 6.57
Stock options, weighted average exercise price granted \| $ / shares	1.53
Stock options, weighted average exercise price forfeited/expired \| $ / shares	5.7
Stock options, weighted average exercise price outstanding ending balance \| $ / shares	6.56
Stock options, weighted average exercise price exercisable as of March 31, 2026 \| $ / shares	$ 9.36

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Securities that have been Excluded from Calculation of Diluted Net Loss Per Unit (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	6,018,797	4,077,668
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	3,714,546	3,333,937
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	2,202,441	429,072
Restricted Stock Subject to Future Vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	37,078	314,659
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	64,732

Significant Agreements - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 01, 2026	Sep. 30, 2025	Jun. 30, 2024	Nov. 30, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborations revenue					$ 1,200,000	$ 4,000,000
Accounts receivable					0		$ 305,000
Deferred revenue					300,000	2,500,000
JSC \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional exploratory cost reimbursements amount	$ 0
Acuitas License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License fee		$ 3,000,000
Affini-T Therapeutics, Inc. \| Development, Option and License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborations revenue					0	$ 200,000
Accounts receivable					0		0
Remaining performance obligation as revenue					0
Ionis
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accounts receivable					0		300,000
Deferred revenue					10,900,000		$ 11,700,000
Proceeds from manufactured components					2,500,000
Ionis \| Collaboration and License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining performance obligation as revenue					15,100,000
Reimbursable expenses received					6,500,000
Upfront payment received				$ 80,000,000
Reimbursement for research costs				10,000,000
Estimated transaction price				90,000,000
Collaboration agreement upfront payment received				$ 80,000,000
Percentage added to cost of goods that represents price of manufactured components				15.00%
Reimbursable internal costs and out-of-pocket costs payable in quarterly installments				$ 500,000
Increase in variable consideration			$ 3,400,000
Ionis \| Collaboration and License Agreement \| Wave 2 Target
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential future target selection fee				15,000,000
Ionis \| Collaboration and License Agreement \| Selected Target
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential future target selection fee				30,000,000
Ionis \| Collaboration and License Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Reimbursable internal costs and out-of-pocket costs				10,000,000
Future development milestone payments to be received					29,000,000
Future regulatory milestone payments to be received					60,000,000
Fututre sales-based milestones to be received					$ 250,000,000
Ionis \| Co-Develop and Co-Commercialize Licensed Products
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exercise fee description					The Co-Co Option exercise fee will equal 50% of Ionis’ internal costs and out-of-pocket costs incurred in the conduct of the drug discovery activities prior to the exercise of the Co-Co Option and be reduced by 50% of the Company’s corresponding costs incurred.
Cost - share percentage description					The Company may elect to reduce its cost-share percentage anywhere between 50% and 25% on a go-forward basis, provided the Company will continue to bear 50% of the costs of any clinical trials ongoing at the time of the election through the completion of the clinical trials.
Ionis \| Discovery Program
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				80,000,000
Ionis \| Exploratory Program
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				$ 10,000,000

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Deterioration in creditworthiness of issuers of available-for-sale securities	$ 0	$ 0
Allowance for losses	0
Impairment losses on investments	0	0
Accrued interest receivable included in prepaid expenses and other current assets	1,000,000		$ 1,200,000
Written off accrued interest receivable	$ 0	$ 0

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance, (in shares) at Dec. 31, 2024		37,418,470
Beginning balance at Dec. 31, 2024	$ 234,857	$ 4	$ 457,146	$ 709	$ (223,002)
Vesting of restricted stock units		11,371
Forfeiture of unvested common stock (in shares)		(47,363)
Stock-based compensation expense	2,928		2,928
Other comprehensive income (loss)	(88)			(88)
Net loss	(25,039)				(25,039)
Ending balance, (in shares) at Mar. 31, 2025		37,382,478
Ending balance at Mar. 31, 2025	212,658	$ 4	460,074	621	(248,041)
Beginning balance, (in shares) at Dec. 31, 2025		37,620,668
Beginning balance at Dec. 31, 2025	158,596	$ 4	469,202	260	(310,870)
Vesting of restricted stock units		27,081
Forfeiture of unvested common stock (in shares)		(692)
Stock-based compensation expense	2,552		2,552
Other comprehensive income (loss)	(304)			(304)
Net loss	(23,059)				(23,059)
Ending balance, (in shares) at Mar. 31, 2026		37,647,057
Ending balance at Mar. 31, 2026	$ 137,785	$ 4	$ 471,754	$ (44)	$ (333,929)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Marketable Securities - Summary of Amortized Cost, Unrealized Gains (Losses) and Fair Value of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 138,403	$ 159,538
Unrealized Gains	68	261
Unrealized Losses	(112)	(1)
Fair Value	138,359	159,798
Amortized Cost	(25,306)	(41,722)	$ (29,195)
Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	23,503	40,721
Unrealized Gains	0
Unrealized Losses	0
Fair Value	23,503	40,721
U.S. Government Bonds
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	59,666	72,006
Unrealized Gains	40	172
Unrealized Losses	(47)	(1)
Fair Value	59,659	72,177
Government Agency Obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,285	15,762
Unrealized Gains	26	63
Unrealized Losses	(5)	0
Fair Value	18,306	15,825
Corporate Debt Obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,740	15,201
Unrealized Gains	0	10
Unrealized Losses	(40)	0
Fair Value	18,700	15,211
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	18,209	15,848
Unrealized Gains	2	16
Unrealized Losses	(20)	0
Fair Value	18,191	15,864
Less: Amounts Classified as Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	(23,503)	(40,721)
Fair value	(23,503)	(40,721)
Total Available-for-sale Marketable Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	114,900	118,817
Unrealized Gains	68	261
Unrealized Losses	(112)	(1)
Fair Value	$ 114,856	$ 119,077

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	Feb. 13, 2024	Mar. 31, 2026	Dec. 31, 2025
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
ATM sales agreement remaining capacity		$ 75,000
Accumulated deficit		(333,929)	$ (310,870)
Cash, cash equivalents and available-for-sale marketable securities		$ 140,200
Initial Public Offering
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs	$ 80,700
Payments of initial public offering costs	$ 13,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable To Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to common stockholders	$ (23,059)	$ (25,039)
Denominator
Weighted-average common shares outstanding	37,628,181	37,387,580
Less: Weighted-average unvested shares of common stock	(47,087)	(368,553)
Weighted-average common shares outstanding - basic	37,581,094	37,019,027
Weighted-average common shares outstanding - diluted	37,581,094	37,019,027
Net loss per share attributable to common stockholders - basic	$ (0.61)	$ (0.68)
Net loss per share attributable to common stockholders - diluted	$ (0.61)	$ (0.68)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued personnel related expenses	$ 2,462	$ 4,994
Accrued legal and professional services	704	711
Accrued research and development expenses	1,286	848
Accrued purchases of property and equipment	10	1
Other accrued liabilities	228	165
Total accrued expenses and other current liabilities	$ 4,690	$ 6,719

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment reporting, CODM, profit (loss) measure, how used, description	(CODM), reviews financial information on a basis for purposes of evaluating financial performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on net loss.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

12.

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss attributable to common stockholders	$	(23,059	)	$	(25,039	)
Denominator:
Weighted-average common shares outstanding		37,628,181			37,387,580
Less: Weighted-average unvested shares of common stock		(47,087	)		(368,553	)
Weighted-average common shares outstanding—basic and diluted		37,581,094			37,019,027
Net loss per share attributable to common stockholders—basic and diluted	$	(0.61	)	$	(0.68	)

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect would have been anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		3,714,546		3,333,937
Restricted stock units		2,202,441		429,072
Restricted stock subject to future vesting		37,078		314,659
Employee stock purchase plan		64,732		—
Total		6,018,797		4,077,668

Marketable Securities - Summary of Amortized Cost and Fair Value of Available-for-sale Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Available-for-Sale Securities, Debt Maturities [Abstract]
Amortized Cost, Maturing within one year	$ 109,867	$ 112,777
Amortized Cost, Maturing in one to five years	5,033	6,040
Amortized Cost, Total available-for-sale marketable securities	114,900	118,817
Fair Value, Maturing within one year	109,839	113,038
Fair Value, Maturing in one to five years	5,017	6,039
Fair Value, Total available-for-sale marketable securities	$ 114,856	$ 119,077

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Brian C. Thomas, Ph. D [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Brian C. Thomas, Ph. D., founder and member of our Board of Directors, entered into a pre-arranged stock trading plan on February 10, 2026. Dr. Thomas’s trading plan provides for the sale of up to 110,000 shares of our common stock between May 1, 2026 (subject to compliance with applicable laws relating to the timing for commencement of sales under Rule 10b5-1) and May 3, 2027, subject to certain minimum price thresholds. This trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act.
Name	Brian C. Thomas
Title	founder and member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 10, 2026
Expiration Date	May 3, 2027
Arrangement Duration	367 days
Aggregate Available	110,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating leases

For more information about the Company’s Operating Leases, see Note 8, “Commitments and Contingencies – Operating Leases” of the “Notes to Consolidated Financial Statements” included in Part II, Item 8 of its Annual Report on Form 10-K for the year ended December 31, 2025.

Legal contingencies

On September 26, 2024, a class action complaint was filed in the U.S. District Court for the Northern District of California against the Company and certain of the Company’s officers and certain of its current and former directors, captioned Vreeland v. Metagenomi Inc. et al., No. 5:24-cv-06765 (the “Securities Action”). On February 10, 2025, the court appointed Mingxi Bi as lead plaintiff. On April 4, 2025, the plaintiffs filed an amended complaint. The operative complaint in the Securities Action alleges violations of Section 11 of the Securities Act against all defendants and control person violations of Section 15 against the individuals. The Securities Action alleges that the defendants made misleading statements and omitted to disclose material information concerning the Company’s collaboration with Moderna in the Company’s registration statement and final prospectus materials filed in January 2024 and February 2024. The Securities Action seeks, among other things, compensatory damages as well as costs and expenses, including attorneys’ fees and expert fees. On May 16, 2025, all defendants filed a motion to dismiss the claims of the Securities Action. On March 24, 2026, the Court granted-in-part and denied-in-part defendants’ motion to dismiss. Defendants’ response to the operative complaint is due on May 27, 2026. The Company is currently unable to predict the outcome of this lawsuit and therefore cannot determine the likelihood of loss, if any, nor estimate a range of possible loss. The Company intends to defend vigorously against this litigation.

From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Other than the Securities Action, the Company is currently not aware of any legal matters that could have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Guarantees and indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2026 and December 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 4,393,000		$ 5,248,000
Description of hybrid instruments accounted for at fair value	The hybrid method is a hybrid between the probability-weighted expected returns method (the “PWERM”) and the option-pricing model backsolve method (the “OPM”).
Affini-T Therapeutics, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of investments	$ 0	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	4,400,000	$ 5,200,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of investments	$ 0		$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Significant Agreements - Additional Information (Details1)	Mar. 31, 2026 USD ($)
Affini-T Therapeutics, Inc. \| Development, Option and License Agreement
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 0
Ionis \| Collaboration and License Agreement
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Transaction price allocated to remaining performance obligations	$ 15,100,000
Ionis \| Collaboration and License Agreement \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Ionis \| Collaboration and License Agreement \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Ionis \| Collaboration and License Agreement \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Stock-based Compensation - Summary of Classification of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 2,552	$ 2,928
Research and Development Expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	863	1,280
General and Administrative Expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 1,689	$ 1,648

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share Attributable To Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands except share and per share amounts):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss attributable to common stockholders	$	(23,059	)	$	(25,039	)
Denominator:
Weighted-average common shares outstanding		37,628,181			37,387,580
Less: Weighted-average unvested shares of common stock		(47,087	)		(368,553	)
Weighted-average common shares outstanding—basic and diluted		37,581,094			37,019,027
Net loss per share attributable to common stockholders—basic and diluted	$	(0.61	)	$	(0.68	)

Summary of Outstanding Potentially Dilutive Securities that have been Excluded from Calculation of Diluted Net Loss Per Unit

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect would have been anti-dilutive:


	Three Months Ended March 31,
	2026		2025
Options to purchase common stock		3,714,546		3,333,937
Restricted stock units		2,202,441		429,072
Restricted stock subject to future vesting		37,078		314,659
Employee stock purchase plan		64,732		—
Total		6,018,797		4,077,668

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (23,059)	$ (25,039)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-Term Investments - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Carrying value of investment	$ 2,154,000	$ 2,154,000
Affini-T Therapeutics, Inc.
Debt Instrument [Line Items]
Estimated fair value of investments	$ 0	$ 0
Affini-T Therapeutics, Inc. \| Series A convertible preferred stock
Debt Instrument [Line Items]
Number of shares investment owned	527,035	527,035
Affini-T Therapeutics, Inc. \| Series B Preferred Stock
Debt Instrument [Line Items]
Number of shares investment owned	33,383	33,383
Preferred Stock \| ViTToria investment
Debt Instrument [Line Items]
Impairment loss recognized	$ 0	$ 0
Carrying value of investment	$ 2,200,000	$ 2,200,000
Preferred Stock \| ViTToria investment \| Maximum
Debt Instrument [Line Items]
Percentage of voting shares	20.00%	20.00%
Common Stock \| Affini-T Therapeutics, Inc.
Debt Instrument [Line Items]
Number of shares investment owned	1,867,300	1,867,300
Warrant exercisable	16,691	16,691

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 138,359	$ 159,798
Money Market Funds (Included in Cash and Cash Equivalents)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	23,503	40,721
Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	18,191	15,864
U.S. Government Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	59,659	72,177
Government Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	18,306	15,825
Corporate Debt Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	18,700	15,211
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	23,503	40,721
Level 1 \| Money Market Funds (Included in Cash and Cash Equivalents)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	23,503	40,721
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	114,856	119,077
Level 2 \| Commercial Paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	18,191	15,864
Level 2 \| U.S. Government Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	59,659	72,177
Level 2 \| Government Agency Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	18,306	15,825
Level 2 \| Corporate Debt Obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 18,700	$ 15,211

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):



	March 31, 2026		December 31, 2025
Accrued personnel related expenses	$	2,462	$	4,994
Accrued legal and professional services		704		711
Accrued research and development expenses		1,286		848
Accrued purchases of property and equipment		10		1
Other accrued liabilities		228		165
Total accrued expenses and other current liabilities	$	4,690	$	6,719

Description of Business, Organization and Liquidity

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

Organization and Business

Metagenomi Therapeutics, Inc. (“Metagenomi” or the “Company”), formerly known as Metagenomi, Inc., is an in vivo genome editing company capitalizing on its proprietary technologies to create curative genetic medicines for patients.

Name Change

In the first quarter of 2026, the Company announced a corporate name change to Metagenomi Therapeutics, Inc. This change emphasized the Company’s strategic evolution focused on driving its later-stage preclinical programs into the clinic and utilizing its most advanced technologies that have the highest probability of success to deliver the benefits of gene-editing therapeutics to patients.

Liquidity and Going Concern

The Company has incurred significant losses and negative cash flows from operations since its inception. As of March 31, 2026, the Company had an accumulated deficit of $333.9 million. The Company has historically financed its operations primarily through issuance of redeemable convertible preferred stock, convertible promissory notes, its collaboration agreements, and sales of its common stock. In February 2024, the Company completed its IPO for aggregate net proceeds of approximately $80.7 million, after deducting underwriting discounts and commissions and other offering costs totaling approximately $13.0 million. As of March 31, 2026, the Company had $75.0 million of capacity available under the ATM Sales Agreement. The Company expects to continue to incur substantial losses, and its ability to achieve and sustain profitability will depend on the successful development, approval, and commercialization of any product candidates it may develop, and on the achievement of sufficient revenue to support its cost structure. The Company may never achieve profitability and, unless and until it does, it will need to continue to raise additional capital. There can be no assurance that the Company will be successful in acquiring additional capital at levels sufficient to fund its operations or on terms acceptable to the Company or at all. Management believes that existing cash, cash equivalents and available-for-sale marketable securities as of March 31, 2026, of $140.2 million will be sufficient to fund its current operating plan for at least the next 12 months from the date of issuance of these unaudited condensed financial statements.

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Collaboration revenue	$ 1,248	$ 4,127
Operating expenses:
Research and development	19,300	25,142
General and administrative	6,535	6,805
Total operating expenses	25,835	31,947
Loss from operations	(24,587)	(27,820)
Other income (expense):
Interest income	1,539	2,887
Other expense, net	(1)	(8)
Total other income, net	1,538	2,879
Net loss before provision for income taxes	(23,049)	(24,941)
Provision for income taxes	(10)	(98)
Net loss	(23,059)	(25,039)
Other comprehensive income (loss):
Unrealized loss on available-for-sale marketable securities	(304)	(88)
Comprehensive loss	$ (23,363)	$ (25,127)
Net loss per share attributable to common stockholders - basic	$ (0.61)	$ (0.68)
Net loss per share attributable to common stockholders - diluted	$ (0.61)	$ (0.68)
Weighted-average common shares outstanding - basic	37,581,094	37,019,027
Weighted-average common shares outstanding - diluted	37,581,094	37,019,027

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2026
Equity [Abstract]
Common Stock	The amended and restated certificate of incorporation, as amended, authorizes the Company to issue 500,000,000 shares of common stock. Each share of common stock is entitled to cast one vote. The holders of common stock are also entitled to receive distributions whenever funds are legally available and when declared by the Company’s Board of Directors. No distributions have been declared from inception to date.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Significant Agreements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

Ionis collaboration and license agreement

Terms of the agreement

In November 2022, the Company entered into a Collaboration and License Agreement with Ionis Pharmaceuticals, Inc. (“Ionis”) (the “Ionis Agreement”) to research, develop and commercialize investigational medicines using the Company’s genome editing technologies, with the goal of discovering novel medicines. Pursuant to the terms of the Ionis Agreement, the Company granted Ionis and its affiliates a worldwide exclusive, royalty-bearing license, with the right to grant sublicenses, to use all licensed systems and licensed products in the field of in vivo genome editing for all therapeutic, prophylactic, palliative, and analgesic uses in humans. In connection with the Ionis Agreement, the Company also has the right to exercise an exclusive option to co-develop and co-commercialize certain products under a drug discovery program. A joint steering committee was established by both parties to coordinate, oversee and monitor the research and drug discovery activities under the Ionis Agreement.

The parties will collaborate to discover therapeutic products under a drug discovery program and develop a drug discovery plan for each target, selected by Ionis. The target selection is divided into two waves: up to four targets in Wave 1 and up to four targets in Wave 2. For each drug discovery program, once the parties identify a development candidate that is suitable for further development, Ionis will be responsible for the development and commercialization of products resulting from such program. Per the terms of the Ionis Agreement, at any time prior to the designation of a development candidate for a drug discovery program and for any reason, Ionis may replace the collaboration target, provided such target has not previously been substituted out. Ionis may substitute (i) up to two Wave 1 targets and (ii) up to two Wave 2 targets.

The drug discovery activities for a program commence on the selection of a target and expire upon the earlier of (a) completion of all drug discovery activities for such program, (b) the fifth anniversary of the effective date and (c) selection of a development candidate for such drug discovery program. If one or more Wave 2 targets become collaboration targets as a result of the parties achieving enabled delivery and less than two years are remaining in the drug discovery term, then the term will be extended to the earlier of (i) the time that the Company completes all of its activities under the applicable drug discovery plan and (ii) the seventh anniversary of the effective date, subject to the Company’s consent.

The parties will also conduct an exploratory research program, and will jointly optimize gRNA and select delivery technologies and other activities. The exploratory research activities commence on the effective date and expire upon the earlier of (a) completion of all exploratory research activities established in the exploratory research plan, and (b) the fifth anniversary of the effective date.

The Company has the exclusive option to co-develop and co-commercialize the licensed products under a drug discovery program (the “Co-Co Option”) with Ionis. The Co-Co Option may be exercised for (a) the initial Wave 1 target (“Target 1”), (b) no more than one of the other three discovery programs for the Wave 1 targets, and (c) no more than two drug discovery programs for the Wave 2 targets that become collaboration targets. If the Company exercises the Co-Co Option for a particular drug discovery program, that drug discovery program will automatically be deemed a “Co-Co Program,” all corresponding licensed products be deemed “Co-Co Products,” the Company will be obligated to pay Ionis an option exercise fee, and the parties will enter into a separate co-development and co-commercialization agreement. The Co-Co Option exercise fee will equal 50% of Ionis’ internal costs and out-of-pocket costs incurred in the conduct of the drug discovery activities prior to the exercise of the Co-Co Option and be reduced by 50% of the Company’s corresponding costs incurred. Future development and commercialization costs will be shared equally. The Company may elect to reduce its cost-share percentage anywhere between 50% and 25% on a go-forward basis, provided the Company will continue to bear 50% of the costs of any clinical trials ongoing at the time of the election through the completion of the clinical trials.

The Company will manufacture all licensed systems and certain components of the applicable licensed products that are needed by Ionis for use in its development activities and all of the Company’s manufactured components needed by Ionis for use in its commercialization activities. The Company will provide the manufactured components at a price that represents the cost of goods plus 15%. As of March 31, 2026, the Company received a total of $2.5 million related to the manufactured components.

Pursuant to the terms of the Ionis Agreement, the Company has also been granted an option to obtain a non-exclusive, royalty-bearing license, with the right to grant sublicenses, for certain Ionis’ background technology to use in up to eight therapeutic products discovered by the Company in the field of in vivo genome editing and directed to a Collaboration Target (each such product, a “Metagenomi Product” and each such option an “Ionis IP Option”), but subject to encumbrance checks with respect to particular targets. A Collaboration Target is a target that is selected by Ionis, and, with respect to the Company is not the subject of discussions with a third party, is not the subject of a contractual grant of rights to a third party nor the subject to an internal research and development program. If the Company exercises its Ionis IP Option, the Company will pay to Ionis up to several million dollars per Metagenomi Product upon achievement of certain clinical and regulatory milestones. The Company is also obligated to pay Ionis royalties in an amount equal to a low single-digit royalty on the net sales of the applicable Metagenomi Product on a product-by-product and country-by-country basis.

In November 2022, the Company received an $80.0 million upfront payment from Ionis for the Wave 1 drug discovery research collaboration and selected Target 1. Ionis selected its second target (“Target 2”) in Wave 1 in December 2022, its third target (“Target 3”) in Wave 1 in November 2023, and its fourth target (“Target 4”) in Wave 1 in February 2024. Ionis has an option to select up to four Wave 2 targets at any time during the drug discovery term, if (a) an IND for any licensed product directed to a Wave 1 target is filed with the applicable regulatory authority or (b) the parties achieve enabled delivery for a non-liver target under the exploratory research activities, by providing written notice and by paying a Wave 2 target selection fee of $15.0 million or $30.0 million, depending on and per the selected target.

Ionis is obligated to reimburse the Company for all internal costs and out-of-pocket costs incurred in the performance of the exploratory research activities, up to an aggregate of $10.0 million, which is payable in quarterly installments of $0.5 million during the exploratory research term. As of March 31, 2026, the Company received a total of $6.5 million related to the reimbursable expenses. The Company is also eligible to receive (a) up to $29.0 million in future development milestone payments for each licensed product; (b) up to $60.0 million in future regulatory milestone payments for each licensed product; (c) up to $250.0 million in sales-based milestones for each licensed product; and (d) royalties on annual net sales of licensed products from a mid-single-digit to low-teens percentage, subject to customary reductions.

The term of the Ionis Agreement will continue (i) with respect to the drug discovery programs, until the expiration of all applicable royalty terms for a licensed product, (ii) with respect to the Co-Co Programs, until the parties cease all exploitation for the Co-Co Products that are the subject to such Co-Co Program, and with respect to the Metagenomi Products, until the expiration of the royalty term for a Metagenomi Product. The royalty term ends on the latest of the following two dates: (i) the expiration of (A) the last claim of any issued and unexpired patent, or (B) a claim within a patent application that has not been pending for more than seven years from the earliest date to which the claim or applicable patent application is entitled to claim priority and which claim has not been revoked, canceled, withdrawn, held invalid, or abandoned, or (ii) 12 years following the first commercial sale of a licensed product.

The Ionis Agreement may be terminated during the term by either party for an uncured material breach or bankruptcy by the other party. Additionally, Ionis may terminate the Ionis Agreement for convenience and without penalty, in its entirety or on a licensed product-by-licensed product basis, by providing 90 days’ written notice.

Accounting analysis and revenue recognition

The Company concluded that the Ionis Agreement is in the scope of ASC 606 at the effective date and until the Company exercises its Co-Co Option for any drug discovery program, which was determined to not be probable at the effective date and as of March 31, 2026 and December 31, 2025. The Company also concluded that exclusive licenses and participation in a joint steering committee are not distinct from discovery research services and should thus be combined into one performance obligation (the “discovery program”). The Company also concluded that exploratory research services are a separate and distinct performance obligation (the “exploratory program”). The Ionis options for Wave 2 targets are optional purchases and do not have significant incremental discounts, as such, the options do not provide material rights.

The Company allocated the initial total estimated transaction price of $90.0 million, which consisted of an $80.0 million upfront payment received in November 2022 and $10.0 million in reimbursements for research costs, into two performance obligations, which was determined based on their estimated standalone selling prices. The Company concluded that future development and commercial supply agreements are at market terms, as the terms were consistent with industry standards as of the effective date. The Company constrains future milestone payments under the arrangement to the extent that the inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. The Company constrained all development and regulatory milestone payments at the effective date and as of March 31, 2026 and December 31, 2025. The Company is recognizing revenue of $80.0 million related to the discovery program and $10.0 million related to exploratory program over the research terms using an estimated cost-based input method as a measure of progress for each obligation.

In June 2024, the Company included previously constrained estimated manufacturing costs in the transaction price, resulting in a $3.4 million increase to variable consideration. The Company recognized collaboration revenue of $1.2 million for the three months ended March 31, 2026, of which $0.3 million was included in deferred revenue as of December 31, 2025. The Company recognized collaboration revenue of $4.0 million for the three months ended March 31, 2025, of which $2.5 million was included in deferred revenue as of December 31, 2024. As of March 31, 2026 and December 31, 2025, deferred revenue related to the Ionis Agreement was $10.9 million and $11.7 million, respectively. As of March 31, 2026 and December 31, 2025, the accounts receivable balance was zero and $0.3 million, respectively. The value of the transaction price allocated to the remaining performance obligations was approximately $15.1 million as of March 31, 2026, which the Company expects to recognize as revenue over the next one to two years.

On April 1, 2026, the parties modified the drug discovery plan for one of the Wave 1 targets to perform new research services, which will result in additional costs and extended timing for this program. The parties also agreed that the exploratory research plan obligation has been discontinued as of April 1, 2026, and that there will be no additional exploratory cost reimbursements. The Company expects to account for these changes as a contract modification under ASC 606 in the second quarter of 2026, when the modifications were approved. The Company is currently evaluating the quantitative impact of the modification, which may result in a one-time non-cash reversal of previously recognized revenue.

Acuitas license agreement

In September 2025, the Company entered into a Non-Exclusive License Agreement (the “Acuitas License Agreement”) with Acuitas Therapeutics, Inc. (“Acuitas”) pursuant to which Acuitas granted the Company a non-exclusive license to certain Acuitas lipid nanoparticle (“LNP”) technology, including LNP patents, formulation processes, and analytical characterization methods for manufacturing products that incorporate the Company's proprietary genome editing constructs formulated with Acuitas LNP technology, to research, develop, sell, and commercialize certain licensed products in connection with a single target.

Simultaneous with the execution of the Acuitas License Agreement, the Company was obligated to pay a licensing fee of $3.0 million. As the licensed products have not reached technological feasibility and have no alternate use, the licensing fee was recorded as research and development expense. Further, the Company is also obligated to pay Acuitas (i) a license maintenance fee in the low seven figures, payable on the one year anniversary of the effective date of the Acuitas License Agreement and each twelve month anniversary thereafter until such time as the first patient is dosed in a Phase 1 study for a licensed product under the Acuitas License Agreement; (ii) milestone payments in the low to mid seven figures upon certain regulatory and commercialization milestones; and (iii) royalties in the low mid-single digit percentage of net sales. The Company assessed the milestone and royalty events involving the Acuitas License Agreement and determined that no accruals related to such events were required as of March 31, 2026.

The Acuitas License Agreement will remain in effect on a licensed product-by-licensed product and country-by-country basis until there are no outstanding royalty payments owed to Acuitas. Further, the Acuitas License Agreement may be terminated by either party for material breach or upon a party’s insolvency or bankruptcy, and Acuitas may immediately terminate in specified situations. Upon 30 days written notice, the Company has the right to terminate the Acuitas License Agreement at its discretion.

Affini-T development, option and license agreement

The Company was previously party to the Affini-T Agreement, entered into in June 2022. On September 30, 2025 (the “Termination Date”), the Company delivered to Affini-T a notice to terminate the Affini-T Agreement by and between the Company and Affini-T (the “Termination”), effective immediately, due to Affini-T’s making of an assignment for the benefit of creditors.

Prior to the Termination, the parties agreed to identify, develop or optimize certain reagents using the Company’s proprietary technology for Affini-T to use such reagents to develop and commercialize gene edited T-cell receptor (“TCR”)-based therapeutic products exclusively in the field of treatment, prevention or diagnosis of any human cancer using products with any engineered primary TCR alpha/beta T cells and non-exclusively in the field of treatment, prevention or diagnosis of any human cancer using products with certain other engineered immune cells worldwide.

During the three months ended March 31, 2026 and 2025, the Company recognized zero and $0.2 million of collaboration revenue, respectively. As of March 31, 2026, there were no remaining unsatisfied performance obligations. As of March 31, 2026 and December 31, 2025, the accounts receivable balance, net of allowance for doubtful accounts, and deferred revenue balances were zero.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

11.

Segment Information

The Company operates and manages its business as one operating and reportable segment, which is the business of developing curative therapeutics for patients using the Company’s proprietary, comprehensive metagenomics-derived genome editing toolbox. All of the Company’s long-lived assets are located in the U.S. All revenue presented relate to contracts with customers located in the U.S. The chief executive officer, who is the chief operating decision maker (CODM), reviews financial information on a basis for purposes of evaluating financial performance, making operating decisions, allocating resources and planning and forecasting for future periods. The CODM assesses performance and decides how to allocate resources based on net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment.

The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).


	Three Months Ended March 31,
	2026			2025
Collaboration revenue:
Ionis	$	1,248		$	3,974
Affini-T		—			153
Total collaboration revenue		1,248			4,127
Operating expenses:
Employee-related expenses		7,875			11,664
Facilities and overhead costs		6,391			7,369
Professional services and consulting		2,672			2,545
Research and development supplies and services		6,345			7,441
Stock-based compensation expense		2,552			2,928
Total operating expenses		25,835			31,947
Operating loss		(24,587	)		(27,820	)
Other income (expense):
Interest and other		1,538			2,879
Provision for income taxes		(10	)		(98	)
Net loss	$	(23,059	)	$	(25,039	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these policies during the three months ended March 31, 2026. Basis of Presentation These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchanges Commission (“SEC”). Accordingly, these financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, these financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company’s condensed financial statements for the periods presented. These interim financial results are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2026, or any other future period. Readers should read these interim unaudited condensed financial statements in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to revenue recognition under its collaboration agreements, stock-based compensation expense, accruals, the fair value of long-term investments, the valuation of deferred tax assets and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires, among other things, more detailed disclosures about specified categories of expense (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. This ASU may be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of the adoption of this standard on its financial statements.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Unvested Common Stock Activity

The following table presents a summary of the unvested common stock activity:


Unvested Common Stock	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		61,127		$	55.85
Vested		(23,357	)		36.51
Forfeited		(692	)		43.13
Outstanding as of March 31, 2026		37,078		$	68.27

Summary of Restricted Stock Unit Activity

The following table presents a summary of the restricted stock unit activity:


Restricted Stock Units	Number of Shares			Weighted-Average Grant Date Fair Value
Outstanding as of December 31, 2025		2,317,315		$	2.29
Granted		7,300			1.53
Vested		(27,081	)		8.22
Forfeited		(95,093	)		1.74
Outstanding as of March 31, 2026		2,202,441		$	2.24

Summary of Classification of Stock-based Compensation Expense

The following table presents the classification of stock-based compensation expense for the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expenses	$	863	$	1,280
General and administrative expenses		1,689		1,648
Total	$	2,552	$	2,928

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Profits Units Activity and Stock Option Activity

The following table presents a summary of the stock option activity:


Stock Options	Number of Shares			Weighted-Average Exercise Price
Outstanding as of December 31, 2025		3,960,489		$	6.57
Granted		60,850			1.53
Forfeited/Expired		(306,793	)		5.70
Outstanding as of March 31, 2026		3,714,546		$	6.56
Exercisable as of March 31, 2026		1,255,977		$	9.36

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Investments

3 Months Ended

Mar. 31, 2026

Disclosure Text Block [Abstract]

Long-Term Investments

Affini-T investment

As of March 31, 2026 and December 31, 2025, the Company had investments in Affini-T consisting of 527,035 shares of Series A convertible preferred stock, 33,383 shares of Series B Preferred Stock, 1,867,300 shares of common stock, and a warrant exercisable for 16,691 shares of common stock.

In September 2025, Affini-T made an assignment for the benefit of creditors to Affini (assignment for the benefit of creditors), LLC, a California limited liability company, pursuant to California state law. As of March 31, 2026 and December 31, 2025, the estimated fair value of the Company’s investments in Affini-T was zero.

ViTToria investment

As of March 31, 2026 and December 31, 2025, the Company had an investment in shares of preferred stock of Vittoria Biotherapeutics, Inc. (“Vittoria”), a private biotechnology company. During the three months ended March 31, 2026, and year ended December 31, 2025, the Company did not have a board seat and owned less than 20% of the outstanding voting shares of Vittoria. The investment in Vittoria does not provide the Company the ability to control or have significant influence over Vittoria’s operations. The Company accounts for its investment in Vittoria using the measurement alternative method. As of March 31, 2026 and December 31, 2025, the carrying value of Vittoria’s investment was $2.2 million and no impairment was recognized.

Stock-Based Compensation - Summary of Common Restricted Stock Unit Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance \| shares	61,127
Number of Shares, Vested \| shares	(23,357)
Number of Shares, Forfeited \| shares	(692)
Number of Shares, Outstanding, Ending balance \| shares	37,078
Weighted- Average Grant Date Fair Value, Outstanding, Beginning balance \| $ / shares	$ 55.85
Weighted- Average Grant Date Fair Value, Vested \| $ / shares	36.51
Weighted- Average Grant Date Fair Value, Forfeited \| $ / shares	43.13
Weighted- Average Grant Date Fair Value, Outstanding, Ending balance \| $ / shares	$ 68.27
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning balance \| shares	2,317,315
Number of Shares, Granted \| shares	7,300
Number of Shares, Vested \| shares	(27,081)
Number of Shares, Forfeited \| shares	(95,093)
Number of Shares, Outstanding, Ending balance \| shares	2,202,441
Weighted- Average Grant Date Fair Value, Outstanding, Beginning balance \| $ / shares	$ 2.29
Weighted- Average Grant Date Fair Value, Granted \| $ / shares	1.53
Weighted- Average Grant Date Fair Value, Vested \| $ / shares	8.22
Weighted- Average Grant Date Fair Value, Forfeited \| $ / shares	1.74
Weighted- Average Grant Date Fair Value, Outstanding, Ending balance \| $ / shares	$ 2.24

Stock-Based Compensation - Addition Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 2.5
Weighted-average period	9 months 18 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 8.4
Weighted-average period	2 years 4 months 24 days
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense	$ 4.3
Weighted-average period	1 year 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Summary of Results of Operations Provided to Company's CODM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues [Abstract]
Total collaboration revenue	$ 1,248	$ 4,127
Operating expenses:
Stock-based compensation expense	2,552	2,928
Total operating expenses	25,835	31,947
Operating loss	(24,587)	(27,820)
Other income (expense):
Net loss	(23,059)	(25,039)
Operating Segments
Revenues [Abstract]
Total collaboration revenue	1,248	4,127
Operating expenses:
Employee-related expenses	7,875	11,664
Facilities and overhead costs	6,391	7,369
Professional services and consulting	2,672	2,545
Research and development supplies and services	6,345	7,441
Stock-based compensation expense	2,552	2,928
Total operating expenses	25,835	31,947
Operating loss	(24,587)	(27,820)
Other income (expense):
Interest and other	1,538	2,879
Provision for income taxes	(10)	(98)
Net loss	(23,059)	(25,039)
Operating Segments \| Ionis
Revenues [Abstract]
Total collaboration revenue	$ 1,248	3,974
Operating Segments \| Affini-T
Revenues [Abstract]
Total collaboration revenue		$ 153

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Money market funds (included in cash and cash equivalents)	$	23,503	$	23,503	$	—	$	—
U.S. government bonds		59,659		—		59,659		—
Government agency obligations		18,306		—		18,306		—
Corporate debt obligations		18,700		—		18,700		—
Commercial paper		18,191		—		18,191		—
Total fair value of assets	$	138,359	$	23,503	$	114,856	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Money market funds (included in cash and cash equivalents)	$	40,721	$	40,721	$	—	$	—
U.S. government bonds		72,177		—		72,177		—
Government agency obligations		15,825		—		15,825		—
Corporate debt obligations		15,211		—		15,211		—
Commercial paper		15,864		—		15,864		—
Total fair value of assets	$	159,798	$	40,721	$	119,077	$	—

In addition, restricted cash of $4.4 million and $5.2 million as of March 31, 2026 and December 31, 2025, respectively, collateralized by the Company’s cash equivalents, are financial assets measured at fair value and are Level 1 financial instruments under the fair value hierarchy.

The Company has investments in preferred stock, common stock and warrants of Affini-T Therapeutics, Inc. (“Affini-T”) (see Note 5, “Long-Term Investments”) which are Level 3 financial assets. The equity value of the investments in Affini-T was determined under a fair-value hybrid method with the changes in fair value recorded within other income (expense), net. The hybrid method is a hybrid between the probability-weighted expected returns method (the “PWERM”) and the option-pricing model backsolve method (the “OPM”). As of March 31, 2026 and December 31, 2025, the estimated fair value of the Company’s investments in Affini-T was zero. During the three months ended March 31, 2026 and 2025, the Company did not record any changes in the fair value of the Company’s Level 3 financial assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Money market funds (included in cash and cash equivalents)	$	23,503	$	23,503	$	—	$	—
U.S. government bonds		59,659		—		59,659		—
Government agency obligations		18,306		—		18,306		—
Corporate debt obligations		18,700		—		18,700		—
Commercial paper		18,191		—		18,191		—
Total fair value of assets	$	138,359	$	23,503	$	114,856	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Money market funds (included in cash and cash equivalents)	$	40,721	$	40,721	$	—	$	—
U.S. government bonds		72,177		—		72,177		—
Government agency obligations		15,825		—		15,825		—
Corporate debt obligations		15,211		—		15,211		—
Commercial paper		15,864		—		15,864		—
Total fair value of assets	$	159,798	$	40,721	$	119,077	$	—

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following tables summarize the amortized cost, unrealized gains (losses) and fair value of available-for-sale marketable securities (in thousands):


	March 31, 2026
	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	23,503		$	—	$	—		$	23,503
U.S. government bonds		59,666			40		(47	)		59,659
Government agency obligations		18,285			26		(5	)		18,306
Corporate debt obligations		18,740			—		(40	)		18,700
Commercial paper		18,209			2		(20	)		18,191
Total		138,403			68		(112	)		138,359
Less: amounts classified as cash equivalents		(23,503	)		—		—			(23,503	)
Total available-for-sale marketable securities	$	114,900		$	68	$	(112	)	$	114,856


	December 31, 2025
	Amortized Cost			Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	40,721		$	—	$	—		$	40,721
U.S. government bonds		72,006			172		(1	)		72,177
Government agency obligations		15,762			63		—			15,825
Corporate debt obligations		15,201			10		—			15,211
Commercial paper		15,848			16		—			15,864
Total		159,538			261		(1	)		159,798
Less: amounts classified as cash equivalents		(40,721	)		—		—			(40,721	)
Total available-for-sale marketable securities	$	118,817		$	261	$	(1	)	$	119,077

As of March 31, 2026 and December 31, 2025, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. The Company considered the current and expected future economic and market conditions and determined that its investments were not significantly impacted. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be immaterial and non-credit related, and therefore no allowance for losses has been recorded. During the three months ended March 31, 2026 and 2025, the Company did not recognize any impairment losses on its investments.

Accrued interest receivable included in prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 was $1.0 million and $1.2 million, respectively. The Company has not written off any accrued interest receivable during the three months ended March 31, 2026 and 2025.

The amortized cost and fair value of available-for-sale marketable securities by contractual maturity were as follows (in thousands):


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Maturing within one year	$	109,867	$	109,839	$	112,777	$	113,038
Maturing in one to five years		5,033		5,017		6,040		6,039
Total available-for-sale marketable securities	$	114,900	$	114,856	$	118,817	$	119,077

Common Stock - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stockholders Equity [line Items]
Common stock, authorized	500,000,000	500,000,000
Common stock voting right description	Each share of common stock is entitled to cast one vote

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized	500,000,000	500,000,000
Common stock, issued	37,647,057	37,620,668
Common stock, outstanding	37,647,057	37,620,668

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Results of Operations Provided to Company's CODM

The following table presents the results of operations that are provided to the Company’s CODM for the periods presented (in thousands).


	Three Months Ended March 31,
	2026			2025
Collaboration revenue:
Ionis	$	1,248		$	3,974
Affini-T		—			153
Total collaboration revenue		1,248			4,127
Operating expenses:
Employee-related expenses		7,875			11,664
Facilities and overhead costs		6,391			7,369
Professional services and consulting		2,672			2,545
Research and development supplies and services		6,345			7,441
Stock-based compensation expense		2,552			2,928
Total operating expenses		25,835			31,947
Operating loss		(24,587	)		(27,820	)
Other income (expense):
Interest and other		1,538			2,879
Provision for income taxes		(10	)		(98	)
Net loss	$	(23,059	)	$	(25,039	)

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):



	March 31, 2026		December 31, 2025
Accrued personnel related expenses	$	2,462	$	4,994
Accrued legal and professional services		704		711
Accrued research and development expenses		1,286		848
Accrued purchases of property and equipment		10		1
Other accrued liabilities		228		165
Total accrued expenses and other current liabilities	$	4,690	$	6,719

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (23,059)	$ (25,039)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	2,552	2,928
Depreciation	1,275	1,358
Non-cash lease expense	1,335	1,273
Accretion of discounts on available-for-sale marketable securities	(360)	(1,007)
Amortization of non-cash collaboration revenue	0	(77)
Changes in operating assets and liabilities:
Accounts receivable	305	245
Prepaid expenses and other assets	230	2,237
Accounts payable	795	2,210
Deferred revenue	(748)	(3,049)
Accrued expenses and other current liabilities	(2,029)	(2,648)
Operating lease liabilities	(1,471)	(1,371)
Other non-current liabilities	0	98
Net cash used in operating activities	(21,175)	(22,842)
Cash flows from investing activities
Purchases of property and equipment	(25)	(288)
Purchases of available-for-sale marketable securities	(36,748)	(22,287)
Maturities of available-for-sale marketable securities	40,759	47,303
Net cash provided by investing activities	3,986	24,728
Cash flows from financing activities
Payment of deferred financing costs	(27)	(77)
Net cash used in financing activities	(27)	(77)
Net increase (decrease) in cash, cash equivalents and restricted cash	(17,216)	1,809
Cash, cash equivalents and restricted cash at beginning of period	46,915	32,634
Cash, cash equivalents and restricted cash at end of period	29,699	34,443
Supplemental disclosure of non-cash information
Purchases of property and equipment included in accounts payable, accrued expenses and other current liabilities	124	23
Deferred finance issuance costs included in accounts payable, accrued expenses and other current liabilities	2	422
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	25,306	29,195
Restricted cash	4,393	5,248
Cash, cash equivalents and restricted cash at end of period	$ 29,699	$ 34,443