--- title: "Mereo Biopharma | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286095656.md" datetime: "2026-05-12T12:05:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286095656.md) - [en](https://longbridge.com/en/news/286095656.md) - [zh-HK](https://longbridge.com/zh-HK/news/286095656.md) --- # Mereo Biopharma | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.01. EBIT: As of FY2026 Q1, the actual value is USD -9.073 M. Mereo BioPharma Group plc operates as a single segment, with performance assessed based on consolidated net loss before income tax and budget-to-actual variances. #### Net Loss Before Income Tax For the three months ended March 31, 2026, the net loss before income tax was - $6,719 thousand, a decrease from - $12,887 thousand for the same period in 2025. #### Research and Development (R&D) Expenses Total R&D expenses increased by $817 thousand year-over-year, from - $3,930 thousand in the first quarter of 2025 to - $4,747 thousand in the first quarter of 2026. **Setrusumab (BPS-804/UX143)**: R&D expenses increased by $1,808 thousand, from - $2,244 thousand in Q1 2025 to - $4,052 thousand in Q1 2026, primarily due to a $2.3 million payable for manufacturing slot cancellation costs by Ultragenyx, partially offset by reductions and delays in investment for manufacturing and medical affairs activities in Europe. **Alvelestat (MPH-966)**: R&D expenses decreased by - $922 thousand, from - $1,365 thousand in Q1 2025 to - $443 thousand in Q1 2026, mainly due to the completion of activities for a potential Phase 3 study in the prior year period. **Etigilimab (MPH-313)**: R&D expenses decreased by - $13 thousand, from - $207 thousand in Q1 2025 to - $194 thousand in Q1 2026. **Other R&D**: Other R&D expenses were - $58 thousand in Q1 2026, down from - $114 thousand in Q1 2025. #### General and Administrative (G&A) Expenses G&A expenses decreased by $3,253 thousand, from - $7,272 thousand in Q1 2025 to - $4,019 thousand in Q1 2026, primarily due to a $1.9 million reduction from depository reimbursement for ADR program expenses and approximately $1.4 million in cost savings from delays in pre-commercial activities for setrusumab in Europe. #### Other Income/(Expenses) - **Interest Income**: Decreased by - $332 thousand, from $659 thousand in Q1 2025 to $327 thousand in Q1 2026, due to lower interest rates and average cash balances. - **Interest Expense**: Decreased by $160 thousand, from - $180 thousand in Q1 2025 to - $20 thousand in Q1 2026, mainly due to the conversion of convertible loan notes in February 2025. - **Changes in the Fair Value of Warrants**: An unrealized gain of $17 thousand was recorded in Q1 2026, compared to an unrealized gain of $416 thousand in Q1 2025, representing a decrease of - $399 thousand. - **Foreign Currency Transaction Gain/(Loss), Net**: A net gain of $1,628 thousand was reported in Q1 2026, a change of $4,393 thousand from a net loss of - $2,765 thousand in Q1 2025, reflecting a strengthening of the U.S. dollar against pound sterling. - **Benefit from R&D Tax Credit**: Decreased by - $90 thousand, from $185 thousand in Q1 2025 to $95 thousand in Q1 2026, reflecting lower qualifying expenditure. #### Cash Flows - **Net Cash Used in Operating Activities**: Decreased by $4,017 thousand, from - $8,329 thousand in Q1 2025 to - $4,312 thousand in Q1 2026, driven by lower cash bonus payments, ADR program reimbursement, and lower net cash operating payments, partially offset by a lack of R&D tax credits received in Q1 2026 compared to Q1 2025. - **Net Cash Used in Investing Activities**: Was - $300 thousand in Q1 2026, compared to - $320 thousand in Q1 2025, related to payments to acquire intangible assets. - **Net Cash Provided by Financing Activities**: Was less than - $100 thousand in Q1 2026, a decrease from $422 thousand in Q1 2025, primarily due to $0.5 million received from warrant exercise in Q1 2025. #### Outlook and Strategy Mereo BioPharma Group plc expects its current cash and cash equivalents to fund operations and capital expenditures into mid-2027. However, additional external funding will be necessary to complete development plans and potentially commercialize selected rare disease products, which the company aims to secure through non-dilutive sources, public or private equity/debt financing, or other means. Future capital requirements are dependent on various factors, including development costs for setrusumab and alvelestat, manufacturing, regulatory approvals, potential commercialization, intellectual property management, and strategic collaborations. ### Related Stocks - [MREO.US](https://longbridge.com/en/quote/MREO.US.md) ## Related News & Research - [Mereo BioPharma Shareholders Approve All AGM Resolutions](https://longbridge.com/en/news/286435474.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Sangoma Announces Third Quarter Fiscal 2026 Results | SANG Stock News](https://longbridge.com/en/news/286317217.md) - [Electro-Sensors GAAP EPS of -$0.03, revenue of $2.6M](https://longbridge.com/en/news/286518577.md) - [Vulnerability Exploitation Top Breach Entry Point, 2026 Industry-Wide DBIR Finds | VZ Stock News](https://longbridge.com/en/news/286918426.md)