MEI Pharma (MEIP) reported QQ4 2024 with no revenue and a meaningful net loss, underscoring the high-burn, cash-intensive nature of late-stage oncology development. For the quarter ended June 30, 2024, MEIP recognized a gross loss of $3.776 million on cost of revenue of $3.776 million and incurred total operating expenses of approximately $19.0 million driven by R&D and G&A activities. EBITDA turned negative to about $(7.74) million, while operating income was $(18.98) million and net income $(18.41) million, with basic and diluted EPS at $(2.76).
From a liquidity perspective, MEIP burned cash from operations by roughly $(18.0) million, invested $(19.5) million, and financed de minimis activities, resulting in a net change in cash of about $1.34 million for the period. Cash and short-term investments totaled roughly $38.3 million at period end, providing a near-term liquidity runway but underscoring the reliance on external funding to support ongoing development.
The balance sheet shows total assets around $41.4 million and stockholders’ equity near $33 million, alongside a substantial accumulated deficit reflected in negative retained earnings. Absent meaningful near-term revenue or licensing inflows, MEIP’s performance hinges on pipeline milestones, strategic collaborations, and the ability to secure additional capital. Investors should monitor clinical readouts, partnership updates, and any potential licensing arrangements that could bolster both liquidity and clinical value creation.