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Dec 30, 2024
Mereo Biopha-Adr Q4 2024 Earnings Report
Mereo BioPharma Group plc reported its full year 2024 financial results, highlighting progress in clinical trials and strategic advancements.
Key Takeaways
Mereo BioPharma reported a net loss of $43.3 million for the full year ended December 31, 2024, compared to a net loss of $29.5 million in 2023. The company's cash and cash equivalents stood at $69.8 million as of December 31, 2024, with operations expected to be funded into 2027.
The Phase 3 Orbit study of setrusumab in osteogenesis imperfecta is progressing, with the second interim analysis expected mid-2025 and potential final analysis in Q4 2025.
Alvelestat received Orphan Designation from the European Commission for the treatment of Alpha-1 Antitrypsin Deficiency-associated Lung Disease (AATD-LD).
Total research and development expenses increased by $3.5 million to $20.9 million in 2024, driven by preparatory work for the Phase 3 study of alvelestat and ongoing activities for setrusumab.
General and administrative expenses increased by $8.0 million to $26.4 million in 2024, primarily due to higher pre-commercial activities for setrusumab in Europe and increased corporate expenses.
Forward Guidance
Mereo BioPharma expects its existing cash and cash equivalents to fund its operations, clinical trials, and capital expenditure requirements into 2027. This guidance does not include potential upfront payments from new partnerships.
Positive Outlook
- Existing cash and cash equivalents are expected to fund operations into 2027.
- The Phase 3 Orbit study of setrusumab is on track for second interim analysis mid-2025 and final analysis in Q4 2025.
- Pre-commercial activities for setrusumab in Europe are ongoing to prepare for launch.
- Alvelestat's European Orphan Designation and Phase 3 readiness activities are supportive of ongoing partnering discussions.
- The company anticipates a transformative 2025 focused on bringing therapies to patients.
Challenges Ahead
- Guidance does not include potential upfront payments from new partnerships for alvelestat or non-core programs.
- Future developments affecting the company may differ from current anticipations.
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