MREO (Mereo BioPharma Group plc) stock: $0.30, $47.0M market cap, $30.1M cash, $16.9M EV, $240.1M fully diluted market cap. Data from Fully Diluted's biotech stocks database.
Pipeline assets
Setrusumab
Phase 3 · Active
Aliases BPS-804, UX143
Target Sclerostin
Partnerships Ultragenyx Pharmaceutical: license and collaboration agreement (2021); Mereo retained commercial rights in Europe and the U.K.; Ultragenyx manufactures (manufacturing and supply agreement, December 2024). $50M upfront received 2021 plus $9M milestone 2023
Indications- Osteogenesis imperfecta (OI) (Phase 3)
Status note Lead program. Phase 3 Orbit (vs placebo) and Cosmic (vs bisphosphonates) did not achieve primary endpoint of annualized clinical fracture rate (announced Dec 2025; data presented Jan 2026). Company believes data show meaningful effect on bone disease and continues engaging regulators on a path forward. Orphan designation (FDA/EC), EMA PRIME, FDA Breakthrough Therapy and rare pediatric disease designations.
Alvelestat
Phase 2 · Active Modality: oral small molecule (neutrophil elastase inhibitor)
Aliases MPH-966
Target neutrophil elastase
Partnerships Sentynl Therapeutics: Option and License Agreement (August 2026) for U.S. commercial and global manufacturing rights; Mereo leads global Phase 3 study and regulatory interactions until completion; $40M upfront + R&D payments on option exercise, up to $435M in milestones, double-digit tiered royalties on U.S. sales
Indications- Severe alpha-1 antitrypsin deficiency-associated lung disease (AATD-LD) (Phase 2)
Status note Completed two Phase 2 studies and is ready to progress into Phase 3; would be the first oral treatment for this rare progressive genetic lung disease if approved. Orphan designation (FDA/EC); FDA Fast Track for AATD-LD.
Vantictumab
Stage not disclosed · Active Modality: monoclonal antibody (anti-FZD)
Target FZD
Partnerships āshibio: global development funded and led by āshibio; Mereo retained commercial rights in Europe and the U.K.
Indications- Autosomal dominant osteopetrosis Type 2 (ADO2) (Stage not disclosed)
Status note Early-stage rare disease program; anti-FZD monoclonal antibody for ADO2.
Etigilimab
Stage not disclosed · Active
Aliases MPH-313
Target TIGIT
Status note Anti-TIGIT designed to activate the immune system for anti-tumor activity. Non-core program; global rights retained and available for partnering.
Leflutrozole
Phase 2 · Active Modality: oral small molecule (aromatase inhibitor)
Target Aromatase
Partnerships ReproNovo SA: exclusive worldwide license for development and commercialization (December 2023)
Indications- Male infertility associated with hypogonadotropic hypogonadism (HH) (Phase 2)
Status note Non-core program. ReproNovo commenced a Phase 2 trial in 2025 (first participant included; Mereo received $0.5M milestone).
Navicixizumab
Phase 1 · Active Modality: bispecific antibody (anti-DLL4/VEGF)
Target DLL4 / VEGF
Partnerships Feng Biosciences (formerly OncXerna Therapeutics): global license and collaboration (January 2020); $4M upfront plus $2M milestone 2022
Indications- Post-platinum ovarian cancer (Phase 1)
Status note Non-core program; completed a Phase 1 study.
Acumapimod
Stage not disclosed · Active
Target p38 kinase
Status note Non-core program; global rights retained and available for partnering. No details disclosed in excerpts.
Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.