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MTSR

Metsera, Inc.

MTSR

Metsera, Inc. • NASDAQ
$70.50 ▼ -0.35% (-0.25)
Market Cap $7.43 B
52w High $83.86
52w Low $12.30
Dividend Yield 0%
P/E -23.58
Volume 27.87M
Outstanding Shares 105.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $122.083M ▲ $-116.232M ▼ 0% $-1.11 ▼ $-116.208M ▼
Q2-2025 $0 $71.123M ▼ $-68.715M ▲ 0% $-0.66 ▲ $-68.669M ▲
Q1-2025 $0 $79.808M ▲ $-76.588M ▼ 0% $-0.74 ▼ $-76.482M ▲
Q4-2024 $0 $64.5M ▼ $-52.871M ▲ 0% $-0.51 ▲ $-132.576M ▼
Q3-2024 $0 $111.265M $-109.648M 0% $-2.2 $-109.955M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $448.461M ▼ $567.644M ▼ $230.454M ▲ $337.19M ▼
Q2-2025 $530.919M ▼ $639.66M ▼ $190.428M ▲ $449.232M ▼
Q1-2025 $588.335M ▲ $690.695M ▲ $185.308M ▲ $505.387M ▲
Q4-2024 $352.447M ▲ $450.988M ▲ $163.638M ▲ $287.35M ▲
Q3-2024 $187.594M $287.27M $157.481M $129.789M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-116.232M ▼ $-81.715M ▼ $0 ▲ $422K ▲ $-82.458M ▼ $-81.715M ▼
Q2-2025 $-68.715M ▲ $-58.964M ▼ $-191K ▼ $-1.512M ▼ $-57.416M ▼ $-59.155M ▼
Q1-2025 $-76.588M ▼ $-54.342M ▼ $-7K ▼ $288.559M ▲ $235.888M ▲ $-54.349M ▼
Q4-2024 $-52.871M ▲ $-36.374M ▼ $-1K ▼ $202.162M ▲ $164.853M ▲ $-36.375M ▼
Q3-2024 $-109.648M $-28.299M $0 $139.428M $111.226M $-28.299M

Five-Year Company Overview

Income Statement

Income Statement Metsera is a classic early-stage biotech story: all costs, no product sales yet. The income statement shows no revenue over the past few years, while research and operating expenses have been climbing as the company pushes multiple drug candidates through development. Losses are growing as the pipeline expands, which is normal for a clinical-stage company but means the business is not anywhere close to self-funding from operations. Future financial performance will depend heavily on whether one or more obesity or metabolic drugs successfully reach approval and generate commercial sales.

Balance Sheet

Balance Sheet The balance sheet is small but has improved, with total assets and cash building up over time as the company raised capital. Cash makes up most of the assets, and debt is minimal, so the structure is largely equity-funded and relatively simple. This gives Metsera flexibility and keeps financial leverage low, but it also means existing and future shareholders bear most of the risk. Without revenue, the asset base is mostly cash and intellectual property rather than physical assets or recurring cash-generating businesses.

Cash Flow

Cash Flow Cash flow reflects a controlled but clear cash burn pattern. Operating cash flow has been consistently negative, driven by research, clinical trials, and overhead. There is essentially no spending yet on large physical investments or facilities, so free cash flow closely tracks operating outflows. This is typical for a biotech at this stage: cash goes mainly into people, trials, and technology. The company’s ability to sustain its program depends on continued funding support and, now, the resources and capital access that come from being under Pfizer’s umbrella.

Competitive Edge

Competitive Edge Metsera operates in one of the most competitive and high-profile areas in healthcare: obesity and metabolic diseases. The field is dominated by very large, well-funded players like Novo Nordisk and Eli Lilly. Metsera’s edge comes from several angles: ultra-long-acting injectable drugs that aim for monthly or even quarterly dosing, a portfolio approach that mixes different hormones and mechanisms, and an early push into oral versions of peptide drugs that are usually injectable. The strong interest and eventual acquisition by Pfizer suggest that industry experts see meaningful differentiation in Metsera’s platforms and pipeline, but the company will still have to prove that its drugs can compete on effectiveness, safety, convenience, and price in a rapidly evolving market.

Innovation and R&D

Innovation and R&D Innovation is the heart of the Metsera story. The company is built around three proprietary platforms: a large custom peptide library for discovering new hormone-based drugs, a technology to dramatically extend how long these drugs stay active in the body, and an oral delivery platform aiming to turn injectable-style therapies into pills. Its pipeline reflects this: a lead monthly GLP-1 injectable with promising weight-loss data, a long-acting amylin candidate, planned multi-hormone combinations, a quarterly maintenance prodrug, and several oral candidates moving toward clinical trials. R&D is intensive and high risk; most programs are still in clinical or preclinical stages, and outcomes are uncertain. But the breadth and coherence of the pipeline—plus the focus on convenience (less frequent injections, potential oral options)—make innovation a clear strength and central to any future value.

Summary

Metsera is an early-stage, pre-revenue biotech now aligned with Pfizer, focused on obesity and related metabolic diseases. Financially, it is a loss-making, cash-burning operation with a growing but still modest asset base mostly held in cash, and very little debt. Its fundamental value proposition lies in its science: platforms for long-acting and potentially oral hormone therapies, and a pipeline designed around convenience, combination approaches, and expansion into broader metabolic conditions. The upside case depends on successful clinical results, regulatory approvals, and differentiation in a fiercely competitive market, while the key risks are typical of biotech—trial failures, safety or tolerability issues, regulatory hurdles, and being outpaced by larger rivals. Overall, Metsera is best understood as a high-risk, high-uncertainty innovation platform within a huge and fast-moving therapeutic area, now backed by a major pharmaceutical parent with the resources to accelerate or scale successful programs.

NEWS

November 13, 2025 · 11:26 AM UTC

Pfizer Completes Acquisition of Metsera

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November 8, 2025 · 3:19 AM UTC

Novo Nordisk will not increase its proposal to acquire Metsera, Inc.

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November 7, 2025 · 9:32 PM UTC

Pfizer and Metsera Enter into Merger Agreement Amendment; Metsera's Board of Directors Reaffirms Support of Merger with Pfizer

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November 5, 2025 · 7:17 PM UTC

Metsera Issues Statement in Response to Litigation Ruling

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November 4, 2025 · 9:31 AM UTC

Novo Nordisk submits updated proposal to acquire Metsera, Inc.

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