Mereo BioPharma Group plc

Listed Company

MREOCIK 0001719714NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsX0GBFY ends Dec 31

Period

FY 2025

Revenue

$500.0K

Net Income

$-41.88M

Total Assets

$45.92M

Equity

$40.92M

Shares Out

798.08M

Op. Cash Flow

$-30.97M

Business

Mereo BioPharma Group plc is a biopharmaceutical company that develops innovative therapeutics for rare diseases. Its main product candidates include setrusumab for osteogenesis imperfecta and alvelestat for severe alpha‑1 antitrypsin deficiency‑associated lung disease, alongside additional oncology and respiratory programs such as navicixizumab, leflutrozole, etigilimab and acumapimod. The company operates core rare‑disease development programs and non‑core partnered/licensed programs, pursuing licensing, collaborations and out‑licensing for further development. It distributes and advances programs through partnerships, regional licensing arrangements and third‑party manufacturing, retaining commercial rights in select territories (e.g., Europe and the U.K. for setrusumab; global rights to alvelestat).

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	500,000	0	10	0
Cost of Revenue	−133,000	0	−3	1
Research and development	−18	−21	−17	−29
General and administrative	−23	−26	−18	−26
Other income	300,000	0	−10,000	1
Loss from operations	−40	−47	−28	−54
Interest income	2	3	2	840,000
Interest expense	−255,000	−1	−3	−4
Changes in the fair value of warrants	805,000	−419,000	245,000	9
Foreign currency transaction (loss)/gain, net	−6	1	−2	3
Benefit from research and development tax credit	2	2	1	2
Net loss before income tax	−42	−43	−30	−43
Income tax benefit	0	0	532,000	718,000
Net loss	−42	−43	−29	−42
Loss per share - basic	−0.05	−0.06	−0.04	−0.07
Loss per share - diluted	−0.05	−0.06	−0.04	−0.07
Weighted average shares outstanding - basic	797	740	659	603
Weighted average shares outstanding - diluted	797	740	659	603
Other comprehensive income/(loss) - Foreign currency translation adjustments, net of tax	8	−1	4	−11
Total comprehensive loss	−34	−45	−25	−53

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	41	70	57	68	—
Prepaid expenses and other current assets	3	2	5	5	—
Research and development incentives receivables	1	3	1	2	—
Total current assets	45	75	64	75	—
Property and equipment, net	137,000	257,000	405,000	551,000	—
Operating lease right-of-use assets, net	244,000	727,000	1	2	—
Intangible assets, net	516,000	643,000	1	0	—
Total assets	46	76	66	77	—
Accounts payable	1	2	2	3	—
Accrued expenses	2	4	5	5	—
Convertible loan notes - current	0	6	0	13	—
Operating lease liabilities - current	202,000	707,000	652,000	564,000	—
Other current liabilities	741,000	1	1	1	—
Total current liabilities	4	14	9	24	—
Warrant liabilities - non current	38,000	821,000	412,000	157,000	—
Operating lease liabilities- non current	0	187,000	906,000	1	—
Other non-current liabilities	661,000	565,000	764,000	0	—
Total liabilities	5	15	16	26	—
Commitments and contingencies (Note 17)	—	—	—	—	—
Ordinary shares, par value 0.003 per share; 795,658,504 shares issued at December 31, 2025 (December 31, 2024: 775,728,034)	3	3	3	2	—
Additional paid-in capital	550	540	486	477	—
Accumulated deficit	−501	−463	−420	−405	—
Accumulated other comprehensive loss	−11	−19	−17	−22	—
Total shareholders' equity	41	61	51	51	92
Total liabilities and shareholders' equity	46	76	66	77	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Share-based compensation	8	7	5	5
Depreciation	200,000	100,000	200,000	200,000
Amortization of intangible assets	465,000	438,000	395,000	0
Amortization of operating lease right-of-use assets	527,000	507,000	495,000	700,000
Change in fair value of warrants	−805,000	419,000	−245,000	−9
Non-cash interest income	−104,000	0	—	—
Non-cash interest expense	228,000	1	2	4
Foreign currency transaction loss/(gain)	6	−1	2	−3
Other income	−300,000	0	—	—
Non-cash consideration, milestone payment	0	2	0	−2
Prepaid expenses and other current assets	−84,000	3	502,000	532,000
Research and development incentives receivable	1	−2	456,000	−3
Accounts payable	−1	146,000	−1	617,000
Accrued expenses and other liabilities	−2	−1	−710,000	844,000
Operating lease liabilities	−743,000	−654,000	−578,000	−878,000
Net cash used in operating activities	−31	−33	−21	−49
Purchase of intangible assets	−300,000	−699,000	−419,000	0
Purchase of property and equipment	−20,000	0	0	−13,000
Proceeds from out-licensing	300,000	0	0	2
Net cash used in investing activities	−20,000	−699,000	−419,000	2
Proceeds from exercise of warrants	487,000	0	—	—
Proceeds from issuance of ordinary shares	39,000	47	12	0
Transaction costs on issuance of ordinary shares	−199,000	−853,000	−511,000	0
Net cash provided by financing activities	327,000	46	8	200,000
(Decrease)/increase in cash and cash equivalents	−31	13	−14	−47
Effect of exchange rate changes	2	−233,000	3	−13
Cash paid for interest	29,000	21,000	884,000	24,000

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