Metagenomi Technologies, a genetic medicines company backed by Bayer Healthcare and Moderna, filed for an initial public offering (IPO) in the United States on Friday (Jan 5).

The startup, launched in 2018 by UC Berkeley scientists, joins a slew of companies gearing up for a 2024 listing after a stock rally in recent months.

Growing expectations that the Federal Reserve could guide the economy to a soft landing is boosting confidence after a dismal spell late last year.

Earlier this week, KKR-backed BrightSpring Health Services also submitted paperwork for a Nasdaq listing

Metagenomi is developing therapies for genetic diseases. All of its revenue has been generated from three collaboration agreements, including one with Moderna, and not any product sales.

For the nine months ended Sep 30, 2023, its collaboration revenue surged nearly three-fold, to US$32.36 million.

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Loss was US$48.96 million in the same period, compared to US$28.97 million a year earlier.

Metagenomi will aim to list on the Nasdaq under the symbol “MGX”. JPMorgan, Wells Fargo and Jefferies are among the underwriters for the IPO.

The filing comes a year after the Emeryville, California-based company raised US$275 million in a private funding round. REUTERS