Mereo Biopharma Group (MREO) 44th Annual J.P. Morgan Healthcare Conference summary

Key program updates and financial overview

• Three main clinical programs: setrusumab (OI, phase III), alvelestat (AATD, phase III-ready), and vantictumab (osteopetrosis, phase I-II/IND planned for H2 2024/2026).

• $41 million in cash as of December 31, 2025, with runway guidance extending to mid-2027.

• All programs target large patient populations with high unmet need and lack of approved therapies.

• Management team has a strong track record in corporate development.

Strategic vision and rare disease focus

• Aims to transform lives of patients with rare diseases lacking effective therapies.

• Addresses high unmet needs and significant market opportunities in rare bone and lung disorders.

Setrusumab phase III results and analysis

• ORBIT and COSMIC studies did not meet primary endpoints but showed robust, statistically significant BMD improvements and pain reduction.

• COSMIC showed a 21% reduction in annualized fracture rate vs. bisphosphonates and a 59% reduction in vertebral fractures.

• Statistically significant improvements in pain and daily activities reported in pediatric and adolescent patients.

• No new safety concerns identified; adverse events consistent with expected profile.

• Open-label extension ongoing, with over 200 patients enrolled for long-term follow-up.