MeiraGTx Holdings PLC Reports First Quarter 2024 Financial Results
In This Article:
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Revenue: Reported at $0.7 million for Q1 2024, a significant decrease from $3.3 million in Q1 2023, falling short of the estimated $0.69 million.
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Net Loss: Recorded a net loss of $20.4 million in Q1 2024, improving from a net loss of $30.4 million in Q1 2023, but still exceeds the estimated net loss of $31.94 million.
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Earnings Per Share (EPS): Reported a loss of $0.32 per share, surpassing the estimated loss of $0.51 per share.
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Research and Development Expenses: Increased significantly to $34.3 million in Q1 2024 from $22.3 million in Q1 2023, reflecting ongoing investment in clinical programs.
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Cash Position: Ended the quarter with $119.2 million in cash and cash equivalents, down from $130.6 million at the end of 2023.
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Operational Milestones: Achieved significant clinical development milestones and received a $50 million milestone payment, indicating progress in key gene therapy programs.
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Financial Outlook: Expects sufficient capital to fund operations into Q1 2026, not including potential milestone payments of $285 million related to bota-vec commercial sales.
On May 9, 2024, MeiraGTx Holdings PLC (NASDAQ:MGTX), a leader in clinical-stage gene therapy focusing on serious diseases of the eye, salivary gland, and central nervous system, announced its first-quarter financial results for 2024. Detailed in their recent 8-K filing, the company provided insights into both financial standings and significant clinical progress across its pipeline.
Company Overview
MeiraGTx Holdings PLC operates primarily in the United States, the United Kingdom, and the European Union, focusing on gene therapy innovations. The company's notable pipeline products include AAV-CNGB3, AAV-CNGA3, and AAV-RPGR, among others, targeting a range of debilitating genetic disorders.
Financial Highlights
The company reported a net loss of $20.4 million for the quarter, or $0.32 per share, which shows an improvement from the previous year's net loss of $30.4 million, or $0.62 per share. This performance aligns closely with analyst projections, which estimated a loss of $0.51 per share. Total revenue for the quarter stood at $0.7 million, primarily from service revenues related to the company's collaboration with Janssen Pharmaceuticals, marking a decrease from the $3.3 million reported in the same period last year.
Research and development expenses saw a significant increase to $34.3 million from $22.3 million in the prior year, reflecting intensified efforts in advancing clinical programs. General and administrative expenses were slightly up at $13.1 million compared to $12.8 million in the first quarter of 2023.