Thu, Sep 19, 9:21 PM (303 days ago)
MEI Pharma, Inc. reported a net income of $17.8 million for the fiscal year ending June 30, 2024, a significant recovery from a net loss of $31.8 million in the previous year. Total revenues rose to $65.3 million, primarily driven by the recognition of deferred revenue from the terminated KKC Commercialization Agreement. Research and development expenses decreased substantially by 68.4% to $16.6 million, reflecting the discontinuation of several clinical programs, including voruciclib. General and administrative expenses also fell by 29.7% to $23.3 million due to workforce reductions. In a strategic shift announced on July 22, 2024, MEI Pharma is exploring alternatives, including potential transactions or an orderly wind-down of operations. This decision coincided with a reduction-in-force and leadership changes, including the resignation of CEO David Urso. The company declared a special cash dividend of $1.75 per share totaling $11.7 million in December 2023. MEI's cash position as of June 30, 2024, was $38.3 million, expected to fund operations for at least the next 12 months. The company faces significant risks, including reliance on capital markets and competitive pressures in drug development.