Operational cash flow remains inconsistent, evidenced by a $96.6M free cash flow deficit in 2025Q1 and a reliance on external capital to offset a $21.0M quarterly stock-based compensation expense.
| Cash from Operations | -317.27M | -185.84M | -142.21M | -149.9M | -59.63M | -79.9M | -63.05M | -46.33M | -44.88M | -27.06M | -25.18M | -17.74M | -9.62M |
| Operating CF Margin % | - | -532.8% | -357.24% | -385.97% | -138.2% | -325.98% | -227.16% | -138.29% | -204.81% | -1078.22% | -1321.78% | -1361.32% | -1723.12% |
| Operating CF Growth % | -1543% | -30.68% | 5.13% | -151.39% | 25.37% | -26.73% | -36.09% | -3.21% | -65.85% | -7.48% | -41.95% | -84.48% | - |
| Net Income | -334.9M | -215.33M | -154.94M | -131.19M | -66.82M | -85.51M | -55.15M | -27.76M | -87.69M | -49.67M | -25.35M | -21.17M | -13.68M |
| Depreciation & Amortization | 2.45M | 2.47M | 2.54M | 1.28M | 1.49M | 1.44M | 1.14M | 729.81K | 381.5K | 246.1K | 211.01K | 307.65K | 364.55K |
| Stock-Based Compensation | 72.01M | 45.83M | 26.23M | 24.54M | 17.09M | 9.37M | 7.83M | 9.07M | 15.37M | 3.48M | 619.9K | 188.48K | 251.32K |
| Deferred Taxes | 77K | -321K | 842K | -1.62M | -7K | -122K | -89K | -7.07M | 31.63M | 20.53M | -213.19K | -47.42K | -75.95K |
| Other Non-Cash Items | 9.55M | -42.81M | 8.88M | -23.93M | -27.25M | 9M | -1.6M | -1.35M | -1.25M | -34.7K | 158.53K | -13.37K | 2.76K |
| Working Capital Changes | -20.21M | 24.32M | -25.75M | -18.97M | 15.87M | -14.08M | -15.18M | -19.94M | -3.33M | -1.62M | -608.97K | 3M | 3.52M |
| Change in Receivables | -17.14M | 1.07M | 1.73M | 1.83M | -4.99M | 1.15M | 633K | -2.95M | -2.2M | -1.44M | -892.13K | -47.42K | 99.42K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 4.13M | 2.29M | -743.54K | 6.23M | 181.94K | 516.04K | 262.66K | 0 |
| Change in Payables | 13.11M | -136K | -3.93M | -3.92M | 10.71M | -110K | 22K | 706.93K | 605.85K | -127.25K | 10.93K | 1.76M | 995.61K |
| Cash from Investing | -93.55M | -220.22M | -27.02M | 2.8M | -146.62M | -1.49M | 24.17M | -22.21M | -49.94M | -429.09K | -57.95K | -104.58K | 6.9K |
| Capital Expenditures | -607K | -1.67M | -3.98M | -7.64M | -870K | -1.29M | -2.6M | -4.21M | -868.58K | -521.64K | -112.61K | -190.91K | -114.61K |
| CapEx % of Revenue | 1.19% | 4.78% | 10% | 19.67% | 2.02% | 5.25% | 9.36% | 12.56% | 3.96% | 20.78% | 5.91% | 14.65% | 20.54% |
| Acquisitions | 0 | 0 | 52K | 52K | 0 | 162.9K | 375K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 657K | -163K | -52K | -52K | 0 | -162.9K | -375K | 1.46M | 1.11M | 92.55K | 54.66K | 86.34K | 121.52K |
| Cash from Financing | 354.22M | 494.01M | 230.09M | 58.74M | 281.95M | 39.52M | 74.23M | 60.86M | 223.41M | 52.8M | 59.44M | 7.13M | 16.35M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -583.05K | -175.63K | 8.56M | -203.07K | -230.6K |
| Equity Issued (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.08M | 36.53M | 4.14M | 999K | 16.85M | 1.45M | 48K | 0 | 134.33M | -188.25K | 60.13K | 0 | 0 |
| Net Change in Cash | -65.54M | 89.02M | 56.58M | -93.31M | 78.47M | -34.53M | 33.08M | -6.78M | 111.29M | 25.31M | 34.2M | -10.71M | 6.74M |
| Free Cash Flow | -317.87M | -187.5M | -146.19M | -157.54M | -60.5M | -81.19M | -65.65M | -50.53M | -45.75M | -27.59M | -25.29M | -17.93M | -9.73M |
| FCF Margin % | -621.16% | -537.58% | -367.24% | -405.64% | -140.22% | -331.23% | -236.52% | -150.84% | -208.78% | -1099.01% | -1327.69% | -1375.97% | -1743.66% |
| FCF Growth % | -104.03% | -28.26% | 7.2% | -160.41% | 25.49% | -23.68% | -29.91% | -10.45% | -65.86% | -9.06% | -41.07% | -84.27% | - |
| FCF per Share | -4.20 | -2.92 | -2.83 | -3.51 | -1.57 | -2.78 | -2.71 | -2.27 | -2.38 | -2.09 | -1.64 | -1.16 | -3.64 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.89x | 1.01x | 1.22x | 1.02x | 1.14x | 1.28x | 1.87x | 0.69x | 0.57x | 1.08x | 1.02x | 0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 2.8M | 3.1M | 0 | 635K | 322K | 320K | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone funding dependency
According to recent financial statements, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios fluctuating between 0.52 and 2.23, suggesting that reported earnings are poor proxies for the actual cash burn inherent in the company's current clinical-stage development model.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings heavily influence the bottom line. Investors should monitor these fluctuations, as they suggest that accounting-based profitability metrics may obscure the underlying cash-intensive nature of the firm's R&D activities.
As reported in quarterly filings, Merus N.V. continues to experience a consistent free cash flow deficit, with quarterly outflows reaching as high as $96.6M in 2025Q1, highlighting a trajectory that remains entirely dependent on external capital injections rather than self-sustaining operational cash generation.
The negative FCF margins across nearly all periods underscore the company's status as a pre-commercial entity where cash burn is a structural necessity. This trend suggests that until a lead asset reaches commercialization, the firm will likely remain reliant on milestone-driven liquidity to fund its extensive pipeline.
Based on reported figures, working capital changes have been erratic, swinging from a $52.2M inflow in 2024Q2 to a $34.1M outflow in 2025Q1, which indicates that the timing of partner payments and clinical trial accruals creates significant, unpredictable shifts in the company's short-term liquidity position.
These swings appear to be driven by the lumpy nature of collaboration revenue and the timing of R&D-related payables. Such volatility warrants further investigation, as it complicates the predictability of the company's cash runway and highlights the sensitivity of the balance sheet to partner-driven payment schedules.
Data from recent filings reveals that stock-based compensation has trended upward to $21.0M in 2025Q3, a non-cash expense that effectively masks the true economic cost of operations and complicates the assessment of the company's actual cash-based burn rate relative to its clinical development milestones.
By adding back significant SBC to arrive at operating cash flow, the company presents a more favorable liquidity picture than the underlying operational losses might suggest. Analysts should adjust for this dilution to understand the true cost of talent retention in the competitive bispecific antibody development landscape.
Quick answers to the most common questions about buying MRUS stock.
Merus N.V. (MRUS) generated $-185.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Merus N.V. (MRUS) reported negative free cash flow of $187.5M in 2024, indicating capital requirements exceeded cash from operations.
Merus N.V. (MRUS) spent $1.7M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.