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Jun 30, 2025
Mersana Q2 2025 Earnings Report
Mersana reported a flat year-over-year net loss in Q2 2025 while reducing G&A expenses and recognizing growth in collaboration revenue.
Key Takeaways
Mersana's Q2 2025 financials were marked by steady net loss compared to the prior year, improved collaboration revenue, and progress in clinical development programs. Operating expenses were trimmed through restructuring.
Collaboration revenue rose to $3.06 million, up from $2.29 million in Q2 2024.
R&D expenses slightly declined to $16.2 million.
Net cash used in operations totaled $22.6 million, including $2.4 million in severance.
Net loss remained flat YoY at $24.3 million or $4.87 per share.
Revenue by Segment
Forward Guidance
Mersana expects to report clinical data from its Emi-Le and XMT-2056 trials later in 2025, with cash runway projected into mid-2026.
Positive Outlook
- Initial clinical data from Emi-Le expansion cohorts expected in H2 2025.
- HER2-targeting XMT-2056 progressing through dose escalation.
- Received $15M milestone from GSK, boosting near-term liquidity.
- Capital resources expected to last into mid-2026.
- Reduced operating costs through restructuring and headcount optimization.
Challenges Ahead
- High net loss continues at $24.3 million per quarter.
- Significant restructuring expenses ($3.9M) impact quarterly results.
- Cash position declined from $134.6M to $77.0M since year-end.
- No commercial revenue sources; relies solely on collaboration income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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