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Mereo Biopharma (MREO) investor relations material
Mereo Biopharma Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focused on rare disease therapeutics, with late-stage candidates setrusumab (OI) and alvelestat (AATD-LD); setrusumab Phase 3 studies progressing with final data expected by end of 2025.
Alvelestat advancing toward Phase 3, with ongoing partnering discussions and regulatory alignment achieved.
Achieved $0.5M milestone payment for leflutrozole; no product sales revenue recognized.
Collaboration with Ultragenyx continues for setrusumab, including up to $245M in potential milestones and royalties; manufacturing and supply agreements in place.
Cash position of $56.1M as of June 30, 2025, expected to fund operations into 2027.
Financial highlights
Revenue of $0.5M for Q2 2025 from a one-time milestone; no revenue in Q2 2024.
Net loss of $14.6M for Q2 2025, compared to $12.3M in Q2 2024, impacted by a $5.4M foreign currency loss.
R&D expenses increased to $5.4M in Q2 2025 (up $0.4M YoY), mainly due to setrusumab program costs.
General and administrative expenses decreased to $5.5M in Q2 2025 (down $2.4M YoY), reflecting lower professional fees and ADR reimbursements.
Cash and cash equivalents declined to $56.1M from $69.8M at year-end 2024.
Outlook and guidance
Cash runway expected to fund operations, clinical trials, and capital expenditures into 2027 under current plans.
Additional external funding will be needed to complete development and potential commercialization.
Ongoing focus on advancing setrusumab and alvelestat, with key clinical milestones anticipated by end of 2025.
Alvelestat Phase 3 study preparation ongoing, with regulatory alignment achieved.
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