Merus incurred a $95.5 million net loss in Q3 2025, with revenues rising slightly to $12.2 million. Increased R&D costs, particularly for petosemtamab trials, drove higher operating expenses. Collaboration revenue from Gilead and Incyte partially offset the expenses. Cash reserves increased, bolstering liquidity into 2028.
Revenue reached $12.2 million, driven by Gilead milestone and Incyte collaboration revenue.
R&D expenses rose to $80 million, mainly due to petosemtamab trials.
Net loss totaled $95.5 million, compared to $99.9 million a year ago.
Cash and equivalents grew to $367.5 million, extending runway into 2028.
Merus expects its current cash, cash equivalents, and marketable securities of $816.8 million to fund operations into 2028. Substantial capital will still be needed to complete development and commercialization of its pipeline.
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