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.