MGTX

MeiraGTx is a clinical-stage genetic medicines company that, by its own admission in the 10-K, 'has not generated any product revenues to date' and does 'not expect to generate revenue from sales of products unless and until we successfully initiate and complete clinical development and obtain regulatory approval.' The FY2025 'revenue' of $81.4M is therefore not product sales but collaboration/milestone recognition (J&J $130M collab + $125M asset purchase, plus $75M Lilly and $50M Hologen contributions disclosed in the MD&A). That makes the headline +144.6% YoY growth and 11.7x P/S misleading as a fundamentals signal — it is lumpy partner cash, not a recurring commercial run-rate.