Wed, May 15, 8:30 PM (72 days ago)
For the quarter ending March 31, 2024, Mereo BioPharma Group PLC reported a net loss of $8.95 million, showing improvement from the $12.08 million loss in the same period last year. The company's revenue remained nil. Operating expenses saw a 25% decrease in R&D costs to $3.99 million, primarily due to reduced spending on the etigilimab program, offset by increased costs for setrusumab and alvelestat. General and administrative expenses decreased by 8% to $5.91 million, mainly due to the reimbursement from the ADR program. Interest income rose to $0.62 million due to higher interest rates, while interest expenses decreased significantly to $0.31 million. Cash and cash equivalents stood at $48.66 million, down from $57.42 million at the end of December 2023. The company anticipates that its current cash reserves will fund operations into 2026, but additional funding will be required for further development and potential commercialization of its products.