$MEIP
MEI Pharma, Inc.

2023 Q1 Form 10-Q Financial Statement

#000095017023002323 Filed on February 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $5.894M $32.74M $18.22M
YoY Change -39.2% 79.65% 98.78%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $18.22M
YoY Change 110.1%
Gross Profit Margin 100.0%
Selling, General & Admin $7.181M $8.496M $7.926M
YoY Change -19.62% 7.19% 40.28%
% of Gross Profit 43.5%
Research & Development $15.10M $15.31M $21.53M
YoY Change -32.32% -28.88% -3.12%
% of Gross Profit 118.16%
Depreciation & Amortization $97.00K $92.00K $75.00K
YoY Change 8.99% 22.67% 7.14%
% of Gross Profit 0.41%
Operating Expenses $15.10M $15.31M $21.53M
YoY Change -32.32% -28.88% -3.12%
Operating Profit -$16.39M $8.926M -$11.24M
YoY Change -23.97% -179.45% -41.49%
Interest Expense $957.0K $1.331M $5.469M
YoY Change -92.54% -75.66% -24.57%
% of Operating Profit 14.91%
Other Income/Expense, Net -$4.000K -$4.000K $0.00
YoY Change -100.0%
Pretax Income -$15.44M $10.25M -$12.16M
YoY Change 76.94% -184.35% 6.17%
Income Tax
% Of Pretax Income
Net Earnings -$15.44M $10.25M -$12.16M
YoY Change 76.94% -184.35% 51.46%
Net Earnings / Revenue -261.93% 31.32% -66.71%
Basic Earnings Per Share -$2.32 $0.08 -$0.05
Diluted Earnings Per Share -$2.32 $0.08 -$0.09
COMMON SHARES
Basic Shares Outstanding 133.3M 133.3M 126.7M
Diluted Shares Outstanding 6.663M 133.3M 128.2M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.0M $124.2M $185.8M
YoY Change -33.72% -33.15% 3.14%
Cash & Equivalents $8.812M $10.92M $12.55M
Short-Term Investments $103.2M $113.3M $173.2M
Other Short-Term Assets $3.867M $3.568M $4.823M
YoY Change -35.31% -26.02% 30.35%
Inventory
Prepaid Expenses
Receivables $4.580M $5.704M $10.15M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $120.5M $133.4M $200.7M
YoY Change -34.33% -33.52% 3.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.366M $1.456M $1.414M
YoY Change -5.07% 2.97% -13.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $13.70M $14.15M $8.739M
YoY Change 25.0% 61.96% -11.26%
TOTAL ASSETS
Total Short-Term Assets $120.5M $133.4M $200.7M
Total Long-Term Assets $13.70M $14.15M $8.739M
Total Assets $134.2M $147.6M $209.5M
YoY Change -30.98% -29.53% 2.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.389M $4.067M $6.256M
YoY Change -46.85% -34.99% 12.62%
Accrued Expenses $16.26M $14.35M $9.765M
YoY Change 61.32% 46.91% -12.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.62M $22.65M $30.52M
YoY Change -1.4% -25.78% -17.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.21M $76.57M $113.5M
YoY Change -25.77% -32.51% 21.47%
Total Long-Term Liabilities $76.21M $76.57M $113.5M
YoY Change -25.77% -32.51% 21.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.62M $22.65M $30.52M
Total Long-Term Liabilities $76.21M $76.57M $113.5M
Total Liabilities $99.83M $99.23M $132.2M
YoY Change -21.16% -24.95% 1.41%
SHAREHOLDERS EQUITY
Retained Earnings -$396.0M -$380.5M -$345.5M
YoY Change 10.58% 10.13% 18.82%
Common Stock $430.3M $428.9M $422.7M
YoY Change 1.04% 1.47% 16.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.35M $48.37M $73.33M
YoY Change
Total Liabilities & Shareholders Equity $134.2M $147.6M $209.5M
YoY Change -30.98% -29.53% 2.74%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$15.44M $10.25M -$12.16M
YoY Change 76.94% -184.35% 51.46%
Depreciation, Depletion And Amortization $97.00K $92.00K $75.00K
YoY Change 8.99% 22.67% 7.14%
Cash From Operating Activities -$12.13M -$14.27M -$8.566M
YoY Change -28.46% 66.59% -311.51%
INVESTING ACTIVITIES
Capital Expenditures -$51.00K
YoY Change -15.0%
Acquisitions
YoY Change
Other Investing Activities $10.02M $10.47M -$43.32M
YoY Change -34.35% -124.17% 751.04%
Cash From Investing Activities $10.02M $10.53M -$43.37M
YoY Change -33.85% -124.29% 742.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 48.87M
YoY Change -100.0% -100.0% 244225.0%
NET CHANGE
Cash From Operating Activities -12.13M -14.27M -8.566M
Cash From Investing Activities 10.02M 10.53M -43.37M
Cash From Financing Activities 0.000 0.000 48.87M
Net Change In Cash -2.105M -3.736M -3.070M
YoY Change 46.28% 21.69% 184.26%
FREE CASH FLOW
Cash From Operating Activities -$12.13M -$14.27M -$8.566M
Capital Expenditures -$51.00K
Free Cash Flow -$8.515M
YoY Change -307.18%

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NetCashProvidedByUsedInOperatingActivities
-16287000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
67862000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
173300000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
92118000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
144983000
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
-13000
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
59000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
24269000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28376000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
40000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
194000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
212000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
52325000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3672000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-40000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48671000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-4823000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
4008000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15740000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8543000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10917000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12551000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4347000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
meip Reduction In Force And Current Events Policy Textblock
ReductionInForceAndCurrentEventsPolicyTextblock
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Reduction in Force and Current Events</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In November 2022, we and Kyowa Kirin Co., Ltd. ("KKC") met with the U.S. Food and Drug Administration ("FDA") in a follow-up meeting to the March 2022 end of Phase 2 meeting. At this meeting, the FDA provided further guidance regarding the design and statistical analysis for the COASTAL trial. Following the November meeting, the companies jointly concluded that a clinical trial consistent with the recent FDA guidance, including modification of the ongoing COASTAL trial, would likely not be feasible to complete within a time period that would support further investment or with sufficient certainty of the regulatory requirements for approval to justify continued global development efforts. As a result, we and KKC jointly decided to discontinue global development of zandelisib for indolent forms of non-Hodgkin lymphoma outside of Japan.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The discontinuation of zandelisib development outside of Japan was a business decision based on the most recent regulatory guidance from the FDA and is not related to the zandelisib clinical data generated to date. KKC is continuing certain ongoing Japanese clinical trials, including the Phase 2 MIRAGE trial evaluating Japanese patients with relapsed or refractory indolent B-cell non-Hodgkin lymphomas, and will explore submitting the MIRAGE and TIDAL trials for marketing authorization in Japan. MIRAGE is a Phase 2 trial, similar in design to the global Phase 2, single-arm, TIDAL trial. In November 2022, we and KKC announced positive topline data from the Phase 2 MIRAGE trial.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We and KKC have begun closing all ongoing zandelisib clinical studies outside of Japan, including the Phase 3 COASTAL trial, the Phase 2 TIDAL trial, and the Phase 2 CORAL trial. Depending on the achievement of certain regulatory and commercial milestones in Japan, MEI may be eligible for additional payments from KKC under the current agreement. We are entitled to royalties on any sales of zandelisib in Japan.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In December 2022, we announced a plan to streamline our organization towards the continued clinical development of voruciclib and ME-344. As a result, we initiated a staggered workforce reduction, initially affecting 28 employees in December 2022 (representing approximately </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">27</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of our workforce). In connection with the reduction in force, we incurred termination costs, which include severance, benefits, and related costs of approximately $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million, of which $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">0.8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million was research and development expense and $</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">0.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million was general and administrative expense. We have accrued these termination benefits as of December 31, 2022 and paid the associated benefits in January 2023.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.27
meip Contract Assets Billable Amounts
ContractAssetsBillableAmounts
38326000
meip Receivables Amounts Billed
ReceivablesAmountsBilled
17803000
meip Receivables Amounts Billed
ReceivablesAmountsBilled
35757000
meip Receivables Payments Received
ReceivablesPaymentsReceived
-17803000
meip Receivables Payments Received
ReceivablesPaymentsReceived
-35757000
meip Severance Benefits And Related Costs
SeveranceBenefitsAndRelatedCosts
1200000
CY2022Q4 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
0
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-380500000
CY2022Q4 meip Cash And Cash Equivalentsshort Term Investments And Common Stock Proceeds Receivable
CashAndCashEquivalentsshortTermInvestmentsAndCommonStockProceedsReceivable
124200000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.</span></p>
CY2022Q4 us-gaap Revenues
Revenues
32735000
CY2021Q4 us-gaap Revenues
Revenues
11832000
us-gaap Revenues
Revenues
41465000
us-gaap Revenues
Revenues
19589000
CY2022Q4 us-gaap Revenues
Revenues
32735000
CY2021Q4 us-gaap Revenues
Revenues
11832000
us-gaap Revenues
Revenues
41465000
us-gaap Revenues
Revenues
19589000
CY2022Q4 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
0
CY2021Q4 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
0
CY2021Q4 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
0
meip Contract Assets Billable Amounts
ContractAssetsBillableAmounts
13463000
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
10044000
CY2021Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
7582000
meip Contract Assets Amounts Billed
ContractAssetsAmountsBilled
-17803000
meip Contract Assets Amounts Billed
ContractAssetsAmountsBilled
-35757000
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
5704000
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
10151000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
30900000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14677000
meip Contract With Customer Liability Milestone Payment Received
ContractWithCustomerLiabilityMilestonePaymentReceived
0
meip Contract With Customer Liability Milestone Payment Received
ContractWithCustomerLiabilityMilestonePaymentReceived
20000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2831000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1264000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
-16565000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
0
meip Contract With Customer Liability Revenue Recognized Performance Obligations No Longer Commence
ContractWithCustomerLiabilityRevenueRecognizedPerformanceObligationsNoLongerCommence
-8607000
meip Contract With Customer Liability Revenue Recognized Performance Obligations No Longer Commence
ContractWithCustomerLiabilityRevenueRecognizedPerformanceObligationsNoLongerCommence
0
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2897000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
33413000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
67400000
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
95400000
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
113300000
CY2022Q2 us-gaap Short Term Investments
ShortTermInvestments
137500000
us-gaap Share Based Compensation
ShareBasedCompensation
4863000
CY2022Q4 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10253000
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12156000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6371000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29666000
CY2022Q4 meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
0
CY2021Q4 meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
-5458000
meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
0
meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
-8046000
CY2022Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10253000
CY2021Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-17614000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6371000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-37712000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13370000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y10M24D
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133261000
CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
126725000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133258000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115982000
CY2022Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1435000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2675000
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133261000
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
128160000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133258000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
118657000
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43511000
CY2021Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20689000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43670000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20915000
CY2022Q2 meip Minimum Bid Price Per Share
MinimumBidPricePerShare
1.00
us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
November 30, 2029
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2029-11-30
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1133000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2335000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1913000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2477000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2551000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2715000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4386000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17510000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4140000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13370000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1343000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12027000
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0750
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19934007
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.85
CY2022Q4 us-gaap Operating Lease Cost
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608000
CY2021Q4 us-gaap Operating Lease Cost
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377000
us-gaap Operating Lease Cost
OperatingLeaseCost
1217000
us-gaap Operating Lease Cost
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753000
CY2022Q4 us-gaap Operating Lease Payments
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567000
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
380000
us-gaap Operating Lease Payments
OperatingLeasePayments
1133000
us-gaap Operating Lease Payments
OperatingLeasePayments
760000
meip Unsold Securities Shares And Warrants Under Agreement
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107500000
CY2022Q4 meip Aggregate Value Of Securities Available Under Agreement
AggregateValueOfSecuritiesAvailableUnderAgreement
123400000
CY2022Q4 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
0
CY2022Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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1600000
CY2022Q4 us-gaap Share Based Compensation
ShareBasedCompensation
813000
CY2021Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2324000
us-gaap Share Based Compensation
ShareBasedCompensation
2372000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
9220410
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.53
meip Share Based Compensation Arrangement By Share Based Payment Award Options Expired In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredInPeriod
156667000
meip Share Based Compensation Arrangements By Share Based Payment Award Options Expired In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpiredInPeriodWeightedAverageExercisePrice
2.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3592890
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.05
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25404860
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12242063
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.89
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.029
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.011
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.841
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.680
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.39
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.78

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