The reported net income is entirely non-recurring (one-time license and termination revenues). The stock will trade on bota-vec regulatory filing progress in H2 2026 and AAV2-hAQP1 Phase 2 data in Q2 2027. Monitor for bota-vec global filing announcements and any updates on the AAV2-hAQP1 BLA timeline. The Oberland Capital royalty financing provides non-dilutive runway into H2 2028.
Price Chart
Executive Summary
MeiraGTx reported Q2 2026 GAAP net income of $160.7M ($1.71 diluted EPS) vs a net loss of $38.8M ($-0.48) a year ago, driven by $204.6M in license revenue from Reogen and $104.9M in related-party service revenue from the J&J termination. The company completed the bota-vec acquisition from J&J for $25M, secured up to $400M from Oberland Capital, and ended the quarter with $143.2M cash. The headline net income is non-recurring and driven by one-time license and termination revenues, while core R&D spend increased 73% to $57.8M reflecting the bota-vec reacquisition and AAV2-hAQP1 manufacturing costs. The stock will move on the bota-vec regulatory filing timeline and the AAV2-hAQP1 Phase 2 data readout in Q2 2027, not the reported earnings.
Key Financial Metrics
Key Facts
- GAAP net income of $160.7M ($1.71 diluted EPS) vs net loss of $38.8M ($-0.48) in Q2 2025
- Total revenue of $321.4M, including $204.6M license revenue from Reogen and $104.9M related-party service revenue from J&J termination
- Completed bota-vec acquisition from J&J for $25M upfront cash payment
- Secured up to $400M strategic investment from Oberland Capital, with $135M funded initially
- Cash and cash equivalents of $143.2M as of June 30, 2026, up from $34.4M a year ago
- R&D expenses increased 73% to $57.8M, driven by bota-vec reacquisition and AAV2-hAQP1 manufacturing
- Phase 2 AQUAx2 study of AAV2-hAQP1 completed enrollment; pivotal data readout expected Q2 2027
- Bota-vec global regulatory filings anticipated in 2026; potential BLA filing for AAV2-hAQP1 in mid-2027
Financial Impact
Q2 2026 GAAP net income of $160.7M vs net loss of $38.8M in Q2 2025; total revenue $321.4M vs $3.7M. Core R&D spend $57.8M vs $33.5M. Cash $143.2M.
Risk Factors
- Headline net income is non-recurring; core operating loss continues
- Bota-vec regulatory approval is not guaranteed and timeline could slip
- AAV2-hAQP1 Phase 2 data readout is 12 months away; clinical risk remains
- R&D spend is increasing significantly as pipeline advances
- Dilution risk from equity financing and potential milestone payments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3344472 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 144 | $10.82 | awaiting T+60 | — | $9.18 (−15.16%) |
Sep 24, 2026 4w ago | 3 | $10.91 | awaiting T+60 | — | $9.18 (−15.86%) |
Sep 23, 2026 4w ago | 8-K | $11.75 | awaiting T+60 | — | $9.18 (−21.87%) |
Aug 18, 2026 9w ago | 144 | $14.97 | awaiting T+60 | — | $9.18 (−38.68%) |
Aug 13, 2026 10w ago | 8-K | $12.67 | awaiting T+60 | — | $9.18 (−27.55%) |
Aug 13, 2026 10w ago | Press Release | $12.67 | awaiting T+60 | — | $9.18 (−27.55%) |
Jul 7, 2026 16w ago | 8-K | $14.66 $11.00 | ▼ −24.97% | ▼ −26.96% | $9.18 (−37.38%) |
May 19, 2026 22w ago | 144 | $9.58 $13.52 | ▲ +41.13% | ▲ +36.12% | $9.18 (−4.18%) |
May 14, 2026 23w ago | 8-K | $9.95 $13.02 | ▲ +30.85% | ▲ +27.27% | $9.18 (−7.74%) |
May 14, 2026 23w ago | Press Release | $9.95 $13.02 | ▲ +30.85% | ▲ +27.27% | $9.18 (−7.74%) |
US Market Status
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