Mereo Biopharma Financials
This page shows Mereo Biopharma (MREO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Mereo Biopharma passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Mereo Biopharma generates $0.76 in operating cash flow (-$32.8M OCF vs -$43.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Mereo Biopharma earns $-34.6 in operating income for every $1 of interest expense (-$47.4M vs $1.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Mereo Biopharma generated $0 in revenue in fiscal year 2024. This represents a decrease of 100.0% from the prior year.
Mereo Biopharma's EBITDA was -$46.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 68.0% from the prior year.
Mereo Biopharma reported -$43.3M in net income in fiscal year 2024. This represents a decrease of 46.8% from the prior year.
Mereo Biopharma earned $-0.06 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 50.0% from the prior year.
Mereo Biopharma held $69.8M in cash against $0 in long-term debt as of fiscal year 2024.
Mereo Biopharma invested $20.9M in research and development in fiscal year 2024. This represents an increase of 20.2% from the prior year.
MREO Income Statement
| Metric | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0-100.0% | $500K | $0 | $0 | $0-100.0% | $1.0M | $0-100.0% | $9.0M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $4.3M-20.5% | $5.4M-39.1% | $8.8M+78.3% | $4.9M+23.8% | $4.0M-16.9% | $4.8M+33.7% | $3.6M-3.2% | $3.7M |
| SG&A Expenses | $6.0M+10.0% | $5.5M-14.9% | $6.5M-17.9% | $7.9M+33.2% | $5.9M+64.2% | $3.6M-37.0% | $5.7M+113.9% | $2.7M |
| Operating Income | -$10.0M+4.6% | -$10.5M+31.3% | -$15.3M-19.2% | -$12.8M-29.4% | -$9.9M-38.9% | -$7.1M+21.4% | -$9.1M-1018.0% | -$811K |
| Interest Expense | $28K+16.7% | $24K-93.6% | $376K+13.6% | $331K+6.8% | $310K-11.9% | $352K-49.7% | $700K-32.0% | $1.0M |
| Income Tax | $0 | $0 | $0 | $0 | $0+100.0% | -$532K | $0 | $0 |
| Net Income | -$7.0M+51.9% | -$14.6M-107.4% | -$7.0M+42.5% | -$12.3M-36.9% | -$9.0M+1.7% | -$9.1M-39.5% | -$6.5M-273.0% | -$1.8M |
| EPS (Diluted) | $-0.01+50.0% | $-0.02-100.0% | $-0.01+50.0% | $-0.02-100.0% | $-0.010.0% | $-0.010.0% | $-0.01 | $0.00 |
MREO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $53.6M-14.4% | $62.6M-18.0% | $76.4M-20.5% | $96.1M+71.9% | $55.9M-15.9% | $66.5M | N/A | N/A |
| Current Assets | $52.4M-14.7% | $61.4M-17.8% | $74.8M-20.4% | $93.9M+75.6% | $53.5M-16.1% | $63.8M | N/A | N/A |
| Cash & Equivalents | $48.7M-13.2% | $56.1M-19.6% | $69.8M-20.2% | $87.4M+79.7% | $48.7M-15.3% | $57.4M | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $7.0M-17.2% | $8.5M-45.2% | $15.4M-11.8% | $17.5M+33.4% | $13.1M-17.9% | $16.0M | N/A | N/A |
| Current Liabilities | $6.0M-20.4% | $7.6M-45.4% | $13.8M-10.5% | $15.5M+40.5% | $11.0M+16.0% | $9.5M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $46.6M-14.0% | $54.2M-11.1% | $61.0M-22.5% | $78.7M+83.6% | $42.8M-15.2% | $50.5M-7.6% | $54.7M+10.2% | $49.7M |
| Retained Earnings | -$493.7M-1.4% | -$486.6M-5.1% | -$462.9M-5.0% | -$440.8M-2.9% | -$428.6M-2.1% | -$419.6M | N/A | N/A |
MREO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.3M+4.5% | -$7.7M+18.8% | -$9.4M-19.2% | -$7.9M+1.1% | -$8.0M-17.7% | -$6.8M-355.3% | $2.7M+134.3% | -$7.8M |
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | N/A | N/A | N/A |
| Free Cash Flow | -$7.3M+4.5% | -$7.7M-1.8% | -$7.5M+4.9% | -$7.9M+1.1% | -$8.0M | N/A | N/A | N/A |
| Investing Cash Flow | $300K | $0 | $0-100.0% | $1K+100.1% | -$700K | $0 | $0 | $0 |
| Financing Cash Flow | $0+100.0% | -$134K-235.0% | -$40K-100.1% | $46.8M | $0 | $0-100.0% | $7.9M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MREO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -2099.8% | N/A | N/A | N/A | -712.8% | N/A | -9.0% |
| Net Margin | N/A | -2923.2% | N/A | N/A | N/A | -910.8% | N/A | -19.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -13.1%+10.2pp | -23.3%-14.1pp | -9.2%+3.5pp | -12.8%+3.3pp | -16.0%-2.3pp | -13.7% | N/A | N/A |
| Current Ratio | 8.71+0.6 | 8.13+2.7 | 5.40-0.7 | 6.07+1.2 | 4.86-1.9 | 6.72 | N/A | N/A |
| Debt-to-Equity | 0.150.0 | 0.16-0.1 | 0.25+0.0 | 0.22-0.1 | 0.31-0.0 | 0.32 | N/A | N/A |
| FCF Margin | N/A | -1530.2% | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Mereo Biopharma's annual revenue?
Mereo Biopharma (MREO) reported $0 in total revenue for fiscal year 2024. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mereo Biopharma's revenue growing?
Mereo Biopharma (MREO) revenue declined by 100% year-over-year, from $10.0M to $0 in fiscal year 2024.
Is Mereo Biopharma profitable?
No, Mereo Biopharma (MREO) reported a net income of -$43.3M in fiscal year 2024.
What is Mereo Biopharma's earnings per share (EPS)?
Mereo Biopharma (MREO) reported diluted earnings per share of $-0.06 for fiscal year 2024. This represents a -50.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Mereo Biopharma's EBITDA?
Mereo Biopharma (MREO) had EBITDA of -$46.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Mereo Biopharma's operating cash flow?
Mereo Biopharma (MREO) generated -$32.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Mereo Biopharma's total assets?
Mereo Biopharma (MREO) had $76.4M in total assets as of fiscal year 2024, including both current and long-term assets.
How much does Mereo Biopharma spend on research and development?
Mereo Biopharma (MREO) invested $20.9M in research and development during fiscal year 2024.
What is Mereo Biopharma's current ratio?
Mereo Biopharma (MREO) had a current ratio of 5.40 as of fiscal year 2024, which is generally considered healthy.
What is Mereo Biopharma's debt-to-equity ratio?
Mereo Biopharma (MREO) had a debt-to-equity ratio of 0.25 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mereo Biopharma's return on assets (ROA)?
Mereo Biopharma (MREO) had a return on assets of -56.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Mereo Biopharma's cash runway?
Based on fiscal year 2024 data, Mereo Biopharma (MREO) had $69.8M in cash against an annual operating cash burn of $32.8M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Mereo Biopharma's Piotroski F-Score?
Mereo Biopharma (MREO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mereo Biopharma's earnings high quality?
Mereo Biopharma (MREO) has an earnings quality ratio of 0.76x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mereo Biopharma cover its interest payments?
Mereo Biopharma (MREO) has an interest coverage ratio of -34.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.