MEIP - MEI Pharma to restate financials after errors in revenue recognition

The shares of MEI Pharma (NASDAQ:MEIP) are trading lower in the premarket Monday after the clinical-stage biotech disclosed that the company had made errors in the revenue recognition for its collaboration with Japanese drugmaker, Kyowa Kirin Co., Ltd (OTCPK:KYKOF). As a result, revenue was overstated in some quarters and understated in certain other quarters in the financial statements for 2020 and 2021, MEI Pharma (MEIP) said. The company is planning to restate the annual and quarterly financial statements for periods from June 30, 2020. Noting that the errors were “material” in aggregate, MEI Pharma (MEIP) says that the investors should not rely on the financial statements and related information covering the non-reliance periods. Separately, the company announced that on May 09 Nasdaq Stock Market notified that the closing bid price of the company’s share price was below the minimum $1.00 per share requirement for the past 30 days for continued

For further details see:

MEI Pharma to restate financials after errors in revenue recognition