MeiraGTx Holdings plc reported its financial and operational results for the first quarter ended March 31, 2025. As of this date, cash, cash equivalents, and restricted cash totaled $68.6 million, compared to $120.3 million as of March 31, 2024. Service revenue for Q1 2025 was $1.9 million, an increase of $1.2 million from Q1 2024, driven by increased progress of process performance qualification services for Johnson & Johnson Innovative Medicine.
The net loss attributable to ordinary shareholders for the first quarter of 2025 was $40.0 million, or $0.51 basic and diluted net loss per ordinary share, compared to a net loss of $20.4 million, or $0.32 per share, in Q1 2024. This increase in net loss was primarily due to the absence of a $29.0 million gain on the sale of nonfinancial assets recognized in Q1 2024. Research and development expenses decreased by $1.5 million to $32.8 million.
The company reiterated its belief that with current funds and the anticipated closing of the strategic collaboration with Hologen AI, it will have sufficient capital to fund operating expenses and capital expenditures into 2027. This estimate includes coverage for the $75.0 million debt obligation due in August 2026 and does not factor in potential future milestone payments from Johnson & Johnson. MeiraGTx also gained alignment with the FDA on the requirements for the ongoing Phase 2 AQUAx2 study for AAV-hAQP1 to support a potential BLA filing, and discussions for AAV-AIPL1 expedited approval are progressing.
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