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Sep 30, 2025
Mereo Biopha-Adr Q3 2025 Earnings Report
Mereo BioPharma reported a narrower net loss in Q3 2025, driven by higher R&D investments in key pipeline programs and a modest decline in G&A expenses.
Key Takeaways
Mereo BioPharma posted a net loss of $7.0 million for Q3 2025, significantly reduced from the prior year. Increased R&D spending reflects continued development of setrusumab and alvelestat. Cash reserves stand strong at $48.7 million, with operations funded into 2027.
Net loss decreased to $7.0 million from $15.0 million year-over-year
R&D expenses rose to $4.3 million due to setrusumab and alvelestat program investments
G&A expenses slightly declined to $6.0 million
Cash position of $48.7 million expected to support operations through 2027
Forward Guidance
Mereo expects its cash reserves to fund operations, clinical trials, and capital expenditures into 2027, not accounting for potential partnership revenue.
Positive Outlook
- Cash runway expected to extend into 2027
- Setrusumab Phase 3 results expected by end of 2025
- Active partner discussions ongoing for alvelestat
- Retained European rights for vantictumab
- Pre-commercial efforts underway in Europe
Challenges Ahead
- No revenue reported for the quarter
- Continued operating losses
- High dependency on future partnership deals
- Decreasing cash reserves from prior year
- Foreign exchange gains not guaranteed to recur
Historical Earnings Impact
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Avg. Return Before/After Earnings
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