Executive Summary
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
QoQ: -93.10% | YoY:-71.30%
QoQ: -101.60% | YoY:-83.51%
QoQ: -101.46% | YoY:-82.78%
Key Insights
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...
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
operatingCashFlowPerShare
$-2.7
freeCashFlowPerShare
$-2.7
Management Commentary
Earnings call transcript data was not provided in the input. Consequently, no management quotes or thematic highlights from the call can be extracted. If you can provide the transcript or key takeaways, I can generate a detailed highlights section with management themes (strategy, operations, market conditions) and direct quotes.
Forward Guidance
No explicit forward guidance was included in the provided data. Given the lack of reported revenue and the ongoing heavy investment in R&D and corporate overhead, MEI Pharma’s short-term trajectory is contingent on external funding and pipeline milestones. Industry dynamics in oncology suggest potential catalysts from Zandelisib (Phase III in relapsed/refractory follicular lymphoma and Phase Ib multi-arm studies in B-cell malignancies), Vorucilib (CDK9 inhibitor in Phase Ib for AML and B-cell malignancies), ME344 (mitochondrial inhibitor in Phase I for HER2-negative breast cancer), and Pracinostat (HDAC inhibitor in Phase II for myelodysplastic syndrome). Management commentary (when available) would be evaluated against milestones such as interim Phase III readouts, regulatory interactions, and partnership or licensing deals that could bolster liquidity. Investors should monitor: (1) any disclosed guidance on runways or anticipated fundraising needs, (2) pipeline milestones and readouts, (3) changes in collaboration terms or new licensing arrangements, and (4) changes in cash burn rate or cost controls. If management provides explicit targets, they should be weighed against the probability of clinical success, regulatory timelines, and potential competitive dynamics in hematologic and solid tumor indications.