olivLaw · US equity research
MeiraGTx Holdings plc MGTX
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
MeiraGTx Holdings plc is a clinical-stage genetic medicines company that integrates its manufacturing vertically and develops local treatments for conditions such as radiation-induced xerostomia and Parkinson's disease. In 2026 the company is preparing for commercialization, with a bota-vec program for XLRP whose global filings are expected in 2026, supported by up to 400 mn USD from Oberland Capital.
At the close of 02 Nov 2026, MeiraGTx Holdings plc (MGTX) stock was 9.32 USD (−1.79% on the day), with market capitalisation 895.1 m USD, P/E 13.2 on diluted EPS of 0.71 USD over the last 12 months, beta 1.25, 52-week range 6.99–14.97 USD. Latest reported quarter (Q2 2026): revenue of 321.4 m USD (+8,608.6% YoY), net income of 160.7 m USD, diluted EPS 1.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 8.82 – 10.84
- in the lower half of the band · %B 0.25 · band width 20.6%
- SMA 50 / 200
- 11.61 / 10.32
- mixed trend
- MACD (12, 26, 9)
- -0.57 / -0.65
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.6% | −2.3% | −11.3 pp | — |
| 3 months | −21.5% | −0.8% | −20.8 pp | — |
| 6 months | −3.9% | +4.7% | −8.6 pp | — |
| Year to date | +17.2% | +10.2% | +7.1 pp | — |
| 1 year | +2.6% | +10.3% | −7.6 pp | −15.6% |
| 3 years | +75.8% | +73.0% | +2.8 pp | −25.1% |
| 5 years | −55.3% | +61.8% | −117.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 21.4 m | 1.9 m | 3.7 m | 410.0 k | 75.4 m | 293.0 k | 321.4 m |
| Research & development | 26.2 m | 24.0 m | 32.8 m | 33.5 m | 32.5 m | 30.8 m | 32.0 m | 57.8 m |
| Operating income | -40.0 m | -31.5 m | -41.6 m | -44.8 m | -46.1 m | 26.5 m | -40.8 m | 244.4 m |
| Depreciation & amortisation | 3.3 m | 3.1 m | 3.1 m | 3.2 m | 3.2 m | 3.1 m | 3.0 m | 2.8 m ≈ |
| Interest expense | 3.4 m | 3.4 m | 3.0 m | 3.0 m | 3.1 m | 3.1 m | 2.8 m | 3.5 m |
| Income tax | 0 | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 0 | 2.4 m |
| Net income | -39.3 m | -39.4 m | -40.0 m | -38.8 m | -50.5 m | 15.1 m | -46.3 m | 160.7 m |
| Diluted EPS | -0.55 | -0.50 ≈ | -0.51 | -0.48 | -0.62 | 0.19 ≈ | -0.57 | 1.71 |
| Operating cash flow | -25.0 m ≈ | -23.3 m | -36.8 m | -43.9 m ≈ | -12.2 m ≈ | 46.6 m | 17.8 m | -38.5 m ≈ |
| Capex | 730.0 k ≈ | 1.2 m | 1.7 m | 1.2 m ≈ | 610.0 k ≈ | 272.0 k | 2.0 m | 332.0 k ≈ |
| Share repurchases | — | — | — | — | — | — | 18.2 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 19.1, median 19.1, max 19.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 13.3 m | 15.6 m | 37.7 m | 15.9 m | 14.0 m | 33.3 m | 81.4 m |
| Revenue YoY | unavailable | unavailable | +17.1% | +142.2% | −57.8% | −12.0% | +137.4% | +144.6% |
| Net income | -82.9 m | -54.7 m | -58.0 m | -79.6 m | -129.6 m | -84.0 m | -147.8 m | -114.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.54 | -1.80 | -2.87 | -1.49 | -2.12 | -1.42 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -411.9% | -372.6% | -211.0% | -814.2% | -599.5% | -444.1% | -140.3% |
| Free cash flow | -70.1 m | 11.1 m | -84.9 m | -56.9 m | -118.1 m | -125.5 m | -109.5 m | -50.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 65.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -5.8 m USD
- Total assets
- 244.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.75x
- ROE
- unavailable
- ROA
- -44.4%
- FCF margin
- -61.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.6 m | 37.7 m | 15.9 m | 14.0 m | 33.3 m | 81.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 33.9 m | 66.7 m | 85.7 m | 103.8 m | 119.5 m | 129.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -62.6 m | -72.8 m | -116.4 m | -137.1 m | -164.2 m | -106.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 4.2 m | 7.9 m | 8.7 m | 13.7 m | 12.8 m | 12.5 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | -58.4 m ≈ | -64.9 m ≈ | -107.6 m ≈ | -123.3 m ≈ | -151.4 m ≈ | -93.4 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 139.0 k | 288.0 k | 4.9 m | 13.2 m | 13.3 m | 12.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -58.0 m | -79.6 m | -129.6 m | -84.0 m | -147.8 m | -114.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 0 | 0 | — | 0 | 0 | 0 | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -58.0 m | -79.6 m | -129.6 m | -84.0 m | -147.8 m | -114.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -1.54 | -1.80 | -2.87 | -1.49 | -2.12 | -1.42 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 37.7 m | 44.1 m | 45.2 m | 56.5 m | 69.8 m | 80.4 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 209.5 m | 137.7 m | 115.5 m | 129.6 m | 103.7 m | 65.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | — | — | 21.3 m | 10.1 m | 707.0 k | 3.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | — | — | — | — | 385.0 k | — | SEC (XBRL)· 13 Mar 2025verified |
| Current assets | 272.6 m | 183.2 m | 154.3 m | 159.6 m | 123.5 m | 91.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 44.0 m | 75.9 m | 109.3 m | 115.9 m | 102.9 m | 105.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.1 m | 1.8 m | 1.3 m | 1.1 m | 821.0 k | 578.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 363.7 m | 320.2 m | 318.2 m | 326.7 m | 269.8 m | 244.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 7.1 m | 15.3 m | 16.6 m | 16.0 m | 23.6 m | 10.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 54.1 m | 68.1 m | 82.1 m | 67.1 m | 60.8 m | 122.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 125.1 m | 134.8 m | 200.5 m | 188.6 m | 201.9 m | 250.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 238.6 m † | 185.4 m † | 117.7 m † | 138.2 m † | 67.8 m | -5.8 m | SEC (XBRL)· 13 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -64.0 m | -10.5 m | -73.1 m | -105.4 m | -104.5 m | -46.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 20.9 m | 46.4 m | 45.0 m | 20.2 m | 5.0 m | 3.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -84.9 m ≈ | -56.9 m ≈ | -118.1 m ≈ | -125.5 m ≈ | -109.5 m ≈ | -50.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -37.0 m | -61.7 m | -45.0 m | 34.0 m | 23.5 m | -4.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 82.7 m | 1.7 m | 95.2 m | 84.0 m | 54.5 m | 12.3 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 895.1 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.12 – 18.84 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E15.12 – 18.84 (Mid 16.78)4 companies used · median multiple 23.8x · quartiles 21.4x – 26.7xAMGN, EXEL, NBIX, QGEN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.9% | 88 (vs peers) | 13% |
| FCF conversion · Quality | 13.3% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 72.3% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 14.7x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 13.2x | 86 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.2% | 15 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation54/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MeiraGTx Holdings plc (MGTX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 81.4 m USD in 2025; YoY growth 144.6%; net margin 19.9%; ROE 72.2%.
The estimated value range is 15.12–18.84 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.78 USD, the price of 9.32 USD leaves a potential of 80.0% (value / price − 1) and a margin of safety of 44.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 19.9%
- Revenue CAGR 3Y: 72.3%
- Interest coverage: 14.7x
- Current ratio: 3.8x
- P/E (TTM): 13.2x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 13.3%
- FCF yield: 1.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 251.6 bn | 28.9 | 91.5% | 23.0% | +10.0% | +35% / +73% |
| GILDGilead Sciences, Inc. | 211.3 bn | — | -22.3% | -12.5% | +2.4% | +35% / +122% |
| MRNAModerna, Inc. | 88.2 bn | — | -39.0% | -141.4% | −39.9% | +750% / +184% |
| RVMDRevolution Medicines, Inc. | 40.3 bn | — | -79.1% | — | unavailable | +142% / +707% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| EXELExelixis, Inc. | 17.1 bn | 21.0 | 44.3% | 35.5% | +7.0% | +59% / +222% |
| NBIXNeurocrine Biosciences, Inc. | 14.7 bn | 21.6 | 20.4% | 19.0% | +21.4% | −4% / +25% |
| RGENRepligen Corp | 11.1 bn | — | -0.6% | -1.5% | +16.4% | +1% / +10% |
| QGENQiagen N.V. | 10.9 bn | 26.0 | 11.6% | 20.3% | +5.7% | +5% / +19% |
| CRSPCrispr Therapeutics AG | 4.8 bn | — | -25.6% | -1,812.1% | −90.6% | −7% / −25% |
| IOVAIovance Biotherapeutics, Inc. | 3.6 bn | — | -40.4% | -89.1% | +60.6% | +225% / +32% |
| BEAMBeam Therapeutics Inc. | 2.7 bn | — | -8.1% | -54.7% | +120.0% | +2% / −8% |
| RXRXRecursion Pharmaceuticals, Inc. | 2.4 bn | — | -48.7% | -697.1% | +26.9% | −17% / −44% |
| MAZEMaze Therapeutics, Inc. | 1.7 bn | — | -37.3% | -5,343.6% | unavailable | −20% / unavailable |
| NVAXNovavax Inc | 1.6 bn | — | — | -59.9% | +64.7% | +35% / +73% |
| ALVOAlvotech | 1.4 bn | 44.8 | — | 4.8% | +19.7% | −12% / −53% |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −51% / −93% |
| MGTXMeiraGTx Holdings plc | 895.1 m | 13.2 | 72.2% | 19.9% | +144.6% | +3% / +76% |
| DNAGinkgo Bioworks Holdings, Inc. | 627.6 m | — | -56.3% | -260.0% | −25.1% | +6% / −81% |
| RGNXREGENXBIO Inc. | 472.7 m | — | -137.6% | -112.6% | +104.5% | −47% / −63% |
| FENCFennec Pharmaceuticals Inc. | 369.6 m | — | -18.6% | -5.5% | −6.1% | +29% / +23% |
| SRZNSurrozen, Inc. | 341.1 m | — | — | -2,885.3% | −67.4% | +75% / +303% |
| XFORX4 Pharmaceuticals, Inc | 332.1 m | — | -113.1% | -1,040.1% | +150.0% | −8% / −86% |
| ALGSAligos Therapeutics, Inc. | 196.0 m | — | -113.6% | -2,031.1% | −39.5% | −52% / −74% |
| CGENCompugen Ltd | 187.2 m | 5.2 | 44.8% | 48.6% | +161.1% | +27% / +200% |
1- and 3-year price returns: for MGTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.09 Total return -24% · Per year -24% | 12.48 Total return 34% · Per year 34% | 18.73 Total return 101% · Per year 101% |
| 3 years | 8.41 Total return -10% · Per year -3% | 16.51 Total return 77% · Per year 21% | 26.97 Total return 189% · Per year 42% |
| 5 years | 9.98 Total return 7% · Per year 1% | 21.84 Total return 134% · Per year 19% | 38.83 Total return 317% · Per year 33% |
- Exit P/E± 4.13
- Net margin± 2.89
- Annual revenue growth± 2.15
- Annual dilution± 0.24
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MeiraGTx Holdings plc is a clinical-stage genetic medicines company that integrates its manufacturing vertically and develops local treatments for conditions such as radiation-induced xerostomia and Parkinson's disease. In 2026 the company is preparing for commercialization, with a bota-vec program for XLRP whose global filings are expected in 2026, supported by up to 400 mn USD from Oberland Capital.
SWOT
Strengths
- Full integration of production, from viral vectors to quality control, with GMP facilities licensed in the United Kingdom and Ireland.
- Advanced clinical portfolio with significant FDA designations for xerostomia and Parkinson's, plus a riboswitch platform with broad applicability.
- Strategic partnerships and non-dilutive financing that strengthened the balance sheet in 2026.
Weaknesses
- A history of repeated net losses and a very large accumulated deficit, with no product revenue so far.
- Reliance on outside financing and on milestones that depend on partners, which makes cash flow less predictable.
- The capital structure includes debt and royalties that could limit long-term financial flexibility.
Opportunities
- Commercial launches of bota-vec and AAV2-hAQP1 could open significant revenue, if regulators approve the products.
- Extending the riboswitch platform to metabolic diseases and chronic pain could create new development directions.
- Manufacturing service revenue from third parties could support investment in capacity.
Threats
- Delays in pivotal studies or rejected filings could postpone or cancel expected cash inflows.
- Competition in genetic therapies and other treatments for the same conditions could reduce market share.
- A failure to obtain financing could force the company to reduce or stop research programs.
Risks
- Need for additional capitalhigh
The company estimates its funds are sufficient into the second half of 2027, but it could need new financing if costs rise or approvals are delayed.
- Dependence on regulatory approvalshigh
Many expected receipts depend on FDA and EMA approvals. If these do not arrive on time, launch plans could be affected.
- Receipts conditional on milestonesmedium
Payments from partners depend on clinical success and their own approvals, which makes revenue uncertain.
- Manufacturing risksmedium
Scaling production to commercial levels could face technical or regulatory difficulties.
- Debt and royalty obligationsmedium
Payment obligations in the funding structures could limit the company's strategic options.
Investment thesis
What would need to be true (bull case)
- If bota-vec and AAV2-hAQP1 receive approval, the company could move quickly to commercial revenue, supported by important FDA designations.
- Integrated manufacturing and partnerships with Lilly, Hologen and Oberland could ease short-term funding pressure.
- The riboswitch platform could open more programs in metabolic disease and pain, extending the value of the portfolio.
What would break the thesis
- Milestones and partner receipts depend on third parties, and delays could affect the expected cash flow.
- If approvals or pivotal studies fail, the main programs could quickly lose value.
What to watch
- Submission of global filings for bota-vec2026
- Pivotal AQUAx2 readout for AAV2-hAQP1Q2 2027
- Cash runway and conditions of the Oberland financingnext 10-Q
- Start of the Phase 3 study for AAV-GAD2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MeiraGTx is a vertically integrated company with genetic medicines in clinical stage, delivering small doses of genetic medicines directly to the target area. The company produces its own viral vectors, plasmids and quality control, with GMP facilities in London and Shannon, Ireland. Its in-house riboswitch platform allows dose-controlled gene expression through oral pills, a direction the company sees as central to future treatments.
Segments
Ophthalmology program (XLRP, LCA4)
Includes bota-vec for X-linked retinitis pigmentosa, which the company acquired from J&J in May 2026, and AAV-AIPL1 for LCA4, licensed to Eli Lilly. The company expects global filings for bota-vec to be submitted in 2026.
Radiation-induced xerostomia (AAV2-hAQP1)
Proprietary program in the pivotal Phase 2 AQUAx2 study, which received Breakthrough Therapy Designation from the FDA. Three-year Phase 1 results were reported in April 2026, and a possible licence application could follow in mid 2027.
Riboswitch platform and Parkinson's (AAV-GAD)
The riboswitch platform targets in vivo delivery of metabolic peptides through oral pills, with the first program moving toward the clinic. AAV-GAD for Parkinson's disease holds RMAT designation from the FDA, and Phase 3 is expected to start in the coming months.
Market context
The market for genetic therapies for rare diseases and conditions with unmet medical need is shaped by clinical development and production capacity. The company's control of its full production chain could be an advantage, while the risk lies in high development costs and dependence on regulatory approvals in several jurisdictions.
Trends
- Partnership funding and non-dilutive capitalmixed
Agreements with Hologen, Lilly and Oberland Capital bring cash without direct dilution, which could extend the funding runway. If milestones are reached, cash flow could be supported, but delays would reduce this effect.
- Accelerated pathways for rare therapiestailwind
Fast Track, Orphan and BTD designations for bota-vec and AAV2-hAQP1 could speed the route to market. Regulators may still ask for more data, and this could delay launches.
- Consolidation of GMP manufacturing capacitytailwind
Investment in the London and Shannon facilities, and the commercial licences obtained, reduce reliance on third parties. If these facilities run efficiently at commercial scale, the company could gain a cost advantage.
- Funding pressure and debtheadwind
The company has recorded repeated net losses and has debt to Perceptive falling due in 2026 and 2027. If approvals or receipts are delayed, the need for capital could rise quickly.
Competitive position
Competition in genetic therapies for ophthalmology, xerostomia and Parkinson's comes from both large companies and specialised biotechs. MeiraGTx's edge lies in integrated manufacturing and riboswitch technology, but it could be overtaken by rivals that reach approval first.
- Johnson & Johnson Innovative MedicineJNJ
Former partner and now owner of bota-vec after the 2026 acquisition from MeiraGTx, so both a possible competitor and a past commercial partner.
- Eli Lilly and CompanyLLY
Partner in the AAV-AIPL1 program for LCA4, holding worldwide exclusive rights to that product and access to certain ophthalmology technologies of the company.
- Hologen Limited
Strategic partner in neurology and manufacturing, with planned investment in the Parkinson's programs and the manufacturing platform.
- Oberland Capital Management
Investor providing financing against capped royalties on the company's products; not a direct competitor, but an actor shaping its capital structure.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report07 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jun 2026Shareholder vote
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report24 Apr 2026Material agreement · Financial statements and exhibits
- Current report16 Apr 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MeiraGTx Holdings plc · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MeiraGTx Holdings plc · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MeiraGTx Holdings plc · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.