Mereo BioPharma Group plc
MREOHealthcare|Biotechnology|GB
$0.28
+0.00 (+0.93%)
DCF Value
$0.26
Tangible Book / Share
$0.18
Cash / Share
$0.19
Financials
Financial Snapshot
Market Cap
$45.2M
Enterprise Value
$16.1M
Revenue (TTM)
$0.00
Net Income (TTM)
-$28.1M
Cash & Investments
$30.1M
Net Cash
$29.1M
Free Cash Flow (TTM)
-$25.3M
Operating CF (TTM)
-$25.3M
Debt/Equity
0.04
Cash Runway & Burn Rate
Cash on Hand
$30.1M
Quarterly Burn
$6.3M
Monthly Burn
$2.1M
Est. Runway
~4.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $53.6M | $52.5M | $27.5M | $21.7M | $32.1M | $127.5M | $68.2M | $57.4M | $69.8M | $41.0M | $30.1M | |
| Operating Cash Flow | -$27.4M | -$32.1M | -$23.1M | -$60.2M | -$38.6M | -$7.1M | -$48.8M | -$21.1M | -$32.8M | -$31.0M | -$25.3M | |
| Free Cash Flow | -$27.4M | -$34.4M | -$23.2M | -$60.3M | -$38.6M | -$7.8M | -$48.8M | -$21.6M | -$33.5M | -$31.0M | -$25.3M | |
| Capital Expenditure | -$3.5K | -$2.3M | -$35.5K | -$27.5K | -$21.8K | -$722.1K | -$13.0K | -$419.0K | -$699.0K | -$20.0K | -$1.5K | |
| Financing Cash Flow | $68.4M | $33.7M | -$2.1M | -$7.5M | $47.3M | $104.8M | $200.0K | $8.0M | $46.1M | $327.0K | $100.7K |
R&D Spending
R&D (TTM)
$14.6M
R&D Intensity
—
R&D Growth vs Prior
-18.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | -$3.3M | $0.00 | $0.00 | $0.00 | $49.2M | $0.00 | $10.0M | $0.00 | $500.0K | $0.00 | |
| R&D Expense | $24.6M | $34.6M | $22.7M | $30.1M | $21.0M | $31.8M | $29.5M | $17.4M | $0.00 | $17.8M | $14.6M | |
| R&D % of Revenue | — | -1053.4% | — | — | — | 64.6% | — | 174.2% | — | 3553.2% | — | |
| SG&A | $11.6M | $10.7M | $12.5M | $18.3M | $25.2M | $21.5M | $26.1M | $18.4M | $0.00 | $23.0M | $18.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | -$3.3M | $0.00 | $0.00 | $0.00 | $49.2M | $0.00 | $10.0M | $0.00 | $500.0K | $0.00 | |
| Cost of Revenue | $24.6M | $34.6M | $22.7M | $2.0M | $2.1M | $24.2M | -$1.1M | $2.6M | $0.00 | $133.0K | $896.6K | |
| Gross Profit | -$24.6M | -$37.9M | -$22.7M | -$2.0M | -$2.1M | $25.0M | $1.1M | $7.4M | $0.00 | $367.0K | -$896.6K | |
| R&D | $24.6M | $34.6M | $22.7M | $30.1M | $21.0M | $31.8M | $29.5M | $17.4M | $0.00 | $17.8M | $14.6M | |
| SG&A | $11.6M | $10.7M | $12.5M | $18.3M | $25.2M | $21.5M | $26.1M | $18.4M | $0.00 | $23.0M | $18.9M | |
| Operating Income | -$36.2M | -$45.3M | -$35.2M | -$50.4M | -$48.2M | -$28.3M | -$54.4M | -$28.4M | $0.00 | -$38.3M | -$34.2M | |
| Interest Expense | $179.8K | $1.1M | $2.4M | $3.5M | $6.4M | $5.2M | $4.2M | $2.9M | $0.00 | $255.0K | $86.8K | |
| Pretax Income | -$33.7M | -$47.0M | -$37.3M | -$52.5M | -$213.4M | $19.2M | -$42.9M | -$30.0M | $0.00 | -$41.9M | -$28.6M | |
| Net Income | -$28.4M | -$38.8M | -$32.0M | -$44.5M | -$209.8M | $17.2M | -$42.2M | -$29.5M | $0.00 | -$41.9M | -$28.1M | |
| EPS (Diluted) | -19553.91 | -19003.80 | -14352.87 | -12902.58 | -16503.30 | 749.65 | -1.80 | -1100.22 | 0.00 | -0.26 | -0.37 | |
| EBITDA | -$38.4M | -$44.4M | -$34.9M | -$44.6M | -$203.4M | $25.5M | -$37.9M | -$26.1M | $1.1M | -$40.5M | -$32.7M | |
| Shares Out. (M) | 8.96 | 13.80 | 14.23 | 17.88 | 67.79 | 116.73 | 22.80 | 131.89 | 29.58 | 159.42 | 160.71 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53.6M | $50.0M | $25.0M | $20.9M | $31.3M | $126.7M | $68.2M | $57.4M | $69.8M | $41.0M | $30.1M | |
| Short-Term Investments | $0.00 | $2.5M | $2.5M | $720.6K | $748.0K | $769.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $60.8M | $63.2M | $34.5M | $40.3M | $40.7M | $134.3M | $75.2M | $63.8M | $74.8M | $45.0M | $33.4M | |
| Total Assets | $86.8M | $96.3M | $67.3M | $114.5M | $86.1M | $171.0M | $77.4M | $66.5M | $76.4M | $45.9M | $34.7M | |
| Total Current Liabilities | $3.2M | $9.6M | $16.2M | $39.6M | $11.7M | $17.0M | $24.4M | $9.5M | $13.8M | $4.3M | $5.7M | |
| Long-Term Debt | $3.1M | $18.8M | $14.6M | $7.1M | $22.1M | $19.5M | $0.00 | $4.4M | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $7.5M | $33.9M | $34.5M | $61.2M | $106.6M | $51.9M | $26.0M | $16.0M | $15.4M | $5.0M | $6.1M | |
| Stockholders' Equity | $79.3M | $62.5M | $32.8M | $53.3M | -$20.5M | $119.0M | $51.4M | $50.5M | $61.0M | $40.9M | $28.7M | |
| Retained Earnings | -$33.6M | -$79.3M | -$111.2M | -$193.5M | -$423.5M | -$401.6M | -$404.6M | -$419.6M | -$462.9M | -$501.0M | -$514.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.4M | -$32.1M | -$23.1M | -$60.2M | -$38.6M | -$7.1M | -$48.8M | -$21.1M | -$32.8M | -$31.0M | -$25.3M | |
| Capital Expenditure | -$3.5K | -$2.3M | -$35.5K | -$27.5K | -$21.8K | -$722.1K | -$13.0K | -$419.0K | -$699.0K | -$20.0K | -$1.5K | |
| Free Cash Flow | -$27.4M | -$34.4M | -$23.2M | -$60.3M | -$38.6M | -$7.8M | -$48.8M | -$21.6M | -$33.5M | -$31.0M | -$25.3M | |
| Investing Cash Flow | $372.6K | -$3.7M | $251.6K | $56.8M | $2.0M | -$568.2K | $2.0M | -$419.0K | -$699.0K | -$20.0K | -$1.5K | |
| Financing Cash Flow | $68.4M | $33.7M | -$2.1M | -$7.5M | $47.3M | $104.8M | $200.0K | $8.0M | $46.1M | $327.0K | $100.7K | |
| Issuance of Stock | $83.8M | $20.3M | $273.1K | $0.00 | $27.4M | $106.0M | $0.00 | $11.6M | $47.0M | $327.8K | $38.7K | |
| Repurchase of Stock | $0.00 | $0.00 | -$306.8K | -$1.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $4.3M | $27.0M | $577.4K | -$2.9M | $30.6M | -$933.9K | $0.00 | -$3.2M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.5M | $3.7M | $2.2M | $2.1M | $2.1M | $4.5M | $4.8M | $4.9M | $7.4M | $7.6M | $6.2M | |
| Net Change in Cash | $41.3M | -$3.5M | -$25.0M | -$11.4M | $9.7M | $95.6M | -$59.2M | -$10.8M | $12.4M | -$28.8M | -$25.9M |
Dilution Tracker
Shares outstanding grew 135.2% over 5 years — significant dilution
Shares Outstanding
160M
5-Year Share Growth
+135.2%
Stock Issuance (TTM)
$38.7K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.96 | 13.80 | 14.23 | 17.88 | 67.79 | 116.73 | 22.80 | 131.89 | 29.58 | 159.42 | 160.71 | |
| Change vs Prior % | — | 54.1% | 3.1% | 25.7% | 279.0% | 72.2% | -80.5% | 478.5% | -77.6% | 438.9% | 0.8% | |
| Stock Issuance | $83.8M | $20.3M | $273.1K | $0.00 | $27.4M | $106.0M | $0.00 | $11.6M | $47.0M | $327.8K | $38.7K | |
| Stock Repurchase | $0.00 | $0.00 | -$306.8K | -$1.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.5M | $3.7M | $2.2M | $2.1M | $2.1M | $4.5M | $4.8M | $4.9M | $7.4M | $7.6M | $6.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | 1153.4% | — | — | — | 50.9% | — | 74.3% | — | 73.4% | — | |
| Operating Margin % | — | 1379.0% | — | — | — | -57.4% | — | -284.2% | — | -7651.4% | — | |
| Net Margin % | — | 1181.0% | — | — | — | 34.9% | — | -294.7% | — | -8375.6% | — | |
| EBITDA Margin % | — | 1352.7% | — | — | — | 51.8% | — | -260.6% | — | -8094.8% | — | |
| FCF Margin % | — | 1048.4% | — | — | — | -15.8% | — | -215.5% | — | -6198.2% | — | |
| ROE % | -35.8% | -62.1% | -97.7% | -83.4% | 1024.9% | 14.4% | -82.1% | -58.3% | 0.0% | -102.4% | -74.8% | |
| ROA % | -32.7% | -40.3% | -47.6% | -38.8% | -243.8% | 10.0% | -54.5% | -44.3% | 0.0% | -91.2% | -80.9% | |
| ROIC % | -36.5% | -42.2% | -52.2% | -43.4% | -62.9% | -16.3% | -80.0% | -48.4% | 0.0% | -91.5% | -111.4% | |
| R&D / Revenue % | — | -1053.4% | — | — | — | 64.6% | — | 174.2% | — | 3553.2% | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | -100.0% | 0.0% | |
| Gross Profit | 0.0% | -54.3% | 40.1% | 91.1% | -1.9% | 1321.4% | -95.4% | 548.0% | -100.0% | 0.0% | |
| Operating Income | 0.0% | -25.2% | 22.3% | -43.2% | 4.4% | 41.3% | -92.6% | 47.8% | 100.0% | 0.0% | |
| Net Income | 0.0% | -36.7% | 17.4% | -38.8% | -372.0% | 108.2% | -345.8% | 30.2% | 100.0% | 0.0% | |
| EPS (Diluted) | 0.0% | 2.8% | 24.5% | 10.1% | -27.9% | 104.5% | -100.2% | -61023.3% | 100.0% | 0.0% | |
| Operating Cash Flow | 0.0% | -17.3% | 28.0% | -160.3% | 35.9% | 81.7% | -590.5% | 56.7% | -55.4% | 5.7% | |
| Free Cash Flow | 0.0% | -25.7% | 32.7% | -160.0% | 35.9% | 79.8% | -526.7% | 55.9% | -55.6% | 7.6% | |
| R&D Expense | 0.0% | 40.9% | -34.4% | 32.7% | -30.4% | 51.7% | -7.3% | -40.9% | -100.0% | 0.0% | |
| SG&A Expense | 0.0% | -7.9% | 16.9% | 46.2% | 37.6% | -14.5% | 21.4% | -29.4% | -100.0% | 0.0% | |
| Total Assets | -19.1% | 11.0% | -30.2% | 70.2% | -24.8% | 98.6% | -54.7% | -14.1% | 14.9% | -39.9% | |
| Book Value / Share | 0.0% | -48.8% | -49.1% | 29.6% | -110.1% | 437.6% | 121.2% | -83.0% | 437.8% | -87.5% | |
| Debt | 11.7% | 563.8% | 3.5% | 99.9% | -42.9% | -7.6% | -32.2% | -61.3% | 8.0% | -96.9% | |
| Diluted Shares | 0.0% | 54.1% | 3.1% | 25.7% | 279.0% | 72.2% | -80.5% | 478.5% | -77.6% | 438.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High3.80 / 30.47 / 132.86
P/B1.59
10Y Low / Med / High0.33 / 1.57 / 6.03
EV/EBITDAAt Loss
10Y Low / Med / High0.94 / 3.24 / 36.92
EV/Revenue0.00
10Y Low / Med / High1.68 / 25.32 / 51.28
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.26
Tangible Book / Share
$0.18
Net Current Assets / Share
$0.17
Graham Net-Net
$0.16
Cash / Share
$0.19
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.42 | -0.00 | 0.00 | -1.60 | -1.55 | |
| P/S Ratio | 0.00 | -27.31 | 0.00 | 0.00 | 0.00 | 3.80 | 0.00 | 30.47 | 0.00 | 132.86 | 0.00 | |
| P/B Ratio | 0.73 | 1.44 | 2.82 | 1.10 | -11.85 | 1.57 | 0.33 | 6.03 | 1.70 | 1.62 | 1.59 | |
| EV/EBITDA | -0.20 | -1.36 | -2.55 | -1.81 | -1.16 | 3.24 | 0.94 | -9.72 | 36.92 | -0.63 | -0.49 | |
| EV/Revenue | 0.00 | -18.39 | 0.00 | 0.00 | 0.00 | 1.68 | 0.00 | 25.32 | 0.00 | 51.28 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-18.55
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $1.8M | $13.3M | $9.2M |
| Net Income | -$9.9M | -$4.8M | -$10.6M |
| EPS | $-0.06 | $-0.03 | $-0.07 |
| # Analysts (EPS) | 4 | 4 | 2 |