MeiraGTx (MGTX) Q2 2025 earnings summary

Executive summary

• Net loss for Q2 2025 was $38.8M, improved from $48.6M in Q2 2024; six-month net loss was $78.8M versus $69.1M year-over-year.

• Service revenue rose to $3.7M in Q2 2025 from $0.3M in Q2 2024, driven by PPQ services under the Johnson & Johnson agreement.

• Operating expenses for Q2 2025 were $48.5M, up from $46.2M in Q2 2024; six-month operating expenses were $92.0M, slightly down from $93.7M year-over-year.

• Strategic collaboration and joint venture with Hologen/Hologen AI expected to provide $200M upfront, up to $230M additional funding, with $23M received to date.

• Achieved key regulatory milestones, including FDA alignment on pivotal Phase 2 studies and RMAT designations for AAV-hAQP1 and AAV-GAD programs.

Financial highlights

• Cash, cash equivalents, and restricted cash totaled $34.4M as of June 30, 2025, down from $101.0M a year earlier.

• Service revenue for the six months ended June 30, 2025 was $5.6M, up from $1.0M in the prior year period.

• Research and development expenses decreased to $33.5M in Q2 2025 from $34.9M in Q2 2024, primarily due to lower manufacturing and program-specific costs.

• Foreign currency gain of $8.6M in Q2 2025 versus a $0.3M loss in Q2 2024, driven by USD weakness against GBP and EUR.

• Operating loss for Q2 2025 was $44.8M, compared to $45.9M in Q2 2024.

Outlook and guidance

• Current cash, receivables, and anticipated Hologen proceeds are expected to fund operations into 2027 and cover $75M debt due August 2026.

• Excludes potential $285M in milestones from Johnson & Johnson upon commercial sales and tech transfer milestones.

• Ongoing and planned clinical trials for AAV-hAQP1, AAV-GAD, and AAV-AIPL1, with pivotal data readouts and regulatory submissions targeted for late 2026 and 2027.

• Plans to initiate first-in-human studies for riboswitch platform and new pain program in 2025.