Mereo BioPharma Q1 net loss $6.7M; setrusumab Phase 3 fails primary endpoint, regulator engagement begun

Mereo BioPharma Group plc

• Net loss of $6.7M in Q1 2026 vs $12.9M in Q1 2025; cash and equivalents $36.2M as of March 31, 2026.
• Setrusumab Phase 3 studies in OI did not meet primary fracture-rate endpoints; high significance on BMD, vertebral fracture reduction, and PROs.
• Mereo and partner Ultragenyx initiated regulatory discussions for pediatric OI path; no approved therapies exist.
• Alvelestat partnership discussions active; single Phase 3 trial of ~220 patients with SGRQ (US) and lung density (EU) endpoints planned.

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