$MGTX

MeiraGTx Holdings plc

CIK:0001735438|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 321,434	$ 3,691	$ 321,727	$ 5,617
Operating expenses:
General and administrative	12,013	12,313	20,941	21,677
Research and development	57,832	33,495	89,816	66,275
Total operating expenses	77,009	48,484	118,119	92,006
Income (loss) from operations	244,425	(44,793)	203,608	(86,389)
Other non-operating income (expense):
Foreign currency (loss) gain	(1,466)	8,624	(4,303)	12,311
Interest income	706	408	895	1,379
Interest expense	(3,509)	(3,034)	(6,357)	(6,077)
Loss on derivative liability	(5,223)		(5,223)
Loss on equity method investee	(71,902)		(71,902)
Income tax expense	(2,362)		(2,362)
Net income (loss)	160,669	(38,795)	114,356	(78,776)
Net income (loss) attributed to:
Net Income (Loss)	160,720	(38,795)	114,407	(78,776)
Net loss attributed to non-controlling interest	(51)		(51)
Net income (loss)	160,669	(38,795)	114,356	(78,776)
Other comprehensive gain (loss):
Foreign currency translation gain (loss) attributed to shareholders	677	(2,459)	849	(3,806)
Foreign currency translation loss attributed to non-controlling interest	(4)		(4)
Comprehensive income (loss)	$ 161,342	$ (41,254)	$ 115,201	$ (82,582)
Basic net income (loss) per ordinary share	$ 1.76	$ (0.48)	$ 1.32	$ (0.99)
Diluted net income (loss) per ordinary share	$ 1.71	$ (0.48)	$ 1.3	$ (0.99)
Weighted-average number of ordinary shares outstanding, basic	91,418,527	80,585,625	86,387,685	79,813,273
Weighted-average number of ordinary shares outstanding, diluted	93,805,296	80,585,625	88,115,023	79,813,273
Related party
Operating expenses:
Cost of service revenue	$ 5,763	$ 2,676	$ 5,961	$ 4,054
Non-related party
Operating expenses:
Cost of service revenue	1,401		1,401
Service revenue
Total revenue	11,885		11,885
Service revenue - related party
Total revenue	104,906	$ 3,691	105,199	$ 5,617
License revenue - related party
Total revenue	$ 204,643		$ 204,643

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 114,356	$ (78,776)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation expense	7,433	10,551
Foreign currency loss (gain)	4,303	(12,311)
Depreciation and amortization	5,831	6,271
Change in right-of-use assets	1,264	5,133
Gain on termination of lease liabilities		(1,365)
Loss (gain) on disposal of equipment, furniture and fixtures	46	(122)
Undistributed losses of equity method investee	71,902
Amortization of interest on asset retirement obligations	74	98
Amortization of debt discount	663	552
Non-cash consideration received from related party - revenue arrangement	(104,988)
Loss on derivative liability	5,223
Acquired in-process research and development	27,728
(Increase) decrease in operating assets:
Accounts receivable	(3,180)
Accounts receivable - related party	(2,818)	(1,653)
Unbilled receivables - related party	(24,365)
Contract assets - related party		986
Prepaid expenses	2,039	144
Tax incentive receivable	437	4,851
Other current assets	(25,015)	1,516
Other assets, net	71
Increase (decrease) in operating liabilities:
Accounts payable	611	(2,968)
Accrued expenses	(12,842)	(12,595)
Lease liabilities	(1,906)	(5,271)
Corporate tax liability	2,362
Other current liabilities	(39,606)	5,904
Deferred revenue	361
Deferred revenue - related party	(50,711)	(1,720)
Net cash used in operating activities	(20,727)	(80,775)
Cash flows from investing activities:
Purchase of property, plant and equipment	(2,340)	(2,944)
Acquisition of in-process research and development assets	(24,228)
Proceeds from sale of non-controlling interest	674
Proceeds from sale of equipment, furniture and fixtures		473
Net cash used in investing activities	(25,894)	(2,471)
Cash flows from financing activities:
Exercise of share options	828	35
Payments of withholdings on shares withheld for income taxes	(5,960)	(2,761)
Payments on lease obligations - financing leases	(29)
Proceeds from the issuance of ordinary shares	128,207	9,915
Issuance costs in connection with ordinary shares	(6,074)	(26)
Payment for treasury shares	(18,193)
Contributions from non-controlling interest	3
Payment of notes payable	(75,000)
Proceeds from royalty notes payable	100,000
Net cash provided by financing activities	123,782	7,163
Net increase (decrease) in cash, cash equivalents and restricted cash	77,161	(76,083)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	12	4,839
Cash, cash equivalents and restricted cash at beginning of the period	68,193	105,668
Cash, cash equivalents and restricted cash at end of the period	145,366	34,424
Supplemental disclosure of non-cash transactions:
Non-cash contribution for acquisition of in-process research and development	3,263
Issuance of shares in connection with a license agreement	249
Fixed asset acquisitions included in accounts payable and accrued expenses	61	892
Issuance costs in connection with sale of ordinary shares in accounts payable and accrued expenses at end of period	793
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 7,888	$ 5,557

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 143,166	$ 65,931
Unbilled receivables - related party	24,364
Prepaid expenses	3,989	6,017
Tax incentive receivable	14,286	15,286
Other current assets	26,928	1,527
Total Current Assets	218,347	91,761
Property, plant and equipment, net	100,333	105,465
Intangible assets, net	421	578
Restricted cash	2,200	2,262
Other assets	1,362	1,147
Equity method and other investments	39,838	6,749
Right-of-use assets - operating leases, net	11,524	12,852
Right-of-use assets - finance leases, net	22,424	23,616
TOTAL ASSETS	396,449	244,430
CURRENT LIABILITIES:
Accounts payable	11,668	10,066
Accrued expenses	21,225	32,893
Lease obligations - operating leases, current	2,260	2,851
Lease obligations - finance leases, current	40	38
Note payable, net, current		24,648
Corporate tax liability	2,362
Other current liabilities	15,106	50,283
Total Current Liabilities	58,096	122,555
Deferred revenue - related party	11,101	65,120
Lease obligations - operating leases	9,936	11,351
Lease obligations - finance leases	85	109
Asset retirement obligations	1,450	1,399
Note payable, net	100,000	49,689
TOTAL LIABILITIES	180,668	250,223
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS' EQUITY (DEFICIT):
Ordinary Shares, $0.00003881 par value, 1,288,327,750 authorized, 94,188,118 and 81,120,931 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	3	3
Capital in excess of par value	932,323	808,021
Treasury shares	(18,193)
Accumulated other comprehensive gain	3,255	2,406
Accumulated deficit	(701,816)	(816,223)
Non-controlling interest	209
Total Shareholders' Equity (Deficit)	215,781	(5,793)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)	396,449	244,430
Related party
CURRENT ASSETS:
Accounts receivable	2,438	3,000
CURRENT LIABILITIES:
Deferred revenue	5,076	$ 1,776
Non-related party
CURRENT ASSETS:
Accounts receivable	3,176
CURRENT LIABILITIES:
Deferred revenue	$ 359