MEIP MEI Pharma Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 19, 2024

 

 

MEI Pharma, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-41827	51-0407811
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
9920 Pacific Heights Blvd., Suite 150
San Diego, California				92121
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 858 369-7100

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.00000002 par value		MEIP		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On September 19, 2024, MEI Pharma, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal year ended June 30, 2024. The text of the press release is included as an exhibit to this Current Report on Form 8-K. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release issued by MEI Pharma, Inc., dated September 19, 2024.
104		Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the XBRL document.

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			MEI Pharma, Inc.
Date:	September 19, 2024	By:	/s/ Justin J. File
			Justin J. File Acting Chief Executive Officer, Chief Financial Officer and Secretary

 

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MEI Pharma Reports Fiscal Year End 2024 Cash Position

 

Confirms Continuation of Evaluation of Strategic Alternatives

 

SAN DIEGO--(BUSINESS WIRE) — September 19, 2024 – MEI Pharma, Inc. (Nasdaq: MEIP) (the “Company”) today reported results for its fiscal year ended June 30, 2024.

 

Previously on July 22, 2024, the Company announced the commencement of an evaluation of strategic alternatives with the goal of maximizing the value of its assets for its stockholders. Subsequent to that date, the Company announced the engagement of Oppenheimer & Co., Inc. to serve as the Company’s exclusive financial adviser to assist in the review and evaluation of that process. As part of the review of strategic alternatives, the Company will consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities.

 

To best preserve the Company’s existing cash, the Company commenced a reduction-in-force on August 1, 2024, which will continue in stages as the Company’s operational and strategic direction evolves. Additionally, while the Company has discontinued the clinical development of voruciclib, certain non-clinical activities related to the Company’s drug candidates continue to be conducted.

 

There can be no assurance the exploration of strategic alternatives will result in any agreements or transactions, or, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not expect to disclose developments with respect to this process unless or until the evaluation of strategic alternatives has been completed or the Board of Directors has concluded disclosure is appropriate or legally required.

 

As of June 30, 2024, MEI had $38.3 million in cash, cash equivalents, and short-term investments with no outstanding debt.

 

About MEI Pharma

 

MEI Pharma, Inc. (Nasdaq: MEIP) is a clinical-stage pharmaceutical company with a portfolio of several drug candidates that may offer novel and differentiated cancer therapies. The 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. For more information, please visit www.meipharma.com. Follow us on X (formerly Twitter) @MEI_Pharma and on LinkedIn.

 

Forward-Looking Statements

 

Certain information contained in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the Company’s ability to identify, assess and execute a strategic transaction or realize value from its existing assets, the Company’s ability to preserve cash in order to adequately fund an orderly

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wind down of its operations if no transaction is consummated, the ability of stockholders and other stakeholders to realize any value or recovery as part of a transaction or a wind down process, the Company’s workforce reduction and future charges expected to be incurred in connection therewith, the adequacy or sufficiency of the Company’s existing cash resources and other statements. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management’s current expectations and are subject to a number of risks and uncertainties, including, but not limited to the Company’s ability to identify attractive strategic alternatives; the Company’s ability to retain key personnel; the adequacy of the Company’s capital resources in light of changing circumstances; the actions of various stakeholders of the Company; uncertainty regarding the impact of rising inflation and the increase in interest rates as a result; potential economic downturn; activist investors; government regulation; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.

 

Contact:

Justin J. File

858-898-0976

investor@meipharma.com

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MEI PHARMA, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
	June 30,
	2024				2023
ASSETS
Current assets:
Cash and cash equivalents	$	3,705			$	16,906
Short-term investments		34,640				83,787
Unbilled receivables		—				85
Prepaid expenses and other current assets		2,424				6,750
Total current assets		40,769				107,528
Operating lease right-of-use asset		214				11,972
Property and equipment, net		392				1,309
Total assets	$	41,375			$	120,809
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	3,168			$	6,134
Accrued liabilities		5,187				12,461
Deferred revenue		—				317
Operating lease liability		—				1,428
Total current liabilities		8,355				20,340
Deferred revenue, long-term		—				64,545
Operating lease liability, long-term		—				11,300
Total liabilities		8,355				96,185
Stockholders' equity:
Preferred stock, $0.01 par value; 100 shares authorized;
none outstanding		—				—
Common stock, $0.00000002 par value; 226,000 shares
authorized; 6,663 shares issued and outstanding
at June 30, 2024 and 2023		—				—
Additional paid-in-capital		421,239				430,621
Accumulated deficit		(388,219	)			(405,997	)
Total stockholders' equity		33,020				24,624
Total liabilities and stockholders' equity	$	41,375			$	120,809

 

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MEI PHARMA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
		Years Ended June 30,
		2024				2023
Revenues		$	65,297			$	48,816
Operating expenses:
Research and development			16,561				52,450
General and administrative			23,295				33,130
Impairment of long-lived assets			10,899				—
Total operating expenses			50,755				85,580
Income (loss) from operations			14,542				(36,764	)
Other income (expense):
Change in fair value of warrant liability			—				1,603
Interest and dividend income			3,277				3,345
Other expense, net			(41	)			(22	)
Net income (loss)		$	17,778			$	(31,838	)
Net income (loss) per share - basic and diluted		$	2.67			$	(4.78	)
Weighted-average shares used in computing net     income (loss) per share - basic and diluted			6,663				6,663

 

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v3.24.3

Document And Entity Information	Sep. 19, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 19, 2024
Entity Registrant Name	MEI Pharma, Inc.
Entity Central Index Key	0001262104
Entity Emerging Growth Company	false
Entity File Number	001-41827
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0407811
Entity Address, Address Line One	9920 Pacific Heights Blvd.,
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	369-7100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.00000002 par value
Trading Symbol	MEIP
Security Exchange Name	NASDAQ

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