MREO Stock — Mereo BioPharma Group plc: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company focused on the development of innovative therapeutics for rare diseases. We have developed a portfolio of late-stage clinical product candidates. Our late-stage rare disease product candidates are setrusumab for the treatment of osteogenesis imperfecta (“OI”) and alvelestat for the treatment of severe alpha-1 antitrypsin deficiency-associated lung disease (“AATD-LD”).

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.30

Market cap

$48.4M

Cash

$26.1M

Enterprise value

$22.3M

Balance sheet

Cash	$26.1M
Debt	$0.0M
Net cash	$26.1M
Enterprise value	$22.3M
Basic shares	159.7M shares
Fully diluted shares	159.9M shares
Fully diluted market cap	$48.0M
Cash per share	$0.16
Quarterly burn	$6.0M
Cash runway	5.0 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

159.7M

Pre-funded warrants

0.0M

Options

—

RSUs

0.0M

Warrants

0.2M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

159.9M

Cap table as of 2026-08-07.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

Setrusumab

Phase 3 · Active

Aliases BPS-804, UX143

Target Sclerostin

Partnerships Ultragenyx Pharmaceutical: license and collaboration agreement (2021); Mereo retained commercial rights in Europe and the U.K.; Ultragenyx manufactures (manufacturing and supply agreement, December 2024). $50M upfront received 2021 plus $9M milestone 2023

Indications

Osteogenesis imperfecta (OI) (Phase 3)

Status note Lead program. Phase 3 Orbit (vs placebo) and Cosmic (vs bisphosphonates) did not achieve primary endpoint of annualized clinical fracture rate (announced Dec 2025; data presented Jan 2026). Company believes data show meaningful effect on bone disease and continues engaging regulators on a path forward. Orphan designation (FDA/EC), EMA PRIME, FDA Breakthrough Therapy and rare pediatric disease designations.

Alvelestat

Phase 2 · Active Modality: oral small molecule (neutrophil elastase inhibitor)

Aliases MPH-966

Target neutrophil elastase

Partnerships Sentynl Therapeutics: Option and License Agreement (August 2026) for U.S. commercial and global manufacturing rights; Mereo leads global Phase 3 study and regulatory interactions until completion; $40M upfront + R&D payments on option exercise, up to $435M in milestones, double-digit tiered royalties on U.S. sales

Indications

Severe alpha-1 antitrypsin deficiency-associated lung disease (AATD-LD) (Phase 2)

Status note Completed two Phase 2 studies and is ready to progress into Phase 3; would be the first oral treatment for this rare progressive genetic lung disease if approved. Orphan designation (FDA/EC); FDA Fast Track for AATD-LD.

Vantictumab

Stage not disclosed · Active Modality: monoclonal antibody (anti-FZD)

Target FZD

Partnerships āshibio: global development funded and led by āshibio; Mereo retained commercial rights in Europe and the U.K.

Indications

Autosomal dominant osteopetrosis Type 2 (ADO2) (Stage not disclosed)

Status note Early-stage rare disease program; anti-FZD monoclonal antibody for ADO2.

Etigilimab

Stage not disclosed · Active

Aliases MPH-313

Target TIGIT

Status note Anti-TIGIT designed to activate the immune system for anti-tumor activity. Non-core program; global rights retained and available for partnering.

Leflutrozole

Phase 2 · Active Modality: oral small molecule (aromatase inhibitor)

Target Aromatase

Partnerships ReproNovo SA: exclusive worldwide license for development and commercialization (December 2023)

Indications

Male infertility associated with hypogonadotropic hypogonadism (HH) (Phase 2)

Status note Non-core program. ReproNovo commenced a Phase 2 trial in 2025 (first participant included; Mereo received $0.5M milestone).

Navicixizumab

Phase 1 · Active Modality: bispecific antibody (anti-DLL4/VEGF)

Target DLL4 / VEGF

Partnerships Feng Biosciences (formerly OncXerna Therapeutics): global license and collaboration (January 2020); $4M upfront plus $2M milestone 2022

Indications

Post-platinum ovarian cancer (Phase 1)

Status note Non-core program; completed a Phase 1 study.

Acumapimod

Stage not disclosed · Active

Target p38 kinase

Status note Non-core program; global rights retained and available for partnering. No details disclosed in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
EcoR1 Capital	1,000,000	-12,368,855	0.02%	2026-08-14
ADAR1 Capital Management	0	-150,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MREO — Mereo BioPharma Group plc ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

MREO — Mereo BioPharma Group plc