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MURA

Mural Oncology plc

MURA

Mural Oncology plc • NASDAQ
$2.03 ▲ 0.50% (+0.01)
Market Cap $35.21 M
52w High $4.74
52w Low $0.95
Dividend Yield 0%
P/E -0.29
Volume 73.36K
Outstanding Shares 17.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $3.966M ▼ $-3.706M ▲ 0% $-0.21 ▲ $-2.909M ▲
Q2-2025 $0 $30.256M ▼ $-47.982M ▼ 0% $-2.78 ▼ $-46.882M ▼
Q1-2025 $0 $34.384M ▼ $-33.137M ▲ 0% $-1.93 ▲ $-33.533M ▲
Q4-2024 $0 $35.854M ▲ $-34.274M ▼ 0% $-2.01 ▼ $-34.986M ▼
Q3-2024 $0 $34.098M $-31.759M 0% $-1.87 $-33.199M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $58.871M ▼ $65.758M ▼ $10.572M ▼ $55.186M ▼
Q2-2025 $77.094M ▼ $87.555M ▼ $28.772M ▲ $58.783M ▼
Q1-2025 $107.682M ▼ $132.079M ▼ $24.192M ▼ $107.887M ▼
Q4-2024 $144.385M ▼ $169.394M ▼ $28.892M ▼ $140.502M ▼
Q3-2024 $175.501M $203.274M $29.133M $174.141M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.706M ▲ $-18.481M ▲ $0 ▼ $0 $-18.481M ▲ $-18.481M ▲
Q2-2025 $-47.982M ▼ $-31.363M ▲ $1.775M ▼ $0 ▼ $-29.588M ▼ $-31.368M ▲
Q1-2025 $-33.137M ▲ $-36.798M ▼ $27.99M ▼ $28K ▲ $-8.78M ▼ $-36.808M ▼
Q4-2024 $-34.274M ▼ $-31.77M ▼ $36.214M ▲ $0 ▼ $4.444M ▲ $-31.793M ▼
Q3-2024 $-31.759M $-30.078M $19.313M $196K $-10.569M $-30.092M

Five-Year Company Overview

Income Statement

Income Statement Mural Oncology is still a pure R&D company with no product sales, so all activity runs through expenses and losses. The company has posted steady operating and net losses each year, which is typical for an early‑stage biotech funding clinical trials and lab work. Those losses have narrowed a bit over time, suggesting some cost control, but they are still meaningful relative to the company’s small size. Earnings per share are deeply negative, reflecting a business that is entirely in investment mode, with no commercial offset to research spending.

Balance Sheet

Balance Sheet The balance sheet is small and simple: a modest asset base dominated by cash, very little physical infrastructure, and only a small amount of debt. Cash levels have fallen from the prior year, which is consistent with ongoing cash burn and limited inflows. Shareholders’ equity moved from negative in earlier years to positive more recently, helped by capital raised around the IPO, but the cushion is still thin. Overall, the company remains lightly leveraged but financially fragile, relying on outside capital and corporate transactions rather than internally generated funds.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, reflecting regular spending on trials, personnel, and overhead without any revenue. Free cash flow closely matches operating cash flow because capital spending is minimal; the business is not asset‑heavy. This pattern shows a classic biotech “cash burn” profile: predictable outflows to support R&D with no offsetting inflows from products. It means the company depends on financing events, partnerships, or, in this case, an acquisition to sustain its programs.

Competitive Edge

Competitive Edge Mural’s competitive position is built on a specialized immuno‑oncology niche: engineered cytokines designed to be safer and more targeted than natural forms. Scientifically, this is a sophisticated and differentiated area, but the lead program’s clinical failures have sharply weakened its perceived advantage. Larger and better‑funded rivals are also pursuing engineered cytokines and other immune therapies, making it hard for a small player with setbacks to stand out. The pending acquisition by XOMA suggests the standalone competitive story is winding down, with future value likely tied to how others might license or advance these assets rather than Mural competing directly as a full‑scale drug developer.

Innovation and R&D

Innovation and R&D R&D is clearly the core of Mural’s identity: an advanced protein‑engineering platform, an engineered IL‑2 (nemvaleukin), and cutting‑edge IL‑18 and IL‑12 programs aimed at difficult cancers. The science is novel—especially the attempts to avoid toxicity and focus immune activity inside tumors—but the key IL‑2 program has stumbled in late‑stage trials, which materially reduces its near‑term prospects. The earlier‑stage IL‑18 and IL‑12 assets remain conceptually attractive but are still preclinical, so their true potential and risk are largely unknown. Under XOMA’s ownership, these programs may continue via out‑licensing or partnerships, but priorities, timelines, and investment levels are now uncertain.

Summary

Mural Oncology is a small, clinical‑stage biotech with no revenues, recurring losses, and a business model entirely centered on high‑risk cancer drug development. The balance sheet is cash‑heavy but limited in size, and ongoing cash burn underscores dependence on external funding and strategic deals. Scientifically, the company has been ambitious and inventive in engineered cytokines, yet late‑stage trial failures have undermined its flagship asset and weakened its independent future. With an acquisition by XOMA on the horizon, the story shifts from building a standalone oncology franchise to determining how much long‑term royalty or licensing value can be extracted from a promising but unproven and partially derisked pipeline.

NEWS

November 26, 2025 · 9:00 AM UTC

Mural Oncology Announces Final Cash Consideration Payable on Closing of Acquisition by XOMA Royalty

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October 24, 2025 · 4:25 PM UTC

Mural Oncology Announces that Mural Shareholders Approve the Proposed Acquisition by XRA 5 Corp., a Wholly Owned Subsidiary of XOMA Royalty

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September 23, 2025 · 7:52 PM UTC

Mural Oncology Announces Commencement of Mailing of Definitive Proxy Statement and Details of Scheme Meeting and Extraordinary General Meeting

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