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Mereo BioPharma Group plc (MREO) has filed its annual report for the fiscal year ended December 31, 2024 filing.
The company, focused on developing therapeutics for rare diseases, reported no revenue for 2024, compared to $10 million in 2023. The previous year's revenue was primarily from a milestone payment related to setrusumab and an upfront payment from a global license agreement for leflutrozole.
Research and development expenses increased to $20.9 million in 2024 from $17.4 million in 2023. The increase was mainly due to higher expenses for alvelestat and setrusumab development activities.
General and administrative expenses rose to $26.4 million in 2024 from $18.4 million in 2023, driven by increased pre-commercial activities for setrusumab in Europe.
The company reported a net loss of $43.3 million for 2024, compared to a net loss of $29.5 million in 2023.
Mereo continues to focus on developing setrusumab for osteogenesis imperfecta and alvelestat for severe alpha-1 antitrypsin deficiency-associated lung disease. Both candidates have received various designations from regulatory bodies, including orphan drug status.
The company relies on partnerships to advance its pipeline, including a collaboration with Ultragenyx for setrusumab and a license agreement with ReproNovo for leflutrozole.
Mereo's strategy involves acquiring and developing product candidates for rare diseases with existing substantial pre-clinical, clinical, and manufacturing data.
The company is dependent on third-party manufacturers for the production of clinical supplies and intends to continue this reliance for commercial supply if its products are approved.
Mereo is subject to various risks, including regulatory changes, competition, and the need for additional funding to continue its development programs.
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 annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.