MEI Pharma, Inc. (NASDAQ:MEIP) Q4 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 05:00 pm ET


MEI Pharma, Inc. (NASDAQ:MEIP) Q4 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and welcome to the MEI Pharma 2020 Fiscal Year-End Conference Call. My name is Vanessa, and I'll be your operator for today's call. Please be advised that the call is being recorded at the Company's request.

At this time, I'd like to turn the call over to David Walsey, MEI's Vice President, Investor Relations and Corporate Communications. Please proceed.

David Walsey

Thank you, Vanessa, and good afternoon everyone, and thank you for joining us today. After the market closed today, we filed our Form 10-K for the fiscal year ended June 30, 2020, with the Securities and Exchange Commission and issued our financial results and corporate highlights press release, both of which are available in the Investors section of our website at On our call today, we will provide a summary of financials from the fiscal year ended June 30, 2020, and then review progress in our programs and business over the last year. We'll then open the call up to your questions.

Before we get started, I want to call your attention to the fact that this conference call may contain certain forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results could differ materially from those contained in its forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties as discussed in our SEC filings, including our most recent annual report on Form 10-K filed earlier today.

A replay of this call will be available on our website approximately an hour after its conclusion. I'd now like to introduce you to our speakers for today. With me today are Dan Gold, our President and Chief Executive Officer; and Brian Drazba, our Chief Financial Officer. Additionally, David Urso, our Chief Operating Officer is also with us today.

Brian will start with a summary of our financial results, before Dan shares remarks with you then commenting on the coming quarters. After that we'll open the line for your questions.

I'll now turn the call over to Brian.

Brian Drazba

Thank you, David. I'll provide a brief overview of our financial results. For more detailed information regarding our financial results, I invite you to review our Form 10-K filed earlier today. I'm pleased to report that we finished fiscal year 2020 with about a $183 million in cash, cash equivalents, and short-term investments with no outstanding debt. Additionally, we have a receivable of $20 million that is expected to be received from the Japanese taxing authorities in fiscal year 2021 that was withheld from the $100 million paid by KKC under the terms of our April 2020 global license development and commercialization agreement.

The withholding was a result of the U.S. Internal Revenue Service being closed because of the COVID pandemic, resulting in an inability to provide the necessary documentation to support an exemption from the required foreign withholding. This has us starting our new fiscal year