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Sep 30
MeiraGTx Q3 2025 Earnings Report
MeiraGTx reported a net loss in Q3 2025 with significantly lower service revenue year-over-year.
Key Takeaways
MeiraGTx posted a sharp drop in service revenue and a wider net loss in Q3 2025. The company continues to invest heavily in R&D, while entering into major strategic collaborations to strengthen its pipeline and manufacturing capabilities.
Service revenue fell to $410,000 in Q3 2025 from $10.9 million in Q3 2024 due to completion of Johnson & Johnson PPQ services.
Net loss widened to $50.5 million, or $0.62 per share, compared to $39.3 million, or $0.55 per share, a year ago.
Cash and cash equivalents declined to $14.8 million as of September 30, 2025.
Entered into a $75 million upfront strategic collaboration with Eli Lilly in ophthalmology.
MeiraGTx
MeiraGTx
MeiraGTx Revenue by Segment
Revenue by Segment
Service Revenue
CapyFin.com Forward Guidance
MeiraGTx expects sufficient funding through 2027 and key regulatory milestones in its clinical pipeline.
Positive Outlook
- Signed $75 million upfront collaboration with Eli Lilly, with potential $400M+ milestones.
- Anticipates completing Phase 2 enrollment of AAV-hAQP1 by end of 2025.
- Preparing for Phase 3 trial of AAV-GAD for Parkinson’s disease.
- Advancing riboswitch leptin therapy into IND discussions.
- Expects $150 million more from Hologen AI JV in Q4 2025.
Challenges Ahead
- Net loss widened substantially year-over-year.
- Significant drop in service revenue due to completed J&J projects.
- Cash and cash equivalents declined sharply from December 2024 levels.
- Continued high R&D and G&A expenses.
- Debt obligation of $75 million due August 2026 remains outstanding.