Detailed financial statements for Mereo BioPharma Group plc (MREO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Mereo BioPharma Group plc, a London-based biopharmaceutical firm established in 2015, specializes in developing and commercializing innovative therapies for oncology and rare conditions. Operating both in the United Kingdom and internationally, the company boasts a diverse product pipeline. Its primary oncology asset, etigilimab (OMP-313M32), an antibody T-cell immunoreceptor, is presently undergoing Phase 1b clinical investigation for tumor treatment.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.27, MREO has negative trailing earnings (P/E not meaningful) and an ROE of -74.76%. Market capitalisation stands at $42M.
Balance sheet quality for MREO: current ratio of 10.5, net cash position of $40.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | -$3.3M | 0 | 0 | 0 | $49.2M | 0 | $10.0M | 0 | $500000 |
| Cost of Revenue | $24.6M | $34.6M | $22.7M | $2.0M | $2.1M | $24.2M | -$1.1M | $2.6M | 0 | $133000 |
| Gross Profit | -$24.6M | -$37.9M | -$22.7M | -$2.0M | -$2.1M | $25.0M | $1.1M | $7.4M | 0 | $367000 |
| Research & Development | $24.6M | $34.6M | $22.7M | $30.1M | $21.0M | $31.8M | $29.5M | $17.4M | 0 | $17.8M |
| Selling, General & Admin | $11.6M | $10.7M | $12.5M | $18.3M | $25.2M | $21.5M | $26.1M | $18.4M | 0 | $23.0M |
| Operating Expenses | $11.6M | $10.7M | $12.5M | $48.4M | $46.1M | $53.3M | $55.6M | $35.8M | 0 | $38.6M |
| Operating Income | -$36.2M | -$45.3M | -$35.2M | -$50.4M | -$48.2M | -$28.3M | -$54.4M | -$28.4M | 0 | -$38.3M |
| EBITDA | -$38.4M | -$44.4M | -$34.9M | -$44.6M | -$203.4M | $25.5M | -$37.9M | -$26.1M | 0 | -$40.5M |
| Interest Expense | $179765 | $1.1M | $2.4M | $3.5M | $6.4M | $5.2M | $4.2M | $2.9M | 0 | $255000 |
| Pre-tax Income | -$33.7M | -$47.0M | -$37.3M | -$52.5M | -$213.4M | $19.2M | -$42.9M | -$30.0M | 0 | -$41.9M |
| Income Tax | -$5.3M | -$8.2M | -$5.3M | -$8.0M | -$3.6M | $2.0M | -$718000 | -$532000 | 0 | 0 |
| Net Income | -$28.4M | -$38.8M | -$32.0M | -$44.5M | -$209.8M | $17.2M | -$42.2M | -$29.5M | 0 | -$41.9M |
| EPS | $-19553.91 | $-19003.80 | $-14352.87 | $-12902.58 | $-16503.30 | $749.65 | $-1.80 | $-1100.22 | $0.00 | $-0.26 |
| EPS (Diluted) | $-19553.91 | $-19003.80 | $-14352.87 | $-12902.58 | $-16503.30 | $749.65 | $-1.80 | $-1100.22 | $0.00 | $-0.26 |
| Shares Outstanding (Diluted) | $9.0M | $13.8M | $14.2M | $17.9M | $67.8M | $116.7M | $22.8M | $131.9M | 0 | $159.4M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $53.6M | $50.0M | $25.0M | $20.9M | $31.3M | $126.7M | $68.2M | $57.4M | $69.8M | $41.0M |
| Short-term Investments | 0 | $2.5M | $2.5M | $720634 | $748034 | $769470 | 0 | 0 | 0 | 0 |
| Receivables | $995784 | $509350 | 0 | 0 | 0 | 0 | $3.2M | $3.7M | $3.2M | $2.0M |
| Inventory | -$53.9M | -$2.5M | -$293328 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $60.8M | $63.2M | $34.5M | $40.3M | $40.7M | $134.3M | $75.2M | $63.8M | $74.8M | $45.0M |
| Property, Plant & Equipment | $173869 | $153361 | $148935 | $15.3M | $2.2M | $3.4M | $2.2M | $1.6M | $984000 | $381000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $25.8M | $33.0M | $32.6M | $58.9M | $43.3M | $33.2M | $29.0M | $1.1M | $643000 | $516000 |
| Total Assets | $86.8M | $96.3M | $67.3M | $114.5M | $86.1M | $171.0M | $77.4M | $66.5M | $76.4M | $45.9M |
| Accounts Payable | $1.2M | $2.6M | $5.6M | $8.1M | $4.3M | $3.1M | $3.5M | $2.3M | $2.4M | $1.3M |
| Short-term Debt | 0 | $1.9M | $6.8M | $20.1M | 0 | 0 | $13.3M | 0 | $5.5M | 0 |
| Total Current Liabilities | $3.2M | $9.6M | $16.2M | $39.6M | $11.7M | $17.0M | $24.4M | $9.5M | $13.8M | $4.3M |
| Long-term Debt | $3.1M | $18.8M | $14.6M | $7.1M | $22.1M | $19.5M | 0 | $4.4M | 0 | 0 |
| Total Liabilities | $7.5M | $33.9M | $34.5M | $61.2M | $106.6M | $51.9M | $26.0M | $16.0M | $15.4M | $5.0M |
| Retained Earnings | -$33.6M | -$79.3M | -$111.2M | -$193.5M | -$423.5M | -$401.6M | -$404.6M | -$419.6M | -$462.9M | -$501.0M |
| Total Equity | $79.3M | $62.5M | $32.8M | $53.3M | -$20.5M | $119.0M | $51.4M | $50.5M | $61.0M | $40.9M |
| Total Debt | $3.1M | $20.8M | $21.5M | $42.9M | $24.5M | $22.7M | $15.4M | $6.0M | $6.4M | $202000 |
| Net Debt | -$50.5M | -$31.8M | -$6.1M | $21.3M | -$7.6M | -$104.9M | -$52.8M | -$51.5M | -$63.4M | -$40.8M |
| Working Capital | $57.6M | $53.6M | $18.3M | $737856 | $28.9M | $117.4M | $50.8M | $54.3M | $60.9M | $40.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$33.7M | -$47.0M | -$37.3M | -$53.9M | -$226.8M | $19.2M | -$42.2M | -$29.5M | -$43.3M | -$41.9M |
| Depreciation & Amortization | $32940 | $36076 | $37796 | $2.1M | $2.2M | $866466 | $889000 | $1.1M | $1.1M | $622000 |
| Stock-based Compensation | $6.5M | $3.7M | $2.2M | $2.1M | $2.1M | $4.5M | $4.8M | $4.9M | $7.4M | $7.6M |
| Change in Working Capital | -$2.0M | $3.0M | $2.4M | -$10.1M | -$4.6M | -$2.5M | -$2.4M | -$1.6M | -$369000 | -$3.2M |
| Operating Cash Flow | -$27.4M | -$32.1M | -$23.1M | -$60.2M | -$38.6M | -$7.1M | -$48.8M | -$21.1M | -$32.8M | -$31.0M |
| Capital Expenditure | -$3467 | -$2.3M | -$35536 | -$27534 | -$21805 | -$722055 | -$13000 | -$419000 | -$699000 | -$20000 |
| Acquisitions | 0 | 0 | 0 | $13.2M | -$482440 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$306838 | -$1.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$27.4M | -$34.4M | -$23.2M | -$60.3M | -$38.6M | -$7.8M | -$48.8M | -$21.6M | -$33.5M | -$31.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +100.0% | -100.0% | -100.0% | |||||||
| Net Income Growth (YoY) | -36.7% | +17.4% | -38.8% | -372.0% | +108.2% | -345.8% | +30.2% | +100.0% | ||
| EPS Growth (YoY) | +2.8% | +24.5% | +10.1% | -27.9% | +104.5% | -100.2% | -61023.3% | +100.0% | ||
| Shares Change (YoY) | +54.1% | +3.1% | +25.7% | +279.0% | +72.2% | -80.5% | +478.5% | -100.0% | ||
| FCF Growth (YoY) | -25.7% | +32.7% | -160.0% | +35.9% | +79.8% | -526.7% | +55.9% | -55.6% | +7.6% | |
| Gross Margin | 1153.4% | 50.9% | 74.3% | 73.4% | ||||||
| Operating Margin | 1379.0% | -57.4% | -284.2% | -7651.4% | ||||||
| EBITDA Margin | 1352.7% | 51.8% | -260.6% | -8094.8% | ||||||
| Net Margin | 1181.0% | 34.9% | -294.7% | -8375.6% | ||||||
| FCF Margin | 1048.4% | -15.8% | -215.5% | -6198.2% | ||||||
| Effective Tax Rate | 15.8% | 17.4% | 14.1% | 15.3% | 1.7% | 10.6% | 1.7% | 1.8% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.06 | $-2.50 | $-1.63 | $-3.37 | $-0.57 | $-0.07 | $-2.14 | $-0.16 | $-0.19 | |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Shares Outstanding (Basic) | $9.0M | $13.8M | $14.2M | $17.9M | $67.8M | $116.7M | $22.8M | $131.9M | 0 | $159.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -74.76% |
| Return on Invested Capital | -111.41% |
| Return on Assets | -80.88% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 5.88 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -8.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 | -0.42 | -0.00 | 0.00 | -1.60 |
| P/B | 0.73 | 1.44 | 2.82 | 1.10 | -11.85 | 1.57 | 0.33 | 6.03 | 0.00 | 1.62 |
| P/S | 0.00 | -27.31 | 0.00 | 0.00 | 0.00 | 3.80 | 0.00 | 30.47 | 0.00 | 132.86 |
| Gross Margin | 0.0% | 1153.4% | 0.0% | 0.0% | 0.0% | 50.9% | 0.0% | 74.3% | 0.0% | 73.4% |
| Operating Margin | 0.0% | 1379.0% | 0.0% | 0.0% | 0.0% | -57.4% | 0.0% | -284.2% | 0.0% | -7651.4% |
| Net Margin | 0.0% | 1181.0% | 0.0% | 0.0% | 0.0% | 34.9% | 0.0% | -294.7% | 0.0% | -8375.6% |
Related companies: ACIU · ALDX · CADL · CAPR · CTNM · IMMP · KYTX
Explore sector: Healthcare · Biotechnology
More sections of MREO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks