Mereo BioPharma Group plc MREO
We are a biopharmaceutical company focused on the development of innovative therapeutics for rare diseases. We have developed a portfolio of late-stage clinical product candidates. Our late-stage rare disease product candidates are setrusumab for the treatment of osteogenesis imperfecta ("OI") and alvelestat for the treatment of severe alpha-1 antitrypsin deficiency-associated lung disease ("AATD-LD"). Setrusumab has received orphan designation for OI from the European Commission ("EC") and the FDA, PRIME designation from the EMA and has Breakthrough Therapy designation and rare pediatric disease designation from the FDA. Alvelestat has received orphan designation for AATD from the EC and the FDA, and Fast Track designation for the treatment of AATD-LD from the FDA. We also have an early-stage rare disease program, vantictumab, for the treatment of a second bone disease, autosomal dominant osteopetrosis Type 2 ("ADO2"). The global development of vantictumab is being funded and led by our partner, āshibio, and we retain the European commercial rights.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $500.0K | $0 | $10.0M | $0 | — | — | — | — |
| R&D | $17.8M | $20.9M | $17.4M | $29.5M | — | — | — | — |
| SG&A | $23.0M | $26.4M | $18.4M | $26.1M | — | — | — | — |
| Operating income | -$40.1M | -$47.4M | -$28.4M | -$54.4M | — | — | — | — |
| Interest expense | $255.0K | $1.4M | $2.9M | $4.2M | — | — | — | — |
| Pre-tax income | -$41.9M | -$43.3M | -$30.0M | -$42.9M | — | — | — | — |
| Income tax | $0 | $0 | $532.0K | $718.0K | — | — | — | — |
| Net income | $41.9M | $43.3M | $29.5M | -$42.2M | — | — | — | — |
| EPS, basic | -0.05 | -0.06 | -0.04 | -0.07 | — | — | — | — |
| EPS, diluted | -0.05 | -0.06 | -0.04 | -0.07 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $797.1M | $739.6M | $659.5M | $603.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $41.0M | $69.8M | $57.4M | $68.2M | — | — | — | — |
| Total current assets | $45.0M | $74.8M | $63.8M | $75.2M | — | — | — | — |
| Property, plant and equipment | $137.0K | $257.0K | $405.0K | $551.0K | — | — | — | — |
| Other intangibles | $516.0K | $643.0K | $1.1M | $0 | — | — | — | — |
| Total assets | $45.9M | $76.4M | $66.5M | $77.4M | — | — | — | — |
| Accounts payable | $1.3M | $2.4M | $2.3M | $3.5M | — | — | — | — |
| Total current liabilities | $4.3M | $13.8M | $9.5M | $24.4M | — | — | — | — |
| Total liabilities | $5.0M | $15.4M | $16.0M | $26.0M | — | — | — | — |
| Retained earnings | -$501.0M | -$462.9M | -$419.6M | -$404.6M | — | — | — | — |
| Total equity | $40.9M | $61.0M | $50.5M | $51.4M | $92.2M | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$31.0M | -$32.8M | -$21.1M | -$48.8M | — | — | — | — |
| Depreciation and amortisation | $157.0K | $143.0K | $171.0K | $181.0K | — | — | — | — |
| Stock-based compensation | $7.6M | $7.4M | $4.9M | $4.8M | — | — | — | — |
| Capital expenditure | $20.0K | $0 | $0 | $13.0K | — | — | — | — |
| Investing cash flow | -$20.0K | -$699.0K | -$419.0K | $2.0M | — | — | — | — |
| Financing cash flow | $327.0K | $46.1M | $8.0M | $200.0K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-148832.
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