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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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