MeiraGTx Holdings PLC
MGTXHealthcare|Biotechnology|USA
$13.38
-0.56 (-3.98%)
Financials
Financial Snapshot
Market Cap
$1.24B
Enterprise Value
$-16.0M
Revenue (TTM)
$79.8M
Net Income (TTM)
$-120.5M
Cash & Equivalents
—
Net Cash/Share
$-2.84
Free Cash Flow (TTM)
$3.5M
Operating CF (TTM)
$8.3M
Debt/Equity
-1.51
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $17.5M | $8.5M | $68.1M | $227.2M | $209.5M | $137.7M | $115.5M | $129.6M | $103.7M | $65.9M | $71.5M | |
| Operating Cash Flow | $-14.4M | $-18.1M | $-58.9M | $20.0M | $-64.0M | $-10.5M | $-73.1M | $-105.4M | $-104.5M | $-46.4M | $8.3M | |
| Free Cash Flow | $-17.0M | $-28.6M | $-70.1M | $11.1M | $-101.0M | $-65.7M | $-118.1M | $-125.5M | $-109.5M | $-50.6M | $3.5M | |
| Capital Expenditure | $-2.6M | $-10.5M | $-11.3M | $-9.0M | $-37.0M | $-55.2M | $-45.0M | $-20.2M | $-5.0M | $-4.2M | $-4.8M | |
| Financing Cash Flow | $20.8M | $19.3M | $130.0M | $148.2M | $82.7M | $1.7M | $95.2M | $84.0M | $54.5M | $12.3M | $446.0K |
R&D Spending
R&D (TTM)
$128.8M
R&D Intensity
161.5%
R&D Growth YoY
-0.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $13.3M | $15.6M | $37.7M | $15.9M | $14.0M | $33.3M | $81.4M | $79.8M | |
| R&D Expense | $14.0M | $22.4M | $33.6M | $24.9M | $33.9M | $66.7M | $85.7M | $103.8M | $119.5M | $129.6M | $128.8M | |
| R&D % of Revenue | — | — | — | 187.2% | 217.9% | 176.9% | 538.5% | 740.4% | 359.0% | 159.3% | 161.5% | |
| SG&A | $6.0M | $9.3M | $44.5M | $46.7M | $44.2M | $43.8M | $46.5M | $47.3M | $54.2M | $52.9M | $52.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $13.3M | $15.6M | $37.7M | $15.9M | $14.0M | $33.3M | $81.4M | $79.8M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $23.8M | $4.8M | $3.7M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $13.3M | $15.6M | $37.7M | $15.9M | $14.0M | $9.5M | $76.5M | $76.1M | |
| R&D | $14.0M | $22.4M | $33.6M | $24.9M | $33.9M | $66.7M | $85.7M | $103.8M | $119.5M | $129.6M | $128.8M | |
| SG&A | $6.0M | $9.3M | $44.5M | $46.7M | $44.2M | $43.8M | $46.5M | $47.3M | $54.2M | $52.9M | $52.5M | |
| Operating Income | $-20.1M | $-31.7M | $-78.1M | $-58.3M | $-62.6M | $-72.8M | $-116.4M | $-137.1M | $-164.2M | $-106.0M | $-105.2M | |
| Interest Expense | $-25.0K | $-43.0K | $-33.0K | $-49.0K | $-139.0K | $-288.0K | $-4.9M | $-13.2M | $-13.3M | $-12.2M | $-12.0M | |
| Pretax Income | $-19.8M | $-31.0M | $-83.3M | $-54.7M | $-58.0M | $-79.6M | $-129.6M | $-84.0M | $-147.8M | $-114.2M | $-120.5M | |
| Net Income | $-19.5M | $-31.0M | $-82.9M | $-54.7M | $-58.0M | $-79.6M | $-129.6M | $-84.0M | $-147.8M | $-114.2M | $-120.5M | |
| EPS (Diluted) | -1.02 | -3.72 | -4.47 | -1.65 | -1.54 | -1.80 | -2.87 | -1.49 | -2.12 | -1.42 | -1.48 | |
| EBITDA | $-19.5M | $-30.3M | $-81.3M | $-52.5M | $-53.7M | $-71.4M | $-116.1M | $-57.1M | $-121.8M | $-89.4M | $-96.0M | |
| Shares Out. (M) | 19.24 | 8.57 | 18.95 | 33.16 | 37.72 | 44.14 | 45.18 | 56.49 | 69.82 | 80.43 | 81.30 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.5M | $8.5M | $68.1M | $227.2M | $209.5M | $137.7M | $115.5M | $129.6M | $103.7M | $65.9M | $71.5M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $19.1M | $11.5M | $74.7M | $269.0M | $272.6M | $183.2M | $154.3M | $159.6M | $123.5M | $91.8M | $96.2M | |
| Total Assets | $22.6M | $25.9M | $96.9M | $323.9M | $363.7M | $320.2M | $318.2M | $326.7M | $269.8M | $244.4M | $244.7M | |
| Total Current Liabilities | $6.0M | $21.4M | $15.5M | $49.2M | $54.1M | $68.1M | $82.1M | $67.1M | $60.8M | $122.6M | $176.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $71.0M | $72.1M | $73.2M | $49.7M | $49.7M | |
| Total Liabilities | $39.7M | $73.2M | $15.8M | $133.1M | $125.1M | $134.8M | $200.5M | $188.6M | $201.9M | $250.2M | $302.8M | |
| Stockholders' Equity | $-17.1M | $-47.4M | $81.1M | $190.8M | $238.6M | $185.4M | $117.7M | $138.2M | $67.8M | $-5.8M | $-58.1M | |
| Retained Earnings | $-34.4M | $-65.4M | $-148.3M | $-203.0M | $-261.0M | $-340.6M | $-470.2M | $-554.2M | $-702.0M | $-816.2M | $-862.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-14.4M | $-18.1M | $-58.9M | $20.0M | $-64.0M | $-10.5M | $-73.1M | $-105.4M | $-104.5M | $-46.4M | $8.3M | |
| Capital Expenditure | $-2.6M | $-10.5M | $-11.3M | $-9.0M | $-37.0M | $-55.2M | $-45.0M | $-20.2M | $-5.0M | $-4.2M | $-4.8M | |
| Free Cash Flow | $-17.0M | $-28.6M | $-70.1M | $11.1M | $-101.0M | $-65.7M | $-118.1M | $-125.5M | $-109.5M | $-50.6M | $3.5M | |
| Investing Cash Flow | $-2.6M | $-10.5M | $-11.3M | $-9.4M | $-37.0M | $-61.7M | $-45.0M | $34.0M | $23.5M | $-4.1M | $-4.7M | |
| Financing Cash Flow | $20.8M | $19.3M | $130.0M | $148.2M | $82.7M | $1.7M | $95.2M | $84.0M | $54.5M | $12.3M | $446.0K | |
| Issuance of Stock | $0.00 | $0.00 | $69.8M | $155.2M | $87.1M | $0.00 | $25.0M | $92.0M | $59.4M | $15.1M | $24.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-18.2M | |
| Issuance of Debt | $0.00 | $2.5M | $0.00 | $0.00 | $0.00 | $0.00 | $150.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-5.0K | $-24.0K | $-1.5M | $-25.0K | $-23.0K | $-1.0K | $-75.0M | $0.00 | $0.00 | $-29.0K | $-14.0K | |
| Stock Based Comp. | $2.8M | $3.0M | $17.9M | $15.9M | $18.4M | $20.8M | $28.6M | $27.7M | $25.2M | $22.1M | $20.9M | |
| Net Change in Cash | $3.4M | $-9.3M | $59.5M | $159.2M | $-17.8M | $-71.8M | $-22.2M | $15.1M | $-25.0M | $-37.5M | $5.1M |
Dilution Tracker
Shares outstanding grew 84.2% over 5 years — significant dilution
Shares Outstanding
81M
5-Year Share Growth
+84.2%
Stock Issuance (TTM)
$24.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.24 | 8.57 | 18.95 | 33.16 | 37.72 | 44.14 | 45.18 | 56.49 | 69.82 | 80.43 | 81.30 | |
| YoY Change % | — | -55.4% | 121.1% | 75.0% | 13.8% | 17.0% | 2.4% | 25.0% | 23.6% | 15.2% | 1.1% | |
| Stock Issuance | $0.00 | $0.00 | $69.8M | $155.2M | $87.1M | $0.00 | $25.0M | $92.0M | $59.4M | $15.1M | $24.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-18.2M | |
| Stock Based Comp. | $2.8M | $3.0M | $17.9M | $15.9M | $18.4M | $20.8M | $28.6M | $27.7M | $25.2M | $22.1M | $20.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 28.5% | 94.0% | 95.4% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | -438.4% | -401.9% | -193.0% | -730.9% | -977.8% | -493.4% | -130.2% | -131.9% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | -411.9% | -372.6% | -211.0% | -814.2% | -599.5% | -444.1% | -140.3% | -151.1% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | -394.7% | -344.9% | -189.4% | -729.1% | -407.1% | -366.1% | -109.8% | -120.4% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 83.2% | -648.9% | -174.4% | -741.6% | -895.6% | -328.9% | -62.2% | 4.4% | |
| ROE % | 0.0% | 0.0% | -491.9% | -40.3% | -27.0% | -37.5% | -85.5% | -65.7% | -143.5% | -368.2% | 0.0% | |
| ROA % | -86.4% | -128.3% | -135.0% | -26.0% | -16.9% | -23.3% | -40.6% | -26.1% | -49.6% | -44.4% | -54.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S13.60
Historical6.10 / 26.47 / 995.56
Industry Med.9.49
P/B—
Historical1.82 / 3.12 / 232.97
Industry Med.2.93
EV/EBITDA-13.07
Historical-13.12 / -5.64 / -1.85
Industry Med.13.02
EV/Revenue15.74
Historical5.60 / 23.74 / 700.43
Industry Med.8.59
P/FCF352.11
Historical11.87 / 27.58 / 366.32
Industry Med.27.13
Intrinsic Value Models
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | 49.93 | 36.66 | 27.80 | 18.52 | 28.31 | 12.77 | 7.86 | 13.60 | |
| PB Ratio | 0.00 | 0.00 | 3.26 | 3.86 | 2.80 | 5.70 | 2.68 | 3.23 | 7.04 | 0.00 | 0.00 | |
| EV/EBITDA | 0.00 | 0.00 | -2.41 | -10.15 | -8.97 | -13.22 | -2.52 | -7.12 | -3.76 | -7.47 | -13.07 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 40.06 | 30.95 | 25.03 | 18.39 | 28.98 | 13.78 | 8.20 | 15.74 |
Analyst Estimates & Quality
Altman Z-Score
-4.01
Distress
Piotroski F-Score
6
Moderate
Beneish M-Score
-3.76
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $49.75M | $143.57M | $100.11M |
| Net Income | $-165.13M | $-188.74M | $-179.88M |
| EPS | -1.61 | -1.91 | -1.75 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.55 | -1.43 | 0.00 |
| Operating CF | $44.72M | $-116.26M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development and manufacturing of genetic medicines | $81.4M |
By Geography
| Segment | 2025 |
|---|---|
| United Kingdom | $81.4M |