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Related-Party Transactions | 3 Months Ended
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Mar. 31, 2026
Related-Party Transactions |
Related-Party Transactions | 9. Related-Party Transactions Relationship with Janssen Pharmaceuticals, Inc. On December 20, 2023, the Company entered into the Original Asset Purchase Agreement with Janssen pursuant to which the Company sold and assigned certain rights related to the RPGR Product, as well as other related assets. At the same time, the Company entered into a Supply Agreement to manufacture and supply the RPGR Product for Janssen. Under the Original Asset Purchase Agreement, the Company received a non-refundable upfront payment of $65.0 million in December 2023 and, during 2024, received $60.0 million in milestone payments. ​ The agreements entered into in December 2023 were executed at the same time and were negotiated with a single commercial objective; therefore, they were combined and accounted for as a single contract. The transaction price included the upfront payment, milestone payments received, and other elements of variable consideration, and was allocated to the identified performance obligations, including technology transfer, manufacturing-related services and the transfer of intellectual property. Revenue has been recognized based on the satisfaction of these performance obligations, and, as of March 31, 2026, the aggregate transaction price allocated to unsatisfied performance obligations was $66.8 million. ​ On April 15, 2026, the Company entered into an agreement to reacquire the RPGR Product from Janssen and terminate the Original Asset Purchase Agreement and the Supply Agreement. As a result, the remaining performance obligations and associated deferred revenue balances and outstanding accounts receivable balances as of March 31, 2026 are expected to be impacted by the termination and will not be recognized as originally anticipated. See Note 13 – Subsequent Events. ​ A summary of the deferred revenue is as follows (in thousands): ​
​ | ​ | ​ | ​
Deferred revenue at December 31, 2025 | ​ | $ | 66,896
Other amounts collected or invoiced | ​ | ​ | 65
Deferred revenue recognized as service revenue during the three-month period ended March 31, 2026 | ​ | ​ | (125)
Deferred revenue at March 31, 2026 | ​ | $ | 66,836
​ During the three-month periods ended March 31, 2026 and 2025, the Company recognized $0.1 million and $0.7 million, respectively, of deferred revenue – related party as service revenue in connection with PPQ services under the Original Asset Purchase Agreement and related agreements. During the three-month periods ended March 31, 2026 and 2025, the Company recognized $0.3 million and $1.9 million of service revenue, inclusive of the $0.1 million and $0.7 million, respectively, of deferred revenue – related party recognized as service revenue, based on cumulative progress of PPQ services under the Original Asset Purchase Agreement and related agreements. Debt Financing On August 2, 2022 the Company, as borrower, and Meira UK II and Meira Ireland, as guarantors (the “Subsidiary Guarantors”), entered into a senior secured financing arrangement (the “Financing Agreement”) by and among the Company, the Subsidiary Guarantors, the lenders and other parties from time to time party thereto and Perceptive Credit Holdings III, LP, as administrative agent and lender (“Perceptive”). On December 19, 2022, the Financing Agreement was converted to a notes purchase agreement and guaranty (the “Notes Purchase Agreement”) between the same parties and under substantially the same terms and conditions as the Financing Agreement, subject to certain customary note constitution terms. Pursuant to an amendment to the Notes Purchase Agreement entered into on March 25, 2026, the maturity date of the Notes Purchase Agreement was extended from August 2, 2026 to May 2, 2027 and the Company agreed to redeem a portion of the outstanding principal amount of the Tranche 1 Notes equal to $25.0 million on or before June 30, 2026. The parties also agreed to amend the warrants further described in Note 11 to change the exercise price to $8.00 per share. Pursuant to another amendment to the Notes Purchase Agreement entered into on May 12, 2026, the maturity date of the Notes Purchase Agreement was extended from May 2, 2027 to July 1, 2027. Perceptive Advisors LLC, an affiliate of Perceptive, is a greater than 10% holder of the ordinary shares of the Company. Additionally, Ellen Hukkelhoven, Ph.D., a director of the Company, is an employee of Perceptive Advisors LLC. Refer to the discussion in Note 11 for further information related to the accounting for the debt financing. Share Repurchase On December 31, 2025, the Company entered into a share purchase agreement to repurchase 2,300,000 of its ordinary shares from Perceptive Life Sciences Master Fund, Ltd., an affiliate of Perceptive Advisors LLC, at a purchase price of $7.91 per share, for an aggregate purchase price of $18.2 million. The repurchase transaction was completed on January 5, 2026, at which time the Company acquired the shares and recorded them as treasury shares, resulting in a reduction of shareholders’ equity.

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