MEI Pharma reported no revenue in QQ3 2024, recording a net loss of $9.13 million for the quarter and an operating loss of $9.83 million. R&D expenditure totaled $5.22 million, with G&A expense of $4.61 million and a small depreciation expense of $0.086 million, yielding a negative EBITDA of $9.74 million. The company funded operations during the quarter with a $11.66 million financing activity, while operating cash flow remained negative at approximately $2.93 million. Balance sheet highlights include $56.6 million in cash and short-term investments and total liabilities of $20.23 million against $51.03 million in stockholders’ equity, suggesting a solid liquidity position relative to current obligations but a fragile earnings profile given ongoing clinical development. The near-term outlook centers on execution of late-stage and mid-stage oncology programs (notably Zandelisib in relapsed/refractory follicular lymphoma and Vorucilib in B-cell malignancies) and potential strategic collaborations to monetize pipeline value. Investors should monitor upcoming readouts, regulatory steps, and any additional financing activity, as management guidance is not explicitly disclosed for QQ3 2024.
Key Performance Indicators
Operating Income
Increasing
-9.83M
QoQ: 17.61% | YoY: 40.03%
Net Income
Increasing
-9.13M
QoQ: 17.45% | YoY: 40.87%
EPS
Increasing
-1.37
QoQ: 17.47% | YoY: 40.95%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Not disclosed / N/A for QQ3 2024. Gross Profit: -$86,000; Gross Profit Margin: N/A. Operating Income: -$9.829 million; EBITDA: -$9.743 million. Net Income: -$9.13 million; EPS: -$1.37. YoY changes (where available): Gross profit down -101.58%; Operating income up 40.03%; Net income up 40.87%; EPS up 40.95%. QoQ changes: Gross profit down -1.18%; Operating income up 17.61%; Net income up 17.45%; EPS up 17.47%. Cash flow: Net cash from operating activities -$2.93 million; Net cash used in investing activities -$0.122 million; Net cash provided by financing activities +$11.66 million; Free cash flow: -$2.93 million. Balance sheet liquidity: Cash and cash equivalents $2.37 million; Short-term investments $54.18 million; Total cash and investments $56.55 million; Total assets $71.26 million; Total liabilities $20.23 million; Stockholders’ equity $51.03 million. Liquidity indicators: Current ratio 6.17, Quick ratio 6.17, Cash ratio 0.246.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-86.00K
-101.58%
-1.18%
Operating Income
-9.83M
40.03%
17.61%
Net Income
-9.13M
40.87%
17.45%
EPS
-1.37
40.95%
17.47%
Key Financial Ratios
Return on Assets
Weak
-0.13%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.18%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
6.17
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.23
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-0.71x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.51x
Trading below book value, potential value opportunity or distressed
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