The company maintains a stable capital structure with a current ratio of 7.97 and minimal debt, though the equity base is pressured by an accumulated deficit of $1.1B as of 2025Q3.
| Total Current Assets | 590.76M | 569.07M | 368.81M | 306.44M | 424.18M | 217.99M | 247.37M | 223.79M | 225.7M | 74.8M | 37.74M | 3.27M | 15.85M |
| Cash & Short-Term Investments | 542.95M | 537.03M | 355.18M | 290.23M | 410.43M | 207.75M | 239.76M | 215.74M | 220.41M | 59.86M | 35.92M | 2.24M | 14.7M |
| Cash Only | 313.76M | 293.29M | 205.05M | 147.75M | 241.44M | 163.08M | 197.61M | 164.43M | 179.57M | 59.86M | 35.92M | 2.24M | 14.7M |
| Short-Term Investments | 229.19M | 243.73M | 150.13M | 142.48M | 168.99M | 44.67M | 42.15M | 51.31M | 40.84M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 19.41M | 4.71M | 3.98M | 4.7M | 6.67M | 1.75M | 2.65M | 4.86M | 3.78M | 1.23M | 10.93K | 677.32K | 1.02M |
| Days Sales Outstanding | 110.77 | 49.29 | 36.5 | 44.15 | 56.45 | 26.04 | 34.88 | 52.92 | 62.9 | 179.39 | 2.09 | 189.73 | 670.22 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.46M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 246.84 | - | - | - |
| Other Current Assets | 5.51M | 1.72M | 727K | 2.2M | 2.17M | 1.06M | 1.38M | 1.08M | 0 | 113.58K | 372.82K | 0 | 0 |
| Total Non-Current Assets | 181.23M | 213.62M | 86.68M | 70.1M | 32.42M | 13.22M | 16.01M | 26.18M | 10.4M | 1.25M | 1.07M | 1.03M | 1.31M |
| Property, Plant & Equipment | 19.63M | 20.02M | 23.5M | 24.84M | 7.28M | 8.02M | 8.93M | 2.77M | 1.4M | 681.5K | 355.32K | 429.25K | 535.78K |
| Fixed Asset Turnover | 2.51x | 1.74x | 1.69x | 1.56x | 5.92x | 3.06x | 3.11x | 12.10x | 15.64x | 3.68x | 5.36x | 3.04x | 1.04x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.49M | 1.68M | 1.8M | 1.95M | 2.35M | 2.84M | 2.88M | 2.8M | 374.31K | 393.34K | 475.59K | 604.36K | 770.53K |
| Long-Term Investments | 710.67M | 187.01M | 57.31M | 36.46M | 20.3M | 0 | 2.01M | 19.38M | 8.47M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.92M | 953K | 2.87M | 4.81M | 2.08M | 1.95M | 1.91M | 1.23M | 154.76K | 175.63K | 238.34K | 0 | 0 |
| Total Assets | 771.99M | 785.13M | 455.49M | 376.54M | 456.6M | 231.22M | 263.38M | 249.96M | 236.11M | 76.05M | 38.81M | 4.3M | 17.16M |
| Asset Turnover | 0.06x | 0.04x | 0.09x | 0.10x | 0.09x | 0.11x | 0.11x | 0.13x | 0.09x | 0.03x | 0.05x | 0.30x | 0.03x |
| Asset Growth % | 119.24% | 72.37% | 20.97% | -17.53% | 97.48% | -12.21% | 5.37% | 5.87% | 210.47% | 95.97% | 801.48% | -74.91% | - |
| Total Current Liabilities | 74.11M | 87.08M | 69.09M | 78.93M | 71.9M | 46.75M | 36.79M | 33.14M | 22.46M | 8.15M | 6.91M | 7.09M | 5.44M |
| Accounts Payable | 7.17M | 4.16M | 4.6M | 9.83M | 13.24M | 3.13M | 3.03M | 3.24M | 3.43M | 2.3M | 2.42M | 2.93M | 1.32M |
| Days Payables Outstanding | 23.24 | 69.33 | 159.96 | 360.62 | 56.01 | 19.9 | 22.27 | 24.73 | 36.64 | 45.53 | 54.57 | 92.45 | 79.76 |
| Short-Term Debt | 2.36M | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175.63K | 182.58K | 203.07K | 230.6K |
| Deferred Revenue (Current) | 104.68M | 29.93M | 22.68M | 29.42M | 34.66M | 20.18M | 18.84M | 19.37M | 8.66M | 1.93M | 1.66M | 1.56M | 2.19M |
| Other Current Liabilities | 30.97M | 103K | 35K | 38K | 1.11M | 11K | 21K | 207.45K | 535.07K | 231.38K | 589.77K | 1.08M | 185.04K |
| Current Ratio | 7.97x | 6.54x | 5.34x | 3.88x | 5.90x | 4.66x | 6.72x | 6.75x | 10.05x | 9.17x | 5.46x | 0.46x | 2.91x |
| Quick Ratio | 7.97x | 6.54x | 5.34x | 3.88x | 5.90x | 4.66x | 6.72x | 6.75x | 10.05x | 7.64x | 5.46x | 0.46x | 2.91x |
| Cash Conversion Cycle | 87.53 | - | - | - | - | - | - | - | - | 380.71 | - | - | - |
| Total Non-Current Liabilities | 36.26M | 47.69M | 30.06M | 50.56M | 68.5M | 82.21M | 95.29M | 111.73M | 156.2M | 32.1M | 957.73K | 1.54M | 1.13M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 335.49K | 531.34K | 792.84K | 1.13M |
| Capital Lease Obligations | 33.2M | 8.21M | 10.49M | 11.79M | 2.26M | 2.52M | 3.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 110.36M | 134.77M | 99.15M | 129.49M | 140.4M | 128.95M | 132.08M | 144.87M | 178.65M | 40.26M | 7.86M | 8.63M | 6.58M |
| Total Debt | 10.52M | 9.91M | 12.16M | 13.47M | 3.75M | 3.95M | 5.25M | 0 | 0 | 511.13K | 713.93K | 995.91K | 1.36M |
| Net Debt | -303.24M | -283.38M | -192.88M | -134.28M | -237.68M | -159.13M | -192.36M | -164.43M | -179.57M | -59.35M | -35.2M | -1.24M | -13.34M |
| Debt / Equity | 0.02x | 0.02x | 0.03x | 0.05x | 0.01x | 0.04x | 0.04x | - | - | 0.01x | 0.02x | - | 0.13x |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.92x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -612.81x | - | - | - | -154.87x | - | -108.40x | -367.32x | -130.43x |
| Total Equity | 661.63M | 647.93M | 356.34M | 247.06M | 316.2M | 102.26M | 131.3M | 105.09M | 57.45M | 35.79M | 30.94M | -4.33M | 10.58M |
| Equity Growth % | 159.21% | 81.83% | 44.24% | -21.87% | 209.2% | -22.12% | 24.94% | 82.93% | 60.52% | 15.67% | 814.98% | -140.9% | - |
| Book Value per Share | 8.74 | 10.09 | 6.91 | 5.50 | 8.18 | 3.50 | 5.42 | 4.72 | 2.99 | 2.71 | 2.01 | -0.28 | 3.96 |
| Total Shareholders' Equity | 661.63M | 647.93M | 356.34M | 247.06M | 316.2M | 102.26M | 131.3M | 105.09M | 57.45M | 35.79M | 30.94M | -4.33M | 10.58M |
| Common Stock | 6.55M | 6.96M | 5.88M | 4.75M | 4.48M | 3.21M | 2.92M | 2.37M | 2.1M | 1.52M | 847.31K | 342.92K | 332.79K |
| Retained Earnings | -1.13B | -968.39M | -753.06M | -598.12M | -466.93M | -400.11M | -314.6M | -259.45M | -200.93M | -112.84M | -69.3M | -49.57M | -32.46M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 16.61M | -55.47M | -22.53M | -30.45M | -9.22M | 9.07M | 1.59M | 0 | 0 | 0 | 0 | -252K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
As reported in recent financial statements, Merus N.V.'s total assets have fluctuated significantly, peaking at $980.2M in 2025Q2 before contracting to $772.0M in 2025Q3, a trend that underscores the company's reliance on periodic capital raises and milestone-driven inflows to sustain its R&D-heavy business model.
The contraction in total assets over the most recent quarter suggests that the company is consuming its capital base at a rate that outpaces its ability to replenish it through non-dilutive partnership payments. Investors should monitor whether this trajectory reflects a strategic reduction in asset intensity or simply the natural depletion of cash reserves as clinical trial costs for Zenocutuzumab accelerate.
Based on the latest quarterly filings, the company maintains a cash balance of $313.8M, which, when viewed alongside a current ratio of 7.97, suggests a sufficient short-term liquidity buffer to support ongoing clinical development, provided that the current burn rate remains within management's projected operational parameters.
While the high current ratio appears favorable, it is largely a function of the company's cash-heavy asset mix rather than operational efficiency. The significant quarter-over-quarter decline in cash from $442.8M in 2025Q2 highlights the sensitivity of the balance sheet to the timing of R&D expenditures and the absence of recurring revenue streams.
According to historical balance sheet data, the company's equity position has been consistently eroded by an accumulated deficit that reached -$1.1B in 2025Q3, reflecting the substantial capital investment required to advance the Biclonics platform through the high-risk stages of clinical development and regulatory review.
The persistent negative retained earnings indicate that the company has yet to achieve a self-sustaining commercial model, relying instead on equity financing to bridge the gap between R&D investment and potential product commercialization. This structure warrants further investigation into the long-term dilution risks for shareholders as the company continues to fund its pipeline through capital markets.
As disclosed in recent SEC filings, the company carries $48.9M in deferred revenue, a liability that represents future performance obligations rather than debt, which may distort the perceived health of the balance sheet by obscuring the true cash-based runway available for ongoing clinical trial activities.
This deferred revenue balance suggests that a portion of the company's reported liabilities is non-cash in nature, which may lead to an overestimation of financial risk if analyzed solely through traditional leverage metrics. Analysts should interpret this figure as a commitment to future R&D milestones rather than a traditional financial obligation, as it effectively ties the company's operational output to its existing partnership agreements.
Quick answers to the most common questions about buying MRUS stock.
As of 2024, Merus N.V. (MRUS) had total assets of $785.1M including $569.1M in current assets.
Merus N.V. (MRUS) carries total debt of $9.9M, offset by $537.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Merus N.V. (MRUS) has total shareholders' equity (book value) of $647.9M ($10.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Merus N.V. (MRUS) reported a current ratio of 6.54x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.