Mereo BioPharma Group plc (MREO) AI Dilution Summary

Estimated cash was $30,118,000 as of 2026-06-30, rolled forward from $30,118,000 at the 2026-06-30 balance-sheet date, against estimated monthly burn of $2,014,333. The funding channel is an active ATM program with Jefferies LLC, authorised to $50,000,000, with $0 sold to date. Dilution here is driven primarily by that $50,000,000 ATM program: its capacity is stated in dollars, so the shares a fixed dollar amount issues rise as the sale price falls, with no floor disclosed.