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MRUS

Merus N.V.

MRUS

Merus N.V. • NASDAQ
$96.14 ▲ 0.05% (+0.05)
Market Cap $7.29 B
52w High $96.28
52w Low $33.19
Dividend Yield 0%
P/E -18.21
Volume 220.38K
Outstanding Shares 75.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.374M ▲ $92.197M ▲ $-81.554M ▲ -786.173% ▲ $-1.26 ▲ $-76.039M ▲
Q2-2025 $7.495M ▼ $21.439M ▲ $-134.327M ▼ -1.792K% ▼ $-2.23 ▼ $-93.148M ▼
Q1-2025 $24.483M ▲ $20.438M ▼ $-89.171M ▼ -364.218% ▼ $-1.4 ▼ $-69.469M ▲
Q4-2024 $8.823M ▼ $86.263M ▲ $-29.85M ▲ -338.326% ▲ $-0.45 ▲ $-85.007M ▼
Q3-2024 $10.572M $69.008M $-89.725M -848.666% $-1.46 $-64.301M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $542.952M ▼ $771.994M ▼ $110.364M ▼ $661.629M ▼
Q2-2025 $710.224M ▲ $980.176M ▲ $138.44M ▲ $841.736M ▲
Q1-2025 $458.325M ▼ $730.922M ▼ $134.803M ▲ $596.119M ▼
Q4-2024 $537.027M ▼ $785.13M ▼ $134.766M ▼ $647.927M ▼
Q3-2024 $632.268M $844.676M $141.415M $703.261M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-95.52M ▲ $-84.917M ▼ $329K ▲ $6.133M ▼ $-75.299M ▼ $-85.245M ▼
Q2-2025 $-158.218M ▼ $-69.231M ▲ $-7.46M ▲ $333.281M ▲ $245.633M ▲ $-69.319M ▲
Q1-2025 $-96.474M ▼ $-96.461M ▼ $-8.715M ▲ $6.743M ▼ $-96.135M ▲ $-96.632M ▼
Q4-2024 $-30.923M ▲ $-66.658M ▲ $-77.703M ▲ $8.067M ▼ $-139.741M ▲ $-66.678M ▲
Q3-2024 $-99.905M $-80.422M $-133.672M $10.89M $-196.455M $-80.693M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration Revenue
Collaboration Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Merus is still very much a research-focused biotech, not a commercial drug company yet. Revenue is tiny and comes mainly from partnerships, not product sales. The company has been running steady operating losses for years, and those losses have recently widened as spending on development and trials has increased. In plain terms, Merus is consistently losing money as it invests heavily in its pipeline, which is typical for a late-clinical-stage biotech but still a key financial risk if timelines or trial outcomes disappoint.

Balance Sheet

Balance Sheet The balance sheet shows a company funded mostly by equity, with very little debt. Cash and total assets have grown meaningfully versus earlier years, suggesting successful capital raises and/or upfront and milestone payments from partners. Shareholders’ equity has also increased, which is a positive sign of a strengthened financial base. Overall, Merus appears to have a reasonably solid financial cushion relative to its size, but that cushion will need to support ongoing losses until meaningful product revenue or acquisition proceeds are realized.

Cash Flow

Cash Flow Merus consistently uses cash in its operations, reflecting the cost of running multiple clinical programs, research, and overhead. Free cash flow is firmly negative, and capital spending on equipment or facilities is modest, so the vast majority of cash outflow is tied to R&D and clinical work. This means the company remains dependent on external funding (equity raises, partnerships, or an acquirer) to sustain its programs over time, even though its current cash balance reduces near-term pressure.

Competitive Edge

Competitive Edge Merus operates in a very crowded and technically demanding field: multispecific antibody therapies for cancer. Its main edge comes from its Multiclonics platform, which produces full-length human bispecific and trispecific antibodies designed to be stable, long-lasting in the body, and relatively easy to manufacture. Strong partnerships with larger pharma players and the planned acquisition by Genmab both validate the platform and provide external endorsement of its value. That said, Merus is competing against some of the biggest names in oncology, all pushing their own antibody technologies, so maintaining differentiation and speed to market will be critical.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Merus’s story. The Multiclonics platform allows a modular, “plug-and-play” approach to designing complex antibodies that hit two or three cancer targets at once, and can also be adapted for antibody-drug conjugates. Lead programs like petosemtamab, zenocutuzumab, and MCLA-129 are focused on difficult solid tumors, with early and mid-stage data that have attracted industry attention. Collaborations with companies such as Gilead, Halozyme, and Biohaven further extend the platform into new formats and indications. Overall, Merus is spending heavily on R&D, but that spending is clearly tied to a differentiated technology base and a growing, clinically validated pipeline.

Summary

Merus is a classic high-risk, high-upside clinical-stage biotech: very small revenues, persistent and growing losses, but a bolstered balance sheet and a technology platform that has attracted strong partners and an acquisition agreement from a leading oncology company. Financially, the company is not self-sustaining and relies on its cash reserves and external funding, while strategically it is leveraging a sophisticated multispecific antibody platform and multiple promising cancer programs. The main swing factors are clinical results, regulatory progress, and the ultimate integration and execution under Genmab, all of which will determine whether its substantial R&D investment translates into long-term value.

NEWS

November 17, 2025 · 7:00 AM UTC

Merus and Halozyme Enter Global Collaboration and License Agreement to Develop Subcutaneous Formulation of Petosemtamab

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October 24, 2025 · 10:00 AM UTC

Merus' Interim Data on Petosemtamab in Metastatic Colorectal Cancer Demonstrates Monotherapy Activity and Robust Response Rate in Combination with FOLFOX/FOLFIRI with Well Tolerated Safety

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October 23, 2025 · 12:43 PM UTC

Merus Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Merus N.V. - MRUS

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October 21, 2025 · 8:12 AM UTC

Genmab Commences Tender Offer for All Issued and Outstanding Common Shares of Merus N.V.

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October 14, 2025 · 7:30 AM UTC

Merus Announces Publication of an Abstract on Petosemtamab in Metastatic Colorectal Cancer at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics

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