Revenue remains highly volatile due to milestone-driven accounting, with quarterly figures fluctuating between $6.8M and $24.5M while R&D expenses reached a peak of $79.7M in 2025Q2.
| Sales/Revenue | 51.17M | 34.88M | 39.81M | 38.84M | 43.15M | 24.51M | 27.76M | 33.5M | 21.91M | 2.51M | 1.91M | 1.3M | 558K |
| Revenue Growth % | 55.9% | -12.38% | 2.5% | -9.99% | 76.02% | -11.69% | -17.15% | 52.86% | 773.11% | 31.76% | 46.2% | 133.51% | - |
| Cost of Goods Sold | 162.48M | 21.92M | 10.5M | 9.95M | 86.27M | 57.33M | 49.64M | 47.81M | 34.13M | 18.42M | 16.18M | 11.57M | 6.05M |
| COGS % of Revenue | - | 62.85% | 26.38% | 25.63% | 199.94% | 233.91% | 178.85% | 142.7% | 155.72% | 734.02% | 849.4% | 887.64% | 1084.95% |
| Gross Profit | -111.3M | 12.96M | 29.31M | 28.88M | -43.12M | -32.82M | -21.88M | -14.31M | -12.21M | -15.91M | -14.28M | -10.26M | -5.5M |
| Gross Margin % | -217.5% | 37.15% | 73.62% | 74.37% | -99.94% | -133.91% | -78.85% | -42.7% | -55.72% | -634.02% | -749.4% | -787.64% | -984.95% |
| Gross Profit Growth % | - | -55.78% | 1.46% | 166.98% | -31.37% | -49.99% | -52.97% | -17.17% | 23.28% | -11.47% | -39.1% | -86.74% | - |
| Operating Expenses | 220.34M | 275.58M | 171.11M | 178.34M | 35.93M | 29.29M | 30.41M | 25.62M | 23.09M | 11.97M | 8.84M | 7.16M | 4.41M |
| OpEx % of Revenue | - | 790.11% | 429.84% | 459.21% | 83.28% | 119.5% | 109.56% | 76.49% | 105.37% | 476.77% | 463.78% | 549.27% | 790.32% |
| Selling, General & Admin | 88.31M | 79.96M | 54.2M | 48.75M | 35.93M | 29.29M | 28.8M | 25.62M | 14.32M | 4.83M | 937K | 550K | 2.85M |
| SG&A % of Revenue | - | 229.24% | 136.15% | 125.52% | 83.28% | 119.5% | 103.78% | 76.49% | 65.37% | 192.23% | 49.19% | 42.21% | 511.11% |
| Research & Development | 306.31M | 229.9M | 132.75M | 148.23M | 94.44M | 62.25M | 53.65M | 52.17M | 34.13M | 18.42M | 16.18M | 12.39M | 6.05M |
| R&D % of Revenue | - | 659.14% | 333.49% | 381.68% | 218.88% | 253.95% | 193.3% | 155.73% | 155.72% | 734.02% | 849.4% | 950.73% | 1084.95% |
| Other Operating Expenses | -3M | -34.28M | -15.85M | -18.64M | -94.44M | -62.25M | -52.05M | -52.17M | -25.36M | -11.28M | -8.28M | -5.78M | -4.5M |
| Operating Income | -331.64M | -262.63M | -141.8M | -149.46M | -79.05M | -62.11M | -52.29M | -39.93M | -35.3M | -27.88M | -23.11M | -17.42M | -9.91M |
| Operating Margin % | -648.06% | -752.96% | -356.22% | -384.84% | -183.22% | -253.41% | -188.41% | -119.19% | -161.09% | -1110.8% | -1213.18% | -1336.91% | -1775.27% |
| Operating Income Growth % | - | -85.21% | 5.12% | -89.06% | -27.27% | -18.78% | -30.96% | -13.11% | -26.62% | -20.64% | -32.67% | -75.85% | - |
| EBITDA | -329.45M | -260.24M | -139.5M | -148.26M | -77.75M | -60.93M | -51.28M | -39.27M | -34.98M | -27.65M | -22.92M | -17.17M | -9.64M |
| EBITDA Margin % | -643.78% | -746.12% | -350.44% | -381.75% | -180.2% | -248.59% | -184.75% | -117.23% | -159.63% | -1101.47% | -1203.04% | -1317.5% | -1727.96% |
| EBITDA Growth % | -57.54% | -86.55% | 5.91% | -90.69% | -27.6% | -18.83% | -30.58% | -12.25% | -26.54% | -20.63% | -33.5% | -78.04% | - |
| D&A (Non-Cash Add-back) | 2.19M | 2.39M | 2.3M | 1.2M | 1.3M | 1.18M | 1.01M | 658.17K | 318K | 234K | 193K | 253K | 264K |
| EBIT | -325.86M | -262.63M | -141.8M | -149.46M | -79.05M | -62.11M | -50.69M | -39.93M | -34.26M | -26.39M | -18.69M | -12.02M | -9.91M |
| Net Interest Income | 30.35M | 30.79M | 14.51M | 2.72M | -129K | 300K | 1.89M | 2.13M | 1.11M | 92.55K | -158.53K | 13.38K | -2.76K |
| Interest Income | 30.35M | 30.79M | 14.51M | 2.72M | 0 | 300K | 1.89M | 2.13M | 1.33M | 92.55K | 54.66K | 60.8K | 73.19K |
| Interest Expense | 0 | 0 | 0 | 0 | 129K | 0 | 0 | 0 | 227.94K | 0 | 213.19K | 47.42K | 75.95K |
| Other Income/Expense | 6.71M | 62.64M | 4.35M | 27.83M | 20.56M | -7.48M | 3.3M | 15.4M | -29.22M | -19.56M | -145K | 11K | -2K |
| Pretax Income | -324.94M | -199.99M | -137.45M | -121.63M | -58.49M | -69.59M | -48.99M | -24.53M | -64.53M | -47.44M | -23.26M | -17.41M | -9.91M |
| Pretax Margin % | -634.96% | -573.37% | -345.3% | -313.17% | -135.58% | -283.91% | -176.52% | -73.23% | -294.43% | -1889.92% | -1220.79% | -1336.07% | -1775.63% |
| Income Tax | 9.97M | 7.87M | 2.89M | 895.61K | 209.99K | 411.75K | 172.95K | 178.94K | 249K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -3.07% | -3.93% | -2.1% | -0.74% | -0.36% | -0.59% | -0.35% | -0.73% | -0.39% | 0% | 0% | 0% | 0% |
| Net Income | -334.9M | -207.85M | -140.34M | -122.52M | -58.7M | -70M | -49.17M | -24.71M | -64.77M | -47.44M | -23.26M | -17.41M | -9.91M |
| Net Margin % | -654.43% | -595.93% | -352.56% | -315.48% | -136.06% | -285.59% | -177.15% | -73.77% | -295.57% | -1889.92% | -1220.79% | -1336.07% | -1775.63% |
| Net Income Growth % | -50.28% | -48.1% | -14.55% | -108.71% | 16.14% | -42.37% | -98.96% | 61.85% | -36.55% | -103.98% | -33.59% | -75.71% | - |
| Net Income (Continuing) | -334.9M | -207.85M | -140.34M | -122.52M | -58.7M | -70M | -49.17M | -24.71M | -64.77M | -47.44M | -23.26M | -17.41M | -9.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.43 | -3.35 | -3.00 | -2.92 | -1.73 | -2.92 | -2.28 | -1.28 | -3.81 | -3.75 | -1.65 | -1.37 | -5.12 |
| EPS Growth % | -36.92% | -11.67% | -2.74% | -68.79% | 40.75% | -28.07% | -78.13% | 66.4% | -1.6% | -127.27% | -20.44% | 73.24% | - |
| EPS (Basic) | - | -3.35 | -3.00 | -2.92 | -1.73 | -2.92 | -2.28 | -1.28 | -3.81 | -3.75 | -1.65 | -1.37 | -5.12 |
| Diluted Shares Outstanding | 75.68M | 64.22M | 51.61M | 44.92M | 38.64M | 29.26M | 24.22M | 22.29M | 19.2M | 13.23M | 15.41M | 15.41M | 2.67M |
| Basic Shares Outstanding | 75.68M | 64.22M | 51.61M | 44.92M | 38.64M | 29.26M | 24.22M | 22.29M | 19.2M | 13.23M | 15.41M | 15.41M | 2.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial milestone dependency
As evidenced by the quarterly financial data, Merus N.V. exhibits highly volatile top-line performance, with revenue fluctuating between $6.8M and $24.5M over the last ten quarters, reflecting a business model entirely dependent on the timing of non-recurring milestone payments rather than consistent commercial product sales.
The lack of a predictable revenue stream suggests that the company's growth trajectory is currently tethered to the success of specific clinical milestones rather than market adoption. Investors should monitor the sustainability of these partnership-driven inflows, as the absence of recurring revenue makes long-term forecasting inherently speculative.
Based on reported income statements, R&D expenses have trended upward, reaching $79.7M in 2025Q2, which significantly dwarfs the company's quarterly revenue and highlights a cost structure that is heavily weighted toward the intensive development of the Biclonics and Triclonics pipeline platforms.
The consistent increase in R&D spending appears to reflect the company's transition into more complex, late-stage clinical trials. This expense discipline, or lack thereof, suggests that management is prioritizing pipeline advancement over near-term profitability, which may necessitate further capital raises if milestone payments remain insufficient to cover the burn.
According to recent financial disclosures, stock-based compensation has risen to $21.0M in 2025Q3, representing a substantial non-cash expense that complicates the assessment of true operational losses and contributes to the ongoing dilution of existing shareholders in this pre-commercial biotechnology firm.
The magnitude of stock-based compensation relative to the company's revenue suggests that management is utilizing equity-based incentives to preserve cash. Analysts should scrutinize whether these compensation levels are aligned with long-term clinical success or if they represent an excessive overhead burden that masks the true cost of operations.
As reported in the quarterly filings, gross margins have swung wildly from -170.1% to 94.7%, a phenomenon that warrants further investigation as it likely stems from the accounting treatment of collaboration services rather than underlying product-level profitability or manufacturing efficiency.
This extreme margin volatility suggests that the income statement may not accurately reflect the company's underlying economic health. Investors should be wary of interpreting these figures as indicators of future commercial margins, as the current accounting structure is highly sensitive to the timing of project-based revenue recognition.
Quick answers to the most common questions about buying MRUS stock.
For fiscal year 2024, Merus N.V. (MRUS) reported total revenue of $34.9M. This represents a 6150.7% increase compared to $0.6M in 2013.
Merus N.V. (MRUS) reported a net loss of $207.9M for the fiscal year ending 2024.
Merus N.V. (MRUS) reported an operating income of $-262.6M, resulting in an operating profit margin of -753.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Merus N.V. (MRUS) generated $13.0M in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.