**Mereo BioPharma Group plc Reports Financial Results and Operational Updates**
Mereo BioPharma Group plc, a biopharmaceutical company focused on rare disease therapeutics, reported its financial results for the year ended December 31, 2025. The company recognized revenue of $0.5 million, stemming from a milestone payment related to the out-licensed asset, leflutrozole. This compares to no revenue recognized in the prior fiscal year. The company's net loss for the year was $41.9 million, a slight decrease from the $43.3 million loss reported in 2024. This loss reflects ongoing investments in research and development, as well as general and administrative expenses associated with operating as a public company.
Research and development expenses totaled $17.8 million, compared to $20.9 million in the previous year. The decrease was primarily due to reductions in R&D expenses for alvelestat and etigilimab, partially offset by an increase in R&D expenses for setrusumab. General and administrative expenses decreased to $23.0 million from $26.4 million, primarily due to lower accrual for annual cash bonuses and a reduction in professional fees. The company also reported a net foreign exchange loss of $6.3 million, compared to a gain of $1.2 million in the previous year, reflecting fluctuations in currency values.
Operationally, Mereo continued to advance its rare disease pipeline. The company announced top-line data from the Phase 3 Orbit and Cosmic studies evaluating setrusumab in pediatric and young adult patients with osteogenesis imperfecta (OI). While neither study achieved statistical significance against the primary endpoints of reduction in annualized clinical fracture rate, both studies achieved their secondary endpoints of improvements in bone mineral density (BMD) against comparators. The company is continuing to analyze the data to determine next steps, including potential regulatory interactions. In August 2025, Mereo announced a license agreement with āshibio for vantictumab, an anti-FZD monoclonal antibody being investigated for the treatment of autosomal dominant osteopetrosis Type 2 (ADO2).
As of December 31, 2025, Mereo BioPharma Group plc held cash and cash equivalents of $41.0 million. Management anticipates that these resources will be sufficient to fund operations into mid-2027. The company plans to seek additional funding through a combination of non-dilutive sources, public or private equity, or debt financings. The company had 39 employees as of December 31, 2025, with 34 based in the U.K. and 5 in the U.S.
About Mereo BioPharma Group plc
Mereo BioPharma Group plc is a biopharmaceutical company specializing in developing innovative therapies for rare diseases. Its core focus includes late-stage clinical candidates like setrusumab for osteogenesis imperfecta and alvelestat for alpha-1 antitrypsin deficiency-related lung disease. The company leverages strategic acquisitions, partnerships, and licensing to advance targeted treatments, primarily serving patients with high unmet medical needs in specialized markets worldwide.
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