Liquidity remains precarious as the company's free cash flow fluctuates wildly, ranging from a positive $39.9 million in 2025Q4 to a negative $45.2 million in 2025Q2, complicating long-term capital planning.
| Cash from Operations | 8.28M | -46.36M | -104.5M | -105.36M | -73.1M | -10.53M | -63.97M | 20.04M | -58.89M | -18.06M | -14.37M |
| Operating CF Margin % | - | -56.96% | -314% | -751.69% | -459.16% | -27.93% | -411.02% | 150.8% | - | - | - |
| Operating CF Growth % | 374% | 55.64% | 0.83% | -44.14% | -594.19% | 83.54% | -419.12% | 134.04% | -226.15% | -25.66% | - |
| Net Income | -120.53M | -114.2M | -147.79M | -84.03M | -129.62M | -79.56M | -57.99M | -54.75M | -82.87M | -31.04M | -19.79M |
| Depreciation & Amortization | 28.6M | 12.7M | 12.68M | 13.72M | 8.6M | 7.87M | 4.17M | 2.24M | 2.05M | 679.18K | 243.08K |
| Stock-Based Compensation | 44.27M | 22.11M | 25.19M | 27.72M | 28.62M | 20.78M | 18.42M | 15.93M | 17.88M | 2.96M | 2.81M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -474.39K | -1.21M | -261.82K |
| Other Non-Cash Items | 179.71M | 5.01M | -24.22M | -61.8M | 9.67M | 9.1M | 4.08M | -105.01K | 8.43M | 2.03M | 1.06M |
| Working Capital Changes | 84.29M | 28.03M | 29.64M | -983K | 9.62M | 31.28M | -32.64M | 56.73M | -3.92M | 8.53M | 1.58M |
| Change in Receivables | -7.36M | -7.27M | 9.43M | 4.83M | 5.17M | 16.7M | -16.12M | -32.29M | 0 | 0 | 0 |
| Change in Inventory | 631K | 428K | -387K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.95M | -12.31M | 10.74M | 2.33M | 3.74M | 13.35M | 1.57M | -8.68K | -2.12M | 4.73M | 453.13K |
| Cash from Investing | -4.66M | -4.11M | 23.48M | 34.03M | -44.96M | -61.72M | -37.02M | -9.37M | -11.26M | -10.54M | -2.59M |
| Capital Expenditures | -10.62M | -3.83M | -4.96M | -20.17M | -44.96M | -55.22M | -34.89M | -8.98M | -11.26M | -10.54M | -2.59M |
| CapEx % of Revenue | 13.32% | 4.7% | 14.89% | 143.93% | 282.43% | 146.46% | 224.2% | 67.56% | - | - | - |
| Acquisitions | 473K | 0 | 0 | 0 | 0 | -6.5M | 0 | -389.66K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.49M | -281K | 28.43M | 54.21M | 0 | 0 | -2.13M | 0 | 0 | 0 | 0 |
| Cash from Financing | 446K | 12.27M | 54.53M | 84.02M | 95.2M | 1.71M | 82.73M | 148.23M | 130.04M | 19.34M | 20.76M |
| Debt Issued (Net) | -43K | -29K | 0 | 0 | 75M | -1K | -23K | -24.86K | -30.85K | 2.48M | -5.48K |
| Equity Issued (Net) | 6.43M | 15.33M | 59.39M | 91.95M | 25M | 0 | 87.05M | 155.2M | 0 | 0 | 20.76M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -18.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.95M | -3.03M | -4.86M | -7.93M | -4.8M | 1.71M | -4.3M | -6.94M | 130.07M | 16.86M | 0 |
| Net Change in Cash | 5.19M | -37.48M | -24.98M | 15.13M | -22.19M | -71.82M | -17.84M | 159.15M | 59.53M | -9.25M | 3.37M |
| Free Cash Flow | -2.34M | -50.19M | -109.45M | -125.54M | -118.06M | -65.75M | -100.99M | 11.06M | -70.15M | -28.59M | -16.96M |
| FCF Margin % | -2.94% | -61.66% | -328.89% | -895.62% | -741.59% | -174.39% | -648.89% | 83.24% | - | - | - |
| FCF Growth % | 97.86% | 54.15% | 12.82% | -6.33% | -79.57% | 34.9% | -1012.71% | 115.77% | -145.34% | -68.56% | - |
| FCF per Share | -0.03 | -0.62 | -1.57 | -2.22 | -2.61 | -1.49 | -2.68 | 0.33 | -3.70 | -3.34 | -0.88 |
| FCF Conversion (FCF/Net Income) | 0.02x | 0.41x | 0.71x | 1.25x | 0.56x | 0.13x | 1.10x | -0.37x | 0.71x | 0.58x | 0.74x |
| Interest Paid | 5.41M | 0 | 12.03M | 13.05M | 329K | 139K | 3K | 1.46K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Milestone Revenue Dependency
According to recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from -0.38 to 3.09, indicating that reported earnings are frequently decoupled from actual cash generation due to the timing of non-recurring milestone payments.
The significant divergence between net income and operating cash flow suggests that accounting-based profit metrics provide little insight into the company's underlying cash-generating capacity. Investors should monitor these swings as they likely reflect the recognition of deferred revenue rather than sustainable operational performance.
As reported in quarterly statements, MGTX's free cash flow trajectory remains deeply inconsistent, swinging from a positive $39.9M in 2025Q4 to a negative $45.2M in 2025Q2, which underscores the company's reliance on lumpy collaboration inflows to offset its persistent and substantial clinical development cash burn.
The inability to maintain positive free cash flow suggests that the current business model is not yet self-sustaining. The reliance on intermittent milestone payments creates a volatile cash profile that complicates long-term capital planning and increases sensitivity to clinical trial delays.
Based on historical data, working capital changes have been a primary driver of cash flow variance, including a notable $53.2M inflow in 2026Q1, which suggests that management is utilizing balance sheet adjustments to manage liquidity in the absence of consistent, organic cash flow from core operations.
These large, non-operational working capital movements appear to be temporary measures that mask the underlying cash burn of the R&D and manufacturing segments. Analysts should treat these inflows with caution, as they do not represent a permanent improvement in the company's operational efficiency or cash conversion cycle.
As evidenced by the $18.2M in share repurchases during 2026Q1 despite ongoing operational losses, the company's capital deployment strategy appears opportunistic and potentially misaligned with the need to preserve cash for the high-cost maintenance of its proprietary gene therapy manufacturing infrastructure and clinical trial programs.
The decision to return capital to shareholders while simultaneously burning cash to fund clinical development warrants further investigation into management's long-term capital allocation priorities. This strategy may indicate a desire to support the stock price, yet it risks depleting the cash runway necessary for future milestones.
Quick answers to the most common questions about buying MGTX stock.
MeiraGTx Holdings plc (MGTX) generated $-46.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MeiraGTx Holdings plc (MGTX) reported negative free cash flow of $50.2M in 2025, indicating capital requirements exceeded cash from operations.
MeiraGTx Holdings plc (MGTX) spent $3.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.