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Financial Statements — MREO
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q4 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 30.12 | 36.22 | 40.99 | 48.70 | 56.13 | 62.48 | 69.80 | 80.52 | 87.43 | 48.66 | 57.42 | 56.33 | 94.30 |
| Total Current Assets | 33.40 | 40.03 | 45.02 | 52.41 | 61.42 | 66.90 | 74.76 | 86.72 | 93.94 | 53.50 | 63.76 | 62.13 | 99.32 |
| Property, Plant & Equipment | 0.05 | 0.09 | 0.14 | 0.17 | 0.22 | 0.25 | 0.26 | 0.32 | 0.34 | 0.36 | 0.41 | -- | -- |
| Intangible Assets | 0.26 | 0.38 | 0.52 | 0.64 | 0.47 | 0.55 | 0.64 | 0.80 | 0.87 | 0.97 | 1.09 | -- | -- |
| Total Non-current Assets* | 1.31 | 0.58 | 0.90 | 1.20 | 1.21 | 1.42 | 1.63 | 2.02 | 2.19 | 2.44 | 2.74 | 25.95 | 27.09 |
| Total Assets | 34.71 | 40.61 | 45.92 | 53.60 | 62.63 | 68.32 | 76.39 | 88.75 | 96.13 | 55.94 | 66.50 | -- | -- |
| Accounts Payable | 1.12 | 3.23 | 1.33 | 0.88 | 1.14 | 2.92 | 2.44 | 1.75 | 2.70 | 2.46 | 2.35 | -- | -- |
| Total Current Liabilities | 5.68 | 6.18 | 4.30 | 6.02 | 7.56 | 7.50 | 13.85 | 14.21 | 15.47 | 11.00 | 9.49 | 24.68 | 12.54 |
| Total Non-current Liabilities* | 0.39 | 0.38 | 0.70 | 0.99 | 0.90 | 0.74 | 1.57 | 2.00 | 2.01 | 2.10 | 6.48 | 1.53 | 25.87 |
| Total Liabilities | 6.06 | 6.56 | 5.00 | 7.00 | 8.45 | 8.24 | 15.42 | 16.21 | 17.48 | 13.10 | 15.96 | -- | -- |
| Retained Earnings | (514.54) | (507.54) | (501.02) | (493.67) | (486.64) | (472.03) | (462.88) | (455.84) | (440.84) | (428.58) | (419.63) | (331.16) | (296.97) |
| Total Stockholder Equity | 28.65 | 34.05 | 40.92 | 46.60 | 54.18 | 60.08 | 60.97 | 72.54 | 78.65 | 42.84 | 50.54 | 61.87 | 88.00 |
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* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.00 | -- | 0.00 | 0.00 | 0.50 | -- | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 |
| Research & Development | 1.81 | 4.75 | 4.19 | 4.27 | 5.37 | 3.93 | 8.82 | 3.17 | 4.95 | 3.99 | 4.81 |
| Selling, General & Admin | 5.22 | 4.02 | 4.20 | 6.05 | 5.49 | 7.27 | 6.46 | 6.20 | 7.87 | 5.91 | 3.60 |
| Operating Income | (7.03) | (8.77) | (8.39) | (10.01) | (10.50) | (11.20) | (15.28) | (9.37) | (12.81) | (9.90) | (7.13) |
| Interest Expense | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.18 | 0.38 | 0.35 | 0.33 | 0.31 | 0.35 |
| Pretax Income | (7.00) | (6.72) | (7.35) | (7.02) | (14.62) | (12.89) | (7.05) | (15.00) | (12.25) | (8.95) | (9.64) |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.53) |
| Net Income | (7.00) | (6.72) | (7.35) | (7.02) | (14.62) | (12.89) | (7.05) | (15.00) | (12.25) | (8.95) | (9.11) |
| Basic EPS | (0.01) | (0.01) | 0.00 | (0.01) | (0.02) | (0.02) | (0.01) | (0.02) | (0.02) | (0.01) | (0.01) |
| Diluted EPS | (0.01) | (0.01) | 0.00 | (0.01) | (0.02) | (0.02) | (0.01) | (0.02) | (0.02) | (0.01) | (0.01) |
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Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (6.04) | (4.31) | (7.68) | (7.31) | (7.65) | (8.33) | (9.42) | (7.52) | (7.90) | (7.99) |
| Capital Expenditures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | -- | -- | -- | -- |
| Free Cash Flow* | (6.04) | (4.31) | (7.68) | (7.31) | (7.65) | (8.35) | -- | -- | -- | -- |
| Investing Cash Flow | 0.00 | (0.30) | 0.00 | 0.30 | 0.00 | (0.32) | 0.00 | 0.00 | 0.00 | (0.70) |
| Financing Cash Flow | 0.00 | 0.00 | 0.04 | 0.00 | (0.13) | 0.42 | (0.04) | (0.59) | 46.78 | -- |
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* Derived from reported values