Mereo BioPharma (MREO) CFO awarded new ADS option grants

Rhea-AI Filing Summary

Mereo BioPharma Group plc reported that its Chief Financial Officer, Christine Fox, received grants of share options on February 1, 2026. These derivative awards give her the right to buy 315,750 American Depositary Shares at an exercise price of $0.44, 105,250 ADS at $1.00, and 280,000 ADS at $0.44.

For the 315,750-option grant, 25% of the underlying shares vest and become exercisable on February 1, 2027, with the rest vesting in equal monthly installments over the following three years. The 280,000-option grant vests in substantially equal monthly installments over one year from the February 1, 2026 grant date. Each ADS represents five ordinary shares of Mereo BioPharma.

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

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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^*

Fox Christine Ann

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/01/2026

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)	$0.44	02/01/2026		A		315,750		(1)	02/01/2036	American Depositary Shares(2)	315,750	$0.00	315,750	D
Share Options (Right to buy)	$1	02/01/2026		A		105,250		(1)	02/01/2036	American Depository Shares(2)	105,250	$0.00	105,250	D
Share Options (Right to buy)	$0.44	02/01/2026		A		280,000		(3)	02/01/2036	American Depository Shares(2)	280,000	$0.00	280,000	D

Explanation of Responses:

1. 25% of the shares underlying this share option will vest and become exercisable on February 1, 2027, with the remainder vesting in equal monthly installments for the three years thereafter.

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

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

	/s/ Christine Fox	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Mereo BioPharma (MREO) disclose for February 1, 2026?

Mereo BioPharma disclosed share option grants to its Chief Financial Officer, Christine Fox, on February 1, 2026. She received several option awards over American Depositary Shares with specified exercise prices and multi‑year vesting schedules tied to her continued service.

How many share options were granted to Mereo BioPharma CFO Christine Fox?

Christine Fox received options over 315,750 American Depositary Shares at $0.44, 105,250 ADS at $1.00, and 280,000 ADS at $0.44. All awards are reported as directly owned derivative securities in the filing’s option table.

What are the exercise prices of the Mereo BioPharma (MREO) options granted to the CFO?

The options granted to the CFO carry exercise prices of $0.44 for 315,750 American Depositary Shares, $1.00 for 105,250 ADS, and $0.44 for 280,000 ADS. These prices define the cost to purchase each ADS once the options vest and are exercisable.

How do the new Mereo BioPharma CFO options vest over time?

For the 315,750-option grant, 25% of the shares vest on February 1, 2027, with the remainder vesting in equal monthly installments over the next three years. The 280,000‑option grant vests in substantially equal monthly installments over one year from the February 1, 2026 grant date.

What does each Mereo BioPharma American Depositary Share (ADS) represent?

Each Mereo BioPharma American Depositary Share represents five ordinary shares of the issuer, each with a nominal value of GBP 0.003 per ordinary share. The options granted to the CFO are exercisable into these ADS, which bundle multiple ordinary shares into a single traded instrument.

Is the Mereo BioPharma CFO option award a direct or indirect holding?

The filing reports all three option grants as directly owned by Christine Fox. The ownership form is listed as “D” for direct in the derivative securities table, indicating the options are held in her own name rather than through an intermediary entity.