$MEIP
MEI Pharma, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024125328 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.189M
YoY Change -20.54%
% of Gross Profit
Research & Development $3.163M
YoY Change -9.24%
% of Gross Profit
Depreciation & Amortization $368.0K
YoY Change 322.99%
% of Gross Profit
Operating Expenses $3.163M
YoY Change -9.24%
Operating Profit -$8.352M
YoY Change -115.11%
Interest Expense $355.0K
YoY Change -67.43%
% of Operating Profit
Other Income/Expense, Net $345.0K
YoY Change -68.44%
Pretax Income -$8.007M
YoY Change -114.2%
Income Tax
% Of Pretax Income
Net Earnings -$8.007M
YoY Change -114.2%
Net Earnings / Revenue
Basic Earnings Per Share -$1.20
Diluted Earnings Per Share -$1.20
COMMON SHARES
Basic Shares Outstanding 6.663M 6.663M
Diluted Shares Outstanding 6.663M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.91M
YoY Change -67.27%
Cash & Equivalents $6.952M
Short-Term Investments $19.95M
Other Short-Term Assets $840.0K
YoY Change -86.45%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $27.75M
YoY Change -68.62%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K
YoY Change -99.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.000K
YoY Change -99.96%
TOTAL ASSETS
Total Short-Term Assets $27.75M
Total Long-Term Assets $5.000K
Total Assets $27.75M
YoY Change -72.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $976.0K
YoY Change -69.69%
Accrued Expenses $1.896M
YoY Change -55.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.872M
YoY Change -66.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.872M
Total Long-Term Liabilities $0.00
Total Liabilities $2.872M
YoY Change -85.56%
SHAREHOLDERS EQUITY
Retained Earnings -$396.2M
YoY Change 13.33%
Common Stock $421.1M
YoY Change -2.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.88M
YoY Change
Total Liabilities & Shareholders Equity $27.75M
YoY Change -72.59%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$8.007M
YoY Change -114.2%
Depreciation, Depletion And Amortization $368.0K
YoY Change 322.99%
Cash From Operating Activities -$11.45M
YoY Change -38.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $14.70M
YoY Change 196.31%
Cash From Investing Activities $14.70M
YoY Change 196.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -11.45M
Cash From Investing Activities 14.70M
Cash From Financing Activities
Net Change In Cash 3.247M
YoY Change -123.99%
FREE CASH FLOW
Cash From Operating Activities -$11.45M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<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;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 consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the valuation of share-based awards, the discount rate used in estimating the present value of the right-of-use assets and lease liabilities, the useful lives of property and equipment, the recoverability of long-lived assets, clinical trial accruals, periods over which revenue should be recognized, relative stand-alone selling price, deferred income taxes and related valuation allowances, and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. We base our estimates on historical experience and other market-specific or other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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AccruedReimbursementToRelatedParty
892000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
55000
CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
34000
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1896000
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5187000
CY2024Q3 us-gaap Severance Costs1
SeveranceCosts1
6000000
CY2020Q3 us-gaap Area Of Land
AreaOfLand
32800
CY2022Q3 meip Lease Termination Date
LeaseTerminationDate
2029-11-30
CY2024Q2 meip Lease Expiration Amended Date
LeaseExpirationAmendedDate
2024-09-30
CY2024Q3 meip Lease Termination Date
LeaseTerminationDate
2029-11-30
CY2024Q2 meip Lease Termination Fee
LeaseTerminationFee
11100000
CY2024Q2 meip Prepayment Of Remaining Rent
PrepaymentOfRemainingRent
200000
CY2024Q2 us-gaap Proceeds From Sale Of Furniture And Fixtures
ProceedsFromSaleOfFurnitureAndFixtures
1
CY2024Q2 meip Amount On Reduction In Remaining Right Of Use Asset And Lease Liability
AmountOnReductionInRemainingRightOfUseAssetAndLeaseLiability
22000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
0
CY2024Q2 meip Direct Costs
DirectCosts
200000
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
10400000
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
584000
CY2024Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
0
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
200000
CY2024Q2 meip Direct Costs
DirectCosts
200000
CY2024 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
22000
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
10400000
CY2023Q4 meip Closing Agreement
ClosingAgreement
2023-11-17
CY2023Q4 us-gaap Payments Of Dividends
PaymentsOfDividends
11700000
CY2023Q4 meip Adopted Agreement
AdoptedAgreement
2023-10-01
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00000002
CY2024Q3 meip Rights And The Rights Agreement Expiration Description
RightsAndTheRightsAgreementExpirationDescription
The Rights and the Rights Agreement expired at the close of business on September 30, 2024. No rights were redeemed or exchanged under the Rights Agreement.
CY2024Q3 meip Number Of Warrants Exercised
NumberOfWarrantsExercised
0
CY2024Q3 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
226100000
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
226000000
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00000002
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote per share
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
100000
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
-135000
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
363000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1357213
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.60
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
233528
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
21.85
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1123685
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
33.62
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1123685
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
33.62
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
300000
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M7D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.046
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.898
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.27
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 meip Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 meip Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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