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Mereo BioPharma Group plc (MREO-5.94%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the period. In comparison, the same quarter of the previous year had revenue due to a milestone payment from Ultragenyx (RARE-0.37%).
Research and development expenses decreased to $3.2 million from $3.6 million in the previous year, primarily due to reduced expenses for the etigilimab program.
General and administrative expenses increased to $6.2 million from $5.7 million, reflecting higher pre-commercial activities for setrusumab in Europe.
The company reported a net loss of $15.0 million for the quarter, compared to $6.5 million in the previous year, with the increase attributed to foreign currency losses.
Interest income rose to $1.0 million from $0.7 million, driven by higher cash balances following a direct offering in June 2024.
Interest expense decreased to $0.4 million from $0.7 million, due to the full conversion and redemption of private placement loan notes in August 2023.
The filing notes a foreign currency transaction loss of $6.4 million, compared to a gain of $2.5 million in the same quarter the previous year.
The company had cash and cash equivalents of $80.5 million as of September 30, 2024, which is expected to fund operations into 2027.
Mereo BioPharma continues to focus on developing therapeutics for rare diseases, with ongoing collaborations for setrusumab and alvelestat.
The filing also details recent amendments to agreements with AstraZeneca (AZN+1.91%), including potential future payments and issuance of shares based on development milestones.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mereo BioPharma Group plc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.