NASDAQ · Financial Statements

Mersana Therapeutics, Inc. (MRSN) Financial Statements

$29.08 NASDAQ: MRSN Market Cap $145.36M

Mersana Therapeutics, Inc. most recently reported annual revenue of $40.0M, a net loss of $69.0M. Revenue declined at an average annual rate of 1.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Mersana Therapeutics, Inc.: Revenue rose from $10.0M in 2015 to $40.0M in 2024, a change of +300.0% over 9 years; net profit was positive in 0 of 10 reported years; operating margin moved from -157.8% to -181.1%, a shift of -23.3 percentage points; the most recent year shows a net loss of $69.0M.

Income Statement — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Revenue$10.0M$25.0M$18.0M$11.0M$42.0M$1.0M$0$27.0M$37.0M$40.0M
Operating Expenses$27.0M$39.0M$57.0M$76.0M$72.0M$156.0M$169.0M$230.0M$208.0M$114.0M
Operating Profit$-16.0M$-14.0M$-40.0M$-66.0M$-30.0M$-155.0M$-169.0M$-204.0M$-171.0M$-73.0M
Operating Margin-157.8%-54.9%-225.8%-619.7%-71.7%-18737.4%-392693.0%-766.6%-463.9%-181.1%
Other Income$0$0$1.0M$1.0M$2.0M$67.0M$-1.0M$0$-1.0M$5.0M
Interest$0$0$0$0$0$0$1.0M$3.0M$4.0M$4.0M
Depreciation$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$2.0M$2.0M
Profit Before Tax$-16.0M$-14.0M$-39.0M$-64.0M$-28.0M$-88.0M$-170.0M$-204.0M$-172.0M$-69.0M
Tax$10,000$0$0$0$0$0$0$0$0$-610,000
Net Profit$-16.0M$-14.0M$-39.0M$-64.0M$-28.0M$-88.0M$-170.0M$-204.0M$-172.0M$-69.0M
EPS$-23.48$-19.58$-42.95$-69.75$-16.21$-35.80$-60.24$-54.51$-36.96$-14.12
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricDec '22Mar '23Jun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25
Revenue$15.0M$8.0M$11.0M$8.0M$11.0M$9.0M$2.0M$13.0M$16.0M$3.0M$3.0M$11.0M
Operating Expenses$61.0M$66.0M$67.0M$43.0M$32.0M$30.0M$28.0M$25.0M$31.0M$27.0M$24.0M$18.0M
Operating Profit$-46.0M$-58.0M$-57.0M$-36.0M$-21.0M$-21.0M$-25.0M$-12.0M$-15.0M$-25.0M$-21.0M$-7.0M
Operating Margin-312.0%-740.9%-530.3%-464.1%-195.6%-227.2%-1110.1%-95.8%-90.5%-890.0%-673.3%-67.9%
Interest$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$0
Profit Before Tax$-45.0M$-56.0M$-54.0M$-42.0M$-20.0M$-19.0M$-24.0M$-11.0M$-14.0M$-24.0M$-24.0M$-8.0M
Tax$0$0$0$0$0$0$0$-3.8M$0$0$0$0
Net Profit$-45.0M$-56.0M$-54.0M$-42.0M$-20.0M$-19.0M$-24.0M$-12.0M$-14.0M$-24.0M$-24.0M$-8.0M
EPS$-11.12$-13.06$-11.74$-8.64$-4.05$-3.97$-4.96$-2.34$-2.86$-4.85$-4.87$-1.51

Over the 10 years reported for Mersana Therapeutics, Inc., cash stood at $108.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 2.21 times.

Balance Sheet — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Total Assets$14.0M$105.0M$131.0M$79.0M$108.0M$273.0M$206.0M$334.0M$226.0M$145.0M
Current Assets$13.0M$102.0M$118.0M$70.0M$101.0M$259.0M$189.0M$319.0M$214.0M$137.0M
Cash$12.0M$100.0M$27.0M$60.0M$62.0M$255.0M$178.0M$129.0M$175.0M$108.0M
Inventory$0$0$0$-4.0M$0$0$0$0$0$0
Receivables$1.0M$1.0M$1.0M$0$0$0$0$30.0M$0$0
Fixed Assets$1.0M$2.0M$2.0M$3.0M$5.0M$13.0M$15.0M$14.0M$12.0M$7.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$99.0M$11.0M$38.0M$0$0$152.0M$35.0M$27.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$57.0M$161.0M$61.0M$70.0M$29.0M$45.0M$84.0M$242.0M$189.0M$154.0M
Current Liabilities$11.0M$28.0M$32.0M$69.0M$24.0M$30.0M$48.0M$92.0M$64.0M$62.0M
Borrowings$0$0$0$0$8.0M$17.0M$38.0M$36.0M$34.0M$29.0M
Other Liabilities$57.0M$161.0M$61.0M$70.0M$21.0M$29.0M$46.0M$206.0M$155.0M$126.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$-43.0M$-56.0M$70.0M$9.0M$78.0M$228.0M$122.0M$92.0M$37.0M$-10.0M

For Mersana Therapeutics, Inc., operating cash flow was positive in 1 of 10 reported years; free cash flow in the latest year was negative at $82.0M; free cash flow was positive in 1 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2015201620172018201920202021202220232024
Operating Cash Flow$-10.0M$32.0M$-43.0M$-55.0M$-68.0M$-75.0M$-140.0M$-49.0M$-169.0M$-82.0M
Investing Cash Flow$-2.0M$-2.0M$-199.0M$174.0M$-28.0M$37.0M$-1.0M$-155.0M$118.0M$11.0M
Financing Cash Flow$0$0$0$1.0M$1.0M$4.0M$2.0M$2.0M$1.0M$1.0M
Net Cash Flow$0$89.0M$-74.0M$33.0M$3.0M$193.0M$-77.0M$-49.0M$46.0M$-67.0M
Free Cash Flow$-10.0M$31.0M$-44.0M$-57.0M$-68.0M$-75.0M$-141.0M$-52.0M$-171.0M$-82.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.35
EV / EBITDA-1.71
FCF Yield-37.92%
Quick Ratio1.39
Interest Coverage-28.52
Return 1Y—
Return 3Y—
Return 5Y—

Mersana Therapeutics, Inc. (MRSN) financials — frequently asked questions

What is Mersana Therapeutics, Inc.'s annual revenue?

Mersana Therapeutics, Inc. (MRSN) reported annual revenue of $40.0M in its most recent fiscal year.

What is Mersana Therapeutics, Inc.'s net profit?

Mersana Therapeutics, Inc. (MRSN) reported a net loss of $69.0M in its most recent fiscal year.

What is MRSN EV/EBITDA?

Mersana Therapeutics, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -1.71. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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