Mereo BioPharma Q2 net loss narrows to $7.0 million; alvelestat option deal signed
Mereo BioPharma reported second-quarter 2026 results with a net loss of $7.0 million, down from $14.6 million a year earlier, and revenue of zero versus $0.5 million in the prior-year quarter. The company also signed an option and license agreement with Sentynl Therapeutics for alvelestat, and said its cash of $30.1 million should fund operations into late 2027, while setrusumab's Phase 3 studies missed their primary endpoints.
Key points
- Q2 2026 net loss was $7.0 million, compared with $14.6 million in Q2 2025; revenue was zero versus $0.5 million a year earlier.
- Cash and cash equivalents were $30.1 million at June 30, 2026, down from $41.0 million at December 31, 2025, and are expected to fund operations into late 2027.
- Sentynl can exercise an option to license alvelestat; on exercise Mereo would be eligible for $40 million in upfront and R&D payments and up to $435 million in milestones.
- Orbit and Cosmic Phase 3 studies of setrusumab did not meet the primary fracture-rate endpoints; Mereo and Ultragenyx expect a regulatory path update by year-end 2026.
The filing
Written by AI on Nov 9, 2026, 8:53 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 11, 2026.
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