Mereo BioPharma Group plc · NASDAQ:MREO
Mereo BioPharma — J.P. Morgan Conference (January 2026)
26 slides from Mereo BioPharma's conference presentation, Jan 12, 2026
Slide 1: Mereo BioPharma J.P. Morgan Conference
Mereo BioPharma J.P. Morgan Conference Exhibit 99.2
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Mereo BioPharma Group plc (the “Company”) solely for your information and for the purpose of providing background information on the Company, its business and the industry in which it operates or any particular aspect thereof. For the purposes of thi
Slide 3: Our vision
Our vision We are working toward a future where people and families living with rare diseases, especially those with few or no treatment options, have access to therapies that can transform their lives.
Slide 4: Two pivotal rare disease programs and a capital efficient model
Two pivotal rare disease programs and a capital efficient model Achievements and fundamentals Two rare disease programs in-licensed and progressed to pivotal stage: Setrusumab for Osteogenesis Imperfecta (OI) Phase 3 results reported around the end of 2025, partnered with rare disease leader, Ultrag
Slide 5: Addressing patient populations with high unmet needs and significant market opportunities
Addressing patient populations with high unmet needs and significant market opportunities 1. Based on internal forecast; 2. Blanco I et al. 2017. alpha-1 antitrypsin Pi*Z gene frequency and Pi*ZZ genotype numbers worldwide: an update. Int J COPD: 12 561-569; 3. Wu CC, Econs MJ, DiMeglio LA, et al. D
Slide 6: Setrusumab (UX143): Osteogenesis Imperfecta
Setrusumab (UX143) Osteogenesis Imperfecta: a rare genetic bone condition with no FDA or EMA approved therapy
Slide 7: Setrusumab for osteogenesis imperfecta Phase 3 results
Setrusumab for osteogenesis imperfecta Phase 3 results Neither study achieved primary endpoint of reduction in AFR1 compared to placebo (Orbit) or bisphosphonates (Cosmic) Further understanding will help determine if there is a potential path forward Additional data shows reduction in vertebral frac
Slide 8: Two randomized Phase 3 studies provide large data set
Objective Setrusumab vs. placebo 2:1 randomization, Double blind Follow-up 18-24 months Setrusumab vs. bisphosphonates 1:1 randomization, Open label Follow-up 18-24 months Enrolment 159 subjects (with >1 AFR) ages 5 to 25 years with OI Types I, III, or IV 69 subjects (with >1 AFR) ages 2 to 7 years
Slide 9: Baseline fractures are comparable between groups in both studies
Baseline fractures are comparable between groups in both studies Orbit: more severe type III/IV patients exited placebo via rescue criteria 1. All suspected and radiographically confirmed fractures over prior 2 years; Abbreviations: FTH: Femur, Tibia or Humerus Objective Setrusumab vs. placebo 2:1 r
Slide 10: Setrusumab demonstrated significant increases in BMD
Setrusumab demonstrated clinically & statistically significant increases in BMD vs placebo Setrusumab is substantially more effective in increasing BMD *Based on Month 12 timepoint Setrusumab demonstrated clinically & statistically significant increases in BMD vs active comparator Data presented at
Slide 11: Orbit: fractures over low placebo rate, same when all fractures considered
Orbit: Setrusumab patients showed an increase in fractures over a low placebo rate, but were the same as placebo when all fractures were considered (p=ns) 1. Radiographically confirmed fractures, excluding morphometric vertebral fractures and fingers, toes, face, and skull; 2. Negative Binomial mode
Slide 12: Orbit: disease severity, pain/comfort and activity improved
Orbit: In setrusumab patients, disease severity (PGIS) in peds/teens reduced and pain/comfort & sports/activity improved Patient Global Impression Scale of Severity (PGIS) Pain/Comfort POSNA-PODCI Sports/Activity POSNA-PODCI 12-month assessment is as randomized and most important as no patients had
Slide 13: Pain is the most common and impactful symptom in peds and teens with OI
Pain is the most common & impactful sign, symptom or clinical event amongst peds and teens with OI 1. Adapted from Westerheim et al, 2024.; 2. Data on file, light red portion reflects “Mild or very mildly impacted” Top 5 clinical events, signs and symptoms in proxy peds & adolescents with OI by prev
Slide 14: Cosmic: reduced fractures over IV-BP
Cosmic: Setrusumab treatment shows reduced fractures over IV-BP (p=ns) Confirmed fractures by x-ray & skeletal survey Primary Endpoint Total fractures Key Secondary Excl. mVFTFS Setrusumab AFR (n=34) # of fractures 102 82 Mean (SD, SE) 1.87 (1.69, 0.29) 1.53 (1.53, 0.26) Median (Q1, Q3) 2.02 (0.00,
Slide 15: Cosmic: large reduction in vertebral fractures
Cosmic: Large (59%) reduction in vertebral fractures on setrusumab (p=0.081) Despite more severe type III/IV patients on setrusumab (65% setrusumab vs 54% IV-BP) *Post-hoc analysis; 1. Morphometric vertebral fractures; 2. Morphometric vertebral fractures and fingers, toes, face, and skull Total Frac
Slide 16: Treatment emergent adverse events
Data presented is representative of the setrusumab arm only Treatment emergent adverse events (TEAE) No serious-related TEAEs Low incidence (<2%) severe-related TEAEs Low incidence (<3%) TEAE’s leading to treatment or study discontinuation No serious related TEAEs Low incidence (<3%) severe-related
Slide 17: Overall data suggest an impact of setrusumab on OI disease
Overall data suggest an impact of setrusumab on OI disease although missed primary AFR endpoints The largest BMD improvements found in the lumbar spine BMD are associated with reduced vertebral fractures and improved pain and functional outcomes in pediatric patients Reduced Vertebral Fractures Cosm
Slide 18: Alvelestat (MPH966): Alpha-1 Antitrypsin Deficiency-associated Lung Disease
Alvelestat (MPH966) Alpha-1 Antitrypsin Deficiency-associated Lung Disease: a rare progressive lung disease with high unmet need
Slide 19: Well-defined plan for Phase 3 registrational trial in AATD-LD
Well-defined plan for Phase 3 registrational trial in AATD-LD Clinical Data Earlier stage severe PI*ZZ patients observed to have greater response in SGRQ (Total and activity) Earlier stage patients (higher FEV1) may be more likely to show spirometry benefit Commercial Opportunity Phase 3 Design Earl
Slide 20: Potential Phase 2b design for bronchiectasis
Six-month exacerbation rate (Primary Endpoint) Phase 2b WILLOW study provides good precedent for 2b design1 Exacerbations = required confirmatory endpoint = substantially de-risk Phase 3 Potential Phase 2b Design for Bronchiectasis to Broaden the Scope of the Partnering Process Source: 1. Chambers e
Slide 21: Vantictumab: Osteopetrosis
Vantictumab Osteopetrosis: a rare bone disease with high unmet need
Slide 22: Significant opportunity in underserved rare bone disorder
Significant opportunity in underserved rare bone disorder ADO2: Autosomal Dominant Osteopetrosis 2, also known as Albers-Schönberg disease; 1. Wu CC, Econs MJ, DiMeglio LA, et al. Diagnosis and management of osteopetrosis: consensus guidelines from the Osteopetrosis Working Group. J Clin Endocrinol
Slide 23: Vantictumab development timelines
2011-2017 Vantictumab investigated ~100 patients in 4 Phase 1a/b oncology trials Biomarker evidence highlighted potent impact on osteoclast function & high bone turnover which led to fragility fractures in some patients1 Vantictumab development timelines 1. Diamond J, et al. Breast Cancer Res Treat.
Slide 24: Mereo BioPharma Key milestones
IN. Mereo BioPharma Key milestones
Slide 25: Late-stage pipeline with financial discipline to execute into mid-2027
Candidate Preclinical Phase 1 Phase 2 Phase 3 Partner Next milestone Setrusumab Osteogenesis Imperfecta Potential regulatory interactions Alvelestat AATD-LD Partnering process ongoing Potential partnering & Phase 3 initiation Vantictumab Osteopetrosis IND in H2 20261 Late-stage pipeline with financi
Slide 26: Thank you
Thank you With a special thank you to members of our community, who generously agreed to be featured in this presentation.
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