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Sep 30, 2025
Mersana Q3 2025 Earnings Report
Mersana reported a reduced net loss in Q3 2025, supported by milestone payments and lower expenses.
Key Takeaways
Mersana Therapeutics posted a net loss of $7.5 million in Q3 2025, an improvement from the prior year, driven by a $15 million milestone payment from GSK and reduced operating expenses. Collaboration revenue declined slightly year-over-year.
Net loss improved to $7.5 million from $11.5 million in Q3 2024.
Received $15 million milestone payment from GSK related to XMT-2056 progress.
Collaboration revenue declined to $11 million due to lower contributions from Johnson & Johnson and Merck KGaA.
Cash position stood at $56.4 million, expected to support operations into mid-2026.
Revenue by Segment
Forward Guidance
Mersana expects its current cash reserves to support operations into mid-2026.
Positive Outlook
- Received $15M from GSK for XMT-2056 milestone.
- Ongoing patient enrollment in Emi-Le trials for ACC-1 and TNBC.
- Emi-Le safety profile remains consistent and well-tolerated.
- Increased number of ACC-1 patients showing encouraging responses.
- FDA IND clearance for J&J-partnered Dolasynthen ADC.
Challenges Ahead
- Year-over-year decline in collaboration revenue.
- Continued operating losses despite improvement.
- Dependence on milestone payments to maintain cash flow.
- Restructuring expenses incurred ($191K in Q3).
- Cash burn continues despite milestone inflows.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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