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Mersana Therapeutics, Inc. (MRSN) 10-Year Financial Performance & Capital Metrics

MRSN • • Industrial / General
HealthcareBiotechnologyOncology TherapeuticsSolid Tumor Oncology
AboutMersana Therapeutics, Inc., a clinical stage biopharmaceutical company, develops antibody drug conjugates (ADC) for cancer patients with unmet need. It develops XMT-1592, a Dolasynthen ADC targeting NaPi2b-expressing tumor cells, which is in phase I clinical trial for the treatment of ovarian cancer and NSCLC adenocarcinoma. The company also develops XMT-1660, a B7-H4-targeted Dolasynthen ADC candidate; and XMT-2056, an immunosynthen development candidate. It has a strategic research and development partnerships with Merck KGaA and Asana BioSciences, LLC for the development of ADC product candidates utilizing Fleximer. The company was formerly known as Nanopharma Corp. and changed its name to Mersana Therapeutics, Inc. in November 2005. Mersana Therapeutics, Inc. was incorporated in 2001 and is headquartered in Cambridge, Massachusetts.Show more
  • Revenue $40M +9.9%
  • EBITDA -$72M +57.7%
  • Net Income -$69M +59.7%
  • EPS (Diluted) -14.12 +61.8%
  • Gross Margin 100%
  • EBITDA Margin -177.07% +61.5%
  • Operating Margin -181.09% +61.0%
  • Net Margin -170.86% +63.3%
  • ROE -505.14% -89.7%
  • ROIC -
  • Debt/Equity -
  • Interest Coverage -18.93 +54.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 97 (top 3%)
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-0.78%
3Y880.21%
TTM-4.76%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM6.08%

EPS CAGR

10Y-
5Y-
3Y-
TTM8.03%

ROCE

10Y Avg-113.61%
5Y Avg-84.96%
3Y Avg-81.95%
Latest-59.96%

Peer Comparison

Solid Tumor Oncology
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Sector-Specific
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TLXTelix Pharmaceuticals Limited2.49B7.4353.0755.85%3.98%15.63%0.36%1.02
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NUVBNuvation Bio Inc.2.1B6.14-2.91-8.13%-66.74%0.02
RLAYRelay Therapeutics, Inc.1.32B7.63-3.23-60.83%-26.71%-48.97%0.06
ORICORIC Pharmaceuticals, Inc.1.12B11.52-6.30-33.24%0.01
ZLABZai Lab Limited2.09B18.82-7.2449.59%-46.83%-27.21%0.18

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+10.36M25.17M17.55M10.59M42.12M828K43K26.58M36.85M40.5M
Revenue Growth %-1.43%-0.3%-0.4%2.98%-0.98%-0.95%617.16%0.39%0.1%
Cost of Goods Sold+21.35M32.01M928K59.91M067.04M0000
COGS % of Revenue2.06%1.27%0.05%5.66%-80.96%----
Gross Profit+-10.99M-6.84M16.62M-49.32M42.12M-66.21M43K26.58M36.85M40.5M
Gross Margin %-1.06%-0.27%0.95%-4.66%1%-79.96%1%1%1%1%
Gross Profit Growth %-0.38%3.43%-3.97%1.85%-2.57%1%617.16%0.39%0.1%
Operating Expenses+26.7M38.99M57.16M76.25M72.32M88.94M168.9M230.35M207.81M113.83M
OpEx % of Revenue2.58%1.55%3.26%7.2%1.72%107.41%3927.93%8.67%5.64%2.81%
Selling, General & Admin5.35M6.98M10.46M16.33M17.28M21.9M36.89M56.96M59.54M40.81M
SG&A % of Revenue0.52%0.28%0.6%1.54%0.41%26.45%857.86%2.14%1.62%1.01%
Research & Development21.35M32.01M46.7M59.91M55.04M67.04M132.01M173.38M148.27M73.02M
R&D % of Revenue2.06%1.27%2.66%5.66%1.31%80.96%3070.07%6.52%4.02%1.8%
Other Operating Expenses-89K001.4M000000
Operating Income+-16.34M-13.82M-39.62M-65.66M-30.2M-155.15M-168.86M-203.77M-170.96M-73.34M
Operating Margin %-1.58%-0.55%-2.26%-6.2%-0.72%-187.37%-3926.93%-7.67%-4.64%-1.81%
Operating Income Growth %-0.15%-1.87%-0.66%0.54%-4.14%-0.09%-0.21%0.16%0.57%
EBITDA+-16.04M-13.17M-38.69M-64.4M-28.95M-154.14M-168M-202.84M-169.44M-71.71M
EBITDA Margin %-1.55%-0.52%-2.21%-6.08%-0.69%-186.15%-3907.05%-7.63%-4.6%-1.77%
EBITDA Growth %-0.18%-1.94%-0.66%0.55%-4.32%-0.09%-0.21%0.16%0.58%
D&A (Non-Cash Add-back)297K655K928K1.26M1.25M1.01M855K927K1.52M1.63M
EBIT-16.34M-13.82M-38.71M-64.26M-27.97M-88.11M-168.79M-200.88M-167.6M-64.9M
Net Interest Income+2K121K910K1.4M1.99M65K-1.2M-445K8M4.56M
Interest Income2K121K910K1.4M2.23M424K65K2.88M12.07M8.44M
Interest Expense0000234K359K1.27M3.33M4.07M3.87M
Other Income/Expense-87K121K910K1.4M1.99M67.1M-1.2M-445K-713K4.56M
Pretax Income+-16.43M-13.7M-38.71M-64.26M-28.21M-88.05M-170.06M-204.21M-171.67M-68.77M
Pretax Margin %-1.59%-0.54%-2.21%-6.07%-0.67%-106.33%-3954.88%-7.68%-4.66%-1.7%
Income Tax+-2K00000000418K
Effective Tax Rate %1%1%1%1%1%1%1%1%1%1.01%
Net Income+-16.43M-13.7M-38.71M-64.26M-28.21M-88.05M-170.06M-204.21M-171.67M-69.19M
Net Margin %-1.59%-0.54%-2.21%-6.07%-0.67%-106.33%-3954.88%-7.68%-4.66%-1.71%
Net Income Growth %-0.17%-1.83%-0.66%0.56%-2.12%-0.93%-0.2%0.16%0.6%
Net Income (Continuing)-16.43M-13.7M-38.71M-64.26M-28.21M-88.05M-170.06M-204.21M-171.67M-69.19M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-23.48-19.58-42.95-69.75-16.21-35.80-60.24-54.51-36.96-14.12
EPS Growth %-0.17%-1.19%-0.62%0.77%-1.21%-0.68%0.1%0.32%0.62%
EPS (Basic)-23.48-19.58-43.00-69.75-16.25-35.80-60.24-54.51-36.96-14.12
Diluted Shares Outstanding699.73K699.73K901.17K921.29K1.74M2.46M2.82M3.75M4.64M4.9M
Basic Shares Outstanding699.73K699.73K900.14K921.29K1.74M2.46M2.82M3.75M4.64M4.9M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+12.75M102.17M117.54M70.13M101.33M258.58M188.9M319.22M214.06M136.9M
Cash & Short-Term Investments11.53M100.3M114.73M70.13M99.79M255.09M177.95M280.71M209.08M134.62M
Cash Only11.53M100.3M26.59M59.63M62.35M255.09M177.95M128.88M174.56M107.75M
Short-Term Investments0088.14M10.5M37.44M00151.83M34.52M26.87M
Accounts Receivable640K1.05M784K459K00030M00
Days Sales Outstanding22.5515.2416.3115.81---411.95--
Inventory000-4.17M000000
Days Inventory Outstanding----------
Other Current Assets002.02M3.71M1.54M010.95M8.51M4.97M2.28M
Total Non-Current Assets+1.66M2.91M13.17M8.37M6.21M14.82M17.21M15.12M12M7.76M
Property, Plant & Equipment1.28M2.48M2.32M2.69M4.76M12.67M14.86M14.46M11.53M6.78M
Fixed Asset Turnover8.07x10.14x7.57x3.93x8.85x0.07x0.00x1.84x3.20x5.97x
Goodwill0000000000
Intangible Assets0000000000
Long-Term Investments0321K10.48M371K321K321478K000
Other Non-Current Assets371K110K371K5.31M1.13M2.15M1.88M661K478K978K
Total Assets+14.41M105.09M130.72M78.5M107.54M273.4M206.11M334.34M226.06M144.66M
Asset Turnover0.72x0.24x0.13x0.13x0.39x0.00x0.00x0.08x0.16x0.28x
Asset Growth %-6.29%0.24%-0.4%0.37%1.54%-0.25%0.62%-0.32%-0.36%
Total Current Liabilities+10.73M28.39M31.88M69.42M24.07M30M47.52M91.53M63.64M62.46M
Accounts Payable2.02M2.07M3.07M10.73M7.3M8.34M12.32M13.95M7.32M4.33M
Days Payables Outstanding34.6123.581.21K65.35-45.41----
Short-Term Debt0000667K93K002.08M12.5M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities01.31M4.13M9.46M5.04M10.83M21.64M990K13.88M12.26M
Current Ratio1.19x3.60x3.69x1.01x4.21x8.62x3.97x3.49x3.36x2.19x
Quick Ratio1.19x3.60x3.69x1.07x4.21x8.62x3.97x3.49x3.36x2.19x
Cash Conversion Cycle----------
Total Non-Current Liabilities+46.37M132.32M28.84M282K5.15M15.31M36.85M150.75M125.52M91.71M
Long-Term Debt00004.2M4.98M24.63M24.93M23.15M10.95M
Capital Lease Obligations0000677K10.16M11.25M8.57M5.2M1.29M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities36.3M94.75M67K282K275K174K974K203K1K8K
Total Liabilities57.1M160.71M60.72M69.71M29.22M45.31M84.37M242.28M189.16M154.17M
Total Debt+00007.76M16.66M38.18M36.3M33.83M28.6M
Net Debt-11.53M-100.3M-26.59M-59.63M-54.59M-238.43M-139.77M-92.58M-140.73M-79.15M
Debt / Equity----0.10x0.07x0.31x0.39x0.92x-
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-----129.06x-432.16x-133.27x-61.23x-41.97x-18.93x
Total Equity+-42.69M-55.62M69.99M8.79M78.32M228.09M121.74M92.06M36.9M-9.51M
Equity Growth %--0.3%2.26%-0.87%7.9%1.91%-0.47%-0.24%-0.6%-1.26%
Book Value per Share-61.01-79.4977.679.5545.0292.7443.1224.577.95-1.94
Total Shareholders' Equity-42.69M-55.62M69.99M8.79M78.32M228.09M121.74M92.06M36.9M-9.51M
Common Stock1K1K3K3K5K7K7K11K12K12K
Retained Earnings-45.47M-59.17M-97.88M-164.17M-192.37M-280.42M-450.48M-654.69M-826.36M-895.55M
Treasury Stock0000000000
Accumulated OCI-3.56M-4.21M-149K-8K25K00-152K11K10K
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-9.64M31.59M-42.68M-55.22M-67.74M-74.7M-139.99M-49.36M-168.88M-82.34M
Operating CF Margin %-0.93%1.25%-2.43%-5.21%-1.61%-90.21%-3255.53%-1.86%-4.58%-2.03%
Operating CF Growth %-4.28%-2.35%-0.29%-0.23%-0.1%-0.87%0.65%-2.42%0.51%
Net Income-16.43M-13.7M-38.71M-64.26M-28.21M-88.05M-170.06M-204.21M-171.67M-69.19M
Depreciation & Amortization297K655K928K1.26M1.25M1.01M855K927K1.52M1.63M
Stock-Based Compensation349K668K1.42M3.88M4.87M7.17M18.41M21.52M21.14M16.46M
Deferred Taxes-349K-102K-134K-386K-222K00000
Other Non-Cash Items349K102K-159K110K103K62K723K-699K-1.1M-496K
Working Capital Changes6.15M43.97M-6.03M4.18M-45.53M5.11M10.09M133.1M-18.76M-30.74M
Change in Receivables1.2M-411K267K325K459K00-30M30M0
Change in Inventory304K1.42M2.42M2.61M-1.5M00000
Change in Payables926K-325K1.33M7.38M-3.11M942K483K947K-6.08M-2.86M
Cash from Investing+-783K-1.08M-99.62M87.19M-27.29M37.03M-648K-152.72M119.88M11.44M
Capital Expenditures-619K-1.08M-1.14M-1.37M-605K-473K-648K-2.2M-2.17M-132K
CapEx % of Revenue0.06%0.04%0.07%0.13%0.01%0.57%15.07%0.08%0.06%0%
Acquisitions----------
Investments----------
Other Investing-164K0-98.48M88.56M-26.69M00-150.52M00
Cash from Financing+9.96M58.26M68.6M1.06M97.7M230.41M63.65M153.02M94.67M4.09M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing0105K452K1.06M664K3.7M2.22M2.4M1.4M542K
Net Change in Cash----------
Free Cash Flow+-10.26M30.5M-43.82M-56.59M-68.35M-75.17M-140.64M-51.56M-171.05M-82.47M
FCF Margin %-0.99%1.21%-2.5%-5.34%-1.62%-90.78%-3270.6%-1.94%-4.64%-2.04%
FCF Growth %-3.97%-2.44%-0.29%-0.21%-0.1%-0.87%0.63%-2.32%0.52%
FCF per Share-14.6643.59-48.63-61.42-39.29-30.56-49.81-13.76-36.83-16.83
FCF Conversion (FCF/Net Income)0.59x-2.31x1.10x0.86x2.40x0.85x0.82x0.24x0.98x1.19x
Interest Paid00000234K0003.47M
Taxes Paid000000000418K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)---538.53%-163.11%-64.76%-57.47%-97.22%-191.03%-266.24%-505.14%
Return on Invested Capital (ROIC)------1738.14%----
Gross Margin-106.13%-27.16%94.71%-465.56%100%-7996.14%100%100%100%100%
Net Margin-158.59%-54.43%-220.62%-606.54%-66.97%-10633.45%-395488.37%-768.26%-465.8%-170.86%
Debt / Equity----0.10x0.07x0.31x0.39x0.92x-
Interest Coverage-----129.06x-432.16x-133.27x-61.23x-41.97x-18.93x
FCF Conversion0.59x-2.31x1.10x0.86x2.40x0.85x0.82x0.24x0.98x1.19x
Revenue Growth-142.99%-30.3%-39.62%297.61%-98.03%-94.81%61716.28%38.65%9.88%

Frequently Asked Questions

Growth & Financials

Mersana Therapeutics, Inc. (MRSN) reported $33.2M in revenue for fiscal year 2024. This represents a 220% increase from $10.4M in 2015.

Mersana Therapeutics, Inc. (MRSN) grew revenue by 9.9% over the past year. This is steady growth.

Mersana Therapeutics, Inc. (MRSN) reported a net loss of $70.1M for fiscal year 2024.

Dividend & Returns

Mersana Therapeutics, Inc. (MRSN) has a return on equity (ROE) of -505.1%. Negative ROE indicates the company is unprofitable.

Mersana Therapeutics, Inc. (MRSN) had negative free cash flow of $74.4M in fiscal year 2024, likely due to heavy capital investments.

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