[Form 4] Mereo BioPharma Group plc Insider Trading Activity

Rhea-AI Filing Summary

Mereo BioPharma Group plc director Jeremy Bender reported equity awards rather than open-market trades. On February 26, 2026, he received share options for 66,000 shares at a price of $0.00 per share, vesting in substantially equal monthly installments over one year from the grant date.

He also acquired 117,533 deferred restricted stock units, granted in lieu of annual cash compensation, which vest in substantially equal monthly installments over the plan year following the grant date. Each American Depositary Share represents five ordinary shares, and payment of these deferred units in ADSs will generally occur 180 days after separation of service.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Bender Jeremy

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Share Options (Right to buy)	66,000	$0.00	--
Grant/Award	Deferred Restricted Stock Units	117,533	$0.00	--

Holdings After Transaction: Share Options (Right to buy) — 66,000 shares (Direct); Deferred Restricted Stock Units — 117,533 shares (Direct)

Footnotes (1)

1. Vests in substantially equal monthly installments over a one year period from the February 26, 2026 grant date. Each American Depositary Share ("ADS") represents five ordinary shares, nominal value GBP 0.003 per ordinary share, of the Issuer. Deferred restricted stock units ("DRSU") are granted to non-executive directors who elected to receive DRSUs in the form of ADSs in lieu of annual cash compensation. DRSUs vest in substantially equal monthly installments over the plan year following the grant date. Payment of DRSUs in ADSs will generally be made 180 days following separation of service.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bender Jeremy

(Last) (First) (Middle)

C/O MEREO BIOPHARMA GROUP PLC

4TH FLOOR, ONE CAVENDISH PLACE

(Street)

LONDON X0 W1G 0QF

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Mereo BioPharma Group plc [ MREO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Options (Right to buy)	$0.39	02/26/2026		A		66,000		(1)	02/26/2036	American Depositary Shares(2)	66,000	$0	66,000	D
Deferred Restricted Stock Units	(3)	02/26/2026		A		117,533		(3)	(3)	American Depository Shares(2)	117,533	(3)	117,533	D

Explanation of Responses:

1. Vests in substantially equal monthly installments over a one year period from the February 26, 2026 grant date.

2. Each American Depositary Share ("ADS") represents five ordinary shares, nominal value GBP 0.003 per ordinary share, of the Issuer.

3. Deferred restricted stock units ("DRSU") are granted to non-executive directors who elected to receive DRSUs in the form of ADSs in lieu of annual cash compensation. DRSUs vest in substantially equal monthly installments over the plan year following the grant date. Payment of DRSUs in ADSs will generally be made 180 days following separation of service.

	/s/ Christine Fox, by power of attorney	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Mereo BioPharma (MREO) report for Jeremy Bender?

Jeremy Bender reported equity awards, not market trades. He was granted 66,000 share options and 117,533 deferred restricted stock units on February 26, 2026, reflecting director compensation rather than a purchase or sale of existing shares.

Were the Mereo BioPharma (MREO) share options granted to Jeremy Bender purchased on the market?

No, the 66,000 share options were granted at a transaction price of $0.00 per share. This indicates an equity award as compensation, vesting in substantially equal monthly installments over one year from the February 26, 2026 grant date.

How do the deferred restricted stock units for Mereo BioPharma (MREO) director vest?

The 117,533 deferred restricted stock units vest in substantially equal monthly installments over the plan year following the February 26, 2026 grant. These units are part of director compensation and are generally paid in American Depositary Shares after service ends.

What is the relationship between Mereo BioPharma (MREO) ADSs and ordinary shares in this Form 4?

Each American Depositary Share represents five ordinary shares of Mereo BioPharma Group plc. This ratio applies to the equity awards, including deferred restricted stock units, which are ultimately settled in ADSs based on this stated relationship.

When will Jeremy Bender’s deferred restricted stock units in Mereo BioPharma (MREO) be paid?

Payment of the deferred restricted stock units in American Depositary Shares will generally occur 180 days after separation of service. Until then, the units vest monthly over the plan year following the grant date as part of non-executive director compensation.