MEI Pharma Inc (MEIP) Q1 2025 Earnings Report

MEI Pharma reported QQ1 2025 with no revenue disclosed and a net loss of $8.01 million, translating to an EPS of -$1.20. Operating expenses totaled $8.35 million driven by R&D of $3.16 million and G&A of $5.19 million, signaling continued heavy investment in the late-stage and discovery pipelines typical of a biotechnology company at this stage. Despite the lack of revenue and ongoing burn, MEI benefits from a robust liquidity position: cash and short-term investments total $26.9 million, current assets sit at $27.7 million, and the company maintains a strong current ratio of 9.66 and a cash ratio of 2.42. Net cash provided by investing activities was $14.7 million (largely from sales of investments), while operating cash flow was negative at $11.45 million, resulting in a net increase in cash of about $3.25 million for the period. The balance sheet shows a significant accumulated deficit (-$396.2 million) offset by substantial non-cash and equity components that keep total stockholders’ equity at $24.9 million and total assets at $27.8 million. The lack of quarter-over-quarter revenue is common in biotech, where value is driven by clinical milestones and partnerships. The key question for investors is whether MEI can convert its pipeline potential into meaningful value through data readouts, strategic collaborations, and eventual regulatory approvals, while managing dilution and financing needs.