Mereo BioPharma Q3 2025 net loss narrows to $7.0M; cash $48.7M; setrusumab data expected year-end

Mereo BioPharma Group plc

2025-Q3 EPS reported -$0.04 vs consensus -$0.02 ▼ miss (-61.3%)

Net loss of $7.0M in Q3 2025 vs $15.0M in Q3 2024; operating loss of $10.0M.
Cash and cash equivalents $48.7M as of Sep 30, 2025 (down from $69.8M Dec 31, 2024).
R&D expenses rose to $4.3M (up $1.1M YoY) driven by setrusumab manufacturing and alvelestat Phase 3 prep.
Phase 3 Orbit (p<0.039) and Cosmic (p<0.05) data for setrusumab in OI expected around end of 2025.
Partnering discussions for alvelestat ongoing; vantictumab license to āshibio with retained EU rights.

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