MEIP - MEI Pharma stock trades higher as FY22 revenue grows 17%

MEI Pharma ( NASDAQ: MEIP ) stock rose ~3% on Sept. 9 after FY22 revenue increased ~17% Y/Y.

For the fiscal year ended June 30 2022, revenue amounted to ~$40.9M, compared to ~$34.8M in 2021.

Net loss widened to -$54.5M, compared to -$41.3M in the prior year. The adjusted net loss was -$75.2M, compared to -$59.4M in 2021.

Research and development expenses increased ~23% to $85.6M. The company said the increase was mainly due to rise in development costs linked with zandelisib, increased drug manufacturing costs and consulting fees to support clinical trial activities.

As of June 30, MEI had $153.3M in cash, cash equivalents, and short-term investments with no outstanding debt.

Looking ahead President and CEO Daniel Gold said, "Despite a strong start to the fiscal year, our successes have been tempered by changes to the FDA’s approach to accelerated approvals, as now encapsulated by the FDA’s Project FrontRunner, which largely has closed the pathway to marketing authorization based on data from a single-arm study like our Phase 2 TIDAL study. However, the FDA emphasized that we and our partner, Kyowa Kirin, should continue efforts to evaluate zandelisib in our ongoing randomized Phase 3 COASTAL study."

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