MREO Mereo BioPharma Group plc - American Depositary Shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 11, 2026
$0.38
· of 52w range
· above low
· to high
$0.2052w low
$2.3752w high
Market Cap (MRQ)
$303M
P/E
-7.6
EPS
$-0.05
Revenue
$500.0K
your badges
52W Range
$0–$2
Analyst Rating
STRONG BUY
Price Target
$2
P/E
-7.6
ROE
-88.1%
Net Profit Margin
-8375.6%
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MREO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.38
Market Cap (MRQ)
$303M
P/E
-7.6
EPS
$-0.05
Revenue
$500.0K
ROE
-88.1%
52W Range
$0–$2
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$500.0K2022-12-31 → 2025-12-31
EPS$-0.052022-12-31 → 2025-12-31
Free Cash Flow$-31M2023-12-31 → 2025-12-31
Net margin-8375.6%2023-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MREO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -7.65Y avg ≈-41.5 | ≈-41.5 | · | · | |
| P/S | 606.2 | · | · | · | |
| P/B (MRQ) | 10.65Y avg ≈28.2 | ≈28.2 | · | · | |
| Price / FCF (TTM) | -12.0 | · | · | · | |
| Price / Cash Flow (TTM) | -12.05Y avg ≈-56.7 | ≈-56.7 | · | · | |
| Price / Tangible Book (MRQ) | 10.75Y avg ≈28.7 | ≈28.7 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MREO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -8021.4% | · | · | · | |
| EBITDA Margin | -8021.4% | · | · | · | |
| Pretax Margin | -8375.6% | · | · | · | |
| Net Profit Margin | -8375.6% | · | · | · | |
| ROA | -68.5%5Y avg ≈-56.7% | ≈-56.7% | · | · | |
| ROE | -88.1%5Y avg ≈201.3% | ≈201.3% | · | · | |
| ROIC | -98.0%5Y avg ≈-77.0% | ≈-77.0% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MREO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.95Y avg ≈7.5 | ≈7.5 | · | · | |
| Quick Ratio | 9.55Y avg ≈6.9 | ≈6.9 | · | · | |
| Interest Coverage | -157.35Y avg ≈-67.2 | ≈-67.2 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MREO | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | · | · | |
| Revenue / Employee | ≈$12.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-130.7%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $-0.01 | $-0.01 | — |
| March 31, 2026 | May 11, 2026 | $-0.01 | $-0.01 | 2.0% |
| Dec. 31, 2025 | $-0.01 | $-0.01 | 23.7% | |
| Sept. 30, 2025 | $-0.01 | $-0.02 | 59.7% | |
| June 30, 2025 | $-0.10 | $-0.02 | -498.8% | |
| March 31, 2025 | $-0.10 | $-0.01 | — | |
| Dec. 31, 2024 | $-0.05 | $-0.01 | -240.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $500.0K | $0 | $10M | $0 | |
| R&D Expense | $18M | $21M | $17M | $29M | |
| SG&A Expense | $23M | $26M | $18M | $26M | |
| Operating Income | $-40M | $-47M | $-28M | $-54M | |
| Interest Expense | $255.0K | $1M | $3M | $4M | |
| Interest Income | $104.0K | $0 | $2M | $840.0K | |
| Other Non-op | $300.0K | $0 | $-10.0K | $1M | |
| Pretax Income | $-42M | $-43M | $-30M | $-43M | |
| Income Tax | $0 | $0 | $-532.0K | $-718.0K | |
| Net Income | $-42M | $-43M | $-29M | $-42M | |
| EPS (Basic) | $-0.05 | $-0.06 | $-0.04 | $-0.07 | |
| EPS (Diluted) | $-0.05 | $-0.06 | $-0.04 | $-0.07 | |
| Shares (Basic) | 797,119,632 | 739,624,264 | 659,453,921 | 603,196,403 | |
| Shares (Diluted) | 797,119,632 | 739,624,264 | 659,453,921 | 603,196,403 | |
| EBITDA | $-40M | $-47M | $-28M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $41M | $70M | $57M | $68M | |
| Prepaid Expense | $3M | $2M | $5M | $5M | |
| Current Assets | $45M | $75M | $64M | $75M | |
| PP&E (Net) | $137.0K | $257.0K | $405.0K | $551.0K | |
| PP&E (Gross) | $1M | $1M | $1M | $1M | |
| Accum. Depreciation | $1M | $949.0K | $800.0K | $736.0K | |
| Intangibles | $516.0K | $643.0K | $1M | $0 | |
| Total Assets | $46M | $76M | $66M | $77M | |
| Accounts Payable | $1M | $2M | $2M | $3M | |
| Accrued Liabilities | $2M | $4M | $5M | $5M | |
| Current Liabilities | $4M | $14M | $9M | $24M | |
| Capital Leases | $0 | $187.0K | $906.0K | $1M | |
| Other Non-current Liabilities | $661.0K | $565.0K | $764.0K | $0 | |
| Total Liabilities | $5M | $15M | $16M | $26M | |
| Common Stock | $3M | $3M | $3M | $2M | |
| Paid-in Capital | $550M | $540M | $486M | $477M | |
| Retained Earnings | $-501M | $-463M | $-420M | $-405M | |
| Treasury Stock | · | $0 | $1M | $1M | |
| AOCI | $-11M | $-19M | $-17M | $-22M | |
| Stockholders' Equity | $41M | $61M | $51M | $51M | |
| Liabilities + Equity | $46M | $76M | $66M | $77M | |
| Shares Outstanding | 795,658,504 | 775,728,034 | 701,217,089 | 624,928,519 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Stock-based Comp | $8M | $7M | $5M | $5M | |
| Deferred Tax | · | $0 | $0 | $0 | |
| Amort. of Intangibles | $465.0K | $438.0K | $395.0K | $0 | |
| Operating Cash Flow | $-31M | $-33M | $-21M | $-49M | |
| CapEx | $20.0K | $0 | $0 | $13.0K | |
| Investing Cash Flow | $-20.0K | $-699.0K | $-419.0K | $2M | |
| Stock Issued | $39.0K | $47M | $12M | $0 | |
| Net Stock Activity | $39.0K | $47M | $12M | · | |
| Financing Cash Flow | $327.0K | $46M | $8M | $200.0K | |
| Net Change in Cash | · | $12M | $-11M | · | |
| Taxes Paid | · | $0 | $-1M | $2M | |
| Free Cash Flow | $-31M | · | $-21M | · | |
| Levered FCF | $-31M | · | $-24M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | -8021.4% | · | -284.2% | · | |
| Net Margin | -8375.6% | · | -294.7% | · | |
| Pretax Margin | -8375.6% | · | -300.0% | · | |
| EBITDA Margin | -8021.4% | · | -284.2% | · | |
| ROA | -68.5% | -60.5% | -40.9% | · | |
| ROE | -88.1% | 747.9% | -56.0% | · | |
| ROIC | -98.0% | -77.7% | -55.2% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 10.5 | 5.4 | 6.7 | · | |
| Quick Ratio | 9.5 | 5.0 | 6.1 | · | |
| Interest Coverage | -157.3 | -34.6 | -9.9 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | $0.05 | $0.08 | $0.07 | · | |
| Revenue / Share | $0.00 | $0.00 | $0.02 | · | |
| Cash Flow / Share | $-0.04 | $-0.04 | $-0.03 | · | |
| Cash / Share | $0.05 | $0.09 | $0.08 | · | |
| EPS (TTM) | $-0.05 | $-0.06 | $-0.04 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $500.0K | $0 | $10M | · | |
| Net Income TTM | $-42M | $-43M | $-29M | · | |
| Market Cap | $332M | $2.72B | $1.62B | · | |
| P/E | -8.3 | -58.3 | -57.8 | · | |
| P/S | 663.6 | · | 162.0 | · | |
| P/B | 8.1 | 44.5 | 32.1 | · | |
| P / Tangible Book | 8.2 | 45.0 | 32.8 | · | |
| P / Cash Flow | -10.7 | -82.7 | -76.7 | · | |
| P / FCF | -10.7 | · | -76.7 | · | |
| Earnings Yield | -12.0% | -1.7% | -1.7% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | · | $0 | $0 | $500.0K | · | $0 | $0 | $0 | $0 | $1M | $0 | $9M | $0 | |
| R&D Expense | $2M | $5M | $4M | $4M | $5M | $4M | $9M | $3M | $5M | $4M | $5M | $4M | $4M | $5M | |
| SG&A Expense | $5M | $4M | $4M | $6M | $5M | $7M | $6M | $6M | $8M | $6M | $4M | $6M | $3M | $6M | |
| Operating Income | $-7M | $-9M | $-8M | $-10M | $-10M | $-11M | $-15M | $-9M | $-13M | $-10M | $-7M | $-9M | $-811.0K | $-11M | |
| Interest Expense | $16.0K | $20.0K | $23.0K | $28.0K | $24.0K | $180.0K | $376.0K | $353.0K | $331.0K | $310.0K | $352.0K | $700.0K | $1M | $800.0K | |
| Interest Income | $19.0K | $31.0K | $70.0K | $-1M | $589.0K | $0 | $-2M | $983.0K | $559.0K | $617.0K | $763.0K | $689.0K | $373.0K | $306.0K | |
| Other Non-op | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $-4.0K | $0 | $0 | $-6.0K | |
| Pretax Income | $-7M | $-7M | $-7M | $-7M | $-15M | $-13M | $-7M | $-15M | $-12M | $-9M | $-10M | $-7M | $-2M | $-12M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-532.0K | $0 | $0 | $0 | |
| Net Income | $-7M | $-7M | $-7M | $-7M | $-15M | $-13M | $-7M | $-15M | $-12M | $-9M | $-9M | $-7M | $-2M | $-12M | |
| EPS (Basic) | $-0.01 | $-0.01 | $0.00 | $-0.01 | $-0.02 | $-0.02 | $-0.01 | $-0.02 | $-0.02 | $-0.01 | $-0.01 | $-0.01 | $0.00 | $-0.02 | |
| EPS (Diluted) | $-0.01 | $-0.01 | $0.00 | $-0.01 | $-0.02 | $-0.02 | $-0.01 | $-0.02 | $-0.02 | $-0.01 | $-0.01 | $-0.01 | $0.00 | $-0.02 | |
| Shares (Basic) | 803,562,708 | 801,805,570 | · | 799,947,013 | 799,435,329 | 784,279,387 | · | 770,146,589 | 770,146,589 | 700,263,490 | · | 684,974,190 | 628,421,064 | 623,925,635 | |
| Shares (Diluted) | 803,562,708 | 801,805,570 | · | 799,947,013 | 799,435,329 | 784,279,387 | · | 770,146,589 | 770,146,589 | 700,263,490 | · | 684,974,190 | 628,421,064 | 623,925,635 | |
| EBITDA | $-7M | $-9M | · | $-10M | $-10M | $-11M | · | $-9M | $-13M | $-10M | · | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $30M | $36M | $41M | $49M | $56M | $62M | $70M | $81M | $87M | $49M | $57M | · | · | · | |
| Prepaid Expense | $2M | $2M | $3M | $3M | $3M | $3M | $2M | $4M | $4M | $3M | $5M | · | · | · | |
| Current Assets | $33M | $40M | $45M | $52M | $61M | $67M | $75M | $87M | $94M | $53M | $64M | · | · | · | |
| PP&E (Net) | $54.0K | $91.0K | $137.0K | $174.0K | $218.0K | $247.0K | $257.0K | $315.0K | $338.0K | $360.0K | $405.0K | · | · | · | |
| PP&E (Gross) | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | · | · | |
| Accum. Depreciation | $1M | $978.0K | $1M | $1M | $1M | $1M | $949.0K | $964.0K | $877.0K | $836.0K | $800.0K | · | · | · | |
| Intangibles | $256.0K | $381.0K | $516.0K | $643.0K | $470.0K | $554.0K | $643.0K | $799.0K | $866.0K | $972.0K | $1M | · | · | · | |
| Total Assets | $35M | $41M | $46M | $54M | $63M | $68M | $76M | $89M | $96M | $56M | $66M | · | · | · | |
| Accounts Payable | $1M | $3M | $1M | $879.0K | $1M | $3M | $2M | $2M | $3M | $2M | $2M | · | · | · | |
| Accrued Liabilities | $2M | $2M | $2M | $4M | $5M | $3M | $4M | $4M | $4M | $3M | $5M | · | · | · | |
| Current Liabilities | $6M | $6M | $4M | $6M | $8M | $7M | $14M | $14M | $15M | $11M | $9M | · | · | · | |
| Capital Leases | $0 | · | $0 | $0 | $0 | $0 | $187.0K | $394.0K | $552.0K | $727.0K | $906.0K | · | · | · | |
| Other Non-current Liabilities | $370.0K | $362.0K | $661.0K | $652.0K | $352.0K | $325.0K | $565.0K | $568.0K | $536.0K | $513.0K | $764.0K | · | · | · | |
| Total Liabilities | $6M | $7M | $5M | $7M | $8M | $8M | $15M | $16M | $17M | $13M | $16M | · | · | · | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | · | · | |
| Paid-in Capital | $552M | $551M | $550M | $548M | $546M | $544M | $540M | $536M | $535M | $487M | $486M | · | · | · | |
| Retained Earnings | $-515M | $-508M | $-501M | $-494M | $-487M | $-472M | $-463M | $-456M | $-441M | $-429M | $-420M | · | · | · | |
| Treasury Stock | · | · | · | · | · | · | · | $0 | $0 | $0 | $1M | · | · | · | |
| AOCI | $-12M | $-13M | $-11M | $-11M | $-9M | $-15M | $-19M | $-11M | $-18M | $-18M | $-17M | · | · | · | |
| Stockholders' Equity | $29M | $34M | $41M | $47M | $54M | $60M | $61M | $73M | $79M | $43M | $51M | · | · | · | |
| Liabilities + Equity | $35M | $41M | $46M | $54M | $63M | $68M | $76M | $89M | $96M | $56M | $66M | · | · | · | |
| Shares Outstanding | 798,093,044 | 798,078,829 | 795,658,504 | 795,484,404 | 795,001,444 | 795,001,444 | 775,728,034 | 773,672,299 | 768,821,274 | 701,349,434 | 701,217,089 | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $815.0K | $2M | $941.0K | $2M | |
| Amort. of Intangibles | $127.0K | $127.0K | $424.0K | $-183.0K | $118.0K | $106.0K | $110.0K | $112.0K | $108.0K | $108.0K | $115.0K | $109.0K | $107.0K | $64.0K | |
| Operating Cash Flow | $-6M | $-4M | $-8M | $-7M | $-8M | $-8M | $-9M | $-8M | $-8M | $-8M | $-7M | $3M | $-8M | $-9M | |
| CapEx | $0 | $0 | $0 | $0 | $0 | $20.0K | $0 | $0 | $0 | $0 | · | · | · | · | |
| Investing Cash Flow | $0 | $-300.0K | $0 | $300.0K | $0 | $-320.0K | $0 | $0 | $1.0K | $-700.0K | $0 | $0 | $0 | $-419.0K | |
| Stock Issued | · | · | $39.0K | $0 | · | · | $0 | $0 | · | · | $0 | $12M | · | · | |
| Financing Cash Flow | $0 | $0 | $39.0K | $0 | $-134.0K | $422.0K | $-40.0K | $-594.0K | $47M | $0 | $0 | $8M | · | · | |
| Net Change in Cash | · | · | · | · | · | · | · | · | · | · | $-5M | · | · | · | |
| Taxes Paid | · | · | · | · | · | · | · | · | $0 | $0 | · | · | $0 | $37.0K | |
| Free Cash Flow | · | $-4M | · | · | · | $-8M | · | · | · | · | · | · | · | · | |
| Levered FCF | · | $-4M | · | · | · | $-9M | · | · | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | · | · | · | -2099.8% | · | · | · | · | · | · | · | · | · | |
| Net Margin | · | · | · | · | -2923.2% | · | · | · | · | · | · | · | · | · | |
| Pretax Margin | · | · | · | · | -2923.2% | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | · | · | · | · | -2099.8% | · | · | · | · | · | · | · | · | · | |
| ROA | -14.4% | -12.3% | · | -9.9% | -18.4% | -20.7% | · | -33.8% | -25.5% | -32.0% | · | · | · | · | |
| ROE | -16.9% | -14.3% | · | -11.8% | -22.0% | -25.0% | · | -41.4% | -31.2% | -41.8% | · | · | · | · | |
| ROIC | -24.5% | -25.7% | · | -21.5% | -19.4% | -18.6% | · | -12.9% | -16.3% | -23.1% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.9 | 6.5 | · | 8.7 | 8.1 | 8.9 | · | 6.1 | 6.1 | 4.9 | · | · | · | · | |
| Quick Ratio | 5.3 | 5.9 | · | 8.1 | 7.4 | 8.3 | · | 5.7 | 5.7 | 4.4 | · | · | · | · | |
| Interest Coverage | -439.4 | -438.3 | · | -357.7 | -437.5 | -62.2 | · | -26.6 | -38.7 | -31.9 | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | 0.0 | 0.0 | · | · | 0.0 | 0.0 | 0.0 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.04 | $0.04 | · | $0.06 | $0.07 | $0.08 | · | $0.09 | $0.10 | $0.06 | · | · | · | · | |
| Revenue / Share | $0.00 | · | · | $0.00 | $0.00 | · | · | $0.00 | $0.00 | $0.00 | · | · | · | · | |
| Cash Flow / Share | · | $-0.01 | · | · | · | $-0.01 | · | · | · | $-0.01 | · | · | · | · | |
| Cash / Share | $0.04 | $0.05 | · | $0.06 | $0.07 | $0.08 | · | $0.10 | $0.11 | $0.07 | · | · | · | · | |
| EPS (TTM) | $-0.03 | $-0.04 | · | $-0.06 | $-0.07 | $-0.07 | · | $-0.06 | $-0.05 | $-0.03 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | · | $0 | · | $1M | $1M | $10M | · | · | · | · | |
| Net Income TTM | $-28M | $-36M | · | $-42M | $-50M | $-47M | · | $-45M | $-37M | $-26M | · | · | · | · | |
| Market Cap | $254M | $263M | · | $1.64B | $2.15B | $1.79B | · | $3.18B | $2.77B | $2.31B | · | · | · | · | |
| P/E | -10.6 | -8.2 | · | -34.3 | -38.7 | -32.1 | · | -68.5 | -72.0 | -110.0 | · | · | · | · | |
| P/S | · | · | · | · | · | · | · | 3179.8 | 2767.8 | 231.4 | · | · | · | · | |
| P/B | 8.9 | 7.7 | · | 35.2 | 39.8 | 29.8 | · | 43.8 | 35.2 | 54.0 | · | · | · | · | |
| P / Tangible Book | 8.9 | 7.8 | · | 35.7 | 40.1 | 30.0 | · | 44.3 | 35.6 | 55.3 | · | · | · | · | |
| P / Cash Flow | · | -61.1 | · | · | · | -214.8 | · | · | · | -289.6 | · | · | · | · | |
| Earnings Yield | -9.4% | -12.1% | · | -2.9% | -2.6% | -3.1% | · | -1.5% | -1.4% | -0.91% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | $500.0K | $0 | $10M | $0 |
| Operating Margin % | -8021.4% | · | -284.2% | · |
| Net Income | $-42M | $-43M | $-29M | $-42M |
| Diluted EPS | $-0.05 | $-0.06 | $-0.04 | $-0.07 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Current Ratio | 10.5 | 5.4 | 6.7 | · |
| Quick Ratio | 9.5 | 5.0 | 6.1 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | $-31M | · | $-21M | · |
Institutional owners (13F) 66 filers · $18.3M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
66
Value held
$18.3M
New positions
13
Exited positions
17
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 13 (-2 vs prior Q) | 17 (-6 vs prior Q) | 15 (-2 vs prior Q) | 15 (-5 vs prior Q) | -18.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Rubric Capital Management LP | $4,863,144 | 15,307,347 | 26.50% | Shares |
| 683 Capital Management, LLC | $3,741,825 | 11,777,856 | 20.39% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,597,904 | 8,195,281 | 14.16% | Shares |
| Defilade Capital Management, L.P. | $2,401,417 | 7,558,756 | 13.09% | Shares |
| Newtyn Management, LLC | $953,100 | 3,000,000 | 5.19% | Shares |
| Tejara Capital Ltd | $647,320 | 2,037,520 | 3.53% | Shares |
| UBS Group AG | $460,346 | 1,447,627 | 2.51% | Shares |
| TWO SIGMA INVESTMENTS, LP | $419,123 | 1,319,241 | 2.28% | Shares |
| EcoR1 Capital, LLC | $317,700 | 1,000,000 | 1.73% | Shares |
| JANE STREET GROUP, LLC | $246,200 | 774,944 | 1.34% | Shares |
| Ishara Investments LP | $244,232 | 768,750 | 1.33% | Shares |
| Wealthspire Advisors, LLC | $243,041 | 765,000 | 1.32% | Shares |
| CITADEL ADVISORS LLC | $160,407 | 504,900 | 0.87% | Call option |
| CITADEL ADVISORS LLC | $141,109 | 444,158 | 0.77% | Shares |
| TWO SIGMA ADVISERS, LP | $104,967 | 251,900 | 0.57% | Shares |
| Rangeley Capital, LLC | $104,587 | 329,200 | 0.57% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $67,756 | 213,270 | 0.37% | Shares |
| MARSHALL WACE, LLP | $57,563 | 179,884 | 0.31% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $55,520 | 173,500 | 0.30% | Call option |
| XTX Topco Ltd | $55,433 | 174,481 | 0.30% | Shares |
| GROUP ONE TRADING LLC | $53,220 | 167,515 | 0.29% | Shares |
| STATE STREET CORP | $42,817 | 134,772 | 0.23% | Shares |
| Sheets Smith Investment Management | $34,793 | 16,890 | 0.19% | Shares |
| NOMURA HOLDINGS INC | $33,155 | 104,361 | 0.18% | Shares |
| James J. Burns & Company, LLC | $30,309 | 95,400 | 0.17% | Shares |
| Quarry LP | $29,784 | 93,750 | 0.16% | Shares |
| GOLDMAN SACHS GROUP INC | $27,062 | 85,180 | 0.15% | Shares |
| JMN Financial LLC | $24,383 | 76,748 | 0.13% | Shares |
| BlackRock, Inc. | $22,137 | 69,678 | 0.12% | Shares |
| JPMORGAN CHASE & CO | $19,421 | 58,531 | 0.11% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $16,552 | 52,100 | 0.09% | Shares |
| CITADEL ADVISORS LLC | $16,203 | 51,000 | 0.09% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $14,720 | 46,000 | 0.08% | Put option |
| Significant Wealth Partners LLC | $10,382 | 32,677 | 0.06% | Shares |
| Clear Harbor Asset Management, LLC | $10,083 | 32,000 | 0.05% | Shares |
| RHUMBLINE ADVISERS | $8,511 | 26,784 | 0.05% | Shares |
| Centiva Capital, LP | $7,943 | 25,000 | 0.04% | Shares |
| Engineers Gate Manager LP | $7,610 | 23,953 | 0.04% | Shares |
| SIMPLEX TRADING, LLC | $5,972 | 18,780 | 0.03% | Shares |
| NFSG Corp | $5,957 | 18,750 | 0.03% | Shares |
| OneDigital Investment Advisors LLC | $5,814 | 18,300 | 0.03% | Shares |
| MORGAN STANLEY | $5,317 | 16,731 | 0.03% | Shares |
| IHT Wealth Management, LLC | $4,766 | 15,000 | 0.03% | Shares |
| TWO SIGMA SECURITIES, LLC | $4,098 | 12,900 | 0.02% | Shares |
| J. Safra Sarasin Holding AG | $4,081 | 12,841 | 0.02% | Shares |
| MML INVESTORS SERVICES, LLC | $3,876 | 12,200 | 0.02% | Shares |
| JANE STREET GROUP, LLC | $3,749 | 11,800 | 0.02% | Call option |
| World Investment Advisors | $3,300 | 10,000 | 0.02% | Shares |
| Astoria Portfolio Advisors LLC. | $3,177 | 10,000 | 0.02% | Shares |
| GAMMA Investing LLC | $2,957 | 9,308 | 0.02% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Rubric Capital Management LP, David Rosen ×16 filings | June 17, 2024 | · | Initial filing | · | SEC |
| Mereo BioPharma Group plc, Dr. Denise Scots-Knight | Dec. 17, 2018 | · | Initial filing | M&A / sale | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 13 insiders · 5 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Denise Scots-Knight | Chief Executive Officer | Feb. 1, 2026 A | 808,921 | 0 | 0 | $0 |
| Chrisitne Ann Fox | Chief Financial Officer | Feb. 1, 2026 A | 89,285 | 0 | 0 | $0 |
| Alexandra Hughes-Wilson | Chief Patient Access and Commercial Planning | Feb. 1, 2026 A | 50,475 | 0 | 0 | $0 |
| Charles Sermon | General Counsel | Feb. 1, 2026 A | 219,061 | 0 | 0 | $0 |
| John A. Lewicki | Chief Scientific Officer | Feb. 1, 2026 A | 78,630 | 0 | 0 | $0 |
| Anders Ekblom | Director | Feb. 26, 2026 A | · | 0 | 0 | $0 |
| Daniel Shames | Director | Feb. 26, 2026 A | · | 0 | 0 | $0 |
| Jeremy Bender | Director | Feb. 26, 2026 A | 12,550 | 0 | 0 | $0 |
| Pierre Jacquet | Director | Feb. 26, 2026 A | · | 0 | 0 | $0 |
| Annalisa Jenkins | Director | Feb. 26, 2026 A | · | 0 | 0 | $0 |
| Marc J Yoskowitz | Director | Feb. 26, 2026 A | · | 0 | 0 | $0 |
| Deepika Pakianathan | Director | Feb. 26, 2026 A | 0 | 0 | 0 | $0 |
| Michael S Wyzga | Director | Feb. 26, 2026 A | 25,050 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
MREO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 14 analysts
BUY
Median target
$1.93
+409.0%
5 35.7%
Strong Buy
5 35.7%
Buy
3 21.4%
Hold
1 7.1%
Sell
0 0.0%
Strong Sell
12-Month Price Target
5 analysts · 2026-10-01Mean target $1.95 +414.5%
← Below all targets
Current price $0.38
Low$0.98
Mean$1.95
High$2.96
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 11, 2026