14 results
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 48,660 | $ | 57,421 | ||||
Prepaid expenses and other current assets | 3,188 | 5,156 | ||||||
Research and development incentives receivables | 1,648 | 1,183 | ||||||
Total current assets | 53,496 | 63,760 | ||||||
Property and equipment, net | 360 | 405 | ||||||
Operating lease right-of-use assets | 1,109 | 1,245 | ||||||
Intangible assets | 972 | 1,089 | ||||||
Total assets | $ | 55,937 | $ | 66,499 | ||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,455 | $ | 2,346 | ||||
Accrued expenses | 2,539 | 5,467 | ||||||
Convertible loan notes – current | 4,630 | — | ||||||
Operating lease liabilities – current | 662 | 652 | ||||||
Other current liabilities | 718 | 1,021 | ||||||
Total current liabilities | 11,004 | 9,486 | ||||||
Convertible loan notes – non-current | — | 4,394 | ||||||
Warrant liabilities – non-current | 855 | 412 | ||||||
Operating lease liabilities – non-current | 727 | 906 | ||||||
Other non-current liabilities | 513 | 764 | ||||||
Total liabilities | 13,099 | 15,962 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Shareholders’ Equity | ||||||||
Ordinary shares, par value £0.003 per share; 701,349,434 shares issued at March 31, 2024 (December 31, 2023: 701,217,089). | 2,775 | 2,775 | ||||||
Treasury shares | — | (1,230) | ||||||
Additional paid-in capital | 486,927 | 486,107 | ||||||
Accumulated deficit | (428,581) | (419,630) | ||||||
Accumulated other comprehensive loss | (18,283) | (17,485) | ||||||
Total shareholders’ equity | 42,838 | 50,537 | ||||||
Total liabilities and shareholders’ equity | $ | 55,937 | $ | 66,499 |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Revenue | $ | — | $ | — | ||||
Operating expenses: | ||||||||
Cost of revenue | — | 347 | ||||||
Research and development | (3,994) | (5,307) | ||||||
General and administrative | (5,906) | (6,450) | ||||||
Loss from operations | (9,900) | (11,410) | ||||||
Other income/(expenses) | ||||||||
Interest income | 617 | 306 | ||||||
Interest expense | (310) | (800) | ||||||
Changes in the fair value of financial instruments | (448) | 542 | ||||||
Foreign currency transaction gain/(loss), net | 613 | (1,207) | ||||||
Other expenses, net | — | (6) | ||||||
Benefit from research and development tax credit | 477 | 499 | ||||||
Net loss before income tax | (8,951) | (12,076) | ||||||
Income tax benefit | — | — | ||||||
Net loss | $ | (8,951) | $ | (12,076) | ||||
Loss per share – basic and diluted | $ | (0.01) | $ | (0.02) | ||||
Weighted average shares outstanding – basic and diluted | 700,263,490 | 623,925,635 | ||||||
Net loss | $ | (8,951) | $ | (12,076) | ||||
Other comprehensive (loss)/income – Foreign currency transaction adjustments, net of tax | (798) | 2,278 | ||||||
Total comprehensive loss | $ | (9,749) | $ | (9,798) |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
Three months ended March 31, | ||||||||||||||||
2024 | 2023 | Change | ||||||||||||||
($'000) | ($'000) | ($'000) | % | |||||||||||||
Revenue | — | — | — | * | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of revenue | — | 347 | (347) | * | ||||||||||||
Research and development | (3,994) | (5,307) | 1,313 | (25 | %) | |||||||||||
General and administrative | (5,906) | (6,450) | 544 | (8 | %) | |||||||||||
Loss from operations | (9,900) | (11,410) | 1,510 | (13 | %) | |||||||||||
Other income/(expenses) | ||||||||||||||||
Interest income | 617 | 306 | 311 | 102 | % | |||||||||||
Interest expense | (310) | (800) | 490 | (61 | %) | |||||||||||
Changes in the fair value of financial instruments | (448) | 542 | (990) | (183 | %) | |||||||||||
Foreign currency transaction gain/(loss), net | 613 | (1,207) | 1,820 | * | ||||||||||||
Other expenses, net | — | (6) | 6 | * | ||||||||||||
Benefit from research and development tax credit | 477 | 499 | (22) | (4 | %) | |||||||||||
Net loss before income tax | (8,951) | (12,076) | 3,125 | (26 | %) | |||||||||||
Income tax benefit | — | — | — | — | ||||||||||||
Net loss | (8,951) | (12,076) | 3,125 | (26 | %) | |||||||||||
Other comprehensive (loss)/income – Foreign currency transaction adjustments, net of tax | (798) | 2,278 | (3,076) | * | ||||||||||||
Total comprehensive loss | (9,749) | (9,798) | 49 | (1 | %) |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
($'000) | ($'000) | |||||||
VAT receivable | $ | 502 | $ | 599 | ||||
Prepaid research and development services | 1,375 | 632 | ||||||
Insurance claim receivable | — | 1,950 | ||||||
Security deposits | 447 | 615 | ||||||
Other prepaid expense and current assets | 864 | 1,360 | ||||||
Total | $ | 3,188 | $ | 5,156 |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (8,951) | $ | (12,076) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | 2,050 | 1,635 | ||||||
Depreciation | 41 | 42 | ||||||
Amortization of intangible assets | 108 | 64 | ||||||
Amortization of operating lease right-of-use assets | 126 | 121 | ||||||
Change in fair value of warrants | 448 | (542) | ||||||
Interest expense | 306 | (70) | ||||||
Foreign currency transaction (gain)/loss | (613) | 1,207 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other current assets | 1,939 | 3,292 | ||||||
Research and development incentives receivable | (477) | (499) | ||||||
Accounts payable | 127 | 812 | ||||||
Accrued expenses and other liabilities | (2,939) | (3,098) | ||||||
Operating lease liabilities | (156) | (136) | ||||||
Net cash used in operating activities | (7,991) | (9,248) | ||||||
Cash flows from investing activities | ||||||||
Purchase of intangible assets | (700) | (419) | ||||||
Net cash used in investing activities | (700) | (419) | ||||||
Decrease in cash and cash equivalents | (8,691) | (9,667) | ||||||
Cash and cash equivalents at January 1 | 57,421 | 68,182 | ||||||
Effect of exchange rate changes | (70) | 1,293 | ||||||
Cash and cash equivalents at March 31 | $ | 48,660 | $ | 59,808 | ||||
Supplemental disclosure | ||||||||
Cash paid for interest | 4 | 680 | ||||||
Cash paid for income taxes | — | 37 | ||||||
Cash paid for the amounts included in the measurement of operating lease liabilities | 194 | 153 |
10-Q
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