Mereo Q2 net loss narrows to $7M; Sentynl alvelestat option deal worth up to $475M

Mereo BioPharma Group plc

Q2 2026 net loss $7.0M vs $14.6M in Q2 2025; R&D down $3.6M to $1.8M.
Cash $30.1M at June 30, 2026; runway into late-2027, excluding $40M option exercise payment.
Sentynl (Zydus sub) option for alvelestat U.S. rights: $40M upfront/R&D on exercise, up to $435M milestones, double-digit royalties.
Setrusumab Phase 3 missed primary fracture endpoint but hit key secondary BMD and PRO endpoints; FDA/MHRA discussions ongoing.
Phase 3 alvelestat trial planned for early 2027 if option exercised.

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