Mersana Therapeutics, Inc. (MRSN) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 14, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRSN SEC filings page.
Mersana Therapeutics, Inc. (MRSN) reported $33.2M in revenue over the twelve months to Sep 30, 2025, down 4.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The business is transitioning toward revenue, but still consumes cash to fund development and now reports negative equity.
The FY2024 loss reduction coincided with R&D falling by50.8% from FY2023, while revenue increased by9.9% ; the pattern points to spending retrenchment, not scale alone, as the main near-term driver.
Accounting improvement has not become cash generation: FY2024 operating cash flow was
The balance-sheet shift moved equity from
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Mersana Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mersana Therapeutics, Inc. held $107.8M in cash, cash equivalents and investments at the end of fiscal year 2024, and its operations used $82.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Mersana Therapeutics, Inc. scores 40/100 among other emerging companies.
Mersana Therapeutics, Inc. had 125M shares outstanding at the end of fiscal year 2024, against 121M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Mersana Therapeutics, Inc. scores 54/100 among other emerging companies.
Mersana Therapeutics, Inc. spent $73.0M on research and development in fiscal year 2024, which was 64.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Mersana Therapeutics, Inc. scores 87/100 among other emerging companies.
Mersana Therapeutics, Inc. reported revenue of $40.5M in fiscal year 2024, against $36.9M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Mersana Therapeutics, Inc. scores 67/100 among other emerging companies.
Mersana Therapeutics, Inc.'s operations used $82.3M of cash in fiscal year 2024, against $168.9M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Mersana Therapeutics, Inc. scores 24/100 among other emerging companies.
Mersana Therapeutics, Inc.'s cash, cash equivalents and investments came to $107.8M at the end of fiscal year 2024, against $154.2M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Mersana Therapeutics, Inc. scores 51/100 among other emerging companies.
Mersana Therapeutics, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Mersana Therapeutics, Inc. reported a net loss of $69.2M while operations used $82.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Mersana Therapeutics, Inc. generated $11.0M in revenue in Q3 2025. This represents a decrease of 12.6% from the same quarter a year earlier. Against the prior quarter it is up 260.2%.
Mersana Therapeutics, Inc. reported -$7.5M in net income in Q3 2025. This represents an increase of 34.4% from the same quarter a year earlier. Against the prior quarter it is up 68.9%.
Mersana Therapeutics, Inc. earned -$1.51 per diluted share (EPS) in Q3 2025. Against the prior quarter it is up 69.0%.
Not reported for Q3 2025.
Cash & Balance Sheet
Mersana Therapeutics, Inc. recorded an outflow of $3.2M in free cash flow in Q3 2025, representing a cash shortfall after capex. This represents an increase of 62.8% from the same quarter a year earlier. Against the prior quarter it is up 85.9%.
Mersana Therapeutics, Inc. held $56.4M in cash against $0 in long-term debt as of Q3 2025.
Not reported for Q3 2025.
Margins & Returns
Mersana Therapeutics, Inc.'s net profit margin was -68.5% in Q3 2025, showing the share of revenue converted to profit. This is up 22.8 percentage points from the same quarter a year earlier.
Not reported for Q3 2025.
Not reported for Q3 2025.
Not reported for Q3 2025.
Capital Allocation
Mersana Therapeutics, Inc. invested $12.2M in research and development in Q3 2025. This represents a decrease of 17.7% from the same quarter a year earlier. Against the prior quarter it is down 24.9%.
Not reported for Q3 2025.
MRSN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.0M-12.6% | $3.1M+33.3% | $2.8M-70.2% | $16.4M+52.9% | $12.6M+63.7% | $2.3M-78.5% | $9.2M+18.5% | $10.7M-27.1% |
| R&D Expenses | $12.2M-17.7% | $16.2M-6.0% | $18.3M-1.8% | $22.3M+3.7% | $14.8M-51.5% | $17.2M-64.8% | $18.7M-60.5% | $21.5M-53.0% |
| SG&A Expenses | $6.3M-36.1% | $7.4M-29.4% | $8.9M-22.8% | $8.9M-12.3% | $9.9M-23.5% | $10.5M-42.2% | $11.6M-36.9% | $10.1M-31.6% |
| Interest Expense | $394K-60.0% | $674K-31.4% | $775K-22.7% | $903K-13.8% | $986K-3.0% | $983K-4.1% | $1.0M+1.9% | $1.0M+8.7% |
| Income Tax | $0-100.0% | N/A | N/A | N/A | $418K | N/A | N/A | N/A |
| Net Income | -$7.5M+34.4% | -$24.3M-0.1% | -$24.1M-25.0% | -$14.1M+27.8% | -$11.5M+72.4% | -$24.3M+55.3% | -$19.3M+65.6% | -$19.5M+56.5% |
| EPS (Basic) | -$1.51+35.5% | -$4.87+1.8% | -$0.19-18.8% | -$0.11+26.7% | -$2.34-568.6% | -$4.96-955.3% | -$0.16+69.2% | -$0.15+65.1% |
| EPS (Diluted) | -$1.51 | -$4.87 | -$0.19-18.8% | -$0.11+26.7% | -$2.34 | -$4.96 | -$0.16+69.2% | -$0.15+65.1% |
| Diluted Shares (Avg) | 5M | 5M | 124M+2.5% | N/A | 5M | 5M | 121M+12.9% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Operating Income, EBITDA.
MRSN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $62.7M-63.0% | $84.6M-52.8% | $112.5M-43.3% | $144.7M-36.0% | $169.5M-35.5% | $179.1M-42.4% | $198.4M-33.0% | $226.1M-32.4% |
| Current Assets | $60.0M-62.6% | $80.1M-52.6% | $106.2M-43.4% | $136.9M-36.0% | $160.6M-35.7% | $169.0M-43.1% | $187.5M-33.5% | $214.1M-32.9% |
| Cash & Equivalents | $56.4M-28.5% | $77.0M+30.5% | $102.3M+36.0% | $107.8M-38.3% | $78.9M-57.7% | $59.0M-54.2% | $75.2M-38.8% | $174.6M+35.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $168K-83.2% | $266K-83.1% | N/A | $0 | $1.0M | $1.6M | N/A | $0-100.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $122.2M-27.5% | $137.7M-19.3% | $143.3M-15.9% | $154.2M-18.5% | $168.5M-20.0% | $170.7M-22.8% | $170.4M-26.5% | $189.2M-21.9% |
| Current Liabilities | $43.3M-36.6% | $59.3M-4.6% | $58.2M+8.9% | $62.5M-1.9% | $68.3M+0.5% | $62.2M-17.0% | $53.4M-36.0% | $63.6M-30.5% |
| Non-Current Liabilities | $79.0M-21.2% | $78.4M-27.8% | $85.2M-27.2% | $91.7M-26.9% | $100.2M-29.8% | $108.5M-25.8% | $117.0M-21.2% | $125.5M-16.7% |
| Long-Term Debt | $0-100.0% | $0-100.0% | $7.9M-60.1% | $10.9M-52.7% | $14.0M-44.0% | $17.0M-31.8% | $19.8M-20.8% | $23.1M-7.1% |
| Total Equity | -$59.5M-5775.6% | -$53.1M-730.7% | -$30.9M-210.3% | -$9.5M-125.8% | $1.0M-98.0% | $8.4M-90.6% | $28.0M-56.5% | $36.9M-59.9% |
| Retained Earnings | -$951.5M-8.0% | -$944.0M-8.5% | -$919.7M-8.8% | -$895.6M-8.4% | -$881.4M-9.2% | -$869.9M-13.7% | -$845.7M-19.0% | -$826.4M-26.2% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
MRSN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.2M+62.8% | -$22.6M-3.4% | -$29.3M+10.2% | -$19.3M+39.8% | -$8.6M+81.4% | -$21.9M+64.7% | -$32.7M-12.6% | -$32.0M+37.6% |
| Depreciation & Amortization | $83K-79.4% | $287K-28.8% | $316K-25.3% | $400K-10.5% | $402K-5.9% | $403K+24.4% | $423K+32.6% | $447K+58.5% |
| Stock-Based Compensation | $1.2M-71.3% | $2.0M-55.1% | $2.8M-40.5% | N/A | $4.0M+0.6% | $4.4M-33.4% | $4.7M-27.3% | N/A |
| Capital Expenditures | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $132K-85.5% | $386K-50.8% |
| Free Cash Flow | -$3.2M+62.8% | -$22.6M-3.4% | -$29.3M+10.6% | -$19.3M+40.5% | -$8.6M+81.6% | -$21.9M+64.9% | -$32.8M-9.6% | -$32.3M+37.8% |
| Investing Cash Flow | $372K-98.7% | $395K-92.8% | $27.0M+137.2% | $50.0M+148.2% | $28.5M-72.6% | $5.5M+201.4% | -$72.5M-5296.8% | $20.1M+144.4% |
| Financing Cash Flow | -$17.8M-77121.7% | -$3.1M-2131.4% | -$3.1M-153.8% | -$1.9M-2129.3% | -$23K+84.2% | $153K-99.8% | $5.8M-73.0% | $92K-99.8% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MRSN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -68.5%+22.8pp | -795.0% | -875.9% | -86.3% | -91.3% | -1058.4% | -208.8% | -182.6% |
| Return on Equity | N/A | N/A | N/A | N/A | -1096.4%-1016.6pp | -288.0%-227.5pp | -69.0%+18.4pp | -53.0%-4.2pp |
| Return on Assets | -12.0%-5.3pp | -28.7%-15.2pp | -21.4%-11.7pp | -9.8%-1.1pp | -6.8%+9.1pp | -13.6%+3.9pp | -9.7%+9.2pp | -8.6%+4.8pp |
| Current Ratio | 1.39-1.0x | 1.35-1.4x | 1.83-1.7x | 2.19-1.2x | 2.35-1.3x | 2.72-1.2x | 3.51+0.1x | 3.36-0.1x |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 13.35+12.9x | 2.02+1.7x | 0.71+0.3x | 0.63+0.4x |
| Asset Turnover | 0.18+0.1x | 0.040.0x | 0.020.0x | 0.11+0.1x | 0.070.0x | 0.010.0x | 0.050.0x | 0.050.0x |
| FCF Margin | -29.0%+39.1pp | -739.6% | -1064.9% | -117.7% | -68.1% | -953.1% | -354.7% | -302.3% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$9.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Mersana Therapeutics, Inc. MRSN | FY2024 | $40.5M | -$69.2M | N/A | $37.3M | 54/100 |
| Xilio Therapeutics, Inc. XLO | FY2025 | $43.8M | -$35.0M | -80.0% | $59.6M | 87/100 |
| Mural Oncology plc MURA | FY2024 | N/A | -$128.5M | N/A | $35.4M | — |
| LAVA Therapeutics N.V. LVTX | FY2024 | $12.0M | -$25.1M | N/A | $45.8M | 53/100 |
| Estrella Immunopharma, Inc. ESLA | FY2025 | N/A | -$13.1M | N/A | $17.8M | — |
| Senti Biosciences Holdings, Inc. SNTI | FY2025 | $22K | -$61.4M | N/A | $9.8M | — |
Where Mersana Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Mersana Therapeutics, Inc.'s annual revenue?
Mersana Therapeutics, Inc. (MRSN) reported $40.5M in total revenue for fiscal year 2024. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mersana Therapeutics, Inc.'s revenue growing?
Mersana Therapeutics, Inc. (MRSN) revenue grew by 9.9% year-over-year, from $36.9M to $40.5M in fiscal year 2024.
Is Mersana Therapeutics, Inc. profitable?
No, Mersana Therapeutics, Inc. (MRSN) reported a net income of -$69.2M in fiscal year 2024.
How much debt does Mersana Therapeutics, Inc. have?
As of fiscal year 2024, Mersana Therapeutics, Inc. (MRSN) had $107.8M in cash and equivalents against $10.9M in long-term debt.
What is Mersana Therapeutics, Inc.'s free cash flow?
Mersana Therapeutics, Inc. (MRSN) recorded an outflow of $82.5M in free cash flow during fiscal year 2024. This represents a 51.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mersana Therapeutics, Inc.'s operating cash flow?
Mersana Therapeutics, Inc. (MRSN) recorded an outflow of $82.3M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Mersana Therapeutics, Inc.'s total assets?
Mersana Therapeutics, Inc. (MRSN) had $144.7M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Mersana Therapeutics, Inc.'s capital expenditures?
Mersana Therapeutics, Inc. (MRSN) invested $132K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Mersana Therapeutics, Inc. spend on research and development?
Mersana Therapeutics, Inc. (MRSN) invested $73.0M in research and development during fiscal year 2024.
What is Mersana Therapeutics, Inc.'s current ratio?
Mersana Therapeutics, Inc. (MRSN) had a current ratio of 2.19 as of fiscal year 2024, which is generally considered healthy.
What is Mersana Therapeutics, Inc.'s return on assets (ROA)?
Mersana Therapeutics, Inc. (MRSN) had a return on assets of -47.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Mersana Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Mersana Therapeutics, Inc. (MRSN) held $107.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $82.3M over that year. Dividing the one by the other, the reported balance equals about 16 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Mersana Therapeutics, Inc.'s debt-to-equity ratio negative or not reported?
Mersana Therapeutics, Inc. (MRSN) has negative shareholder equity of -$9.5M as of fiscal year 2024, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Mersana Therapeutics, Inc.'s Piotroski F-Score?
Mersana Therapeutics, Inc. (MRSN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mersana Therapeutics, Inc.'s earnings high quality?
Mersana Therapeutics, Inc. (MRSN) reported a net loss of $69.2M while operations used $82.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Mersana Therapeutics, Inc.?
Mersana Therapeutics, Inc. (MRSN) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.