MeiraGTx Holdings plc (MGTX) presents a deeply negative liquidation posture as of December 31, 2025. MFFAIS-derived CLV is negative $68.1M, consistent with the balance-sheet arithmetic: total liabilities of $250.2M exceed total assets of $244.4M, producing book equity of negative $5.8M before applying recovery haircuts. Under liquidation-lens haircuts, the deficit widens materially. Cash and restricted cash of $68.2M recovers at par. Accounts receivable of $3.0M recovers at ~90-95% ($2.7-2.9M). The dominant non-cash asset class is net PP&E of $105.5M (gross $158.1M less $52.6M accumulated depreciation), which at a 50-70% haircut recovers $52.7-73.8M, not $105.5M. Finance lease ROU asset of $23.6M and operating lease ROU asset of $12.9M carry zero liquidation value as they represent contracted use rights, not transferable assets. Intangibles of $0.6M carry zero recovery. The liability stack is carried at face value: current liabilities total $122.6M, dominated by a $50.3M OtherLiabilitiesCurrent line (which the filing context indicates is substantially deferred revenue related to the Eli Lilly collaboration recognized in Q4 2025), $32.9M AccruedLiabilitiesCurrent, $24.6M NotesPayableCurrent (Perceptive credit facility current portion), and $10.1M AccountsPayableCurrent. Non-current liabilities include $49.7M LongTermNotesPayable (Perceptive notes, net of discount), $65.1M DeferredIncomeNoncurrent (remaining Lilly deferred revenue), and $14.2M total operating lease liability. The Perceptive credit facility is reflected in both current and non-current debt tranches totaling approximately $74.3M face across both lines. A post-period Amendment No. 4 to the Notes Purchase Agreement (Exhibit 10.53, dated March 25, 2026) modifies warrant certificates, signaling ongoing negotiation with the senior secured lender. The Lilly collaboration (Exhibit 10.52, November 2025) generated substantial upfront deferred revenue now sitting as a face-value liability. The filing does not separately XBRL-tag the Lilly upfront payment amount or the Perceptive total face-value debt in a single tag; both are discussed in MD&A but component detail is spread across multiple balance-sheet lines. Accumulated deficit stands at $816.2M. Net loss for 2025 was $114.2M on revenues of $81.4M, with operating cash outflow of $46.4M. Cash decreased by $38.2M during the year. The company had ~$65.9M unrestricted cash at year-end, providing near-term runway but insufficient to retire senior secured debt at face value. Recovery to equity in a wind-down scenario is negative after settling senior secured notes, lease obligations, and accrued liabilities at face.
▼ Community Notes