Mereo BioPharma Group plc 美瑞生物医药集团 2025年季度报告

Table of Contents PART I Item 1.Financial Statements Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 4.Controls and Procedures Item 6.Exhibits26 Signatures27 GENERAL INFORMATION In this Quarterly Report on Form 10‑Q (“Quarterly Report”), “Mereo,” the “Group,” the “Company,” “we,” “us” and “our” refer to MereoBioPharma Group plc and its consolidated subsidiaries, except where the context otherwise requires. INFORMATION REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they nevermaterialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Wemake such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federalsecurities laws. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. In some Any forward-looking statements in this Quarterly Report reflect our current views with respect to future events or to our future financialperformance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements tobe materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors thatmay cause actual results to differ materially from current expectations include, among other things, those listed under Part I, Item 1A. Risk Factors ofour most recent Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 26, 2025 (the "2024 Annual This Quarterly Report also contains estimates, projections and other information concerning our industry, our business, and the markets forcertain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions.Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual PART I – FINANCIAL INFORMATION MEREO BIOPHARMA GROUP PLCCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share amounts) MEREO BIOPHARMA GROUP PLCNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Natureof business Mereo BioPharma Group plc (the “Company” or “Mereo”) is a United Kingdom (“U.K.”) based biopharmaceutical company focused on thedevelopment of innovative therapeutics for rare diseases. The Company has developed a portfolio of late-stage clinical product candidates, and its tworare disease product candidates are setrusumab for the treatment of osteogenesis imperfecta (“OI”) and alvelestat primarily for the treatment of severe The Company is a public limited company incorporated and domiciled in the U.K., and registered in England, with shares publicly traded onthe Nasdaq Capital Market via American Depositary Shares (“ADSs”) under the ticker symbol “MREO”. The Company’s registered office is located 2. Basis of presentation and summary of significant accounting policies Basis of presentation The condensed consolidated financial statements of the Company and its subsidiaries and other financial information included in thisquarterly report on Form 10-Q ("Quarterly Report") are unaudited, have been prepared in accordance with generally accepted accounting principles in The unaudited condensed consolidated financial statements presented in this Quarterly Report should be read in conjunction with theconsolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K filed with the SEC on March 26,2025 (the “2024 Annual Report”). The condensed consolidated balance sheet as of December 31, 2024 was derived from audited consolidated Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have beencondensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments which are, in theopinion of management, necessary to fairly state the Company's financial position as of March 31, 2025, the results of operations for the three months Going concern The Company has prepared its condensed consolidated financial statements on the basis that it will continue as a going concern. TheCompany is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of delays in initiating or continuingresearch programs and clinical trials, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drugproduct candidate that it may identify and develop, the need to successfully commercialize and gain market acceptan