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Merus N.V. (MRUS) 10-Year Financial Performance & Capital Metrics

MRUS •
HealthcareBiotechnologyOncology Therapeutics Developers
AboutMerus N.V., a clinical-stage immuno-oncology company, engages in the discovery and development of bispecific antibody therapeutics in the Netherlands. Its bispecific antibody candidate pipeline includes Zenocutuzumab (MCLA-128), which is in a phase 2 clinical trials for the treatment of patients with metastatic breast cancer, as well as in Phase 1/2 clinical trials for the treatment of solid tumors that harbor Neuregulin 1. The company is also developing MCLA-158, which is in a phase I clinical trial for the treatment of solid tumors; MCLA-145, which is in phase 1 clinical trials for the treatment of solid tumors; MCLA-129, which is in phase 1/2 clinical trials for the treatment of patients with advanced non-small cell lung cancer and other solid tumors; and ONO-4685 that is Phase 1 clinical trial to treat relapsed/refractory T cell lymphoma. In addition, it has collaboration agreement with Betta Pharmaceuticals Co. Ltd for the research and development of stage bispecific antibody candidates include MCLA-129; and collaboration with Incyte Corporation for the development of MCLA-145. The company was incorporated in 2003 and is headquartered in Utrecht, the Netherlands.Show more
  • Revenue $35M -12.4%
  • EBITDA -$260M -86.6%
  • Net Income -$208M -48.1%
  • EPS (Diluted) -3.35 -11.7%
  • Gross Margin 37.15% -49.5%
  • EBITDA Margin -746.12% -112.9%
  • Operating Margin -752.96% -111.4%
  • Net Margin -595.93% -69.0%
  • ROE -41.39% +11.0%
  • ROIC -74.61% +3.1%
  • Debt/Equity 0.02 -55.2%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 86 (top 14%)

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Shares diluted 24.4% in last year
  • ✗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

10Y38.92%
5Y4.68%
3Y-6.84%
TTM55.9%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-50.28%

EPS CAGR

10Y-
5Y-
3Y-
TTM-36.92%

ROCE

10Y Avg-47.36%
5Y Avg-38.34%
3Y Avg-44.57%
Latest-48.43%

Peer Comparison

Oncology Therapeutics Developers
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
EXELExelixis, Inc.11.81B44.0615.856.98%29.63%31.37%7.49%0.08
INCYIncyte Corporation20.1B101.2715.8021.22%25.03%24.9%6.74%0.01
GMABGenmab A/S18.13B29.4415.3630.67%46.8%114.25%6.6%0.03
SNDXSyndax Pharmaceuticals, Inc.1.89B21.71-5.82-279.31%-269.93%1.20
RCUSArcus Biosciences, Inc.2.55B20.37-6.19-4.26%-142.91%-55.94%0.16
RLAYRelay Therapeutics, Inc.1.78B10.26-6.3753.44%-18.01%-48.76%0.06
STROSutro Biopharma, Inc.1.74B20.47-6.92-59.64%-205.18%-234.19%4.57
OLMAOlema Pharmaceuticals, Inc.1.66B24.20-11-48.77%0.00

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Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+1.91M2.51M21.91M33.5M27.76M24.51M43.15M38.84M39.81M34.88M
Revenue Growth %46.2%31.76%773.11%52.86%-17.15%-11.69%76.02%-9.99%2.5%-12.38%
Cost of Goods Sold+16.18M18.42M34.13M47.81M49.64M57.33M86.27M9.95M10.5M21.92M
COGS % of Revenue849.4%734.02%155.72%142.7%178.85%233.91%199.94%25.63%26.38%62.85%
Gross Profit+-14.28M-15.91M-12.21M-14.31M-21.88M-32.82M-43.12M28.88M29.31M12.96M
Gross Margin %-749.4%-634.02%-55.72%-42.7%-78.85%-133.91%-99.94%74.37%73.62%37.15%
Gross Profit Growth %-39.1%-11.47%23.28%-17.17%-52.97%-49.99%-31.37%166.98%1.46%-55.78%
Operating Expenses+8.84M11.97M23.09M25.62M30.41M29.29M35.93M178.34M171.11M275.58M
OpEx % of Revenue463.78%476.77%105.37%76.49%109.56%119.5%83.28%459.21%429.84%790.11%
Selling, General & Admin937K4.83M14.32M25.62M28.8M29.29M35.93M48.75M54.2M79.96M
SG&A % of Revenue49.19%192.23%65.37%76.49%103.78%119.5%83.28%125.52%136.15%229.24%
Research & Development16.18M18.42M34.13M52.17M53.65M62.25M94.44M148.23M132.75M229.9M
R&D % of Revenue849.4%734.02%155.72%155.73%193.3%253.95%218.88%381.68%333.49%659.14%
Other Operating Expenses-8.28M-11.28M-25.36M-52.17M-52.05M-62.25M-94.44M-18.64M-15.85M-34.28M
Operating Income+-23.11M-27.88M-35.3M-39.93M-52.29M-62.11M-79.05M-149.46M-141.8M-262.63M
Operating Margin %-1213.18%-1110.8%-161.09%-119.19%-188.41%-253.41%-183.22%-384.84%-356.22%-752.96%
Operating Income Growth %-32.67%-20.64%-26.62%-13.11%-30.96%-18.78%-27.27%-89.06%5.12%-85.21%
EBITDA+-22.92M-27.65M-34.98M-39.27M-51.28M-60.93M-77.75M-148.26M-139.5M-260.24M
EBITDA Margin %-1203.04%-1101.47%-159.63%-117.23%-184.75%-248.59%-180.2%-381.75%-350.44%-746.12%
EBITDA Growth %-33.5%-20.63%-26.54%-12.25%-30.58%-18.83%-27.6%-90.69%5.91%-86.55%
D&A (Non-Cash Add-back)193K234K318K658.17K1.01M1.18M1.3M1.2M2.3M2.39M
EBIT-18.69M-26.39M-34.26M-39.93M-50.69M-62.11M-79.05M-149.46M-141.8M-262.63M
Net Interest Income+-158.53K92.55K1.11M2.13M1.89M300K-129K2.72M14.51M30.79M
Interest Income54.66K92.55K1.33M2.13M1.89M300K02.72M14.51M30.79M
Interest Expense213.19K0227.94K000129K000
Other Income/Expense-145K-19.56M-29.22M15.4M3.3M-7.48M20.56M27.83M4.35M62.64M
Pretax Income+-23.26M-47.44M-64.53M-24.53M-48.99M-69.59M-58.49M-121.63M-137.45M-199.99M
Pretax Margin %-1220.79%-1889.92%-294.43%-73.23%-176.52%-283.91%-135.58%-313.17%-345.3%-573.37%
Income Tax+00249K178.94K172.95K411.75K209.99K895.61K2.89M7.87M
Effective Tax Rate %100%100%100.39%100.73%100.35%100.59%100.36%100.74%102.1%103.93%
Net Income+-23.26M-47.44M-64.77M-24.71M-49.17M-70M-58.7M-122.52M-140.34M-207.85M
Net Margin %-1220.79%-1889.92%-295.57%-73.77%-177.15%-285.59%-136.06%-315.48%-352.56%-595.93%
Net Income Growth %-33.59%-103.98%-36.55%61.85%-98.96%-42.37%16.14%-108.71%-14.55%-48.1%
Net Income (Continuing)-23.26M-47.44M-64.77M-24.71M-49.17M-70M-58.7M-122.52M-140.34M-207.85M
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+-1.65-3.75-3.81-1.28-2.28-2.92-1.73-2.92-3.00-3.35
EPS Growth %-20.44%-127.27%-1.6%66.4%-78.13%-28.07%40.75%-68.79%-2.74%-11.67%
EPS (Basic)-1.65-3.75-3.81-1.28-2.28-2.92-1.73-2.92-3.00-3.35
Diluted Shares Outstanding15.41M13.23M19.2M22.29M24.22M29.26M38.64M44.92M51.61M64.22M
Basic Shares Outstanding15.41M13.23M19.2M22.29M24.22M29.26M38.64M44.92M51.61M64.22M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+37.74M74.8M225.7M223.79M247.37M217.99M424.18M306.44M368.81M569.07M
Cash & Short-Term Investments35.92M59.86M220.41M215.74M239.76M207.75M410.43M290.23M355.18M537.03M
Cash Only35.92M59.86M179.57M164.43M197.61M163.08M241.44M147.75M205.05M293.29M
Short-Term Investments0040.84M51.31M42.15M44.67M168.99M142.48M150.13M243.73M
Accounts Receivable10.93K1.23M3.78M4.86M2.65M1.75M6.67M4.7M3.98M4.71M
Days Sales Outstanding2.09179.3962.952.9234.8826.0456.4544.1536.549.29
Inventory012.46M00000000
Days Inventory Outstanding-246.84--------
Other Current Assets372.82K113.58K01.08M1.38M1.06M2.17M2.2M727K1.72M
Total Non-Current Assets+1.07M1.25M10.4M26.18M16.01M13.22M32.42M70.1M86.68M213.62M
Property, Plant & Equipment355.32K681.5K1.4M2.77M8.93M8.02M7.28M24.84M23.5M20.02M
Fixed Asset Turnover5.36x3.68x15.64x12.10x3.11x3.06x5.92x1.56x1.69x1.74x
Goodwill0000000000
Intangible Assets475.59K393.34K374.31K2.8M2.88M2.84M2.35M1.95M1.8M1.68M
Long-Term Investments008.47M19.38M2.01M020.3M36.46M57.31M187.01M
Other Non-Current Assets238.34K175.63K154.76K1.23M1.91M1.95M2.08M4.81M2.87M953K
Total Assets+38.81M76.05M236.11M249.96M263.38M231.22M456.6M376.54M455.49M785.13M
Asset Turnover0.05x0.03x0.09x0.13x0.11x0.11x0.09x0.10x0.09x0.04x
Asset Growth %801.48%95.97%210.47%5.87%5.37%-12.21%97.48%-17.53%20.97%72.37%
Total Current Liabilities+6.91M8.15M22.46M33.14M36.79M46.75M71.9M78.93M69.09M87.08M
Accounts Payable2.42M2.3M3.43M3.24M3.03M3.13M13.24M9.83M4.6M4.16M
Days Payables Outstanding54.5745.5336.6424.7322.2719.956.01360.62159.9669.33
Short-Term Debt182.58K175.63K00000001.7M
Deferred Revenue (Current)1.66M1.93M8.66M19.37M18.84M20.18M34.66M29.42M22.68M29.93M
Other Current Liabilities589.77K231.38K535.07K207.45K21K11K1.11M38K35K103K
Current Ratio5.46x9.17x10.05x6.75x6.72x4.66x5.90x3.88x5.34x6.54x
Quick Ratio5.46x7.64x10.05x6.75x6.72x4.66x5.90x3.88x5.34x6.54x
Cash Conversion Cycle-380.71--------
Total Non-Current Liabilities+957.73K32.1M156.2M111.73M95.29M82.21M68.5M50.56M30.06M47.69M
Long-Term Debt531.34K335.49K00000000
Capital Lease Obligations00003.87M2.52M2.26M11.79M10.49M8.21M
Deferred Tax Liabilities000001.11M0000
Other Non-Current Liabilities00000-1.11M0000
Total Liabilities7.86M40.26M178.65M144.87M132.08M128.95M140.4M129.49M99.15M134.77M
Total Debt+713.93K511.13K005.25M3.95M3.75M13.47M12.16M9.91M
Net Debt-35.2M-59.35M-179.57M-164.43M-192.36M-159.13M-237.68M-134.28M-192.88M-283.38M
Debt / Equity0.02x0.01x--0.04x0.04x0.01x0.05x0.03x0.02x
Debt / EBITDA----------
Net Debt / EBITDA----------
Interest Coverage-108.40x--154.87x----612.81x---
Total Equity+30.94M35.79M57.45M105.09M131.3M102.26M316.2M247.06M356.34M647.93M
Equity Growth %814.98%15.67%60.52%82.93%24.94%-22.12%209.2%-21.87%44.24%81.83%
Book Value per Share2.012.712.994.725.423.508.185.506.9110.09
Total Shareholders' Equity30.94M35.79M57.45M105.09M131.3M102.26M316.2M247.06M356.34M647.93M
Common Stock847.31K1.52M2.1M2.37M2.92M3.21M4.48M4.75M5.88M6.96M
Retained Earnings-69.3M-112.84M-200.93M-259.45M-314.6M-400.11M-466.93M-598.12M-753.06M-968.39M
Treasury Stock0000000000
Accumulated OCI00001.59M9.07M-9.22M-30.45M-22.53M-55.47M
Minority Interest0000000000

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-25.18M-27.06M-44.88M-46.33M-63.05M-79.9M-59.63M-149.9M-142.21M-185.84M
Operating CF Margin %-1321.78%-1078.22%-204.81%-138.29%-227.16%-325.98%-138.2%-385.97%-357.24%-532.8%
Operating CF Growth %-41.95%-7.48%-65.85%-3.21%-36.09%-26.73%25.37%-151.39%5.13%-30.68%
Net Income-25.35M-49.67M-87.69M-27.76M-55.15M-85.51M-66.82M-131.19M-154.94M-215.33M
Depreciation & Amortization211.01K246.1K381.5K729.81K1.14M1.44M1.49M1.28M2.54M2.47M
Stock-Based Compensation619.9K3.48M15.37M9.07M7.83M9.37M17.09M24.54M26.23M45.83M
Deferred Taxes-213.19K20.53M31.63M-7.07M-89K-122K-7K-1.62M842K-321K
Other Non-Cash Items158.53K-34.7K-1.25M-1.35M-1.6M9M-27.25M-23.93M8.88M-42.81M
Working Capital Changes-608.97K-1.62M-3.33M-19.94M-15.18M-14.08M15.87M-18.97M-25.75M24.32M
Change in Receivables-892.13K-1.44M-2.2M-2.95M633K1.15M-4.99M1.83M1.73M1.07M
Change in Inventory516.04K181.94K6.23M-743.54K2.29M4.13M0000
Change in Payables10.93K-127.25K605.85K706.93K22K-110K10.71M-3.92M-3.93M-136K
Cash from Investing+-57.95K-429.09K-49.94M-22.21M24.17M-1.49M-146.62M2.8M-27.02M-220.22M
Capital Expenditures-112.61K-521.64K-868.58K-4.21M-2.6M-1.29M-870K-7.64M-3.98M-1.67M
CapEx % of Revenue5.91%20.78%3.96%12.56%9.36%5.25%2.02%19.67%10%4.78%
Acquisitions0000375K162.9K052K52K0
Investments----------
Other Investing54.66K92.55K1.11M1.46M-375K-162.9K0-52K-52K-163K
Cash from Financing+59.44M52.8M223.41M60.86M74.23M39.52M281.95M58.74M230.09M494.01M
Debt Issued (Net)8.56M-175.63K-583.05K0000000
Equity Issued (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Dividends Paid0000000000
Share Repurchases0000000000
Other Financing60.13K-188.25K134.33M048K1.45M16.85M999K4.14M36.53M
Net Change in Cash34.2M25.31M111.29M-6.78M33.08M-34.53M78.47M-93.31M56.58M89.02M
Free Cash Flow+-25.29M-27.59M-45.75M-50.53M-65.65M-81.19M-60.5M-157.54M-146.19M-187.5M
FCF Margin %-1327.69%-1099.01%-208.78%-150.84%-236.52%-331.23%-140.22%-405.64%-367.24%-537.58%
FCF Growth %-41.07%-9.06%-65.86%-10.45%-29.91%-23.68%25.49%-160.41%7.2%-28.26%
FCF per Share-1.64-2.09-2.38-2.27-2.71-2.78-1.57-3.51-2.83-2.92
FCF Conversion (FCF/Net Income)1.08x0.57x0.69x1.87x1.28x1.14x1.02x1.22x1.01x0.89x
Interest Paid0000000000
Taxes Paid0000320K322K635K03.1M2.8M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)-174.76%-142.17%-138.94%-30.41%-41.6%-59.94%-28.06%-43.5%-46.52%-41.39%
Return on Invested Capital (ROIC)-------547.69%-117.19%-77%-74.61%
Gross Margin-749.4%-634.02%-55.72%-42.7%-78.85%-133.91%-99.94%74.37%73.62%37.15%
Net Margin-1220.79%-1889.92%-295.57%-73.77%-177.15%-285.59%-136.06%-315.48%-352.56%-595.93%
Debt / Equity0.02x0.01x--0.04x0.04x0.01x0.05x0.03x0.02x
Interest Coverage-108.40x--154.87x----612.81x---
FCF Conversion1.08x0.57x0.69x1.87x1.28x1.14x1.02x1.22x1.01x0.89x
Revenue Growth46.2%31.76%773.11%52.86%-17.15%-11.69%76.02%-9.99%2.5%-12.38%

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