Mersana Therapeutics Inc Financials
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).
FY2024 narrowed losses by cutting research spend, but cash burn still defines the operating model more than revenue generation does.
The smaller net loss was mostly a spending reset, not a revenue inflection: R&D fell to$73.0M from$148.3M . Revenue was only$40.5M and operating cash flow remained-$82.3M , so lower accounting losses still did not produce a self-funding business.
Capital intensity is low: capital spending was just
Liquidity is better than book capital suggests: cash of
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 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 $40.5M in revenue in fiscal year 2024. This represents an increase of 9.9% from the prior year.
Mersana Therapeutics Inc reported -$69.2M in net income in fiscal year 2024. This represents an increase of 59.7% from the prior year.
Mersana Therapeutics Inc earned -$0.56 per diluted share (EPS) in fiscal year 2024. This represents an increase of 62.2% from the prior year.
Not reported for fiscal year 2024.
Cash & Balance Sheet
Mersana Therapeutics Inc recorded an outflow of $82.5M in free cash flow in fiscal year 2024, representing a cash shortfall after capex. This represents an increase of 51.8% from the prior year.
Mersana Therapeutics Inc held $107.8M in cash against $10.9M in long-term debt as of fiscal year 2024.
Not reported for fiscal year 2024.
Margins & Returns
Not reported for fiscal year 2024.
Not reported for fiscal year 2024.
Not shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2024.
Capital Allocation
Mersana Therapeutics Inc invested $73.0M in research and development in fiscal year 2024. This represents a decrease of 50.8% from the prior year.
Mersana Therapeutics Inc invested $132K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 93.9% from the prior year.
Not reported for fiscal year 2024.
MRSN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.0M+260.2% | $3.1M+11.0% | $2.8M-83.2% | $16.4M+29.9% | $12.6M+449.4% | $2.3M-75.2% | $9.2M-13.6% | $10.7M |
| R&D Expenses | $12.2M-24.9% | $16.2M-11.6% | $18.3M-17.7% | $22.3M+50.6% | $14.8M-14.2% | $17.2M-7.7% | $18.7M-13.1% | $21.5M |
| SG&A Expenses | $6.3M-15.0% | $7.4M-16.9% | $8.9M+0.4% | $8.9M-9.9% | $9.9M-6.1% | $10.5M-9.1% | $11.6M+14.1% | $10.1M |
| Interest Expense | $394K-41.5% | $674K-13.0% | $775K-14.2% | $903K-8.4% | $986K+0.3% | $983K-1.9% | $1.0M-4.4% | $1.0M |
| Income Tax | $0 | N/A | N/A | N/A | $418K | N/A | N/A | N/A |
| Net Income | -$7.5M+68.9% | -$24.3M-0.7% | -$24.1M-70.9% | -$14.1M-22.7% | -$11.5M+52.6% | -$24.3M-25.7% | -$19.3M+1.2% | -$19.5M |
| EPS (Diluted) | -$1.51+69.0% | -$4.87 | -$0.19-72.7% | -$0.11 | -$2.34+52.8% | -$4.96 | -$0.16-6.7% | -$0.15 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Operating Income.
MRSN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $62.7M-25.9% | $84.6M-24.8% | $112.5M-22.3% | $144.7M-14.7% | $169.5M-5.4% | $179.1M-9.7% | $198.4M-12.2% | $226.1M |
| Current Assets | $60.0M-25.1% | $80.1M-24.5% | $106.2M-22.4% | $136.9M-14.7% | $160.6M-5.0% | $169.0M-9.9% | $187.5M-12.4% | $214.1M |
| Cash & Equivalents | $56.4M-26.7% | $77.0M-24.7% | $102.3M-5.1% | $107.8M+36.6% | $78.9M+33.7% | $59.0M-21.5% | $75.2M-56.9% | $174.6M |
| Accounts Receivable | $168K-36.8% | $266K | N/A | $0-100.0% | $1.0M-36.3% | $1.6M | N/A | $0 |
| Total Liabilities | $122.2M-11.3% | $137.7M-3.9% | $143.3M-7.0% | $154.2M-8.5% | $168.5M-1.3% | $170.7M+0.2% | $170.4M-9.9% | $189.2M |
| Current Liabilities | $43.3M-27.1% | $59.3M+2.0% | $58.2M-6.9% | $62.5M-8.6% | $68.3M+9.8% | $62.2M+16.4% | $53.4M-16.1% | $63.6M |
| Long-Term Debt | $0 | $0-100.0% | $7.9M-27.8% | $10.9M-21.8% | $14.0M-17.9% | $17.0M-13.9% | $19.8M-14.5% | $23.1M |
| Total Equity | -$59.5M-12.0% | -$53.1M-72.2% | -$30.9M-224.6% | -$9.5M-1006.5% | $1.0M-87.6% | $8.4M-69.9% | $28.0M-24.2% | $36.9M |
| Retained Earnings | -$951.5M-0.8% | -$944.0M-2.6% | -$919.7M-2.7% | -$895.6M-1.6% | -$881.4M-1.3% | -$869.9M-2.9% | -$845.7M-2.3% | -$826.4M |
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.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.2M+85.9% | -$22.6M+22.9% | -$29.3M-52.3% | -$19.3M-124.4% | -$8.6M+60.8% | -$21.9M+33.1% | -$32.7M-2.2% | -$32.0M |
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $132K-65.8% | $386K |
| Free Cash Flow | -$3.2M+85.9% | -$22.6M+22.9% | -$29.3M-52.3% | -$19.3M-124.4% | -$8.6M+60.8% | -$21.9M+33.3% | -$32.8M-1.4% | -$32.3M |
| Investing Cash Flow | $372K-5.8% | $395K-98.5% | $27.0M-46.0% | $50.0M+75.6% | $28.5M+416.3% | $5.5M+107.6% | -$72.5M-460.1% | $20.1M |
| Financing Cash Flow | -$17.8M-471.5% | -$3.1M+0.9% | -$3.1M-68.0% | -$1.9M-8017.4% | -$23K-115.0% | $153K-97.4% | $5.8M+6235.9% | $92K |
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.
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -68.5% | -795.0% | -875.9% | -86.3%+5.0pp | -91.3% | -1058.4% | -208.8% | -182.6% |
| Return on Equity | N/A | N/A | N/A | N/A | -1096.4%-808.4pp | -288.0%-219.0pp | -69.0%-16.0pp | -53.0% |
| Return on Assets | -12.0%+16.7pp | -28.7%-7.3pp | -21.4%-11.7pp | -9.8%-3.0pp | -6.8%+6.8pp | -13.6%-3.8pp | -9.7%-1.1pp | -8.6% |
| Current Ratio | 1.390.0x | 1.35-0.5x | 1.83-0.4x | 2.19-0.2x | 2.35-0.4x | 2.72-0.8x | 3.51+0.1x | 3.36 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 13.35+11.3x | 2.02+1.3x | 0.71+0.1x | 0.63 |
| FCF Margin | -29.0% | -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.
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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.