Q126 update: Two Wholly-Owned Late-Stage Programs Continue to Advance

Research evidence excerpt

Q126 update: Two Wholly-Owned Late-Stage Programs Continue to Advance

C O M PA N Y N O T E

M a y 1 4 , 2 0 2 6

MeiraGTx (MGTX) Overweight

CONCLUSION PRICE: US$9.97

Remain OW rated on MGTX shares following a Q126 update. We continue to like the TARGET: US$30.00

setup for MGTX as its pipeline progresses, now featuring bota-vec as a wholly-owned 10x 2032E revenue, discounted back by 25%/

asset following its reacquisition from JNJ last month. MGTX is working rapidly toward year to 1H27 (assumes ~111M shares)

global regulatory filings for bota-vec to address the high unmet need in the XLRP patient

community. Meanwhile, AAV2-hAQP1 continues to demonstrate durable clinical benefit Allison M. Bratzel, CFA

Sr. Research Analyst, Piper Sandler & Co.

in RIX, and with BTD in hand and the pivotal AQUAx2 study nearing full enrollment, 312 267-5025, allison.bratzel@psc.com

we look forward to the 12-month data readout in Q227. Bolstered by ongoing strategic Ashleigh Acker

collaborations and MGTX's other programs, including the upcoming pivotal P3 trial of AAV- Research Analyst, Piper Sandler & Co.

GAD in Parkinson’s disease, we see meaningful upside to the stock as several near-term 312 267-5021, ashleigh.acker@psc.com

clinical and regulatory catalysts approach. Remain buyers. Peter Spanogiannopoulos, Ph.D.

Research Analyst, Piper Sandler & Co.

• Q126 financials. MGTX reported Q126 GAAP EPS of ($0.57), compared to consensus 312 267-5039, peter.spanogiannopoulos@psc.com

of ($0.41) and PSC of ($0.49). Financials for the quarter included $0.3M in service

revenue, $32.0M in R&D expense, and $8.9M in G&A expense. The company ended Changes Previous Current

Q126 with $71.5M in cash and cash equivalents. Including the $14.7M tax incentive Rating — Overweight