MEI Pharma reported a Q3 2025 net loss of $2.57 million with no revenue, consistent with a development-stage biotechnology company that funds its clinical programs through ongoing operating spend. The quarter’s operating expenses totaled $2.774 million, comprised of R&D of $0.369 million and G&A of $2.405 million, resulting in an EBITDA of -$2.774 million and an EPS of -$0.39. Cash burn from operations stood at $3.27 million for the quarter, driving the cash balance to $20.47 million at period end; the company maintains a comfortable liquidity position with a current ratio of 16.78 and no outstanding debt. The balance sheet shows total assets of $20.78 million and stockholders’ equity of $19.54 million, underscoring a durable balance sheet even as the company carries a substantial accumulated deficit ($-401.48 million).\n\nFrom a forward-looking perspective, MEI continues to advance its pipeline, including Zandelisib (PI3K delta inhibitor) and Voruciclib (CDK9 inhibitor), with MEI344 (mitochondrial inhibitor) and Pracinostat (HDAC inhibitor) remaining strategic assets. While management did not provide formal revenue guidance or quarterly guidance in QQ3 2025, the near-term value propositions hinge on pipeline-readouts, top-line data readouts, and potential strategic partnerships that could monetize assets. Near-term cash runway, based on the quarterly burn rate, is approximately 1.5 years assuming no material new financing or revenue generation. Investors should monitor key clinical catalysts, any partnering announcements, and the evolution of the company’s operating expense trajectory as potential stock catalysts.
Key Performance Indicators
Operating Income
Increasing
-2.77M
QoQ: 19.62% | YoY: 71.78%
Net Income
Increasing
-2.57M
QoQ: 3.88% | YoY: 71.82%
EPS
Increasing
-0.39
QoQ: 2.50% | YoY: 71.53%
Revenue Trend
Margin Analysis
Financial Highlights
- Operating metrics show no revenue this quarter; Revenue: N/A; Gross Profit: N/A. - Operating Income: -$2.774 million; QoQ change: +19.62%; YoY change: +71.78% (benchmarks reflect quarterly progression from prior period). - Net Income: -$2.573 million; QoQ: +3.88%; YoY: +71.82%. - EPS: -$0.39; QoQ: +2.50%; YoY: +71.53%. - R&D expenses: $0.369 million; G&A expenses: $2.405 million; Total operating expenses: $2.774 million. - Net cash provided by operating activities: -$3.267 million; Free cash flow: -$3.267 million. - Cash and cash equivalents at period end: $20.472 million; Total assets: $20.779 million; Total liabilities: $1.238 million; Stockholders’ equity: $19.541 million. - Current ratio: 16.78; Quick ratio: 16.78; Cash ratio: 16.54. - Weighted average shares outstanding: 6.663 million. - Net debt: -$20.472 million (net cash position).
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-2.77M
71.78%
19.62%
Net Income
-2.57M
71.82%
3.88%
EPS
-0.39
71.53%
2.50%
Key Financial Ratios
Return on Assets
Weak
-0.12%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.13%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
16.78
Current ratio indicates excellent liquidity and financial flexibility
P/E Ratio
Negative
-1.42x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.75x
Trading below book value, potential value opportunity or distressed
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