The company's financial health has deteriorated significantly, with total assets declining from $311.0M in 2023Q2 to $62.7M in 2025Q3, resulting in a negative equity position of -$59.5M.
| Total Current Assets | 59.99M | 136.9M | 214.06M | 319.22M | 188.9M | 258.58M | 101.33M | 70.13M | 117.54M | 102.17M | 12.75M |
| Cash & Short-Term Investments | 56.39M | 134.62M | 209.08M | 280.71M | 177.95M | 255.09M | 99.79M | 70.13M | 114.73M | 100.3M | 11.53M |
| Cash Only | 56.39M | 107.75M | 174.56M | 128.88M | 177.95M | 255.09M | 62.35M | 59.63M | 26.59M | 100.3M | 11.53M |
| Short-Term Investments | 0 | 26.87M | 34.52M | 151.83M | 0 | 0 | 37.44M | 10.5M | 88.14M | 0 | 0 |
| Accounts Receivable | 168K | 0 | 0 | 30M | 0 | 0 | 0 | 459K | 784K | 1.05M | 640K |
| Days Sales Outstanding | 1.19 | - | - | 411.95 | - | - | - | 15.81 | 16.31 | 15.24 | 22.55 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.17M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.43M | 2.28M | 4.97M | 8.51M | 10.95M | 0 | 1.54M | 3.71M | 2.02M | 0 | 0 |
| Total Non-Current Assets | 2.7M | 7.76M | 12M | 15.12M | 17.21M | 14.82M | 6.21M | 8.37M | 13.17M | 2.91M | 1.66M |
| Property, Plant & Equipment | 2.2M | 6.78M | 11.53M | 14.46M | 14.86M | 12.67M | 4.76M | 2.69M | 2.32M | 2.48M | 1.28M |
| Fixed Asset Turnover | 7.16x | 5.97x | 3.20x | 1.84x | 0.00x | 0.07x | 8.85x | 3.93x | 7.57x | 10.14x | 8.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 657K | 0 | 0 | 0 | 478K | 321 | 321K | 371K | 10.48M | 321K | 0 |
| Other Non-Current Assets | 500K | 978K | 478K | 661K | 1.88M | 2.15M | 1.13M | 5.31M | 371K | 110K | 371K |
| Total Assets | 62.69M | 144.66M | 226.06M | 334.34M | 206.11M | 273.4M | 107.54M | 78.5M | 130.72M | 105.09M | 14.41M |
| Asset Turnover | 0.33x | 0.28x | 0.16x | 0.08x | 0.00x | 0.00x | 0.39x | 0.13x | 0.13x | 0.24x | 0.72x |
| Asset Growth % | -195.12% | -36.01% | -32.39% | 62.21% | -24.61% | 154.23% | 36.99% | -39.94% | 24.39% | 629.31% | - |
| Total Current Liabilities | 43.27M | 62.46M | 63.64M | 91.53M | 47.52M | 30M | 24.07M | 69.42M | 31.88M | 28.39M | 10.73M |
| Accounts Payable | 2.39M | 4.33M | 7.32M | 13.95M | 12.32M | 8.34M | 7.3M | 10.73M | 3.07M | 2.07M | 2.02M |
| Days Payables Outstanding | 4.46K | - | - | - | - | 45.41 | - | 65.35 | 1.21K | 23.58 | 34.61 |
| Short-Term Debt | 2.29M | 12.5M | 2.08M | 0 | 0 | 93K | 667K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 89.84M | 22.17M | 28.15M | 30.61M | 3.94M | 3.99M | 4.82M | 46.2M | 21.64M | 22.73M | 7.05M |
| Other Current Liabilities | 14.81M | 12.26M | 13.88M | 990K | 21.64M | 10.83M | 5.04M | 9.46M | 4.13M | 1.31M | 0 |
| Current Ratio | 1.39x | 2.19x | 3.36x | 3.49x | 3.97x | 8.62x | 4.21x | 1.01x | 3.69x | 3.60x | 1.19x |
| Quick Ratio | 1.39x | 2.19x | 3.36x | 3.49x | 3.97x | 8.62x | 4.21x | 1.07x | 3.69x | 3.60x | 1.19x |
| Cash Conversion Cycle | -4.46K | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 78.95M | 91.71M | 125.52M | 150.75M | 36.85M | 15.31M | 5.15M | 282K | 28.84M | 132.32M | 46.37M |
| Long-Term Debt | 0 | 10.95M | 23.15M | 24.93M | 24.63M | 4.98M | 4.2M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.55M | 1.29M | 5.2M | 8.57M | 11.25M | 10.16M | 677K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 78.95M | 8K | 1K | 203K | 974K | 174K | 275K | 282K | 67K | 94.75M | 36.3M |
| Total Liabilities | 122.22M | 154.17M | 189.16M | 242.28M | 84.37M | 45.31M | 29.22M | 69.71M | 60.72M | 160.71M | 57.1M |
| Total Debt | 2.29M | 28.6M | 33.83M | 36.3M | 38.18M | 16.66M | 7.76M | 0 | 0 | 0 | 0 |
| Net Debt | -54.1M | -79.15M | -140.73M | -92.58M | -139.77M | -238.43M | -54.59M | -59.63M | -26.59M | -100.3M | -11.53M |
| Debt / Equity | -0.04x | - | 0.92x | 0.39x | 0.31x | 0.07x | 0.10x | - | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.82x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -24.52x | -18.93x | -41.97x | -61.23x | -133.27x | -432.16x | -129.06x | - | - | - | - |
| Total Equity | -59.54M | -9.51M | 36.9M | 92.06M | 121.74M | 228.09M | 78.32M | 8.79M | 69.99M | -55.62M | -42.69M |
| Equity Growth % | -6842.33% | -125.77% | -59.91% | -24.38% | -46.63% | 191.23% | 790.48% | -87.43% | 225.85% | -30.28% | - |
| Book Value per Share | -11.94 | -1.94 | 7.95 | 24.57 | 43.12 | 92.74 | 45.02 | 9.55 | 77.67 | -79.49 | -61.01 |
| Total Shareholders' Equity | -59.54M | -9.51M | 36.9M | 92.06M | 121.74M | 228.09M | 78.32M | 8.79M | 69.99M | -55.62M | -42.69M |
| Common Stock | 0 | 12K | 12K | 11K | 7K | 7K | 5K | 3K | 3K | 1K | 1K |
| Retained Earnings | -951.52M | -895.55M | -826.36M | -654.69M | -450.48M | -280.42M | -192.37M | -164.17M | -97.88M | -59.17M | -45.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 10K | 11K | -152K | 0 | 0 | 25K | -8K | -149K | -4.21M | -3.56M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
As reported in financial statements, Mersana's total assets have declined from $311.0M in 2023Q2 to $62.7M in 2025Q3, reflecting a rapid depletion of resources as the company struggles to sustain its clinical development pipeline without a consistent, recurring revenue stream to offset ongoing operational cash burn.
The consistent contraction in total assets suggests that the company is consuming its primary liquidity buffer to fund R&D activities. This trajectory indicates that the current business model is not self-sustaining and remains heavily reliant on external capital infusions to maintain operations.
Based on recent SEC filings, Mersana's cash position has dwindled to $56.4M as of 2025Q3, down from a peak of $186.3M in 2023Q3, which significantly narrows the company's operational runway and increases the urgency for either a successful clinical milestone or a dilutive equity financing event.
The current ratio of 1.39 indicates a tightening liquidity profile compared to historical levels, suggesting that the company's ability to meet short-term obligations is becoming increasingly sensitive to the timing of milestone payments. Investors should monitor the burn rate closely, as the current cash balance may be insufficient to support the company's long-term clinical trial objectives.
According to the balance sheet data, Mersana's equity has deteriorated into negative territory, reaching -$59.5M in 2025Q3, a stark reversal from the $89.8M positive equity reported in 2023Q2, primarily driven by the accumulation of massive retained losses totaling -$951.5M over the company's operational history.
The shift to negative equity highlights the severe impact of sustained R&D spending and the failure of key clinical assets on the company's book value. This condition suggests that the firm is effectively operating on borrowed time and capital, leaving little room for further balance sheet impairment without necessitating a significant restructuring or dilutive capital raise.
As indicated by the company's reported figures, deferred revenue has dropped from $134.7M in 2023Q2 to $23.8M in 2025Q3, which suggests that the company is rapidly exhausting its previously received collaboration payments, thereby removing a critical cushion that previously supported the firm's reported revenue and cash flow metrics.
The decline in deferred revenue is a non-obvious risk factor, as it implies that future revenue recognition will be increasingly dependent on new, unproven collaboration milestones rather than the amortization of past deals. This transition may lead to increased volatility in reported financial performance and further pressure the company's already strained liquidity position.
Quick answers to the most common questions about buying MRSN stock.
As of 2024, Mersana Therapeutics, Inc. (MRSN) had total assets of $144.7M including $136.9M in current assets.
Mersana Therapeutics, Inc. (MRSN) carries total debt of $28.6M, offset by $134.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Mersana Therapeutics, Inc. (MRSN) has total shareholders' equity (book value) of $-9.5M ($-1.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Mersana Therapeutics, Inc. (MRSN) reported a current ratio of 2.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.