Mereo BioPharma(MREO) - 2024 Q4 - Annual Results

Financial Performance - Net loss for the full year ended December 31, 2024, was $43.3 million, compared to$29.5 million in 2023, indicating a significant increase in operating loss[8]. - Cash and cash equivalents as of December 31, 2024, were $69.8 million, up from$57.4 million as of December 31, 2023, expected to fund operations into 2027[9]. - General and administrative expenses rose by $8.0 million from$18.4 million in 2023 to 26.4 million in 2024, reflecting higher pre-commercial activities and corporate expenses[7]. - Total research and development (R&D) expenses increased by 3.5 million from $17.4 million in 2023 to$20.9 million in 2024, primarily due to increases in expenses for alvelestat and setrusumab[6]. Clinical Development - The Phase 3 Orbit study of setrusumab is set to read out at the second interim analysis mid-2025, with potential regulatory filings in the U.S. and EU thereafter[2]. - Alvelestat received European Orphan Designation in early 2025, following a positive recommendation from the EMA Committee for Orphan Medicinal Products[5]. Strategic Partnerships - The partnership with Ultragenyx includes potential additional milestone payments of up to $245 million and royalties on commercial sales in Ultragenyx territories[11]. - The company remains in discussions with multiple potential partners for the development and commercialization of alvelestat[5]. Future Outlook - The company anticipates a transformative 2025 focused on bringing life-changing therapies to patients with rare diseases[2]. Shareholder Information - Total ordinary shares issued as of December 31, 2024, were 775,728,034, with total ADS equivalents of 155,145,606[10].