Mereo BioPharma Group plc (MREO) Balance Sheet
MREO balance sheet, 2025
December 31, 2025 · U.S. dollars$45.9M assets = $5.0M liabilities + $40.9M equity
Both columns are drawn to the same scale: what MREO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MREO financial health
Descriptive bands, not a rating. Fiscal 2025.
MREO balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $66.5M2023 | $45.9M2025 | −16.9%/yr | |
| Total liabilities | $16.0M2023 | $5.0M2025 | −44.0%/yr | |
| Shareholders’ equity | $50.5M2023 | $40.9M2025 | −10.0%/yr | |
| Cash & short-term investments | $57.4M2023 | $41.0M2025 | −15.5%/yr | |
| Total debt | $6.0M2023 | $202,0002025 | −81.6%/yr | |
| Net cash (debt) | $51.5M2023 | $40.8M2025 | −$10.7M | |
| Working capital | $54.3M2023 | $40.7M2025 | −$13.6M | |
| Book value per share | $0.382023 | $0.262025 | −18.2%/yr | |
| Debt / equity | 0.122023 | 0.002025 | −0.11 | |
| Shares outstanding | 131.9M2023 | 159.4M2025 | +9.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MREO assets
MREO liabilities and equity
MREO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MREO balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $41.0M | $69.8M | $57.4M |
| Cash & equivalents | $41.0M | $69.8M | $57.4M |
| Receivables | $2.0M | $3.2M | $3.7M |
| Inventory | $0 | $0 | $1.2M |
| Other current assets | $2.0M | $1.7M | $1.4M |
| Total current assets | $45.0M | $74.8M | $63.8M |
| Property, plant & equipment (net) | $381,000 | $984,000 | $1.6M |
| Goodwill & intangible assets | $516,000 | $643,000 | $1.1M |
| Long-term investments | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 |
| Total assets | $45.9M | $76.4M | $66.5M |
| Liabilities | |||
| Accounts payable | $1.3M | $2.4M | $2.3M |
| Short-term debt | $202,000 | $6.2M | $652,000 |
| Deferred revenue | — | — | $6.5M |
| Total current liabilities | $4.3M | $13.8M | $9.5M |
| Long-term debt | $0 | $0 | $4.4M |
| Lease obligations | $202,000 | $894,000 | $1.6M |
| Other long-term liabilities | $699,000 | $1.6M | $2.1M |
| Total liabilities | $5.0M | $15.4M | $16.0M |
| Shareholders' equity | |||
| Common stock & paid-in capital | $3.1M | $3.1M | $2.8M |
| Retained earnings (deficit) | −$501.0M | −$462.9M | −$419.6M |
| Accumulated other comprehensive income | −$10.8M | −$18.8M | −$17.5M |
| Total shareholders' equity | $40.9M | $61.0M | $50.5M |
| Key figures | |||
| Total debt | $202,000 | $6.4M | $6.0M |
| Net cash (debt) | $40.8M | $63.4M | $51.5M |
| Working capital | $40.7M | $60.9M | $54.3M |
| Tangible book value | $40.4M | $60.3M | $49.4M |
| Book value per share | $0.26 | — | $0.38 |
| Shares outstanding | 159.4M | — | 131.9M |
| Current ratio | 10.46 | 5.40 | 6.72 |
| Quick ratio | 9.99 | 5.28 | 6.45 |
| Debt / equity | 0.00 | 0.11 | 0.12 |
| Equity / assets | 89.1% | 79.8% | 76.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $30.1M | $36.2M | $41.0M | $48.7M | $56.1M | $62.5M | $69.8M | $80.5M | $87.4M | $48.7M | $57.4M | $47.1M |
| Cash & equivalents | $30.1M | $36.2M | $41.0M | $48.7M | $56.1M | $62.5M | $69.8M | $80.5M | $87.4M | $48.7M | $57.4M | $47.1M |
| Receivables | $1.9M | $1.9M | $2.0M | $1.5M | $3.7M | $2.4M | $3.2M | $2.8M | $2.7M | $2.1M | $3.7M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1.8M | $1.2M | $0 |
| Other current assets | $1.4M | $1.9M | $2.0M | $2.2M | $1.5M | $2.0M | $1.7M | $3.4M | $3.8M | $864,000 | $1.4M | $5.2M |
| Total current assets | $33.4M | $40.0M | $45.0M | $52.4M | $61.4M | $66.9M | $74.8M | $86.7M | $93.9M | $53.5M | $63.8M | $52.3M |
| Property, plant & equipment (net) | $1.1M | $199,000 | $381,000 | $552,000 | $740,000 | $869,000 | $984,000 | $1.2M | $1.3M | $1.5M | $1.6M | $1.4M |
| Goodwill & intangible assets | $256,000 | $381,000 | $516,000 | $643,000 | $470,000 | $554,000 | $643,000 | $799,000 | $866,000 | $972,000 | $1.1M | $892,609 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 |
| Total assets | $34.7M | $40.6M | $45.9M | $53.6M | $62.6M | $68.3M | $76.4M | $88.7M | $96.1M | $55.9M | $66.5M | $54.5M |
| Liabilities | ||||||||||||
| Accounts payable | $1.1M | $3.2M | $1.3M | $879,000 | $1.1M | $2.9M | $2.4M | $2.0M | $2.7M | $2.5M | $2.3M | $1.9M |
| Short-term debt | $1.0M | — | $202,000 | $397,000 | $601,000 | $747,000 | $6.2M | $6.3M | $5.6M | $5.3M | $652,000 | $534,418 |
| Deferred revenue | — | — | — | — | — | — | — | $2.5M | — | $3.2M | $6.5M | — |
| Total current liabilities | $5.7M | $6.2M | $4.3M | $6.0M | $7.6M | $7.5M | $13.8M | $14.2M | $15.5M | $11.0M | $9.5M | $7.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.4M | $0 |
| Lease obligations | $1.0M | $0 | $202,000 | $397,000 | $601,000 | $747,000 | $894,000 | $1.1M | $1.2M | $1.4M | $1.6M | — |
| Other long-term liabilities | $385,000 | $383,000 | $699,000 | $988,000 | $897,000 | $744,000 | $1.6M | $2.0M | $2.0M | $2.1M | $2.1M | $5.3M |
| Total liabilities | $6.1M | $6.6M | $5.0M | $7.0M | $8.5M | $8.2M | $15.4M | $16.2M | $17.5M | $13.1M | $16.0M | $13.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.1M | $3.1M | $3.1M | $3.1M | $3.1M | $3.1M | $3.1M | $3.1M | $3.0M | $2.8M | $2.8M | $2.3M |
| Retained earnings (deficit) | −$514.5M | −$507.5M | −$501.0M | −$493.7M | −$486.6M | −$472.0M | −$462.9M | −$455.8M | −$440.8M | −$428.6M | −$419.6M | −$344.0M |
| Accumulated other comprehensive income | −$12.3M | −$12.6M | −$10.8M | −$10.9M | −$8.6M | −$15.3M | −$18.8M | −$11.1M | −$18.3M | −$18.3M | −$17.5M | −$14.3M |
| Total shareholders' equity | $28.7M | $34.1M | $40.9M | $46.6M | $54.2M | $60.1M | $61.0M | $72.5M | $78.7M | $42.8M | $50.5M | $41.4M |
| Key figures | ||||||||||||
| Total debt | $1.0M | — | $202,000 | $397,000 | $601,000 | $747,000 | $6.4M | $6.7M | $6.2M | $6.0M | $6.0M | $4.9M |
| Net cash (debt) | $29.1M | — | $40.8M | $48.3M | $55.5M | $61.7M | $63.4M | $73.8M | $81.3M | $42.6M | $51.5M | $42.2M |
| Working capital | $27.7M | $33.9M | $40.7M | $46.4M | $53.9M | $59.4M | $60.9M | $72.5M | $78.5M | $42.5M | $54.3M | $44.5M |
| Tangible book value | $28.4M | $33.7M | $40.4M | $46.0M | $53.7M | $59.5M | $60.3M | $71.7M | $77.8M | $41.9M | $49.4M | $40.5M |
| Book value per share | $0.18 | $0.21 | — | $0.29 | $0.34 | — | — | — | — | $0.31 | $0.37 | $0.30 |
| Shares outstanding | 160.7M | 160.4M | — | 160.0M | 159.9M | — | — | — | — | 140.1M | 138.4M | 138.4M |
| Current ratio | 5.88 | 6.48 | 10.46 | 8.71 | 8.13 | 8.92 | 5.40 | 6.10 | 6.07 | 4.86 | 6.72 | 6.72 |
| Quick ratio | 5.64 | 6.17 | 9.99 | 8.35 | 7.92 | 8.65 | 5.28 | 5.87 | 5.83 | 4.62 | 6.45 | 6.05 |
| Debt / equity | 0.04 | — | 0.00 | 0.01 | 0.01 | 0.01 | 0.11 | 0.09 | 0.08 | 0.14 | 0.12 | 0.12 |
| Equity / assets | 82.5% | 83.8% | 89.1% | 86.9% | 86.5% | 87.9% | 79.8% | 81.7% | 81.8% | 76.6% | 76.0% | 76.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
MREO financial position
At the end of fiscal 2025 (December 31, 2025), Mereo BioPharma had total assets of $45.9 million (down 39.9% from a year earlier), total liabilities of $5.0 million and shareholders' equity of $40.9 million. It held $41.0 million in cash and short-term investments against $0.2 million of debt, a net cash position of $40.8 million. Its current ratio was 10.46. In the latest quarter (ended June 30, 2026) total assets were $34.7 million and equity $28.7 million.
Related: MREO income statement, MREO cash flow statement, MREO key metrics. See the MREO stock overview for the latest quote and news.
MREO balance sheet FAQ
What are Mereo BioPharma's total assets?
Mereo BioPharma reported total assets of $45.9 million at the end of fiscal 2025 (December 31, 2025), compared with $76.4 million a year earlier.
How much debt does Mereo BioPharma have?
Mereo BioPharma had $0.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Mereo BioPharma have?
Mereo BioPharma held $41.0 million in cash and short-term investments at the end of fiscal 2025; with $0.2 million of debt that is net cash of $40.8 million.
What is Mereo BioPharma's book value?
Mereo BioPharma's shareholders' equity (book value) was $40.9 million at the end of fiscal 2025, or $0.26 per share.
What is Mereo BioPharma's current ratio?
Mereo BioPharma had current assets of $45.0 million and current liabilities of $4.3 million, a current ratio of 10.46 (it can cover its short-term obligations).
How much goodwill does Mereo BioPharma have?
Mereo BioPharma carried $0.5 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.