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Press Release: MEI Pharma Reports Second Quarter -2-

· 02/04/2021 16:05
MEI PHARMA, INC. CONDENSED BALANCE SHEETS (In thousands, except per share amounts) December 31, June 30, 2020 2020 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 9,877 $ 12,331 Short-term investments 170,267 170,299 Total cash, cash equivalents and short-term investments 180,144 182,630 Receivable for foreign tax withholding - 20,420 Prepaid expenses and other current assets 13,888 5,594 Total current assets 194,032 208,644 Operating lease right-of-use asset 8,207 - Property and equipment, net 1,641 1,084 Total assets $ 203,880 $ 209,728 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,555 $ 2,437 Accrued liabilities 11,102 6,090 Deferred revenue 19,482 14,777 Operating lease liability 873 - Total current liabilities 37,012 23,304 Deferred revenue, long-term 65,352 67,723 Operating lease liability, long-term 7,842 - Warrant liability 20,176 40,483 Total liabilities 130,382 131,510 Stockholders' equity: Preferred stock, $0.01 par value; 100 shares authorized; none outstanding - - Common stock, $0.00000002 par value; 226,000 shares authorized; 112,528 and 111,514 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively - - Additional paid-in-capital 364,278 355,452 Accumulated deficit (290,780) (277,234) Total stockholders' equity 73,498 78,218 Total liabilities and stockholders' equity $ 203,880 $ 209,728 MEI PHARMA, INC. CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 Revenue $ 9,167 $ 1,008 $ 13,001 $ 2,165 Operating expenses: Cost of revenue 494 641 1,003 1,329 Research and development 22,224 8,281 35,220 17,243 General and administrative 5,650 4,195 11,565 8,325 Total operating expenses 28,368 13,117 47,788 26,897 Loss from operations (19,201) (12,109) (34,787) (24,732) Other income (expense): Change in fair value of warrant liability 7,083 (8,439) 20,307 830 Interest and dividend income 164 318 439 692 Other income (expense) 500 13 495 (1) Net loss $ (11,454) $ (20,217) $ (13,546) $ (23,211) Net loss: Basic $ (11,454) $ (20,217) $ (13,546) $ (23,211) Diluted $ (18,537) $ (20,217) $ (33,853) $ (23,211) Net loss per share: Basic $ (0.10) $ (0.26) $ (0.12) $ (0.30) Diluted $ (0.16) $ (0.26) $ (0.30) $ (0.30) Shares used in computing net loss per share: Basic 112,524 78,577 112,480 76,103 Diluted 114,461 78,577 114,709 76,103 MEI PHARMA, INC. Reconciliation of GAAP Net Loss to Adjusted Net Loss (In thousands) (Unaudited) Three Months Ended Six Months Ended December 31, December 31, 2020 2019 2020 2019 Net loss $ (11,454) $ (20,217) $ (13,546) $ (23,211) Add: Change in fair value of warrant liability (7,083) 8,439 (20,307) (830) Adjusted net loss $ (18,537) $ (11,778) $ (33,853) $ (24,041)

of any revisions to these forward-looking statements.

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SOURCE MEI Pharma, Inc.

/CONTACT: David A. Walsey, VP of IR and Corporate Communications, Tel: 858-369-7104, investor@meipharma.com; or Jason I. Spark, Canale Communications for MEI, Tel: 619-849-6005, jason.spark@canalecomm.com

/Web site: http://www.meipharma.com/

(END) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)