On November 12, 2024 MEI Pharma, Inc. (Nasdaq: MEIP) (the "Company") reported results for its quarter ended September 30, 2024 (Press release, MEI Pharma, NOV 12, 2024, View Source [SID1234648204]).

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As previously announced in July 2024, the Company is continuing its review and evaluation of potential strategic alternatives. In the review, the Company continues to consider options such as out-licensing opportunities for existing programs and merger and acquisition opportunities, with the goal of maximizing the value of its assets for its stockholders. Oppenheimer & Co., Inc. is serving as the Company’s exclusive financial advisor in this process.

During the first quarter of fiscal year 2025, the Company commenced cash preservation efforts that include a reduction-in-force, which will continue in stages as the Company’s operational and strategic direction evolves.

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 September 30, 2024, MEI had $26.9 million in cash, cash equivalents, and short-term investments with no outstanding debt.