87 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
As of March 31, | ||||||||
2024 | 2023 | |||||||
Operating leases | ||||||||
Weighted-average remaining contractual lease term (years) | 2.20 | 3.30 | ||||||
Weighted average discount rate | 10.0 | % | 10.0 | % |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
Common Shares
Number of ordinary shares | Cost ($'000) | |||||||
At January 1, 2023 and March 31, 2023 | 624,928,519 | 2,478 | ||||||
At January 1, 2024 | 701,217,089 | 2,775 | ||||||
Share options exercised in the quarter | 132,345 | — | ||||||
At March 31,2024 | 701,349,434 | 2,775 |
10-Q
2024 Q1
MREO
Mereo Biopharma Group Plc
15 May 24
Quarterly report
4:19pm
Number of options (ADSs) | Weighted Average Exercise Price ($) | Weighted Average Grant Date Fair Value ($) | Aggregate intrinsic value ($'000) | |||||||||||||
At December 31, 2023 | 1,355,087 | 1.66 | 1.43 | 1,166 | ||||||||||||
Granted | 360,000 | 3.87 | 2.83 | 1,228 | ||||||||||||
Forfeited | — | — | — | — | ||||||||||||
At March 31, 2024 | 1,715,087 | 2.12 | 1.72 | 2,450 | ||||||||||||
Vested | 1,385,087 | 1.71 | 1.46 | 2,450 | ||||||||||||
Nonvested | 330,000 | 3.87 | 2.83 | — |
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) |
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