What is Mersana Therapeutics Inc's earnings per share (EPS)?

Mersana Therapeutics Inc (MRSN) reported diluted earnings per share of $-0.56 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Mersana Therapeutics Inc Financials

MRSN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Mersana Therapeutics Inc (MRSN) financial statements, including the 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).

Rhea AI MRSN FY2024 2026-04-22

R&D-funded development still dominates the model, and lower cash burn matters more than modest commercial revenue growth.

FY2024’s operating cash burn improved to -$82.3M from -$168.9M in FY2023. The change lines up with R&D spend being roughly halved, while revenue rose only 9.9%, so the narrower loss came mainly from spending restraint rather than operating scale.

This remains an asset-light development business: free cash flow of -$82.5M was almost the same as operating cash flow of -$82.3M, because capital spending was negligible. Even after cuts, R&D at $73.0M still exceeded revenue of $40.5M, so the company is still paying to advance programs more than it is collecting from the business today.

Balance-sheet pressure and near-term liquidity are telling different stories: liabilities of $154.2M exceed assets of $144.7M, which means accumulated losses have pushed equity below zero. Cash of $107.8M versus current liabilities of $62.5M suggests near-term obligations are more manageable than the negative equity figure alone implies.

Financial Health Signals

Financial Profile 34/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Growth

Mersana Therapeutics Inc's revenue grew 9.9% year-over-year to $40.5M, a solid pace of expansion. This earns a growth score of 72/100.

Leverage

Mersana Therapeutics Inc carries a low D/E ratio of -1.15, meaning only $-1.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Mersana Therapeutics Inc's current ratio of 2.19 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Mersana Therapeutics Inc generated -$82.3M in operating cash flow, capex of $132K consumed most of it, leaving -$82.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Mersana Therapeutics Inc passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

1.19x

For every $1 of reported earnings, Mersana Therapeutics Inc generates $1.19 in operating cash flow (-$82.3M OCF vs -$69.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$40.5M

YoY+9.9%

5Y CAGR-0.8%

Mersana Therapeutics Inc generated $40.5M in revenue in fiscal year 2024. This represents an increase of 9.9% from the prior year.

EBITDA

N/A

Net Income

-$69.2M

YoY+59.7%

Mersana Therapeutics Inc reported -$69.2M in net income in fiscal year 2024. This represents an increase of 59.7% from the prior year.

EPS (Diluted)

$-0.56

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.

Cash & Balance Sheet

Free Cash Flow

-$82.5M

YoY+51.8%

Mersana Therapeutics Inc generated -$82.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 51.8% from the prior year.

Cash & Debt

$107.8M

YoY-38.3%

5Y CAGR+11.6%

Mersana Therapeutics Inc held $107.8M in cash against $10.9M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

Mersana Therapeutics Inc had 5M shares outstanding in fiscal year 2024. This represents a decrease of 96.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-170.9%

YoY+294.9pp

5Y CAGR-103.9pp

Mersana Therapeutics Inc's net profit margin was -170.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 294.9 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$73.0M

YoY-50.8%

5Y CAGR+5.8%

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.

Share Buybacks

N/A

Capital Expenditures

$132K

YoY-93.9%

5Y CAGR-26.2%

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.

MRSN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$40.5M+9.9%	$36.9M+38.7%	$26.6M+61716.3%	$43K-94.8%	$828K-98.0%	$42.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$73.0M-50.8%	$148.3M-14.5%	$173.4M+31.3%	$132.0M+96.9%	$67.0M+21.8%	$55.0M
SG&A Expenses	$40.8M-31.5%	$59.5M+4.5%	$57.0M+54.4%	$36.9M+68.4%	$21.9M+26.7%	$17.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$3.9M-4.9%	$4.1M+22.4%	$3.3M+162.7%	$1.3M+252.9%	$359K+53.4%	$234K
Income Tax	$418K	$0	$0	$0	$0	$0
Net Income	-$69.2M+59.7%	-$171.7M+15.9%	-$204.2M-20.1%	-$170.1M-93.2%	-$88.0M-212.1%	-$28.2M
EPS (Diluted)	$-0.56	$-1.48+32.1%	$-2.18+9.5%	$-2.41-68.5%	$-1.43-120.0%	$-0.65

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
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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	N/A	$-2.34+52.8%	$-4.96-3000.0%	$-0.16	N/A

MRSN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$144.7M-36.0%	$226.1M-32.4%	$334.3M+62.2%	$206.1M-24.6%	$273.4M+154.2%	$107.5M
Current Assets	$136.9M-36.0%	$214.1M-32.9%	$319.2M+69.0%	$188.9M-26.9%	$258.6M+155.2%	$101.3M
Cash & Equivalents	$107.8M-38.3%	$174.6M+35.4%	$128.9M-27.6%	$177.9M-30.2%	$255.1M+309.1%	$62.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$0	$0-100.0%	$30.0M	$0	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$154.2M-18.5%	$189.2M-21.9%	$242.3M+187.2%	$84.4M+86.2%	$45.3M+55.1%	$29.2M
Current Liabilities	$62.5M-1.9%	$63.6M-30.5%	$91.5M+92.6%	$47.5M+58.4%	$30.0M+24.6%	$24.1M
Long-Term Debt	$10.9M-52.7%	$23.1M-7.1%	$24.9M+1.2%	$24.6M+394.8%	$5.0M+18.5%	$4.2M
Total Equity	-$9.5M-125.8%	$36.9M-59.9%	$92.1M-24.4%	$121.7M-46.6%	$228.1M+191.2%	$78.3M
Retained Earnings	-$895.6M-8.4%	-$826.4M-26.2%	-$654.7M-45.3%	-$450.5M-60.6%	-$280.4M-45.8%	-$192.4M

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
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$168K-36.8%	$266K	N/A	$0-100.0%	$1.0M-36.3%	$1.6M	N/A	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

MRSN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$82.3M+51.2%	-$168.9M-242.1%	-$49.4M+64.7%	-$140.0M-87.4%	-$74.7M-10.3%	-$67.7M
Capital Expenditures	$132K-93.9%	$2.2M-1.3%	$2.2M+239.0%	$648K+37.0%	$473K-21.8%	$605K
Free Cash Flow	-$82.5M+51.8%	-$171.1M-231.7%	-$51.6M+63.3%	-$140.6M-87.1%	-$75.2M-10.0%	-$68.3M
Investing Cash Flow	$11.4M-90.5%	$119.9M+178.5%	-$152.7M-23467.3%	-$648K-101.8%	$37.0M+235.7%	-$27.3M
Financing Cash Flow	$4.1M-95.7%	$94.7M-38.1%	$153.0M+140.4%	$63.6M-72.4%	$230.4M+135.8%	$97.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

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
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MRSN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-170.9%+294.9pp	-465.8%+302.5pp	-768.3%+394720.1pp	-395488.4%-384854.9pp	-10633.5%-10566.5pp	-67.0%
Return on Equity	N/A	-465.2%-243.3pp	-221.8%-82.1pp	-139.7%-101.1pp	-38.6%-2.6pp	-36.0%
Return on Assets	-47.8%+28.1pp	-75.9%-14.9pp	-61.1%+21.4pp	-82.5%-50.3pp	-32.2%-6.0pp	-26.2%
Current Ratio	2.19-1.2	3.36-0.1	3.49-0.5	3.97-4.6	8.62+4.4	4.21
Debt-to-Equity	-1.15-1.8	0.63+0.4	0.27+0.1	0.20+0.2	0.02-0.0	0.05
FCF Margin	-203.7%+260.5pp	-464.1%-270.2pp	-194.0%+326866.5pp	-327060.5%-317982.1pp	-9078.4%-8916.1pp	-162.3%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-68.5%+726.5pp	-795.0%+80.9pp	-875.9%-789.6pp	-86.3%+5.0pp	-91.3%+967.1pp	-1058.4%-849.5pp	-208.8%-26.2pp	-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	1.39+0.0	1.35-0.5	1.83-0.4	2.19-0.2	2.35-0.4	2.72-0.8	3.51+0.1	3.36
Debt-to-Equity	0.000.0	0.00+0.3	-0.26+0.9	-1.15-14.5	13.35+11.3	2.02+1.3	0.71+0.1	0.63
FCF Margin	-29.0%+710.6pp	-739.6%+325.3pp	-1064.9%-947.2pp	-117.7%-49.6pp	-68.1%+885.0pp	-953.1%-598.5pp	-354.7%-52.4pp	-302.3%

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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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, with a net profit margin of -170.9%.

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 net profit margin?

Mersana Therapeutics Inc (MRSN) had a net profit margin of -170.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Mersana Therapeutics Inc's free cash flow?

Mersana Therapeutics Inc (MRSN) generated -$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) generated -$82.3M in operating cash flow during fiscal year 2024, representing cash generated from 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.

How many shares does Mersana Therapeutics Inc have outstanding?

Mersana Therapeutics Inc (MRSN) had 5M shares outstanding as of 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 debt-to-equity ratio?

Mersana Therapeutics Inc (MRSN) had a debt-to-equity ratio of -1.15 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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.

What is Mersana Therapeutics Inc's cash runway?

Based on fiscal year 2024 data, Mersana Therapeutics Inc (MRSN) had $107.8M in cash against an annual operating cash burn of $82.3M. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Mersana Therapeutics Inc's debt-to-equity ratio negative or unusual?

Mersana Therapeutics Inc (MRSN) has negative shareholder equity of -$9.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 4 out of 9, indicating neutral financial health. 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) has an earnings quality ratio of 1.19x, considered low quality (accrual-driven). 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 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.