MeiraGTx (MGTX)

MeiraGTx is a vertically integrated, clinical stage gene therapy company with six programs in clinical development and a broad pipeline of preclinical and research programs. MeiraGTx has core capabilities in viral vector design and optimization and gene therapy manufacturing, as well as a potentially transformative gene regulation technology. Led by an experienced management team, MeiraGTx has taken a portfolio approach by licensing, acquiring and developing technologies that give depth across both product candidates and indications. MeiraGTx's initial focus is on three distinct areas of unmet medical need: ocular, including inherited retinal diseases and large degenerative diseases, neurodegenerative diseases and severe forms of xerostomia. Though initially focusing on the eye, central nervous system and salivary gland, MeiraGTx intends to expand its focus in the future to develop additional gene therapy treatments for patients suffering from a range of serious diseases.

Company profile

Ticker

MGTX

Exchange

NASDAQ

Website

meiragtx.com

CEO

Alexandria Forbes

Incorporated

Cayman Islands

Location

New York

Fiscal year end

Dec 31

Sector

Professional, Scientific, and Technical Services > Research and Development in Biotechnology

Industry (SIC)

Biological Products, (No Diagnostic Substances)

AMGEN • Gilead Sciences • Biogen • Qiagen • Moderna • BioNTech SE • Exelixis • Sana Biotechnology • Ginkgo Bioworks • Bio-Techne ...

SEC CIK

0001735438

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

BRI-Alzan, Inc. • MeiraGTx B.V. • MeiraGTx Netherlands B.V. • MeiraGTx Limited • MeiraGTx, LLC • MeiraGTx UK Limited • MeiraGTx UK II Limited • MeiraGTx Ireland • MeiraGTx Neurosciences, Inc. • MeiraGTx Bio Inc. ...

MGTX stock data

1M 1Y 5Y

News

From Benzinga Pro

Chardan Capital Maintains Buy on MeiraGTx Hldgs, Raises Price Target to $47

12 Aug 22

Chardan Capital analyst Geulah Livshits maintains MeiraGTx Hldgs (NASDAQ:MGTX) with a Buy and raises the price target from $46 to $47.

MeiraGTx Holdings Q2 EPS $0.76 Up From $(0.46) YoY

11 Aug 22

MeiraGTx Holdings (NASDAQ:MGTX) reported quarterly earnings of $0.76 per share. This is a 265.22 percent increase over losses of $(0.46) per share from the same period last year.

This Biotechnology Stock Jumped Over 360%; Here Are 106 Biggest Movers From Yesterday

4 Aug 22

Gainers Quoin Pharmaceuticals, Ltd. (NASDAQ: QNRX) shares surged 360.5% to settle at $19.80 on Wednesday on above-average volume.

Why Poseida Therapeutics Almost Doubled Today, Here Are 75 Stocks Moving In Wednesday's Mid-Day Session

3 Aug 22

MeiraGTx Posts Encouraging Gene Therapy Data From Eye Disorder Trial

28 Jun 22

Press releases

From Benzinga Pro

MeiraGTx Reports Second Quarter 2022 Financial and Operational Results

11 Aug 22

-- Recent Positive Topline Data from the Phase 1/2 Trial of Botaretigene Sparoparvovec (AAV-RPGR) for the Treatment of X-linked Retinitis Pigmentosa (XLRP) -- Financing Secured by Manufacturing Facilities Extends Cash

MeiraGTx Announces Financing Agreement with Perceptive Advisors for Up to $100 Million Secured by Manufacturing Facilities

3 Aug 22

- Credit facility is collateralized by MeiraGTx's wholly-owned manufacturing facilities in London, UK and Shannon, Ireland - $75 million at closing strengthens balance sheet and extends runway to fourth quarter of 2024

MeiraGTx Announces Positive Top-Line Data from the MGT009 Phase 1/2 Clinical Study Demonstrating Safety and Improvement in Multiple Domains of Vision in X-Linked Retinitis Pigmentosa Patients treated with Botaretigene Sparoparvovec (AAV-RPGR) compared to Untreated Randomized Control

28 Jun 22

• The primary outcome of the MGT009 study is safety, and botaretigene sparoparvovec treatment was found to be generally safe and well-tolerated • Significant improvements were demonstrated in multiple different

Analyst ratings and price targets

Last 3 months

Calendar

11 Aug 22

14 Aug 22

31 Dec 22

Financial summary

Financial statements Chart MGTX financial data

Quarter (USD)	Jun 22	Mar 22	Dec 21	Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	72.11M	72.11M	72.11M	72.11M	72.11M	72.11M
Cash burn (monthly)	13.89M	8.37M	7.92M	6.93M	9.27M	2.87M
Cash used (since last report)	21.07M	12.7M	12.01M	10.51M	14.06M	4.36M
Cash remaining	51.03M	59.41M	60.09M	61.59M	58.05M	67.75M
Runway (months of cash)	3.7	7.1	7.6	8.9	6.3	23.6

Beta Read what these cash burn values mean

Financial data from MeiraGTx earnings reports.

Recent insider trades

MGTX insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
7 Jun 22	Hukkelhoven Ellen	Restricted Share Units Ordinary Shares	Grant	Acquire A	No	No	0	15,000	0	15,000
7 Jun 22	Hukkelhoven Ellen	Stock Option Ordinary Shares	Grant	Acquire A	No	No	8.25	15,000	123.75K	15,000
7 Jun 22	Marcus Joel S	Restricted Share Units Ordinary Shares	Grant	Acquire A	No	No	0	15,000	0	15,000
7 Jun 22	Marcus Joel S	Stock Option Ordinary Shares	Grant	Acquire A	No	No	8.25	15,000	123.75K	15,000
7 Jun 22	Harris Keith R.	Restricted Share Units Ordinary Shares	Grant	Acquire A	No	No	0	20,000	0	20,000
7 Jun 22	Harris Keith R.	Stock Option Ordinary Shares	Grant	Acquire A	No	No	8.25	20,000	165K	20,000
7 Jun 22	Indyk Martin	Restricted Share Units Ordinary Shares	Grant	Acquire A	No	No	0	15,000	0	15,000
7 Jun 22	Indyk Martin	Stock Option Ordinary Shares	Grant	Acquire A	No	No	8.25	15,000	123.75K	15,000
7 Jun 22	Levine Arnold J	Restricted Share Units Ordinary Shares	Grant	Acquire A	No	No	0	15,000	0	15,000
7 Jun 22	Levine Arnold J	Stock Option Ordinary Shares	Grant	Acquire A	No	No	8.25	15,000	123.75K	15,000

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

MGTX institutional ownership history Ownership history

69.1% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	102	98	+4.1%
Opened positions	18	30	-40.0%
Closed positions	14	12	+16.7%
Increased positions	30	29	+3.4%
Reduced positions	30	29	+3.4%

13F shares	Current	Prev Q	Change
Total value	448.25M	992.04M	-54.8%
Total shares	30.88M	30.91M	-0.1%
Total puts	27.9K	67.1K	-58.4%
Total calls	23.3K	57.8K	-59.7%
Total put/call ratio	1.2	1.2	+3.1%

Largest owners	Shares	Value	Change
Perceptive Advisors	6.95M	$96.2M	0.0%
Orbimed Advisors	3.3M	$45.66M	-11.6%
Adage Capital Partners GP, L.L.C.	2.97M	$41.16M	+3.8%
JNJ Johnson & Johnson	2.9M	$40.15M	0.0%
ARE Alexandria Real Estate Equities	1.98M	$47.07M	0.0%
BLK Blackrock	1.88M	$26.04M	+0.0%
TROW T. Rowe Price	1.81M	$25.05M	-10.5%
683 Capital Management	1.36M	$18.77M	0.0%
KDMN Kadmon	697.74K	$10.56M	0.0%
Royce & Associates	656.18K	$9.09M	-2.6%

Largest transactions	Shares	Bought/sold	Change
Norges Bank	0	-779.29K	EXIT
Orbimed Advisors	3.3M	-430.8K	-11.6%
Prosight Management	380.7K	+380.7K	NEW
Assenagon Asset Management	299.86K	+299.86K	NEW
GS Goldman Sachs	299.68K	+258.7K	+631.2%
TROW T. Rowe Price	1.81M	-211.79K	-10.5%
Adage Capital Partners GP, L.L.C.	2.97M	+109.1K	+3.8%
Dimensional Fund Advisors	401.39K	+103.69K	+34.8%
Millennium Management	83.61K	+83.61K	NEW
Captrust Financial Advisors	12.28K	-59.62K	-82.9%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

Biogen • Applied Genetic Technologies • Ocugen • uniQure • Spark Therapeutics • Sio Gene Therapies • Voyager Therapeutics • 4D Molecular Therapeutics • Mustang Bio • Nightstar Therapeutics

Management Discussion

License revenue was $10.8 million for the three months ended June 30, 2022, compared to $5.1 million for the three months ended June 30, 2021. This increase represents increased amortization of the $100.0 million upfront payment as well as amortization of the $30.0 million milestone payment received in connection with the Collaboration Agreement.
General and administrative expenses were $10.5 million for the three months ended June 30, 2022, compared to $10.4 million for the three months ended June 30, 2021. The increase of $0.1 million was primarily due to an increase of $1.0 million in share-based compensation, $0.4 million in legal and accounting fees, $0.1 million in depreciation and $0.2 million in other office related costs. These increases were partially offset by decreases of rent and facilities costs of $0.9 million due to additional allocations to research and development, $0.4 million in insurance costs and $0.3 million in payroll and payroll-related costs.
Research and development expenses for the three months ended June 30, 2022 were $24.0 million, compared to $15.2 million for the three months ended June 30, 2021. The increase of $8.8 million was primarily due to an increase of $2.2 million in payroll and payroll-related costs, $1.9 million in costs related to the manufacture of material for our clinical trials, $1.1 million in share-based compensation, $1.0 million in rent and facilities costs, $0.4 million in costs related to our pre-clinical research and clinical trials, $0.2 million in other research and development costs and a decrease of $2.3 million in research funding provided under our Collaboration Agreement with Janssen. These increases were partially offset by a decrease of $0.2 million in license fees and $0.1 million in depreciation.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. senior Avg

New words: Academy, agent, annum, bank, Chicago, default, Discretionary, floor, IL, incurrence, ix, largest, lender, loan, LP, margin, monetize, overnight, preclude, repay, sequester, Subsidiary, tenor, thereunder, tranche, transport, untreated, vi, vii, viii, vision, visual, xi

Removed: promoter, riboswitch

From filing 10-Q 2022 Q2

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