Mereo BioPharma Q3 net loss $15M; cash $80.5M; amends AstraZeneca deal with $114.3M milestone potential

Mereo BioPharma Group plc

2024-Q3 EPS reported -$0.05

Amended AstraZeneca license agreement modifies development milestones; potential future payments up to $114.3M in cash and ADSs; issued 2.04M shares and paid $0.5M.
Q3 net loss $15.0M vs $6.5M YoY, driven by $6.4M foreign exchange loss; R&D down 12% to $3.2M.
Cash $80.5M as of Sep 30, 2024 (up from $57.4M Dec 2023); expected to fund operations into 2027.
Setrusumab received FDA Breakthrough Therapy designation for osteogenesis imperfecta; Phase 3 topline data expected 2025.
Alvelestat remains on track to be Phase 3-ready by end of 2024; partnership discussions ongoing.

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