MeiraGTx Holdings plc posted a net loss of $50.5 million for the third quarter ended September 30, 2025, a widening of the $39.3 million loss reported a year earlier. Revenue fell to $0.41 million, a 96 % decline from $10.9 million in Q3 2024, largely because the company completed its Johnson & Johnson services under a prior asset‑purchase agreement. The company’s earnings per share were $‑0.62, missing the consensus estimate of $‑0.51 by $0.11, a miss driven by the sharp revenue drop and the absence of any significant one‑time income. Research and development expenses rose to $33.5 million, up from $26.2 million in the same quarter last year, reflecting intensified investment in its AAV‑hAQP1 and AAV‑GAD programs. Cash and cash equivalents stood at $17.1 million, a steep decline from $105.7 million at the end of 2024, underscoring the company’s heavy burn rate as it advances clinical development. The company’s cash runway is projected to extend into the second half of 2027, after accounting for the $75 million upfront from Eli Lilly and an anticipated $150 million from the Hologen AI partnership, and is sufficient to cover the $75 million debt obligation due in August 2026. The $75 million upfront payment from Lilly is a strategic win, granting the company worldwide rights to its AAV‑AIPL1 gene‑therapy program for Leber congenital amaurosis type 4 and access to Lilly’s global commercialization network. Lilly also receives rights to two pre‑clinical ocular programs, the intravitreal capsid platform, AI‑generated retinal promoters, and selected riboswitch technology, positioning MeiraGTx as a key partner in ophthalmology. The Hologen AI partnership, in which MeiraGTx holds a 30 % stake, will provide $150 million in funding and places the company at the forefront of AI‑driven drug development for Parkinson’s disease, with MeiraGTx leading clinical development and manufacturing. Management emphasized that the combination of Lilly’s upfront payment and the Hologen AI funding will secure liquidity through 2027, allowing the company to focus on enrolling patients in its AAV‑hAQP1 program and initiating a Phase 3 study of its AAV‑GAD Parkinson’s program. While the revenue miss highlights the impact of completing legacy service contracts, the strategic collaborations and projected cash runway signal confidence in the company’s long‑term pipeline and financial resilience.
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