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MEI Pharma, Inc. Reports Net Loss of $31.8 Million for the Year Ended June 30, 2023
Annual Revenue Reaches $48.8 Million
San Diego-based pharmaceutical company MEI Pharma, Inc. [MEIP] has released its financial results for the year ended June 30, 2023. Despite an increase in revenue, the company reported a net loss of $31.8 million for the year.
MEI Pharma's revenue for the year reached $48.8 million, reflecting a significant growth of approximately 20% compared to the previous year's revenue of $40.7 million. However, the company's operating expenses remained high, with research and development expenses reaching $52.5 million and general and administrative expenses totaling $33.1 million, leading to a loss from operations of $36.8 million. Other income, including change in fair value of warrant liability, interest and dividend income, and other expenses, contributed positively with a net gain of $4.9 million. Despite the positive contribution from other income, the company still reported a net loss of $31.8 million for the year.