MeiraGTx Holdings PLC (NASDAQ: MGTX) has reported its financial and operational results for the third quarter ending September 30, 2025. The company announced a strategic collaboration with Eli Lilly and Company in the area of ophthalmology, granting Lilly worldwide exclusive rights to its AAV-AIPL1 program for the treatment of Leber Congenital Amaurosis 4 (LCA4).
The collaboration with Lilly includes an upfront payment of $75 million to MeiraGTx, with the potential for over $400 million in total milestone payments. Additionally, MeiraGTx is eligible to receive tiered royalties on licensed products.
The company's pivotal Phase 2 study of AAV-HAQP1 for the treatment of grade 2 or 3 radiation-induced xerostomia (RIX) remains on track to achieve target enrollment by the end of this year, with potential approval later in 2027 if the data is positive.
MeiraGTx also anticipates initiating a Phase 3 study evaluating AAV-GAD for the treatment of Parkinson’s disease in the coming months, following the FDA’s grant of RMAT designation to AAV-GAD for the treatment of Parkinson’s disease not adequately controlled with anti-Parkinsonian medications.
The company has completed optimization of its lead riboswitch program for entry into the clinic, for the delivery of native human leptin controlled by a daily oral small molecule to treat inherited and acquired leptin deficiency.
As of September 30, 2025, MeiraGTx had cash and cash equivalents of approximately $14.8 million, as well as $2.8 million in receivables due from Johnson & Johnson Innovative Medicine and $9.0 million in tax incentive receivables. With the anticipated closing of the strategic collaboration with Hologen, the company believes it will have sufficient capital to fund operating expenses and capital expenditure requirements into the second half of 2027.
In terms of financial results, cash, cash equivalents, and restricted cash were $17.1 million as of September 30, 2025, compared to $105.7 million as of December 31, 2024. Service revenue for the three months ended September 30, 2025, was $0.4 million, a decrease of $10.5 million from the same period in 2024, due to decreased activity of PPQ services under the asset purchase agreement with Johnson & Johnson Innovative Medicine.
Cost of service revenue for the same period was $0.3 million, a decrease of $11.7 million from the three months ended September 30, 2024, also due to decreased activity of PPQ services under the asset purchase agreement with Johnson & Johnson Innovative Medicine.
General and administrative expenses were $13.6 million for the three months ended September 30, 2025, compared to $12.7 million for the same period in 2024, primarily due to an increase in rent and facilities costs.
These figures illustrate the company's financial position and its progress in key clinical programs, as well as its strategic collaborations, providing investors and stakeholders with a comprehensive view of MeiraGTx's performance and outlook. As a result of these announcements, the company's shares have moved -2.7% on the market, and are now trading at a price of $8.66. For more information, read the company's full 8-K submission here.
