Mersana Therapeutics Provides Business Update and Announces Third Quarter 2024 Financial Results
Mersana Therapeutics (NASDAQ: MRSN) reported Q3 2024 financial results and provided business updates. The company ended Q3 with $155.2 million in cash, expecting to fund operations into 2026. Q3 revenue was $12.6 million, up from $7.7 million in Q3 2023. Net loss decreased to $11.5 million ($0.09 per share) from $41.7 million ($0.35 per share) year-over-year. The company plans to announce initial clinical data for XMT-1660 by year-end 2024 and is advancing Phase 1 trials for both XMT-1660 and XMT-2056. Mersana achieved milestone payments of $8 million from Johnson & Johnson and $1 million from Merck KGaA collaborations.
Mersana Therapeutics (NASDAQ: MRSN) ha riportato i risultati finanziari del terzo trimestre del 2024 e fornito aggiornamenti aziendali. L'azienda ha concluso il terzo trimestre con 155,2 milioni di dollari in contante, prevedendo di finanziare le operazioni fino al 2026. I ricavi del terzo trimestre sono stati di 12,6 milioni di dollari, in aumento rispetto ai 7,7 milioni di dollari del terzo trimestre del 2023. La perdita netta è scesa a 11,5 milioni di dollari (0,09 dollari per azione) rispetto ai 41,7 milioni di dollari (0,35 dollari per azione) dell'anno precedente. L'azienda prevede di annunciare dati clinici iniziali per XMT-1660 entro la fine del 2024 e sta portando avanti le sperimentazioni di fase 1 per sia XMT-1660 che XMT-2056. Mersana ha raggiunto pagamenti di milestone di 8 milioni di dollari da collaborazioni con Johnson & Johnson e 1 milione di dollari da Merck KGaA.
Mersana Therapeutics (NASDAQ: MRSN) reportó los resultados financieros del tercer trimestre de 2024 y proporcionó actualizaciones sobre el negocio. La compañía terminó el tercer trimestre con 155,2 millones de dólares en efectivo, esperando financiar las operaciones hasta 2026. Los ingresos del tercer trimestre fueron de 12,6 millones de dólares, en comparación con los 7,7 millones de dólares del tercer trimestre de 2023. La pérdida neta se redujo a 11,5 millones de dólares (0,09 dólares por acción) desde los 41,7 millones de dólares (0,35 dólares por acción) del año anterior. La compañía planea anunciar datos clínicos iniciales para XMT-1660 a finales de 2024 y avanza en ensayos de fase 1 para tanto XMT-1660 como XMT-2056. Mersana logró pagos por hitos de 8 millones de dólares provenientes de colaboraciones con Johnson & Johnson y 1 millón de dólares de Merck KGaA.
머사나 테라퓨틱스 (NASDAQ: MRSN)는 2024년 3분기 재무 결과를 보고하고 사업 업데이트를 제공했습니다. 이 회사는 3분기를 1억 5천 520만 달러 현금으로 마감했으며, 2026년까지 운영 자금을 확보할 것으로 예상합니다. 3분기 매출은 1천 260만 달러로, 2023년 3분기의 770만 달러에서 증가했습니다. 순손실은 1천 150만 달러 (주당 0.09 달러)로 감소했으며, 이는 작년의 4천 170만 달러 (주당 0.35 달러)에서 줄어든 수치입니다. 이 회사는 2024년 말까지 XMT-1660의 초기 임상 데이터를 발표할 계획이며, XMT-1660과 XMT-2056 모두에 대한 1상 임상 시험을 진행하고 있습니다. 머사나는 존슨앤존슨과의 협력에서 800만 달러의 이정표 지급금을, 머크 KGaA와의 협력에서 100만 달러를 달성했습니다.
Mersana Therapeutics (NASDAQ: MRSN) a publié les résultats financiers du troisième trimestre 2024 et fourni des mises à jour sur son activité. L'entreprise a terminé le troisième trimestre avec 155,2 millions de dollars en espèces, prévoyant de financer ses opérations jusqu'en 2026. Les revenus du troisième trimestre ont atteint 12,6 millions de dollars, en hausse par rapport à 7,7 millions de dollars au troisième trimestre 2023. La perte nette a diminué à 11,5 millions de dollars (0,09 dollar par action) contre 41,7 millions de dollars (0,35 dollar par action) l'année précédente. L'entreprise prévoit d'annoncer des données cliniques initiales pour XMT-1660 d'ici la fin de 2024 et avance dans les essais de phase 1 pour XMT-1660 et XMT-2056. Mersana a atteint des paiements d'étape de 8 millions de dollars grâce à des collaborations avec Johnson & Johnson et de 1 million de dollars avec Merck KGaA.
Mersana Therapeutics (NASDAQ: MRSN) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht und Geschäftsupdates bereitgestellt. Das Unternehmen schloss das dritte Quartal mit 155,2 Millionen Dollar in bar ab und geht davon aus, die operativen Aktivitäten bis 2026 finanzieren zu können. Der Umsatz im dritten Quartal betrug 12,6 Millionen Dollar, ein Anstieg von 7,7 Millionen Dollar im dritten Quartal 2023. Der Nettoverlust sank auf 11,5 Millionen Dollar (0,09 Dollar pro Aktie), verglichen mit 41,7 Millionen Dollar (0,35 Dollar pro Aktie) im Vorjahr. Das Unternehmen plant, bis Ende 2024 erste klinische Daten zu XMT-1660 anzukündigen, und führt Phase-1-Studien für sowohl XMT-1660 als auch XMT-2056 durch. Mersana hat Meilensteinzahlungen von 8 Millionen Dollar aus der Zusammenarbeit mit Johnson & Johnson und 1 Million Dollar von Merck KGaA erhalten.
- Cash position of $155.2 million sufficient to fund operations into 2026
- Revenue increased 63.6% YoY to $12.6 million
- Net loss reduced significantly from $41.7M to $11.5M YoY
- Achieved $9 million in milestone payments from collaborations
- R&D expenses decreased by 51.5% to $14.8 million
- Maximum tolerated dose for XMT-1660 not yet established
- Continued operating losses of $11.5 million in Q3
Insights
The Q3 2024 results show mixed financial performance.
Recent milestone payments of
The clinical pipeline shows promising advancement with two key ADC candidates. XMT-1660's dose escalation reaching 115 mg/m² without hitting maximum tolerated dose is encouraging. The strategic focus on TNBC patients previously treated with topo-1 ADCs addresses a significant market need, with
XMT-2056's progress and GSK's exclusive license option demonstrate external validation. Recent preclinical data showing efficacy at low doses supports the platform's potential. The dual advancement of proprietary Dolasynthen and Immunosynthen platforms diversifies development risks.
- Plan to announce initial clinical data for XMT-1660 at a company event by the end of 2024
- Dose escalation advancing in Phase 1 clinical trial of XMT-2056
- Conference call today at 8:00 a.m. ET
CAMBRIDGE, Mass., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today provided a business update and reported financial results for the third quarter ended September 30, 2024.
“During the third quarter of 2024, our team continued its strong execution as we advanced the dose escalation portions of our Phase 1 clinical trials of XMT-1660 and XMT-2056, made further progress in our collaborations and maintained the strength of our balance sheet,” said Martin Huber, M.D., President and Chief Executive Officer of Mersana Therapeutics. “In multiple presentations over the course of the past year, we shared data demonstrating the potential for Dolasynthen ADCs to generate anti-tumor activity and avoid many of the toxicities that have limited other ADC platforms. We are looking forward to presenting initial XMT-1660 clinical data later this year. We also are finalizing plans to begin the expansion portion of our trial, with an initial focus on patients with triple-negative breast cancer who have previously been treated with at least one topoisomerase-1 ADC.”
Recent Accomplishments, Strategic Priorities and Expected Milestones
XMT-1660: Mersana continues to advance its Phase 1 clinical trial of XMT-1660, the company’s lead Dolasynthen ADC candidate targeting B7-H4. The dose escalation portion of the trial is ongoing, with the company having recently escalated to a dose of 115 milligrams per meter squared administered every four weeks. A maximum tolerated dose has not yet been established. Approximately 75 percent of the patients that have been enrolled in the trial to date have triple-negative breast cancer (TNBC) or hormone receptor-positive breast cancer (HR+BC). Among the enrolled patients with TNBC, approximately 90 percent have received a prior topoisomerase-1 (topo-1) ADC, and among the enrolled patients with HR+BC, approximately half have received a prior topo-1 ADC. Last week at World ADC 2024, Mersana presented new preclinical data demonstrating XMT-1660’s anti-tumor activity following topo-1 treatment. By the end of 2024, Mersana plans both to share initial safety, tolerability, efficacy and biomarker data from its Phase 1 dose escalation and backfill cohorts at a company event and to initiate the expansion portion of the trial in patients with TNBC who have previously been treated with at least one topo-1 ADC.
XMT-2056: Mersana continues to escalate dosing in its Phase 1 clinical trial of XMT-2056, the company’s lead Immunosynthen ADC candidate targeting a novel HER2 epitope. GSK plc has an exclusive global license option to co-develop and commercialize XMT-2056. At the Society for Immunotherapy of Cancer (SITC) 2024 Annual Meeting last week, Mersana presented new preclinical data demonstrating XMT-2056’s ability to activate STING signaling and inhibit tumor growth at very low doses.
Collaborations: Mersana continues to advance its Johnson & Johnson and Merck KGaA, Darmstadt, Germany collaborations. The collaboration with Merck KGaA, Darmstadt, Germany focuses on discovering novel Immunosynthen ADCs for up to two targets. The collaboration with Johnson & Johnson focuses on discovering novel Dolasynthen ADCs for up to three targets. In the third quarter of 2024, Mersana achieved and received payment for an
Third Quarter 2024 Financial Results
- Cash, cash equivalents and marketable securities as of September 30, 2024, were
$155.2 million . Mersana continues to expect that its capital resources will be sufficient to support its current operating plan commitments into 2026. - Net cash used in operating activities for the third quarter of 2024 was
$8.6 million , which reflects the impact of the aforementioned$8 million milestone payment and a$3.5 million payment for manufacturing activities from Johnson & Johnson.
- Collaboration revenue for the third quarter of 2024 was
$12.6 million , compared to$7.7 million for the same period in 2023. The year-over-year change was primarily related to an increase in revenue recognized under Mersana’s collaboration and license agreements with Johnson & Johnson and Merck KGaA, Darmstadt, Germany. - Research and development (R&D) expenses for the third quarter of 2024 were
$14.8 million , compared to$30.5 million for the same period in 2023. Included in the third quarter of 2024 R&D expenses were$2.3 million in non-cash stock-based compensation expenses. The year-over-year decline in R&D expenses was primarily related to reduced costs associated with manufacturing and clinical development activities for UpRi, a discontinued ADC candidate, and reduced employee compensation expense following the company’s restructuring in 2023. - General and administrative (G&A) expenses for the third quarter of 2024 were
$9.9 million , compared to$12.9 million during the same period in 2023. Included in the third quarter of 2024 G&A expenses were$1.7 million in non-cash stock-based compensation expenses. The year-over-year decline in G&A expenses was primarily related to reduced consulting and professional services fees and reduced employee compensation expense following the aforementioned restructuring. - Net loss for the third quarter of 2024 was
$11.5 million , or$0.09 per share, compared to a net loss of$41.7 million , or$0.35 per share, for the same period in 2023.
Conference Call Reminder
Mersana will host a conference call today at 8:00 a.m. ET to discuss business updates and its financial results for the third quarter of 2024. To access the call, please dial 833-255-2826 (domestic) or 412-317-0689 (international). A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com, and a replay of the webcast will be available in the same location following the conference call for approximately 90 days.
About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel antibody-drug conjugates (ADCs) and driven by the knowledge that patients are waiting for new treatment options. The company has developed proprietary cytotoxic (Dolasynthen) and immunostimulatory (Immunosynthen) ADC platforms that are generating a pipeline of wholly-owned and partnered product candidates with the potential to treat a range of cancers. Its pipeline includes XMT-1660, a Dolasynthen ADC targeting B7-H4, and XMT-2056, an Immunosynthen ADC targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). Mersana routinely posts information that may be useful to investors on the “Investors & Media” section of its website at www.mersana.com.
Forward-Looking Statements
This press release contains “forward-looking” statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements concerning Mersana’s plans regarding the clinical development of XMT-1660 and XMT-2056, including with respect to the progress and design of the clinical trials of these product candidates; Mersana’s planned data presentations, including with respect to its Phase 1 clinical trial of XMT-1660; Mersana’s cash runway; Mersana’s collaborations with third parties; and the development and potential of Mersana’s product candidates, platforms, technology and pipeline of ADC candidates. Mersana may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things, uncertainties inherent in research and development, in the advancement, progression and completion of clinical trials and in the clinical development of Mersana’s product candidates, including XMT-1660 and XMT-2056; the risk that Mersana may face delays in patient enrollment in its Phase 1 clinical trial of XMT-2056; the risk that Mersana may not realize the intended benefits of its platforms, technology and collaborations; and other important factors, any of which could cause Mersana’s actual results to differ from those contained in the forward-looking statements, that are described in greater detail in the section entitled “Risk Factors” in Mersana’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 13, 2024, as well as in other filings Mersana may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and Mersana expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
| Mersana Therapeutics, Inc. Selected Condensed Consolidated Balance Sheet Data (in thousands and unaudited) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Cash, cash equivalents and marketable securities | $ | 155,171 | $ | 209,084 | |||
| Working capital(1) | 92,256 | 150,420 | |||||
| Total assets | 169,530 | 226,060 | |||||
| Total stockholders' equity | 1,049 | 36,904 | |||||
| (1) The company defines working capital as current assets less current liabilities. | |||||||
| Mersana Therapeutics, Inc. Condensed Consolidated Statement of Operations (in thousands, except share and per share data, and unaudited) | ||||||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Collaboration revenue | $ | 12,598 | $ | 7,698 | $ | 24,136 | $ | 26,154 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 14,803 | 30,531 | 50,734 | 126,774 | ||||||||||||||||
| General and administrative | 9,864 | 12,894 | 31,927 | 49,409 | ||||||||||||||||
| Restructuring expenses | - | 8,214 | - | 8,214 | ||||||||||||||||
| Total operating expenses | 24,667 | 51,639 | 82,661 | 184,397 | ||||||||||||||||
| Total other income, net | 986 | 2,285 | 3,868 | 6,117 | ||||||||||||||||
| Loss before income taxes | (11,083 | ) | (41,656 | ) | (54,657 | ) | (152,126 | ) | ||||||||||||
| Income tax expense | (418 | ) | - | (418 | ) | - | ||||||||||||||
| Net loss | $ | (11,501 | ) | $ | (41,656 | ) | $ | (55,075 | ) | $ | (152,126 | ) | ||||||||
| Net loss per share — basic and diluted | $ | (0.09 | ) | $ | (0.35 | ) | $ | (0.45 | ) | $ | (1.33 | ) | ||||||||
| Weighted-average number of common shares — basic and diluted | 122,721,918 | 120,521,985 | 122,197,585 | 114,595,910 | ||||||||||||||||
Contact:
Jason Fredette
617-498-0020
jason.fredette@mersana.com
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