Metsera, Inc. has recently released its 10-K report, providing a comprehensive overview of its financial performance and operations. The company, incorporated in 2022 and headquartered in New York, is a clinical-stage biotechnology firm focused on developing injectable and oral nutrient stimulated hormone analog peptides to address obesity, overweight, and related conditions. Metsera's product candidates include MET-097i, MET-233i, MET-002, MET-224o, MET-067i, and MET-034i, targeting disorders such as diabetes and obesity.
In the 10-K report, under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, the company provided an in-depth look at its financial standing. Metsera reported a significant increase in net losses, with $209.1 million in 2024 compared to $47.2 million in 2023. As of December 31, 2024, the company had an accumulated deficit of $257.1 million. Metsera attributed the substantial net losses to costs associated with research and development programs and general administrative expenses.
The company revealed that it raised aggregate net proceeds of approximately $535.9 million through the issuance and sale of shares of its Series Seed, Series A, Series A-1, and Series B preferred stock, as well as the issuance of a convertible promissory note. Metsera also closed its initial public offering in February 2025, generating gross proceeds of $316.2 million and aggregate net proceeds of $288.4 million.
Metsera outlined its plans to utilize its existing cash and cash equivalents, totaling $352.4 million as of December 31, 2024, to fund projected operating expenses, working capital, and capital expenditure needs into 2027. The company anticipates incurring significant and increasing net operating losses in the foreseeable future as it advances product candidates through clinical and preclinical development, seeks regulatory approval, and prepares for commercialization.
In terms of operating expenses, Metsera reported acquired in-process research and development expenses of $90.1 million in 2024, compared to $10.2 million in 2023. Research and development expenses surged to $107.5 million in 2024 from $15.6 million in 2023, primarily due to the ramp up of product candidate development and associated preclinical, clinical, and contract manufacturing costs.
The company also detailed its research and development expenses by program, showing significant investments in various development initiatives. For instance, fully biased, monthly GLP-1 RA saw expenses of $38.2 million in 2024, a substantial increase from $2.3 million in 2023. Similarly, oral peptide platform expenses rose to $25.4 million in 2024 from $5.2 million in 2023.
Metsera's 10-K report provides a detailed insight into its financial performance, strategic initiatives, and the challenges it faces as it continues to advance its product candidates through clinical development and seeks to address the limitations of approved therapies in the biotechnology industry. As a result of these announcements, the company's shares have moved -2.5% on the market, and are now trading at a price of $28.44. If you want to know more, read the company's complete 10-K report here.
