Revenue remains highly unpredictable due to a dependence on collaboration milestones, contributing to a deeply negative operating margin that reached -195.6% in 2023Q4.
| Sales/Revenue | 33.18M | 40.5M | 36.85M | 26.58M | 43K | 828K | 42.12M | 10.59M | 17.55M | 25.17M | 10.36M |
| Revenue Growth % | -4.76% | 9.88% | 38.65% | 61716.28% | -94.81% | -98.03% | 297.61% | -39.62% | -30.3% | 142.99% | - |
| Cost of Goods Sold | 287K | 0 | 0 | 0 | 0 | 67.04M | 0 | 59.91M | 928K | 32.01M | 21.35M |
| COGS % of Revenue | - | - | - | - | - | 8096.14% | - | 565.56% | 5.29% | 127.16% | 206.13% |
| Gross Profit | 32.89M | 40.5M | 36.85M | 26.58M | 43K | -66.21M | 42.12M | -49.32M | 16.62M | -6.84M | -10.99M |
| Gross Margin % | 99.13% | 100% | 100% | 100% | 100% | -7996.14% | 100% | -465.56% | 94.71% | -27.16% | -106.13% |
| Gross Profit Growth % | - | 9.88% | 38.65% | 61716.28% | 100.06% | -257.18% | 185.41% | -396.81% | 343.05% | 37.81% | - |
| Operating Expenses | 100.27M | 113.83M | 207.81M | 230.35M | 168.9M | 88.94M | 72.32M | 76.25M | 57.16M | 38.99M | 26.7M |
| OpEx % of Revenue | - | 281.09% | 563.86% | 866.59% | 392793.02% | 10741.3% | 171.69% | 719.74% | 325.8% | 154.91% | 257.75% |
| Selling, General & Admin | 31.53M | 40.81M | 59.54M | 56.96M | 36.89M | 21.9M | 17.28M | 16.33M | 10.46M | 6.98M | 5.35M |
| SG&A % of Revenue | - | 100.78% | 161.56% | 214.3% | 85786.05% | 2645.17% | 41.03% | 154.18% | 59.63% | 27.75% | 51.62% |
| Research & Development | 69.03M | 73.02M | 148.27M | 173.38M | 132.01M | 67.04M | 55.04M | 59.91M | 46.7M | 32.01M | 21.35M |
| R&D % of Revenue | - | 180.31% | 402.3% | 652.29% | 307006.98% | 8096.14% | 130.67% | 565.56% | 266.17% | 127.16% | 206.13% |
| Other Operating Expenses | -287K | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | -89K |
| Operating Income | -67.38M | -73.34M | -170.96M | -203.77M | -168.86M | -155.15M | -30.2M | -65.66M | -39.62M | -13.82M | -16.34M |
| Operating Margin % | -203.06% | -181.09% | -463.86% | -766.59% | -392693.02% | -18737.44% | -71.69% | -619.74% | -225.8% | -54.91% | -157.75% |
| Operating Income Growth % | - | 57.1% | 16.1% | -20.67% | -8.84% | -413.73% | 54% | -65.72% | -186.64% | 15.42% | - |
| EBITDA | -66.29M | -71.71M | -169.44M | -202.84M | -168M | -154.14M | -28.95M | -64.4M | -38.69M | -13.17M | -16.04M |
| EBITDA Margin % | -199.79% | -177.07% | -459.75% | -763.1% | -390704.65% | -18615.46% | -68.74% | -607.87% | -220.51% | -52.31% | -154.88% |
| EBITDA Growth % | 14.77% | 57.68% | 16.47% | -20.74% | -9% | -432.33% | 55.04% | -66.45% | -193.86% | 17.94% | - |
| D&A (Non-Cash Add-back) | 1.09M | 1.63M | 1.52M | 927K | 855K | 1.01M | 1.25M | 1.26M | 928K | 655K | 297K |
| EBIT | -67.33M | -64.9M | -167.6M | -200.88M | -168.79M | -88.11M | -27.97M | -64.26M | -38.71M | -13.82M | -16.34M |
| Net Interest Income | 1.43M | 4.56M | 8M | -445K | -1.2M | 65K | 1.99M | 1.4M | 910K | 121K | 2K |
| Interest Income | 4.17M | 8.44M | 12.07M | 2.88M | 65K | 424K | 2.23M | 1.4M | 910K | 121K | 2K |
| Interest Expense | 2.75M | 3.87M | 4.07M | 3.33M | 1.27M | 359K | 234K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.71M | 4.56M | -713K | -445K | -1.2M | 67.1M | 1.99M | 1.4M | 910K | 121K | -87K |
| Pretax Income | -70.08M | -68.77M | -171.67M | -204.21M | -170.06M | -88.05M | -28.21M | -64.26M | -38.71M | -13.7M | -16.43M |
| Pretax Margin % | -211.21% | -169.82% | -465.8% | -768.26% | -395488.37% | -10633.45% | -66.97% | -606.54% | -220.62% | -54.43% | -158.59% |
| Income Tax | 0 | 418K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K |
| Effective Tax Rate % | 0% | -0.61% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.01% |
| Net Income | -70.08M | -69.19M | -171.67M | -204.21M | -170.06M | -88.05M | -28.21M | -64.26M | -38.71M | -13.7M | -16.43M |
| Net Margin % | -211.21% | -170.86% | -465.8% | -768.26% | -395488.37% | -10633.45% | -66.97% | -606.54% | -220.62% | -54.43% | -158.59% |
| Net Income Growth % | 6.08% | 59.69% | 15.94% | -20.08% | -93.15% | -212.13% | 56.1% | -66.01% | -182.53% | 16.61% | - |
| Net Income (Continuing) | -70.08M | -69.19M | -171.67M | -204.21M | -170.06M | -88.05M | -28.21M | -64.26M | -38.71M | -13.7M | -16.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -14.05 | -14.12 | -36.96 | -54.51 | -60.24 | -35.80 | -16.21 | -69.75 | -42.95 | -19.58 | -23.48 |
| EPS Growth % | 8.03% | 61.8% | 32.2% | 9.51% | -68.27% | -120.85% | 76.76% | -62.4% | -119.36% | 16.61% | - |
| EPS (Basic) | - | -14.12 | -36.96 | -54.51 | -60.24 | -35.80 | -16.25 | -69.75 | -43.00 | -19.58 | -23.48 |
| Diluted Shares Outstanding | 4.99M | 4.9M | 4.64M | 3.75M | 2.82M | 2.46M | 1.74M | 921.29K | 901.17K | 699.73K | 699.73K |
| Basic Shares Outstanding | 4.99M | 4.9M | 4.64M | 3.75M | 2.82M | 2.46M | 1.74M | 921.29K | 900.14K | 699.73K | 699.73K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial failure risk
As reported in financial statements, Mersana's revenue remains entirely dependent on non-recurring collaboration milestones, with quarterly figures fluctuating significantly from $2.3M to $16.4M over the last ten quarters, reflecting the inherent unpredictability of a business model lacking any commercialized product or recurring revenue stream.
The revenue volatility suggests that top-line performance is tied to contractual achievements rather than organic market adoption. Investors should monitor the timing of these milestones, as they do not indicate a sustainable growth trajectory but rather the episodic nature of R&D-based licensing agreements.
Based on the provided income statement data, Mersana maintains a high fixed-cost structure dominated by R&D expenses, which reached as high as $48.6M in 2023Q2, highlighting the substantial capital intensity required to sustain clinical trial execution and laboratory operations in the absence of commercial revenue.
The company's expense discipline appears challenged by the necessity of funding multi-candidate clinical advancement. While SG&A costs have shown some moderation, the persistent R&D burn suggests that the firm remains highly sensitive to the timing of capital raises to maintain its operational runway.
According to recent SEC filings, Mersana's operating margins have remained consistently negative, bottoming out at -195.6% in 2023Q4, which indicates that the current revenue scale is insufficient to cover the heavy overhead and clinical development costs inherent in the company's current business model.
The lack of positive operating leverage suggests that the company is not yet achieving the economies of scale necessary for financial self-sufficiency. Without a successful commercial pivot, the operating income will likely continue to track closely with the intensity of clinical trial activity rather than revenue growth.
As indicated by the discontinuation of the UpRi program, the company's reliance on a single-asset success model has proven fragile, with the market now questioning whether the Dolasynthen platform can deliver consistent clinical efficacy to justify the ongoing cash burn and potential for future shareholder dilution.
Short-term investors may focus on the narrowing cash runway, which may necessitate a dilutive financing event if clinical milestones are not met. The transition to earlier-stage assets like XMT-1660 represents a significant risk, as the platform's technical superiority remains to be validated in late-stage human trials.
Quick answers to the most common questions about buying MRSN stock.
For fiscal year 2024, Mersana Therapeutics, Inc. (MRSN) reported total revenue of $40.5M. This represents a 290.9% increase compared to $10.4M in 2015.
Mersana Therapeutics, Inc. (MRSN) reported a net loss of $69.2M for the fiscal year ending 2024.
Mersana Therapeutics, Inc. (MRSN) reported an operating income of $-73.3M, resulting in an operating profit margin of -181.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Mersana Therapeutics, Inc. (MRSN) generated $40.5M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.