Major Leadership Changes and Fundraising in Biotech: Metagenomi CEO Exit, Workforce Cuts; Cogent Biosciences Raises Over $475M

Metagenomi has announced a significant restructuring, laying off 25% of its workforce and shifting strategic focus primarily to its hemophilia A gene-editing program (MGX-001) and select preclinical candidates3 5 7 9 11.

As part of this restructuring, Metagenomi's CEO Brian Thomas is stepping down and will remain on the board of directors; company President and COO Jian Irish has been appointed as the new CEO3 5 7 9 10.

Metagenomi's strategic move, outlined with its Q3 earnings, aims to extend its cash runway into Q4 of 2027 and optimize resources around later-stage preclinical assets5 7.

This leadership and workforce shakeup follows Metagenomi's challenging year, which included a disappointing IPO, loss of a major partnership with Moderna, and a steep decline in stock value (down about 80% since its February 2024 debut)3 5 7.

Cogent Biosciences raised over $475 million, driven by investor enthusiasm after reporting positive Phase 3 results for its drug bezuclastinib in combination with Sutent for gastrointestinal stromal tumors; the drug demonstrated substantial benefits in slowing disease progression, setting a new standard of care in second-line treatment7.

Cogent plans to file for regulatory approval of bezuclastinib next year, following these 'unprecedented' clinical results7.