MeiraGTx Holdings plc (MGTX)

Price$13.89Cached quoteAs of 2026-09-05 09:00 UTC

AI: Fair-priced

Price checkThe market price fairly balances strong funding against unproven commercial value.

Using 94.2 million shares, the market values MeiraGTx’s equity at about $1.20 billion. Subtracting $131 million of net cash—cash minus debt—leaves roughly $1.07 billion assigned to its drug portfolio and manufacturing platform. That is about 42% above April’s $9 share offering price. With no approved product generating sales, the valuation requires at least one late-stage therapy to win approval and sell successfully. Multiple credible programs and improved funding offset that risk, supporting a fair-priced verdict rather than either extreme.

Big pictureOne-off partnership income hides a business that still consumes cash.

Second-quarter revenue jumped to $321.4 million and net income reached $160.7 million, but $204.6 million came from recognizing Hologen licenses and $104.9 million largely reflected collaboration services and released deferred revenue. These items should not be treated as repeatable product earnings. MeiraGTx says it expects no product-sale revenue before approval. Operating cash use was $20.7 million in the first half, improved from $80.8 million, although the second quarter alone used $38.5 million. Results follow deal and trial timing, not a normal economic cycle.

Business strengthLate-stage therapies and licensed manufacturing create upside, but approval remains uncertain.

Bota-vec addresses more than 20,000 patients in the United States and Europe and has completed a 95-patient Phase 3 study. Its novel primary measure missed statistical significance, although several vision measures improved, leaving regulators to judge a mixed package. AAV2-hAQP1 produced durable three-year responses in 24 early-stage patients, and its pivotal study is fully enrolled. MeiraGTx also owns commercially licensed manufacturing facilities, reducing launch dependence on suppliers. The strongest bear case is that neither candidate has approval, so present earnings offer no durable valuation support.

What could change the storyTrial results and regulatory decisions will determine whether today’s valuation proves justified.

June cash was $143.2 million against $12.3 million of debt, while current assets exceeded current liabilities by about $160 million. Management projects funding into the second half of 2028, including expected Hologen payments and July financing. However, shares increased from 63.6 million at year-end 2023 to 94.2 million, roughly 48% dilution; the company also repurchased $18.2 million of shares shortly before raising equity. Bota-vec filings and the 2027 AAV2-hAQP1 result are decisive. Approval would validate the valuation, while delays or weak data could restart dilution despite royalty-backed funding.

AI: News

Royalty-backed funding securedNew funding extends the development runway while limiting immediate shareholder dilution.

On July 7, MeiraGTx announced up to $400 million from Oberland Capital. The initial $135 million comprised $125 million tied to capped, low-single-digit future product royalties and $10 million of equity. Another $150 million depends on trial or approval milestones, while $100 million requires mutual agreement. Shares finished 5.5% higher that day; the timing suggests investors welcomed the financing, although it does not prove the announcement alone caused the move. The trade-off is reduced economics if the covered therapies succeed.

Late-stage programs advancedThe company completed a pivotal trial enrollment and prepared its first approval filings.

The August 13 update said the AAV2-hAQP1 pivotal study had completed enrollment, with its 12-month result expected in the second quarter of 2027. MeiraGTx also planned global bota-vec filings during 2026. The report’s $321.4 million revenue and $160.7 million profit were driven mainly by collaboration accounting rather than recurring product sales. Shares rose 3.7% before trading and about 6% during the session, but the report contained several developments, so no single item can reliably explain the reaction.

Eye therapy rights reacquiredMeiraGTx gained a near-filing eye therapy but funded the move with substantial new shares.

Announced April 16 and completed in May, the Johnson & Johnson transaction returned full bota-vec rights for $25 million upfront, plus a future milestone and royalties. The 95-patient Phase 3 study missed its novel primary measure, but secondary vision measures showed meaningful improvements. MeiraGTx simultaneously issued 11.1 million shares for about $100 million gross proceeds. Shares traded roughly 16% lower before the market opened after the offering was priced; because the acquisition and financing overlapped, attributing that move to either event alone would be uncertain.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$81.4M	$33.3M	$14.0M	$15.9M	$37.7M	$15.6M	$13.3M	—	—
Research & development	$129.6M	$119.5M	$103.8M	$85.7M	$66.7M	$33.9M	$24.9M	$33.6M	$22.4M
Operating expenses	$187.4M	$197.5M	$151.1M	$132.3M	$110.5M	$78.1M	$71.6M	$78.1M	$31.7M
Operating income	−$106.0M	−$164.2M	−$137.1M	−$116.4M	−$72.8M	−$62.6M	−$58.3M	−$78.1M	−$31.7M
Operating margin	−130.20%	−493.44%	−977.82%	−730.87%	−192.99%	−401.94%	−438.37%	—	—
EBITDA	−$93.4M	−$151.4M	−$123.3M	−$107.6M	−$64.9M	−$58.4M	−$56.0M	−$76.1M	−$31.0M
EBITDA margin	−114.79%	−454.89%	−879.87%	−676.08%	−172.10%	−375.13%	−421.53%	—	—
Net income	−$114.2M	−$147.8M	−$84.0M	−$129.6M	−$79.6M	−$58.0M	−$54.7M	−$82.9M	−$31.0M
Net profit margin	−140.31%	−444.10%	−599.46%	−814.16%	−211.03%	−372.63%	−411.87%	—	—
Basic EPSper basic share	-$1.42	-$2.12	-$1.49	-$2.87	-$1.80	-$1.54	-$1.65	-$4.47	-$3.72
Diluted EPSper diluted share	-$1.42	-$2.12	-$1.49	-$2.87	-$1.80	-$1.54	-$1.65	-$4.47	-$3.72

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 8 reported holders of MGTX
Holder	Shares held
Sanofi	12.2M
PERCEPTIVE LIFE SCIENCES MASTER FUND LTD / EDELMAN JOSEPH / PERCEPTIVE ADVISORS LLC	10.79M
Forbes Alexandria	1.39M
Giroux Richard	1.05M
Naylor Stuart	668.51K
Harris Keith R.	200K
Zeldin Robert K	172.89K
Wollin Robert J	57.38K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$5.00M disclosed value

Sells (SEC code S)13$3.91M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 19, 2026Form 4 · 10b5-1	Forbes AlexandriaPRESIDENT & CEO	SellOrdinary Shares	62.0K	$9.17	$568.5K	1.39M
Apr 21, 2026Form 4 · 10b5-1	Giroux RichardCFO & COO	SellOrdinary Shares	56.0K	$10.22	$572.3K	971.5K
Apr 7, 2026Form 4 · 10b5-1	Naylor StuartCHIEF DEV. OFFICER	SellOrdinary Shares	27.7K	$9.36	$258.9K	668.5K
Mar 24, 2026Form 4 · 10b5-1	Forbes AlexandriaPRESIDENT & CEO	SellOrdinary Shares	62.0K	$7.41	$459.4K	1.45M
Oct 21, 2025Form 4 · 10b5-1	Giroux RichardCFO & COO	SellOrdinary Shares	24.0K	$8.87	$212.9K	829.5K

Review ownership filings at SEC.gov ↗

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MeiraGTx Holdings plc (MGTX)

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