Mereo Biopha-Adr · Q4 2023 earnings

Briefing

Mereo BioPharma reported full year financial results and provided a corporate update.

Mereo BioPharma reported a net loss of $29.5 million for the full year ended December 31, 2023, with cash and cash equivalents of $57.4 million as of the same date. The company expects its cash to fund operations into 2026. Partnering discussions for alvelestat are progressing, with plans to initiate Phase 3 with a partner around the end of 2024.

• Phase 2/3 Orbit study and Phase 3 Cosmic study of setrusumab in Osteogenesis Imperfecta are expected to complete enrollment around the end of first quarter and in the first half of 2024, respectively.
• Partnering discussions for alvelestat are progressing with plans to initiate Phase 3 with a partner around the end of 2024.
• Cash of $57.4 million as of December 31, 2023 is expected to fund operations into 2026.
• Mereo received an upfront payment and will be eligible to receive up to $64.25 million in future clinical, regulatory and commercial milestones as well as tiered mid-single digit royalties on global annual net sales of leflutrozole.

Headline financials

Revenue & EPS history

The Company’s guidance remains unchanged, and it continues to expect, based on current operational plans, that its existing cash and cash equivalents balance will enable it to fund its currently committed clinical trials, operating expenses, and capital expenditure requirements into 2026.