On September 23, 2022, Rubric Capital Management LP announced that on September 14, 2022 –announced that it has issued an open letter to Mereo BioPharma Group plc's shareholders. In its letter, Rubric highlighted the Company's poor corporate governance and performance, and addressed the Company's many misleading public statements regarding Rubric's attempts to constructively engage with the Board and maximize shareholder value. Additionally, Rubric submitted to the Board a revised requisition for a general meeting of shareholders.

In addition, Rubric urged the Company to allow shareholders to vote on Rubric's proposals, including its nomination of 4 qualified candidates to the Company's Board: Annalisa Jenkins, Daniel Shames, Marc Yoskowitz, and Justin Roberts.