MEI Pharma Files 2024 10-K, Details Partnerships and Assets

TL;DR

MEI Pharma's 2024 10-K is out. Looks like they're still working on deals with Kyowa Kirin and Presage, with potential big payouts down the line.

AI Summary

MEI Pharma, Inc. filed its 10-K for the fiscal year ending June 30, 2024, detailing its operations and financial condition. The company's business includes agreements with entities like Kyowa Kirin Co. and Presage Biosciences Inc., involving potential milestone payments. MEI Pharma also reported on its assets, including equipment and furniture, and its financial activities related to warrants and revenue from contracts.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of MEI Pharma's financial health, strategic partnerships, and operational status for the past fiscal year.

Risk Assessment

Risk Level: medium — The company's financial performance and future prospects are heavily tied to the success of its drug development pipeline and strategic partnerships, which inherently carry significant risk.

Key Numbers

• 2024-06-30 — Fiscal Year End (The period covered by the 10-K filing.)
• 2023-07-01 — Start of Fiscal Year (The beginning of the reporting period for financial data.)

Key Players & Entities

• MEI Pharma, Inc. (company) — Filer of the 10-K report
• June 30, 2024 (date) — Fiscal year end for the 10-K filing
• Kyowa Kirin Co. (company) — Partner in an agreement with MEI Pharma
• Presage Biosciences Inc. (company) — Partner in an agreement with MEI Pharma
• Torreya Partners Llc (company) — Related to warrants

FAQ

Key Financial Figures

• $0.00000002 — he registrant's common stock, par value $0.00000002 per share, outstanding. Table of Cont
• $1.75 — the form of a dividend in the amount of $1.75 per share of common stock, as further d
• $9.33 million — second return of capital not to exceed $9.33 million (Potential Second Return of Capital) if
• $1.1 m — e Cooperation Agreement in an amount of $1.1 million, which is recorded within general
• $11.7 million — (Capital Return). The total dividend of $11.7 million was paid on December 6, 2023, and was r

Filing Documents

• meip-20240630.htm (10-K) — 2422KB
• meip-ex10_24.htm (EX-10.24) — 23KB
• meip-ex23_1.htm (EX-23.1) — 3KB
• meip-ex23_2.htm (EX-23.2) — 3KB
• meip-ex31_1.htm (EX-31.1) — 16KB
• meip-ex32_1.htm (EX-32.1) — 7KB
• meip-ex97.htm (EX-97) — 97KB
• img104983857_0.jpg (GRAPHIC) — 130KB
• img104983857_1.jpg (GRAPHIC) — 1KB
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• img104983857_14.jpg (GRAPHIC) — 122KB
• img104983857_15.jpg (GRAPHIC) — 101KB
• img104983857_16.jpg (GRAPHIC) — 97KB
• img199214580_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-108185.txt ( ) — 9459KB
• meip-20240630.xsd (EX-101.SCH) — 1281KB
• meip-20240630_htm.xml (XML) — 1138KB

Business

Business 5 Item 1A:

Risk Factors

Risk Factors 20 Item 1B: Unresolved Staff Comments 30 Item 1C: Cybersecurity 30 Item 2:

Properties

Properties 31 Item 3:

Legal Proceedings

Legal Proceedings 31 Item 4: Mine Safety Disclosures 32 PART II Item 5: Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6: [Reserved] 33 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7a:

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 8: Consolidated Financial Statements and Supplementary Data 39 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 Item 9A:

Controls and Procedures

Controls and Procedures 63 Item 9B: Other Information 63 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III Item 10: Directors, Executive Officers and Corporate Governance 65 Item 11:

Executive Compensation

Executive Compensation 71 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13: Certain Relationships and Related Transactions, and Director Independence 86 Item 14: Principal Accountant Fees and Services 86 PART IV Item 15: Exhibits, Financial Statement Schedules 87 Item 16: Form 10-K Summary 89 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (Annual Report) includes forward-looking statements, which involve a number of risks and uncertainties. These forward-looking statements can generally be identified as such because the context of the statement will include words such as "may," "will," "intend," "plan," "believe," "anticipate," "expect," "estimate," "predict," "potential," "continue," "likely," or "opportunity," the negative of these words or other similar words. Similarly, statements that describe our future plans, strategies, intentions, expectations, objectives, goals or prospects and other statements that are not historical facts are also forward-looking statements. Discussions containing these forward-looking statements may be found, among other places, in "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report. For such statements, we claim the protection of the Private Securities Litigation Reform Act of 1995. Readers of this Annual Report are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the time this Annual Report was filed with the Securities and Exchange Commission, or SEC. These forward-looking statements are based largely on our expectations and projections about future events and future trends affecting our business, and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, without limitation, those discussed in "Risk Factors" and in "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report. Other sections of this report and our other filings with the SEC may include additional factors which could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environm

Business

Item 1. Business Overview MEI Pharma, Inc. (Nasdaq: MEIP) is a pharmaceutical company that has been developing novel and differentiated cancer therapies. We built our pipeline by acquiring promising cancer agents and creating value in programs through clinical development, strategic partnerships, and out-licensing or commercialization, as appropriate. Our approach to oncology drug development has been to evaluate our drug candidates in combinations with standard-of-care therapies to overcome known resistance mechanisms and address clear medical needs to provide improved patient benefit. Our drug candidate pipeline includes voruciclib, an oral cyclin-dependent kinase 9 (CDK9) inhibitor, and ME-344, an intravenous small molecule mitochondrial inhibitor targeting the oxidative phosphorylation pathway. Strategic Alternatives On July 22, 2024, we announced that our Board of Directors (Board) had determined unanimously to begin the evaluation of our strategic alternatives, including potential transactions as well as an orderly wind down of operations, if appropriate, to maximize the value of our assets for our stockholders. We commenced a reduction-in-force beginning August 1, 2024, which will continue in stages as our operational and strategic direction evolves. We have discontinued the clinical development of voruciclib, while certain nonclinical activities related to our drug candidate assets will continue to be conducted by us. As part of the review of strategic alternatives, we may consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities. Consistent with our intention to preserve cash, David M. Urso, our President and Chief Executive Officer, and Richard Ghalie, M.D., our Chief Medical Officer, have stepped down effective August 1, 2024. Mr. Urso also left the Board at that date. We have entered into consulting agreements with both Mr. Urso and Dr. Ghalie under which they will remain available to assi

View Full Filing

View this 10-K filing on SEC EDGAR