The company maintains a debt-free balance sheet as of 2026Q1, though this is offset by a deep accumulated deficit in retained earnings totaling $507.5 million.
| Total Current Assets | 40.03M | 45.02M | 74.76M | 63.76M | 75.2M | 134.32M | 40.65M | 40.32M | 34.5M | 63.18M | 60.78M |
| Cash & Short-Term Investments | 36.22M | 40.99M | 69.8M | 57.42M | 68.18M | 127.52M | 32.09M | 21.65M | 27.54M | 52.54M | 53.58M |
| Cash Only | 36.22M | 40.99M | 69.8M | 57.42M | 68.18M | 126.75M | 31.35M | 20.93M | 25.04M | 50.04M | 53.58M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 769.47K | 748.03K | 720.63K | 2.5M | 2.5M | 0 |
| Accounts Receivable | 0 | 1.5M | 3.25M | 3.73M | 0 | 0 | 0 | 0 | 0 | 509.35K | 995.78K |
| Days Sales Outstanding | 957.03 | 1.09K | - | 136.22 | - | - | - | - | - | -56.59 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -293.33K | -2.5M | -53.92M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.81M | 2.53M | 507K | 1.98M | 3.23M | 3.01M | 6.34M | 15.87M | 5.89M | 8.15M | 5.1M |
| Total Non-Current Assets | 580K | 897K | 1.63M | 2.74M | 2.22M | 36.64M | 45.43M | 74.2M | 32.78M | 33.16M | 25.99M |
| Property, Plant & Equipment | 199K | 381K | 984K | 1.65M | 2.22M | 3.42M | 2.15M | 15.31M | 148.94K | 153.36K | 173.87K |
| Fixed Asset Turnover | 1.07x | 1.31x | - | 6.06x | - | 14.38x | - | - | - | -21.42x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 381K | 516K | 643K | 1.09M | 0 | 33.22M | 43.28M | 58.89M | 32.63M | 33.01M | 25.81M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| Total Assets | 40.61M | 45.92M | 76.39M | 66.5M | 77.41M | 170.96M | 86.08M | 114.52M | 67.28M | 96.34M | 86.76M |
| Asset Turnover | 0.01x | 0.01x | - | 0.15x | - | 0.29x | - | - | - | -0.03x | - |
| Asset Growth % | -154.89% | -39.89% | 14.87% | -14.1% | -54.72% | 98.6% | -24.83% | 70.22% | -30.16% | 11.03% | - |
| Total Current Liabilities | 6.18M | 4.3M | 13.85M | 9.49M | 24.38M | 16.96M | 11.71M | 39.58M | 16.18M | 9.62M | 3.21M |
| Accounts Payable | 3.23M | 1.33M | 2.44M | 2.35M | 3.49M | 3.09M | 4.33M | 8.14M | 5.57M | 2.64M | 1.23M |
| Days Payables Outstanding | 1.37K | 3.66K | - | 332.67 | -4.95K | 46.67 | 770.45 | 1.48K | 89.62 | 27.83 | 18.24 |
| Short-Term Debt | 0 | 202K | 5.54M | 0 | 13.33M | 0 | 0 | 20.05M | 6.84M | 1.94M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -177.71K | -163.72K | 0 |
| Other Current Liabilities | 2.95M | 2.77M | -413K | 2.37M | 1.35M | 7.6M | 601.71K | 906.09K | -2.09M | 3.67M | -750.31K |
| Current Ratio | 6.48x | 10.46x | 5.40x | 6.72x | 3.09x | 7.92x | 3.47x | 1.02x | 2.13x | 6.57x | 18.94x |
| Quick Ratio | 6.48x | 10.46x | 5.40x | 6.72x | 3.09x | 7.92x | 3.47x | 1.02x | 2.15x | 6.83x | 35.74x |
| Cash Conversion Cycle | -414.57 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 383K | 699K | 1.57M | 6.48M | 1.64M | 34.99M | 94.84M | 21.61M | 18.33M | 24.23M | 4.3M |
| Long-Term Debt | 0 | 0 | 0 | 4.39M | 0 | 19.45M | 22.07M | 7.12M | 14.65M | 18.81M | 3.13M |
| Capital Lease Obligations | 0 | 0 | 187K | 906K | 1.48M | 2.37M | 1.58M | 12.34M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 383K | 699K | 1.39M | 1.18M | 157K | 13.17M | 71.18M | 2.15M | 3.68M | 5.42M | 1.17M |
| Total Liabilities | 6.56M | 5M | 15.42M | 15.96M | 26.01M | 51.95M | 106.55M | 61.19M | 34.51M | 33.85M | 7.51M |
| Total Debt | 0 | 202K | 6.43M | 5.95M | 15.37M | 22.66M | 24.53M | 42.94M | 21.48M | 20.75M | 3.13M |
| Net Debt | -36.22M | -40.79M | -63.37M | -51.47M | -52.81M | -104.08M | -6.82M | 22.01M | -3.56M | -29.29M | -50.45M |
| Debt / Equity | 0.00x | 0.00x | 0.11x | 0.12x | 0.30x | 0.19x | - | 0.81x | 0.66x | 0.33x | 0.04x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.99x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -739.37x | -163.23x | -30.56x | -9.41x | -12.16x | 4.71x | -32.19x | -13.32x | -13.93x | -41.84x | -187.67x |
| Total Equity | 34.05M | 40.92M | 60.97M | 50.54M | 51.4M | 119.01M | -20.47M | 53.33M | 32.77M | 62.48M | 79.26M |
| Equity Growth % | -143.09% | -32.89% | 20.64% | -1.68% | -56.81% | 681.28% | -138.39% | 62.73% | -47.55% | -21.16% | - |
| Book Value per Share | 0.21 | 0.26 | 0.41 | 0.38 | 0.43 | 1.02 | -0.30 | 2.98 | 2.30 | 4.53 | 8.85 |
| Total Shareholders' Equity | 34.05M | 40.92M | 60.97M | 50.54M | 51.4M | 119.01M | -20.47M | 53.33M | 32.77M | 62.48M | 79.26M |
| Common Stock | 3.15M | 3.13M | 3.06M | 2.77M | 2.48M | 2.37M | 1.39M | 389.46K | 213.72K | 213.28K | 193.02K |
| Retained Earnings | -507.54M | -501.02M | -462.88M | -419.63M | -404.57M | -401.6M | -423.51M | -193.49M | -111.22M | -79.32M | -33.58M |
| Treasury Stock | 0 | 0 | 0 | -1.23M | -1.33M | 0 | 0 | 0 | -389.55K | 0 | 0 |
| Accumulated OCI | -12.57M | -10.82M | -18.85M | -17.48M | -21.69M | 183.58M | 180.4M | 85.23M | 25.59M | 23.36M | 12.67M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical execution
Based on reported financial statements, Mereo BioPharma's total assets have declined from $96.1 million in 2024Q2 to $40.6 million in 2026Q1, reflecting a consistent consumption of capital to fund clinical development programs without a corresponding replenishment from commercial revenue or significant new equity inflows.
The steady erosion of the asset base suggests that the company is operating in a capital-intensive phase where internal resources are being depleted to sustain R&D. Investors should monitor whether this contraction reaches a critical threshold that necessitates dilutive financing to maintain the current clinical trial trajectory.
As indicated by recent SEC filings, the company's cash position has fallen to $36.2 million as of 2026Q1, down from $87.4 million in 2024Q2, which highlights a narrowing buffer against the high operating burn rates inherent in its orphan drug development model.
While the current ratio remains elevated at 6.48, this metric is somewhat deceptive given the lack of recurring revenue and the high fixed costs of clinical trials. The rapid depletion of cash reserves suggests that management may face pressure to secure non-dilutive partnerships or additional funding within the next few quarters.
According to the provided balance sheet data, retained earnings have deepened to a deficit of $507.5 million as of 2026Q1, illustrating the persistent impact of historical R&D spending on the company's equity base over the last ten quarters.
The consistent growth of the accumulated deficit underscores the company's reliance on external capital to offset operational losses. This trend suggests that shareholder value is currently tied entirely to the potential success of the pipeline rather than any tangible book value growth.
Based on the reported figures, Mereo BioPharma maintains a debt-free balance sheet as of 2026Q1, which appears to be a strategic choice to avoid interest obligations while the company remains in a pre-revenue, high-risk clinical development phase.
While the absence of debt is a positive indicator for solvency, it does not mitigate the underlying operational risk of the business model. The lack of leverage may actually limit the company's flexibility, as it cannot easily access credit markets to bridge funding gaps during clinical trial delays.
Quick answers to the most common questions about buying MREO stock.
As of 2025, Mereo BioPharma Group plc (MREO) had total assets of $45.9M including $45.0M in current assets.
Mereo BioPharma Group plc (MREO) carries total debt of $0.2M, offset by $41.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Mereo BioPharma Group plc (MREO) has total shareholders' equity (book value) of $40.9M ($0.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Mereo BioPharma Group plc (MREO) reported a current ratio of 10.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.