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MREO

Mereo BioPharma Group plc

MREO

Mereo BioPharma Group plc • NASDAQ
$1.87 ▲ 1.63% (+0.03)
Market Cap $298.57 M
52w High $3.94
52w Low $1.47
Dividend Yield 0%
P/E -7.48
Volume 386.80K
Outstanding Shares 159.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $10.014M ▼ $-7.024M ▲ 0% ▲ $-0.05 ▲ $-9.815M ▲
Q2-2025 $500K ▲ $10.867M ▼ $-14.616M ▼ -2.923K% ▼ $-0.092 ▼ $-14.294M ▼
Q1-2025 $0 $11.202M ▼ $-12.887M ▼ 0% $-0.082 ▼ $-12.437M ▼
Q4-2024 $0 $14.862M ▲ $-6.981M ▲ 0% $-0.045 ▲ $-6.908M ▲
Q3-2024 $0 $9.373M $-15.001M 0% $-0.098 $-14.366M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $48.698M ▼ $53.602M ▼ $7.004M ▼ $46.598M ▼
Q2-2025 $56.125M ▼ $62.631M ▼ $8.454M ▲ $54.177M ▼
Q1-2025 $62.483M ▼ $68.322M ▼ $8.241M ▼ $60.081M ▼
Q4-2024 $69.802M ▼ $76.39M ▼ $15.421M ▼ $60.969M ▼
Q3-2024 $80.522M $88.746M $16.21M $72.536M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.024M ▲ $-7.309M ▲ $300K ▲ $0 ▲ $-7.427M ▼ $-7.309M ▲
Q2-2025 $-14.616M ▼ $-7.651M ▲ $0 ▲ $-134K ▼ $-6.358M ▲ $-7.651M ▲
Q1-2025 $-12.887M ▼ $-8.329M ▲ $-320K ▼ $422K ▲ $-7.319M ▲ $-8.649M ▲
Q4-2024 $-7.046M ▲ $-9.42M ▼ $0 $-40K ▲ $-10.72M ▼ $-9.42M ▼
Q3-2024 $-14.999M $-7.519M $0 $-594K $-6.909M $-7.519M

Five-Year Company Overview

Income Statement

Income Statement Mereo is still a classic clinical‑stage biotech story: almost no recurring revenue and ongoing research spending leading to steady operating losses. The loss level has been fairly consistent over the past several years, without signs yet of a shift toward a commercial profile. The one year of reported profit looks more like a one‑off accounting event than a change in the underlying business. Overall, the income statement reflects a company investing in its pipeline, not one that is yet benefiting from product sales.

Balance Sheet

Balance Sheet The balance sheet is small but relatively simple. Assets are dominated by cash, with only a small amount of debt and positive shareholders’ equity in recent years after recovering from an earlier deficit. This suggests a cleaned‑up capital structure and some financial flexibility, but on an absolute scale resources are limited, so the company is sensitive to trial outcomes, partnerships, and future capital raises.

Cash Flow

Cash Flow Cash flow is negative and driven almost entirely by research and development and operating costs, with very little spending on physical assets. Free cash flow closely mirrors operating cash burn. This pattern is typical for a development‑stage biotech: the business depends on its existing cash balance and potential external funding (equity, partnerships, milestones) to support ongoing trials rather than on internal cash generation.

Competitive Edge

Competitive Edge Mereo’s competitive position rests on a focused niche in rare diseases and select oncology indications, supported by partnerships with larger pharma companies. The in‑licensing model gives it access to assets that already have meaningful data, which can be an advantage versus starting from scratch. In rare bone disease and genetic lung disease, its candidates target areas with limited options, which can support strong positioning if trials succeed. However, the company has no approved products yet, faces well‑funded competitors in immuno‑oncology, and remains heavily dependent on successful clinical readouts and partner execution.

Innovation and R&D

Innovation and R&D Innovation is the core of Mereo’s value. Its lead candidates use targeted biological mechanisms: boosting bone formation in brittle bone disease, blocking damaging enzymes in genetic lung disease, and enhancing immune responses in cancer. Regulatory designations for some programs signal that regulators see meaningful potential. The company’s strategy of acquiring and advancing mid‑stage assets lets it concentrate R&D on derisked biology instead of early discovery, which can be more efficient. At the same time, the pipeline is still in development, so there is significant scientific, regulatory, and partnering risk attached to each program.

Summary

Mereo BioPharma is an early‑stage biotech focused on rare diseases and oncology, with a pipeline‑driven story rather than a revenue‑driven one. Financials show a lean balance sheet, steady cash burn, and dependence on external capital and collaborations. Strategically, the company benefits from a focused rare‑disease niche, partnerships with larger players, and several differentiated drug candidates backed by encouraging mid‑stage data and supportive regulatory designations. The flip side is high execution risk: no marketed products, a need to secure and maintain strong partners, and heavy reliance on pivotal trial results—especially for its lead bone and lung disease programs—to determine future value and financial sustainability.

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