MEI Pharma reported a Q2 2025 period with no reported revenue and a net loss of $2.68 million, driven primarily by ongoing R&D and G&A expenses. R&D expense of $0.308 million combined with G&A of $3.143 million yielded an operating loss of $3.451 million and an EBITDA of negative $3.451 million. A non-operating gain of $0.774 million partially offset operating losses, resulting in a pre-tax loss of $2.678 million and a net loss of $2.678 million, or −$0.40 per share, on 6.663 million weighted-average shares. In cash flow terms, operating cash flow was negative at −$3.666 million, while MEI benefited from maturities of investments totaling approximately $19.953 million, producing a net increase in cash of roughly $16.787 million for the period. Ending cash stood at $23.739 million against total current assets of $24.385 million and total liabilities of $2.287 million, yielding a robust liquidity position (current ratio ~10.66x). The company’s balance sheet reflects a substantial retained earnings deficit (−$398.903 million) but a stockholders’ equity position of $22.098 million, aided by sizable accumulated other comprehensive income/stockholders’ equity components. Importantly, MEI does not generate revenue in the near term and remains dependent on its pipeline and partnering activities for value realization.