MREO

MKT CAP:$47M

Mereo BioPharma Group plc

Market Cap

$47M

Healthcare·Biotechnology·🇬🇧 United Kingdom·NASDAQ

Healthcare·Biotechnology·🇬🇧·NASDAQ

Stock Price

$0.31-$0.20 (-39.93%)

Apr 23, 2026

Company Details

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom and internationally. Its lead product candidate, etigilimab (OMP-313M32),...

CEO

Denise Vera Scots-Knight

IPO Date

Apr 24, 2019

Website

www.mereobiopharma.com

Key Metrics TTM

Revenue

$500.0K

— YoY

Net Income

-$42M

EPS (Diluted)

-$0.26

Free Cash Flow

-$31M

Revenue / Share

$0.00

Gross Margin

73.2%

Operating Margin

-8100.3%

Net Margin

-8375.6%

FCF Margin

-6258.5%

P/S

93.3x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 19, 2026

$500.0KEPS -$0.26

Q4 2025

Mar 19, 2026

$0EPS -$0.05

Q3 2025

Nov 10, 2025

$0EPS -$0.04

Q2 2025

Aug 12, 2025

$500.0KEPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$308.6K	$154.3K	-$14M
Q4 21	$0	-$520.5K	-$29M
Q1 22	$462.4K	$231.2K	-$14M
Q2 22	$0	-$85.6K	-$28M
Q4 22	$832.0K	$1M	-$26M
Q2 23	$9M	$6M	-$811.0K
Q3 23	$533.4K	$360.5K	-$6M
Q4 23	$1M	$1M	-$7M
Q1 24	$0	$0	-$10M
Q2 24	$0	$0	-$13M
Q3 24	$0	$0	-$9M
Q4 24	$0	-$271.5K	-$15M
Q1 25	$0	$0	-$11M
Q2 25	$500.0K	$368.0K	-$10M
Q3 25	$0	-$1.0K	-$10M
Q4 25	$0	-$1.0K	-$9M

Valuation

Quarter	P/S	P/E
Q3 21	10.5x	—
Q4 21	7.8x	—
Q1 22	5.8x	—
Q2 22	234.8x	—
Q4 22	89.0x	—
Q2 23	17.3x	—
Q3 23	16.3x	—
Q4 23	31.7x	—
Q1 24	46.1x	—
Q2 24	364.6x	—
Q3 24	637.6x	—
Q4 24	—	—
Q1 25	—	—
Q2 25	850.2x	—
Q3 25	626.8x	—
Q4 25	91.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$10M	-$11M
Q4 21	-$21M	-$22M
Q1 22	-$12M	-$12M
Q2 22	-$24M	-$24M
Q4 22	-$21M	-$21M
Q2 23	-$8M	-$8M
Q3 23	$3M	$3M
Q4 23	-$7M	-$7M
Q1 24	-$8M	-$9M
Q2 24	-$8M	-$8M
Q3 24	-$8M	-$8M
Q4 24	-$9M	-$9M
Q1 25	-$8M	-$9M
Q2 25	-$8M	-$8M
Q3 25	-$7M	-$7M
Q4 25	-$8M	-$8M

Capital Expenditures

Quarter	CapEx
Q3 21	$360.5K
Q4 21	$729.0K
Q1 22	$6.6K
Q2 22	$13.0K
Q4 22	$1.2K
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$700.0K
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$320.0K
Q2 25	$0
Q3 25	$0
Q4 25	$1.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	—	+14.2%
Q4 21	—	+175.3%
Q1 22	—	+9.8%
Q2 22	-100.0%	+11.8%
Q4 22	+169.6%	+84.8%
Q2 23	—	-65.7%
Q3 23	+15.4%	-54.7%
Q4 23	—	-71.2%
Q1 24	-100.0%	-62.5%
Q2 24	-100.0%	+30.6%
Q3 24	-100.0%	+39.9%
Q4 24	-100.0%	+86.2%
Q1 25	—	+13.2%
Q2 25	—	-14.2%
Q3 25	—	+6.8%
Q4 25	—	-41.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	336.7%
Q4 21	$1M	—
Q1 22	$2M	347.4%
Q2 22	$1M	—
Q4 22	$910.4K	109.4%
Q2 23	$943.0K	10.5%
Q3 23	$2M	287.4%
Q4 23	$815.0K	81.5%
Q1 24	$2M	—
Q2 24	$2M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$2M	—
Q2 25	$2M	413.0%
Q3 25	$0	—
Q4 25	$2M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	$9M	$5M	—	—
Q4 21	$19M	$5M	$4M	—
Q1 22	$9M	$6M	—	—
Q2 22	$17M	$4M	$6M	—
Q4 22	$14M	$6M	$6M	—
Q2 23	$4M	$3M	—	—
Q3 23	$3M	$3M	—	—
Q4 23	$5M	$4M	—	—
Q1 24	$4M	$6M	—	—
Q2 24	$5M	$8M	—	—
Q3 24	$3M	$6M	—	—
Q4 24	$9M	—	—	$6M
Q1 25	$4M	$7M	—	—
Q2 25	$5M	$5M	—	—
Q3 25	$4M	$6M	—	—
Q4 25	$4M	$4M	—	—

Revenue Segments

Quarter	Operating Segments
Q2 25	$500.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$127M	$769.5K	$128M
Q2 22	$93M	$0	$93M
Q3 22	$68M	$0	$68M
Q4 22	$68M	$0	$68M
Q1 23	$0	$0	$0
Q2 23	$54M	$0	$54M
Q3 23	$47M	$0	$47M
Q4 23	$57M	$0	$57M
Q1 24	$49M	$0	$49M
Q2 24	$87M	$0	$87M
Q3 24	$81M	$0	$81M
Q4 24	$70M	$0	$70M
Q1 25	$62M	$0	$62M
Q2 25	$56M	$0	$56M
Q3 25	$49M	$0	$49M
Q4 25	$41M	$0	$41M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	113M	+27.8%	+435.9%
Q4 21	117M	+3.6%	+395.5%
Q1 22	117M	+0.0%	+156.4%
Q2 22	117M	0.0%	+32.4%
Q4 22	125M	+6.6%	+10.5%
Q2 23	126M	+1.0%	+7.7%
Q3 23	138M	+10.1%	+18.5%
Q4 23	138M	0.0%	+18.5%
Q1 24	140M	+1.2%	+12.5%
Q2 24	142M	+1.6%	+13.3%
Q3 24	154M	+8.2%	+11.3%
Q4 24	155M	+0.7%	+12.1%
Q1 25	157M	+1.1%	+12.0%
Q2 25	160M	+1.9%	+12.3%
Q3 25	160M	+0.1%	+3.9%
Q4 25	159M	-0.4%	+2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$8.1K	38
Q4 21	$0	49
Q1 22	$9.4K	49
Q2 22	$0	49
Q4 22	$23.1K	36
Q2 23	$250.0K	36
Q3 23	$14.8K	36
Q4 23	$30.3K	33
Q1 24	$0	33
Q2 24	$0	33
Q3 24	$0	33
Q4 24	$0	36
Q1 25	$0	36
Q2 25	$13.9K	36
Q3 25	$0	36
Q4 25	$0	60K

Revenue / Employee