Revenue volatility remains extreme, with quarterly top-line figures swinging from $75.4 million in 2025Q4 to just $293K in 2026Q1, reflecting a business model entirely dependent on intermittent milestone recognition.
| Sales/Revenue | 79.76M | 81.39M | 33.28M | 14.02M | 15.92M | 37.7M | 15.56M | 13.29M | 0 | 0 | 0 |
| Revenue Growth % | 131.13% | 144.57% | 137.42% | -11.95% | -57.77% | 142.25% | 17.09% | - | - | - | - |
| Cost of Goods Sold | 6.67M | 4.84M | 23.79M | 0 | 0 | 0 | 0 | 0 | 2.05M | 679.18K | 243.08K |
| COGS % of Revenue | - | 5.95% | 71.49% | - | - | - | - | - | - | - | - |
| Gross Profit | 73.09M | 76.55M | 9.49M | 14.02M | 15.92M | 37.7M | 15.56M | 13.29M | -2.05M | -679.18K | -243.08K |
| Gross Margin % | 91.64% | 94.05% | 28.51% | 100% | 100% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | 706.79% | -32.31% | -11.95% | -57.77% | 142.25% | 17.09% | 747.46% | -202.27% | -179.4% | - |
| Operating Expenses | 178.28M | 182.52M | 173.7M | 151.08M | 132.28M | 110.46M | 78.12M | 71.56M | 78.1M | 31.68M | 20.06M |
| OpEx % of Revenue | - | 224.25% | 521.95% | 1077.82% | 830.87% | 292.99% | 501.94% | 538.37% | - | - | - |
| Selling, General & Admin | 52.46M | 52.9M | 54.22M | 47.29M | 46.55M | 43.77M | 44.21M | 46.68M | 44.48M | 9.33M | 6.03M |
| SG&A % of Revenue | - | 64.99% | 162.91% | 337.4% | 292.4% | 116.08% | 284.05% | 351.22% | - | - | - |
| Research & Development | 128.82M | 129.62M | 119.48M | 103.78M | 85.72M | 66.69M | 33.91M | 24.88M | 33.62M | 22.36M | 14.04M |
| R&D % of Revenue | - | 159.25% | 359.04% | 740.42% | 538.47% | 176.9% | 217.89% | 187.15% | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83.08K | -553.5K | 0 |
| Operating Income | -105.19M | -105.97M | -164.21M | -137.06M | -116.36M | -72.76M | -62.55M | -58.27M | -78.1M | -31.68M | -20.06M |
| Operating Margin % | -131.89% | -130.2% | -493.44% | -977.82% | -730.87% | -192.99% | -401.94% | -438.37% | - | - | - |
| Operating Income Growth % | - | 35.47% | -19.81% | -17.8% | -59.92% | -16.31% | -7.36% | 25.4% | -146.5% | -57.91% | - |
| EBITDA | -92.37M | -105.97M | -151.38M | -123.33M | -107.75M | -64.89M | -58.38M | -56.03M | -76.05M | -31.01M | -19.82M |
| EBITDA Margin % | -115.82% | -130.2% | -454.89% | -879.87% | -676.83% | -172.1% | -375.13% | -421.53% | - | - | - |
| EBITDA Growth % | 36.97% | 30% | -22.75% | -14.46% | -66.07% | -11.14% | -4.2% | 26.33% | -145.28% | -56.42% | - |
| D&A (Non-Cash Add-back) | 12.81M | 0 | 12.83M | 13.73M | 8.6M | 7.87M | 4.17M | 2.24M | 2.05M | 679.18K | 243.08K |
| EBIT | -105.88M | -105.97M | -134.52M | -70.78M | -124.67M | -79.27M | -57.85M | -54.7M | -78.1M | -31.68M | -20.06M |
| Net Interest Income | -10.97M | -10.38M | -9.13M | -10.97M | -4.17M | -76K | 1.14M | 321.99K | 19.98K | -16.79K | 6.63K |
| Interest Income | 1.04M | 1.82M | 4.14M | 2.27M | 777K | 212K | 1.28M | 370.6K | 53.41K | 26.07K | 32.07K |
| Interest Expense | 12M | 12.2M | 13.27M | 13.24M | 4.95M | 288K | 139.2K | 48.61K | 33.43K | 42.86K | 25.44K |
| Other Income/Expense | -15.34M | -8.23M | 16.42M | 53.03M | -13.26M | -6.8M | 4.56M | 3.52M | -5.24M | 640.19K | 272.17K |
| Pretax Income | -120.53M | -114.2M | -147.79M | -84.03M | -129.62M | -79.56M | -57.99M | -54.75M | -83.34M | -31.04M | -19.79M |
| Pretax Margin % | -151.12% | -140.31% | -444.1% | -599.46% | -814.16% | -211.03% | -372.63% | -411.87% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -474.39K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.57% | 0% | 0% |
| Net Income | -120.53M | -114.2M | -147.79M | -84.03M | -129.62M | -79.56M | -57.99M | -54.75M | -82.87M | -31.04M | -19.49M |
| Net Margin % | -151.12% | -140.31% | -444.1% | -599.46% | -814.16% | -211.03% | -372.63% | -411.87% | - | - | - |
| Net Income Growth % | 27.97% | 22.73% | -75.89% | 35.17% | -62.91% | -37.19% | -5.93% | 33.93% | -166.93% | -59.31% | - |
| Net Income (Continuing) | -120.53M | -114.2M | -147.79M | -84.03M | -129.62M | -79.56M | -57.99M | -54.75M | -82.87M | -31.04M | -19.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.48 | -1.42 | -2.12 | -1.49 | -2.87 | -1.80 | -1.43 | -1.58 | -4.37 | -3.62 | -1.01 |
| EPS Growth % | 36.21% | 33.02% | -42.28% | 48.08% | -59.44% | -25.87% | 9.49% | 63.84% | -20.72% | -258.42% | - |
| EPS (Basic) | - | -1.42 | -2.12 | -1.49 | -2.87 | -1.80 | -1.43 | -1.58 | -4.37 | -3.62 | -1.01 |
| Diluted Shares Outstanding | 81.3M | 80.43M | 69.82M | 56.49M | 45.18M | 44.14M | 37.72M | 33.16M | 18.95M | 8.57M | 19.24M |
| Basic Shares Outstanding | 81.3M | 80.43M | 69.82M | 56.49M | 45.18M | 44.14M | 37.72M | 33.16M | 18.95M | 8.57M | 19.24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical Milestone Revenue Dependency
As reported in financial statements, MGTX exhibits extreme revenue volatility, with quarterly top-line figures swinging from $293K to $75.4M, reflecting a business model entirely dependent on the timing of non-recurring collaboration milestones rather than sustainable, organic product sales or recurring commercial demand.
The revenue trajectory is characterized by significant lumpy inflows, most notably the $75.4M recognized in 2025Q4, which masks the underlying lack of commercial traction. Investors should interpret these fluctuations as accounting recognition events rather than indicators of operational growth, as the company remains in a pre-commercial phase.
Based on reported figures, the company's gross margin profile is highly erratic, oscillating between -91.8% and 99.4%, which suggests that these metrics are accounting artifacts of milestone-based revenue recognition rather than true indicators of manufacturing efficiency or underlying product profitability.
The extreme variance in gross margins highlights the absence of a stable cost-of-goods-sold structure typical of a commercial-stage entity. Until the company transitions to product sales, these margin figures provide little insight into the long-term viability of their vertically integrated manufacturing strategy.
According to recent SEC filings, MGTX maintains a high fixed-cost base with R&D expenses consistently exceeding $30M per quarter, resulting in operating margins that remain deeply negative and show no clear evidence of scaling efficiency relative to the company's intermittent revenue recognition.
The persistent operating losses, often exceeding $40M per quarter, indicate that the current revenue scale is insufficient to absorb the heavy R&D and manufacturing overhead. This suggests that the company remains in a high-burn phase where operating leverage is effectively non-existent.
As evidenced by the 2025Q4 net income of $15.1M, the company's bottom line is frequently distorted by non-operating items and milestone payments, which obscures the core operational burn rate and complicates the assessment of true earnings quality for long-term investors.
The presence of positive net income in isolated quarters, contrasted with consistent operating losses, warrants further investigation into the nature of these gains. Investors should focus on the underlying cash burn rather than reported net income to gauge the actual sustainability of the current business model.
Based on the reported cash and equivalents of $65.9M against a quarterly operating loss often exceeding $40M, the company appears to face a significant liquidity risk that may necessitate further dilutive financing or asset divestitures to maintain its current clinical development trajectory.
Short-sellers would likely focus on the widening gap between the company's cash runway and its high fixed-cost structure. The reliance on non-dilutive partnerships is a strategic strength, but the lack of a recurring revenue floor suggests that the company remains highly vulnerable to capital market volatility.
Quick answers to the most common questions about buying MGTX stock.
For fiscal year 2025, MeiraGTx Holdings plc (MGTX) reported total revenue of $81.4M.
MeiraGTx Holdings plc (MGTX) reported a net loss of $114.2M for the fiscal year ending 2025.
MeiraGTx Holdings plc (MGTX) reported an operating income of $-106.0M, resulting in an operating profit margin of -130.2%. This margin reflects the operational efficiency of the business before interest and taxes.
MeiraGTx Holdings plc (MGTX) generated $76.5M in gross profit for the year, representing a gross profit margin of 94.0%. This demonstrates the company's core pricing power and production efficiency.