MGTX: Q1 - Story Remains on Track, Xerostomia Top-Line Planned 2Q27

研报英文原文证据摘录

MGTX: Q1 - Story Remains on Track, Xerostomia Top-Line Planned 2Q27

RBC Capital Markets, LLC

Lisa Walter, Ph.D. (Analyst)

(212) 858-6021, lisa.a.walter@rbccm.com

Luca Issi, Ph.D. (Analyst)

(212) 266-4089, luca.issi@rbccm.com

Shelby Hill, Ph.D. (Senior Associate)

(332) 204-2106, shelby.hill@rbccm.com

Cassie Yuan, Ph.D. (Senior Associate)

May 14, 2026 (212) 863-4811, cassie.yuan@rbccm.com

MeiraGTx Holdings plcRESEARCH Q1 - Story Remains on Track, Xerostomia Top-Line Outperform

Planned 2Q27 Speculative Risk

NASDAQ: MGTX; USD 9.97 Our view: MGTX reported Q1 EPS. On xerostomia, MGTX plans to close Price Target USD 25.00 ↑ 24.00 enrollment in May, and remains on track for the pivotal readout at 12-

months in 2Q27, with a potential approval late'27 and US launch early'28. Scenario Analysis*

On the XLRP program which was recently reacquired from JNJ, MGTX is Downside Current Price Upside

working to complete regulatory filings in the US, EU, UK, and Japan. On the Scenario Price Target ScenarioEQUITY PD program under the Hologen AI collab, MGTX reiterated plans to launch a 3.00 9.97 25.00 31.00

Phase III in the coming months (recall, $95m/$200m upfront remains to be 70% 151% 211%

paid). With the recent $100m raise plus anticipated payments, MGTX has *Implied Total Returns

extended the cash runway by 1 year into 2H28. Overall, we continue to like Key Statistics

the set-up given our view of an undemanding valuation, less risky localized Shares O/S (MM): 81.3 Market Cap (MM): 811

delivery, clinical PoC across eye, salivary glands, and CNS, evidence of multi- Dividend: 0.00 Yield: 0.0% Avg. Daily Volume: 944,464

year durability, and multiple non-dilutive deals to extend the runway (LLY,

Hologen). We adjust our PT to $25 to reflect the Q. Reiterate OP, Spec. Risk. RBC Estimates