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MEI Pharma to Restate on Revenue Recognition Errors

May 13, 2022, 9:31 PM

MEI Pharma said would restate certain past financials on errors in revenue recognition, and sees reporting at least one material weakness following the completion of its analysis of the restatement cause.

  • Cites errors in recognizing revenue from its license, development, and commercialization agreement with Kyowa Kirin Co., with the result that revenue was overstated in some quarters and understated in other quarters during 2020 and 2021.
    • Says errors relate to the appropriate timing and amounts of revenue recognized over time under the cost-to-cost method associated with the KKC Commercialization Agreement
  • To restate previously filed annual and quarterly financial statements for ...