$MEIP
MEI Pharma, Inc.

2024 Q3 Form 10-K Financial Statement

#000095017024108185 Filed on September 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024
Revenue $0.00 $0.00 $65.30M
YoY Change -100.0% -100.0% 33.76%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.189M $4.137M $23.30M
YoY Change -20.54% -58.51% -29.69%
% of Gross Profit
Research & Development $3.163M $3.944M $16.56M
YoY Change -9.24% 53.46% -68.43%
% of Gross Profit
Depreciation & Amortization $368.0K $125.0K $383.0K
YoY Change 322.99% 25.0% -0.78%
% of Gross Profit
Operating Expenses $3.163M $8.081M $16.56M
YoY Change -9.24% -35.56% -68.43%
Operating Profit -$8.352M $14.54M
YoY Change -115.11% -139.55%
Interest Expense $355.0K $608.0K $3.277M
YoY Change -67.43% -42.64% -2.18%
% of Operating Profit 22.53%
Other Income/Expense, Net $345.0K -$34.00K $3.236M
YoY Change -68.44% 240.0% -34.31%
Pretax Income -$8.007M -$18.41M $17.78M
YoY Change -114.2% 83.51% -155.84%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$8.007M -$18.41M $17.78M
YoY Change -114.2% 83.51% -155.84%
Net Earnings / Revenue 27.23%
Basic Earnings Per Share -$1.20 $2.67
Diluted Earnings Per Share -$1.20 -$2.76 $2.67
COMMON SHARES
Basic Shares Outstanding 6.663M 6.663M 6.663M
Diluted Shares Outstanding 6.663M 6.663M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.91M $38.35M $38.35M
YoY Change -67.27% -61.92% -61.92%
Cash & Equivalents $6.952M $3.705M $3.705M
Short-Term Investments $19.95M $34.64M $34.64M
Other Short-Term Assets $840.0K $2.424M $2.424M
YoY Change -86.45% -64.35% -64.35%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.75M $40.77M $40.77M
YoY Change -68.62% -62.09% -62.08%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $392.0K $606.0K
YoY Change -99.59% -70.05% -95.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.000K $606.0K $606.0K
YoY Change -99.96% -95.44% -95.44%
TOTAL ASSETS
Total Short-Term Assets $27.75M $40.77M $40.77M
Total Long-Term Assets $5.000K $606.0K $606.0K
Total Assets $27.75M $41.38M $41.38M
YoY Change -72.59% -65.75% -65.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $976.0K $3.168M $3.168M
YoY Change -69.69% -48.35% -48.07%
Accrued Expenses $1.896M $5.187M $5.187M
YoY Change -55.79% -58.37% -62.68%
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 $2.872M $8.355M $8.355M
YoY Change -66.46% -58.92% -58.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.872M $8.355M $8.355M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.872M $8.355M $8.355M
YoY Change -85.56% -91.31% -91.31%
SHAREHOLDERS EQUITY
Retained Earnings -$396.2M -$388.2M
YoY Change 13.33% -4.38%
Common Stock $421.1M $421.2M
YoY Change -2.29% -2.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.88M $33.02M $33.02M
YoY Change
Total Liabilities & Shareholders Equity $27.75M $41.38M $41.38M
YoY Change -72.59% -65.75% -65.75%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024
OPERATING ACTIVITIES
Net Income -$8.007M -$18.41M $17.78M
YoY Change -114.2% 83.51% -155.84%
Depreciation, Depletion And Amortization $368.0K $125.0K $383.0K
YoY Change 322.99% 25.0% -0.78%
Cash From Operating Activities -$11.45M -$18.00M -$50.47M
YoY Change -38.08% 59.28% -3.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.000K
YoY Change -100.0% -80.0%
Acquisitions
YoY Change
Other Investing Activities $14.70M $19.54M $49.15M
YoY Change 196.31% 0.53% -8.53%
Cash From Investing Activities $14.70M $19.54M $49.14M
YoY Change 196.49% 0.74% -8.47%
FINANCING ACTIVITIES
Cash Dividend Paid $11.66M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -208.0K -11.87M
YoY Change 29570.0%
NET CHANGE
Cash From Operating Activities -11.45M -18.00M -50.47M
Cash From Investing Activities 14.70M 19.54M 49.14M
Cash From Financing Activities -208.0K -11.87M
Net Change In Cash 3.247M 1.337M -13.20M
YoY Change -123.99% -83.49% -1232.16%
FREE CASH FLOW
Cash From Operating Activities -$11.45M -$18.00M -$50.47M
Capital Expenditures $0.00 $7.000K
Free Cash Flow -$18.00M -$50.48M
YoY Change 58.72% -3.88%

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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
16906000
CY2024 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024 meip Remeasurement Of Right Of Use Asset And Related Lease Liability Upon Lease Modification
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-22000
CY2023 meip Remeasurement Of Right Of Use Asset And Related Lease Liability Upon Lease Modification
RemeasurementOfRightOfUseAssetAndRelatedLeaseLiabilityUponLeaseModification
0
CY2024 meip Remeasurement Of Right Of Use Asset For Direct Costs Associated With Lease Modification
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181000
CY2023 meip Remeasurement Of Right Of Use Asset For Direct Costs Associated With Lease Modification
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0
CY2024 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q4 us-gaap Costs And Expenses Related Party
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CY2024 us-gaap Common Stock Dividends Per Share Declared
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1.75
CY2023Q4 meip Closing Agreement
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2023-11-17
CY2023Q4 us-gaap Payments Of Dividends
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11700000
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-388200000
CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2024 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosures made in the accompanying notes to the consolidated 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>
CY2024Q2 us-gaap Short Term Investments
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CY2023Q2 us-gaap Short Term Investments
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CY2023Q2 us-gaap Accounts Receivable Net Current
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CY2023Q2 us-gaap Unbilled Receivables Current
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CY2022Q2 us-gaap Unbilled Receivables Current
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CY2022Q2 us-gaap Contract With Customer Liability
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CY2024 meip Contract With Customer Liability Revenue Recognized Upon Satisfaction Of Performance Obligations
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-317000
CY2023 meip Contract With Customer Liability Revenue Recognized Upon Satisfaction Of Performance Obligations
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0
CY2023 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
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CY2024 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
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0
CY2023 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
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-8607000
CY2024Q2 us-gaap Contract With Customer Liability
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CY2023Q2 us-gaap Contract With Customer Liability
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CY2024 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Other Information
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An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
CY2024Q2 us-gaap Unrecognized Tax Benefits
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0
CY2023Q2 us-gaap Unrecognized Tax Benefits
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CY2024 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2023 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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CY2024 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1460000
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1374000
CY2023Q2 us-gaap Other Prepaid Expense Current
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2151000
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2424000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
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6750000
CY2024Q2 us-gaap Property Plant And Equipment Gross
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2156000
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2343000
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1764000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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392000
CY2023Q2 us-gaap Property Plant And Equipment Net
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CY2024Q2 us-gaap Proceeds From Sale Of Furniture And Fixtures
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CY2023Q2 meip Accrued Preclinical And Clinical Costs
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CY2023Q2 meip Accrued Reimbursement To Related Party
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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CY2024Q2 us-gaap Accrued Liabilities Current
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CY2023Q2 us-gaap Accrued Liabilities Current
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
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0
CY2024 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
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CY2024Q3 us-gaap Severance Costs1
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2029-11-30
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2029-11-30
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CY2024Q2 us-gaap Operating Lease Liability
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CY2024Q2 meip Operating Leases Future Minimum Rental Payments
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
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CY2024Q2 meip Direct Costs
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CY2024 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q4 meip Adopted Agreement
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2023-10-01
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CY2024 meip Rights And The Rights Agreement Expiration Description
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The Rights and the Rights Agreement will expire upon the earliest to occur of (i) the date on which all of the Rights are redeemed, (ii) the date on which the Rights are exchanged, and (iii) the close of business on September 30, 2024.
CY2022Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
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CY2023 meip Number Of Warrants Exercised
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0.00000002
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100000
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one vote per share
CY2024Q2 us-gaap Preferred Stock Shares Issued
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CY2023Q2 us-gaap Preferred Stock Shares Outstanding
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CY2024 us-gaap Share Based Compensation
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CY2023 us-gaap Share Based Compensation
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 meip Income Tax Reconciliation Nondeductible Expense Section162 M Limitation Amount
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CY2023 meip Effective Income Tax Rate Reconciliation Nondeductible Expense Section162 M Limitation Percent
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Other
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CY2024 us-gaap Income Tax Expense Benefit
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 meip Deferred Tax Assets Right Of Use Assets
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DeferredTaxAssetsOther
647000
CY2023Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1303000
CY2024Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
69918000
CY2023Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
76199000
CY2024Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
69918000
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
76199000
CY2024Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
209800000
CY2024Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
23800000
CY2024 meip Taxable Income Percentage
TaxableIncomePercentage
0.80
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 meip Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 meip Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

Files In Submission

Name View Source Status
meip-20240630_htm.xml Edgar Link completed
0000950170-24-108185-index-headers.html Edgar Link pending
0000950170-24-108185-index.html Edgar Link pending
0000950170-24-108185.txt Edgar Link pending
0000950170-24-108185-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
img104983857_0.jpg Edgar Link pending
img104983857_1.jpg Edgar Link pending
img104983857_10.jpg Edgar Link pending
img104983857_11.jpg Edgar Link pending
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img104983857_7.jpg Edgar Link pending
img104983857_8.jpg Edgar Link pending
img104983857_9.jpg Edgar Link pending
img199214580_0.jpg Edgar Link pending
meip-20240630.htm Edgar Link pending
meip-20240630.xsd Edgar Link pending
meip-ex10_24.htm Edgar Link pending
meip-ex23_1.htm Edgar Link pending
meip-ex23_2.htm Edgar Link pending
meip-ex31_1.htm Edgar Link pending
meip-ex32_1.htm Edgar Link pending
meip-ex97.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending