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MRSN

Mersana Therapeutics, Inc.

MRSN

Mersana Therapeutics, Inc. • NASDAQ
$27.43 ▼ -0.40% (-0.11)
Market Cap $137.12 M
52w High $70.72
52w Low $5.21
Dividend Yield 0%
P/E -1.97
Volume 26.79K
Outstanding Shares 5.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.009M ▲ $18.485M ▼ $-7.545M ▲ -68.535% ▲ $-1.51 ▲ $-7.068M ▲
Q2-2025 $3.056M ▲ $23.346M ▼ $-24.296M ▼ -795.026% ▲ $-4.87 ▼ $-23.335M ▼
Q1-2025 $2.754M ▼ $27.266M ▼ $-24.123M ▼ -875.926% ▼ $-4.85 ▼ $-23.032M ▼
Q4-2024 $16.361M ▲ $31.172M ▲ $-14.117M ▼ -86.284% ▲ $-2.86 ▼ $-12.814M ▼
Q3-2024 $12.598M $24.667M $-11.501M -91.292% $-2.34 $-9.695M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $56.391M ▼ $62.686M ▼ $122.223M ▼ $-59.537M ▼
Q2-2025 $76.972M ▼ $84.573M ▼ $137.719M ▼ $-53.146M ▼
Q1-2025 $102.287M ▼ $112.471M ▼ $143.339M ▼ $-30.868M ▼
Q4-2024 $134.62M ▼ $144.663M ▼ $154.172M ▼ $-9.509M ▼
Q3-2024 $155.171M $169.53M $168.481M $1.049M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-7.545M ▲ $-3.192M ▲ $372K ▼ $-17.761M ▼ $-20.581M ▲ $-3.192M ▲
Q2-2025 $-24.296M ▼ $-22.602M ▲ $395K ▼ $-3.108M ▲ $-25.315M ▼ $-22.602M ▲
Q1-2025 $-24.123M ▼ $-29.326M ▼ $27M ▼ $-3.137M ▼ $-5.463M ▼ $-29.326M ▼
Q4-2024 $-14.117M ▼ $-19.251M ▼ $50M ▲ $-1.867M ▼ $28.882M ▲ $-19.251M ▼
Q3-2024 $-11.501M $-8.577M $28.47M $-23K $19.87M $-8.577M

Five-Year Company Overview

Income Statement

Income Statement Mersana has been a pure development-stage biotech: very little revenue and steady, sizable operating losses every year. The small amount of income it does generate appears to come mainly from partnerships, not product sales. Gross profit has been inconsistent and sometimes negative, which reflects research and collaboration costs outweighing incoming payments. Overall, this is still a story of spending heavily on R&D and operations without commercial products to offset those costs, which is typical but financially fragile for a company at this stage.

Balance Sheet

Balance Sheet The balance sheet shows a company built around cash and intellectual property rather than physical assets. Cash has come down from earlier levels, while total assets have shrunk over the last few years. Debt is present but not dominant; the bigger concern is that shareholder equity has recently turned negative, meaning accumulated losses have overtaken the capital invested. That signals a thin financial cushion and a higher dependence on external support, which helps explain the strategic move to merge with a better-capitalized partner.

Cash Flow

Cash Flow Cash flow has been consistently negative from operations, reflecting ongoing R&D and overhead without product revenues to replenish cash. Free cash flow closely matches operating cash flow because capital spending on equipment and facilities has been minimal; the business model is asset-light but cash-hungry. In practice, this means the company has had to rely on financing and partnerships to fund its work, and the merger with Day One is likely aimed at stabilizing and extending its funding runway.

Competitive Edge

Competitive Edge Mersana occupies a focused niche in oncology around antibody-drug conjugates. Its strength lies more in specialized technology, scientific talent, and collaborations with large pharma partners than in commercial scale. The proprietary platforms and licensing deals with big names provide some validation and a degree of protection against competition. However, Mersana remains a small player in a field crowded with large, well-funded oncology companies, and its position ultimately hinges on turning a promising pipeline into approved, differentiated therapies.

Innovation and R&D

Innovation and R&D Innovation is the core of Mersana’s value. The Dolasynthen and Immunosynthen platforms are designed to create more precise, potentially safer and more effective cancer drugs. Lead programs like Emi-Le and XMT-2056 target areas of high unmet need with differentiated mechanisms, and partnerships with companies such as GSK and Merck KGaA underscore external interest in the science. At the same time, everything is still early and high risk: trial outcomes, safety profiles, and regulatory decisions will determine whether these platforms become meaningful products. The upcoming integration into Day One should give these programs more financial and operational backing but also shifts control of future development.

Summary

Mersana is a classic R&D-driven biotech: scientifically ambitious, financially loss-making, and now transitioning through a strategic acquisition. The income statement shows persistent losses and almost no product revenue, while the balance sheet and cash flows highlight an increasingly thin standalone funding position. Its value proposition rests on differentiated ADC platforms, a handful of promising oncology candidates, and validation from notable partners. Going forward, the key story is less about Mersana as an independent company and more about how Day One Biopharmaceuticals develops, prioritizes, and funds these assets, and whether the science translates into approved, commercially successful therapies.

NEWS

November 16, 2025 · 7:04 PM UTC

Mersana Therapeutics Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Mersana Therapeutics, Inc. - MRSN

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November 13, 2025 · 11:35 AM UTC

Shareholder Alert: The Ademi Firm investigates whether Mersana Therapeutics Inc. is obtaining a Fair Price for its Public Shareholders

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November 13, 2025 · 8:12 AM UTC

MRSN Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Mersana Therapeutics, Inc. is Fair to Shareholders

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November 13, 2025 · 6:00 AM UTC

Day One Biopharmaceuticals to Acquire Mersana Therapeutics

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November 10, 2025 · 8:00 AM UTC

Mersana Therapeutics to Host Third Quarter 2025 Conference Call on November 14, 2025

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