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.
Key Performance Indicators
Operating Income
Decreasing
-18.98M
QoQ: -93.10% | YoY: -71.30%
Net Income
Decreasing
-18.41M
QoQ: -101.60% | YoY: -83.51%
EPS
Decreasing
-2.76
QoQ: -101.46% | YoY: -82.78%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Not reported for QQ4 2024; no quarter-on-quarter or year-on-year revenue data available. Gross Profit: $(3.776) million; Gross Profit Margin not disclosed; YoY: -480.3%; QoQ: -4,290.7% (reflecting the absence of revenue and higher relative cost impact).
Operating Income: $(18.980) million; YoY: -71.3%; QoQ: -93.1%.
Net Income: $(18.406) million; YoY: -83.5%; QoQ: -101.6%.
EPS (Diluted): $(2.76); YoY: -82.8%; QoQ: -101.5%.
EBITDA: $(7.737) million; YoY and QoQ not provided explicitly but indicative of ongoing operating losses.
Cash Flow: Net cash used by operating activities $(17.999) million; net cash used in investing activities $(19.544) million; net cash used/provided by financing activities $(0.208) million; Net change in cash $(1.337) million; Cash at end of period $3.705 million; Free cash flow $(17.999) million.
Liquidity: Cash and short-term investments totaled approximately $38.34 million at quarter-end. Current ratio reported at 4.88x, signaling solid near-term liquidity despite negative earnings.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-3.78M
-480.26%
-4 290.70%
Operating Income
-18.98M
-71.30%
-93.10%
Net Income
-18.41M
-83.51%
-101.60%
EPS
-2.76
-82.78%
-101.46%
Key Financial Ratios
Return on Assets
Weak
-0.45%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.56%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.88
Current ratio indicates excellent liquidity and financial flexibility
P/E Ratio
Negative
-0.26x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
0.58x
Trading below book value, potential value opportunity or distressed
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