MeiraGTx: Financing reduces runway risk, shifts focus to execution

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MeiraGTx: Financing reduces runway risk, shifts focus to execution

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MeiraGTx

Financing reduces runway risk, shifts focus

to execution

Maintain Rating: BUY | PO: 19.00 USD | Price: 14.83 USD

Funding adds confidence to late-stage story 07 July 2026

MGTX shares have done well YTD (+85%; NBI: +18.6%), with the announced Oberland Equity

financing meaningfully strengthening the setup by addressing a key financing overhang.

Alec W. Stranahan

The deal terms bring in non-dilutive capital, while leaving the core upside drivers intact: Research Analyst

AAV2-hAQP1 in RIX and bota-vec in XLRP. We previously argued 3-year xerostomia BofAS +1 646 743 2109

durability increased confidence in the pivotal study and that bota-vec still had an alec.stranahan@bofa.com

approvable path despite the primary VMA miss, supported by secondary endpoints and

completed manufacturing work (see our xerostomia 3-year durability). The new capital in

our view increases the probability that Meira can push both towards commercialization Stock Data

without forcing a larger equity raise (see our 1Q catalyst refresh). We maintain our Buy

rating and $19 PO. Price 14.83 USD

Price Objective 19.00 USD

Low-cost capital, but not free capital Date Established 16-Apr-2026

Under the announced structure, MGTX can receive up to $400M, including up to $375M Investment Opinion C-1-9

of non-dilutive royalty funding and up to $25M of equity. Initial funding is $135M, split 52-Week Range 6.62 USD - 15.00 USD

between $125M of royalty notes and $10M of equity, with $50M available after positive Mrkt Val (mn) / Shares Out 1,373 USD / 92.6

AQUAx2 phase 2 data, $50M after bota-vec approval, $50M after AAV2-hAQP1 approval, (mn)