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Mar 31
Mersana Q1 2025 Earnings Report
Mersana Therapeutics reported a wider net loss and lower revenue in Q1 2025 while advancing its ADC pipeline.
Key Takeaways
The company saw a year-over-year decline in collaboration revenue and a wider net loss. However, it progressed enrollment in its clinical trial for Emi-Le and maintains a solid cash position to support operations into mid-2026.
Collaboration revenue dropped to $2.75 million from $9.25 million year-over-year.
Net loss increased to $24.1 million compared to $19.3 million a year ago.
Cash and cash equivalents stood at $102.3 million at the end of Q1 2025.
Mersana expects to report initial clinical data from its Emi-Le expansion cohort in the second half of 2025.
Mersana
Mersana
Mersana Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.com Forward Guidance
Mersana expects its current cash resources to support operations into mid-2026 and plans to present clinical data for Emi-Le and XMT-2056 later in 2025.
Positive Outlook
- Cash runway extends into mid-2026
- Initial expansion data from Emi-Le expected in H2 2025
- Encouraging ORR and PFS in TNBC patients with high B7-H4 tumors
- Two upcoming presentations at ASCO 2025 on Emi-Le
- XMT-2056 trial progressing with initial STING activation data expected in 2025
Challenges Ahead
- Significant drop in collaboration revenue year-over-year
- Increased net loss compared to Q1 2024
- G&A expenses remain high despite reductions
- Continued reliance on external partnerships for development and commercialization
- No new product approvals or revenue-generating assets launched yet