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Mar 31, 2025
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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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