Core Insights - Mereo BioPharma is approaching a significant transition with the Phase 3 Orbit and Cosmic studies of setrusumab for osteogenesis imperfecta (OI) expected to report results by the end of 2025 [2][3] - The company has $48.7 million in cash as of September 30, 2025, which is anticipated to support operations into 2027 [2][9] Company Developments - The Phase 3 studies for setrusumab are being conducted in partnership with Ultragenyx and are focused on pediatric and young adult patients [6][11] - Mereo is also advancing discussions for partnerships related to alvelestat and has retained European commercial rights for vantictumab, which is being developed for autosomal dominant osteopetrosis type 2 [2][4] Financial Performance - Research and development expenses increased by $1.1 million from $3.2 million in Q3 2024 to $4.3 million in Q3 2025, primarily due to costs associated with setrusumab and alvelestat [5][7] - General and administrative expenses decreased by $0.2 million from $6.2 million in Q3 2024 to $6.0 million in Q3 2025 [8] - The net loss for Q3 2025 was $7.0 million, a reduction from $15.0 million in Q3 2024, reflecting an operating loss of $10.0 million and a foreign currency transaction gain of $1.9 million [8][19] Cash Position and Guidance - As of September 30, 2025, Mereo's cash and cash equivalents were $48.7 million, down from $69.8 million at the end of 2024, but the company expects this to fund its clinical trials and operational needs through 2027 [9][16] - The company has not included potential partnership payments for alvelestat in its cash guidance [9]