Mereo BioPharma Group plc (MREO) Income Statement
MREO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMREO revenue and net income
Where MREO's revenue goes
2025Each bar shows an amount and its share of revenue. MREO kept −8,375.6% of revenue as net income.
MREO profit margins
MREO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MREO quarterly EPS vs estimates
Mereo BioPharma beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.01).
MREO income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $500,000 | $0 | $10.0M |
| Cost of revenue | $133,000 | $1.1M | $2.6M |
| Gross profit | $367,000 | −$1.1M | $7.4M |
| Research & development | $17.8M | $20.9M | $17.4M |
| Sales, general & admin | $23.0M | $26.4M | $18.4M |
| Total operating expenses | $38.6M | $47.4M | $35.8M |
| Operating income | −$38.3M | −$47.4M | −$28.4M |
| Interest income | $2.2M | $3.0M | $2.1M |
| Interest expense | $255,000 | $1.4M | $2.9M |
| Income before taxes | −$41.9M | −$43.3M | −$30.0M |
| Income taxes | −$1.9M | $18,200 | −$532,000 |
| Net income | −$41.9M | −$43.3M | −$29.5M |
| EBITDA | −$40.5M | $1.1M | −$26.1M |
| EPS (diluted) | −$0.05 | −$0.11 | −$0.04 |
| Gross margin | 73.4% | — | 74.3% |
| Operating margin | −7,651.4% | — | −284.2% |
| Net margin | −8,375.6% | — | −294.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $500,000 | $0 | $1.1M | $0 | $0 | $0 | $1.0M | $533,429 |
| Cost of revenue | $0 | $304,488 | $591,144 | $1,000 | $132,000 | $271,036 | $271,459 | $284,892 | $257,288 | $274,842 | −$273,000 | −$235,000 |
| Gross profit | $0 | −$304,488 | −$591,144 | −$1,000 | $368,000 | −$271,036 | −$271,459 | −$284,892 | −$257,288 | −$274,842 | $1.3M | $235,000 |
| Research & development | $1.8M | $4.7M | $4.2M | $3.8M | $5.4M | $3.9M | $8.7M | $3.2M | $4.9M | $4.0M | $4.8M | $3.6M |
| Sales, general & admin | $5.2M | $4.0M | $4.2M | $6.0M | $5.5M | $7.3M | $6.5M | $6.2M | $8.1M | $5.9M | $3.6M | $5.7M |
| Total operating expenses | $7.0M | $8.4M | $7.8M | $10.0M | $10.9M | $11.2M | $14.9M | $9.4M | $12.8M | $9.9M | $8.4M | $9.3M |
| Operating income | −$7.0M | −$8.8M | −$8.4M | −$10.0M | −$10.5M | −$11.2M | −$15.1M | −$9.4M | −$12.8M | −$9.9M | −$7.1M | −$9.1M |
| Interest income | $278,000 | $327,000 | $421,000 | $504,000 | $589,000 | $659,000 | $881,000 | $983,000 | $559,000 | $617,000 | $763,000 | $689,000 |
| Interest expense | $16,000 | $20,000 | $22,966 | $27,831 | $24,000 | $180,000 | $371,522 | $353,000 | $331,000 | $310,000 | $353,000 | $700,000 |
| Income before taxes | −$7.0M | −$6.8M | −$7.8M | −$7.0M | −$14.6M | −$12.9M | −$7.6M | −$15.0M | −$12.3M | −$9.0M | −$9.6M | −$6.5M |
| Income taxes | — | −$94,840 | −$472,316 | — | — | — | −$570,659 | −$15.0M | −$369,413 | −$476,727 | −$532,000 | $235,580 |
| Net income | −$7.0M | −$6.7M | −$7.3M | −$7.0M | −$14.6M | −$12.9M | −$7.0M | −$15.0M | −$12.3M | −$9.0M | −$9.1M | −$6.5M |
| EBITDA | −$6.7M | −$8.4M | −$7.8M | −$9.8M | −$14.3M | −$12.4M | −$14.9M | −$14.4M | $257,000 | −$8.4M | −$9.0M | −$5.5M |
| EPS (diluted) | −$0.01 | −$0.01 | −$0.01 | −$0.01 | −$0.01 | −$0.02 | −$0.01 | −$0.02 | −$0.02 | −$0.06 | −$0.01 | $0.00 |
| Gross margin | — | — | — | — | 73.6% | — | −25.5% | — | — | — | 127.3% | 44.1% |
| Operating margin | — | — | — | — | −2,099.8% | — | −1,422.0% | — | — | — | −712.8% | −1,699.8% |
| Net margin | — | — | — | — | −2,923.2% | — | −655.9% | — | — | — | −910.9% | −1,224.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MREO's financial statements (latest annual report filed March 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MREO financial results
In fiscal year 2025 (ended December 31, 2025), Mereo BioPharma reported revenue of $0.5 million. It had a net loss of $41.9 million, a net profit margin of −8,375.6%. Diluted earnings per share came to −$0.05.
See the MREO stock overview for the latest quote and news, or the MREO chart for price history and technical indicators.
MREO income statement FAQ
What is Mereo BioPharma's annual revenue?
Mereo BioPharma reported total revenue of $0.5 million for fiscal year 2025, which ended on December 31, 2025.
Is Mereo BioPharma profitable?
No. Mereo BioPharma reported a net loss of $41.9 million in fiscal 2025, a net profit margin of −8,375.6%; its operating margin was −7,651.4%.
What is Mereo BioPharma's gross margin?
Mereo BioPharma's gross margin was 73.4% in fiscal 2025: for every $100 of revenue, Mereo BioPharma kept $73 after the direct cost of its products and services.
How much does Mereo BioPharma spend on research and development?
Mereo BioPharma spent $17.8 million on research and development in fiscal 2025, 3,553.2% of revenue.
What are Mereo BioPharma's earnings per share?
Mereo BioPharma earned $-0.05 per diluted share in fiscal 2025, compared with $-0.11 a year earlier.
When will Mereo BioPharma report its next earnings?
Mereo BioPharma is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Mereo BioPharma's fiscal year end?
Mereo BioPharma's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 19, 2026.