MeiraGTx Holdings plc (MGTX) reported a net loss of $114.2 million for the year ended December 31, 2025, compared to a net loss of $147.8 million for the previous year. The company's total revenue increased to $81.4 million from $33.3 million in 2024, primarily driven by a $75.0 million license revenue from the Eli Lilly and Company collaboration agreement. This increase was partially offset by a decrease in service revenue from related parties, which fell to $6.4 million from $33.3 million due to the substantial completion of process performance qualification (PPQ) services under the Asset Purchase Agreement with Johnson & Johnson Innovative Medicine.
Operating expenses totaled $187.4 million in 2025, a decrease from $197.5 million in 2024. Cost of service revenue decreased to $4.8 million from $23.8 million, reflecting the completion of PPQ services. General and administrative expenses decreased slightly to $52.9 million from $54.2 million. Research and development expenses increased to $129.6 million from $119.5 million, driven by increased manufacturing costs and higher expenses in clinical programs for other ocular diseases and AAV-GAD, as well as preclinical programs for gene regulation. These increases were partially offset by decreased costs for the AAV-hAQP1 program.
Strategic developments included a strategic collaboration with Hologen AI, involving a joint venture and upfront payment of $200 million to MeiraGTx, with potential additional funding of up to $230 million. The company also entered into a strategic collaboration with Eli Lilly and Company, granting Lilly exclusive rights to the AAV-AIPL1 program and other ocular assets, resulting in an upfront payment of $75 million and potential milestone payments exceeding $400 million. In July 2025, MeiraGTx acquired certain assets and operations of Smart Immune, expanding its cell therapy capabilities.
As of December 31, 2025, MeiraGTx had 403 employees. The company's cash, cash equivalents, and restricted cash totaled $68.2 million. Based on current resources and anticipated proceeds from the Hologen collaboration, the company estimates its funds will be sufficient to fund operations into the second half of 2027, including repayment of debt obligations to Perceptive. The company is progressing its clinical programs, including AAV-hAQP1 for radiation-induced xerostomia and AAV-GAD for Parkinson's disease, and is advancing its riboswitch gene regulation technology platform. The company anticipates a potential BLA filing for AAV-hAQP1 in the first half of 2027, with a targeted US launch in early 2028.
About MeiraGTx Holdings plc
MeiraGTx is a clinical-stage gene therapy company developing viral vector-based treatments for inherited and acquired diseases, including neurodegenerative, ocular, and autoimmune conditions. Its core activities include proprietary vector design, manufacturing, and delivery, with a focus on rare diseases like retinal dystrophies, xerostomia, and Parkinson’s. The company leverages in-house GMP facilities and innovative platforms to provide durable, targeted therapies aimed at high unmet medical needs.
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