Merus Financials
Merus (MRUS) reported $56.6M in revenue over the twelve months to Sep 30, 2025, up 57.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Development-stage spending is accelerating faster than revenue, widening losses while financing supplies balance-sheet liquidity.
R&D investment rose from$141M in FY2023 to$225M in FY2024 as revenue declined, making development spending the dominant operating commitment. Operating margin deteriorated from-356.2% to-753.0% , indicating that heavier development investment was a major contributor—not scale efficiency—to the widening operating gap.
The financing inflow of
Cash conversion closely tracked accounting losses: free cash flow was
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 Merus'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.
Merus scores 28.21, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.8B) relative to total liabilities ($134.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Merus passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Merus reported a net loss of $215.3M while operations used $185.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Merus generated $36.1M in revenue in fiscal year 2024. This represents a decrease of 17.8% from the prior year.
Merus's EBITDA was -$269.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 74.8% from the prior year.
Merus reported -$215.3M in net income in fiscal year 2024. This represents a decrease of 39.0% from the prior year.
Merus earned -$3.35 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 11.7% from the prior year.
Cash & Balance Sheet
Merus recorded an outflow of $187.5M in free cash flow in fiscal year 2024, representing a cash shortfall after capex. This represents a decrease of 28.3% from the prior year.
Merus held $293.3M in cash as of fiscal year 2024; long-term debt is not reported for that period.
Not reported for fiscal year 2024.
Margins & Returns
Merus's ROE was -33.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 10.3 percentage points from the prior year.
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 shown for fiscal year 2024: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Merus invested $225.4M in research and development in fiscal year 2024. This represents an increase of 60.2% from the prior year.
Merus invested $1.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 58.1% from the prior year.
Not reported for fiscal year 2024.
MRUS 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 | $12.2M+37.6% | $8.8M-66.7% | $26.5M+189.8% | $9.1M-22.4% | $11.8M+60.6% | $7.3M-7.1% | $7.9M-11.7% | $8.9M |
| R&D Expenses | $80.0M-14.8% | $93.9M+17.2% | $80.1M+7.6% | $74.4M+17.7% | $63.2M+28.7% | $49.1M+27.3% | $38.6M-5.2% | $40.7M |
| SG&A Expenses | $28.6M+13.3% | $25.3M+14.2% | $22.1M-5.4% | $23.4M+12.5% | $20.8M-8.1% | $22.6M+40.2% | $16.1M+2.0% | $15.8M |
| Operating Income | -$96.5M+12.6% | -$110.3M-45.7% | -$75.7M+14.6% | -$88.7M-22.7% | -$72.2M-12.2% | -$64.4M-37.5% | -$46.8M+1.5% | -$47.5M |
| Income Tax | $5.8M+210.8% | $1.9M+0.9% | $1.9M+5.5% | $1.8M-40.9% | $3.0M+28.5% | $2.3M+111.0% | $1.1M+5.9% | $1.0M |
| Net Income | -$95.5M+39.6% | -$158.2M-64.0% | -$96.5M-212.0% | -$30.9M+69.0% | -$99.9M-99.6% | -$50.0M-45.2% | -$34.5M+42.7% | -$60.2M |
| EPS (Diluted) | -$1.26+43.5% | -$2.23-59.3% | -$1.40-241.5% | -$0.41+71.9% | -$1.46-80.2% | -$0.81-37.3% | -$0.59+45.9% | -$1.09 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
MRUS 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 | $904.2M-7.8% | $980.2M+34.1% | $730.9M-6.6% | $782.7M-7.3% | $844.7M-5.3% | $892.2M+79.1% | $498.1M+9.4% | $455.5M |
| Current Assets | $691.9M-9.9% | $768.3M+47.1% | $522.3M-8.2% | $569.1M-14.6% | $666.3M-17.4% | $806.6M+96.6% | $410.3M+11.2% | $368.8M |
| Cash & Equivalents | $367.5M-17.0% | $442.8M+124.5% | $197.2M-32.8% | $293.3M-32.3% | $433.0M-31.2% | $629.5M+253.3% | $178.2M-12.8% | $204.2M |
| Accounts Receivable | $19.2M+13.6% | $16.9M+18.9% | $14.2M+1026.3% | $1.3M+11.2% | $1.1M-38.4% | $1.8M-96.9% | $58.7M+2317.7% | $2.4M |
| Total Liabilities | $129.3M-6.6% | $138.4M+2.7% | $134.8M0.0% | $134.8M-4.7% | $141.4M-2.8% | $145.5M-2.1% | $148.6M+49.9% | $99.2M |
| Current Liabilities | $86.8M-5.2% | $91.6M+2.7% | $89.1M+2.4% | $87.1M+8.7% | $80.1M-1.0% | $80.9M+3.0% | $78.5M+13.6% | $69.1M |
| Total Equity | $774.9M-7.9% | $841.7M+41.2% | $596.1M-8.0% | $647.9M-7.9% | $703.3M-5.8% | $746.8M+113.7% | $349.4M-1.9% | $356.3M |
| Retained Earnings | -$1.3B-7.8% | -$1.2B-14.9% | -$1.1B-10.0% | -$968.4M-3.3% | -$937.5M-11.9% | -$837.6M-6.4% | -$787.5M-4.6% | -$753.1M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
MRUS 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 | -$84.9M-22.7% | -$69.2M+28.2% | -$96.5M-44.7% | -$66.7M+17.1% | -$80.4M-1527.7% | $5.6M+112.7% | -$44.4M-22.1% | -$36.3M |
| Capital Expenditures | $328K+272.7% | $88K-48.5% | $171K+755.0% | $20K-81.5% | $108K-92.7% | $1.5M+2242.9% | $63K+142.3% | -$26K |
| Free Cash Flow | -$85.2M-23.0% | -$69.3M+28.3% | -$96.6M-44.9% | -$66.7M+17.2% | -$80.5M-2037.2% | $4.2M+109.4% | -$44.5M-22.2% | -$36.4M |
| Investing Cash Flow | $329K+104.4% | -$7.5M+14.4% | -$8.7M+88.8% | -$77.7M+41.9% | -$133.7M-4235.9% | $3.2M+126.8% | -$12.1M-470.6% | -$2.1M |
| Financing Cash Flow | $6.1M-98.2% | $333.3M+4842.6% | $6.7M-16.4% | $8.1M-25.9% | $10.9M-97.6% | $444.9M+1375.3% | $30.2M+1910.4% | $1.5M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MRUS 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 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -794.1% | -1250.0% | -285.9% | -969.9% | -613.6% | -878.0% | -593.4% | -531.9% |
| Net Margin | -786.2% | -1792.2% | -364.2% | -338.3% | -848.7% | -682.5% | -436.8% | -672.9% |
| Return on Equity | -12.3%+6.5pp | -18.8%-2.6pp | -16.2%-11.4pp | -4.8%+9.4pp | -14.2%-7.5pp | -6.7%+3.2pp | -9.9%+7.0pp | -16.9% |
| Return on Assets | -10.6%+5.6pp | -16.1%-2.9pp | -13.2%-9.3pp | -4.0%+7.9pp | -11.8%-6.2pp | -5.6%+1.3pp | -6.9%+6.3pp | -13.2% |
| Current Ratio | 7.97-0.4x | 8.39+2.5x | 5.86-0.7x | 6.54-1.8x | 8.32-1.7x | 9.97+4.7x | 5.23-0.1x | 5.34 |
| Debt-to-Equity | 0.170.0x | 0.16-0.1x | 0.230.0x | 0.210.0x | 0.200.0x | 0.19-0.2x | 0.43+0.1x | 0.28 |
| FCF Margin | -701.6% | -785.2% | -364.8% | -729.5% | -684.1% | 56.7% | -563.5% | -406.9% |
Not reported in any period shown, so not listed: Gross 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: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where Merus Ranks
Frequently Asked Questions
What is Merus's annual revenue?
Merus (MRUS) reported $36.1M in total revenue for fiscal year 2024. This represents a -17.8% 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 Merus's revenue growing?
Merus (MRUS) revenue declined by 17.8% year-over-year, from $43.9M to $36.1M in fiscal year 2024.
Is Merus profitable?
No, Merus (MRUS) reported a net income of -$215.3M in fiscal year 2024.
What is Merus's EBITDA?
Merus (MRUS) had EBITDA of -$269.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Merus's return on equity (ROE)?
Merus (MRUS) has a return on equity of -33.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Merus's free cash flow?
Merus (MRUS) recorded an outflow of $187.5M in free cash flow during fiscal year 2024. This represents a -28.3% 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 Merus's operating cash flow?
Merus (MRUS) recorded an outflow of $185.8M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Merus's total assets?
Merus (MRUS) had $782.7M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Merus's capital expenditures?
Merus (MRUS) invested $1.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Merus spend on research and development?
Merus (MRUS) invested $225.4M in research and development during fiscal year 2024.
What is Merus's current ratio?
Merus (MRUS) had a current ratio of 6.54 as of fiscal year 2024, which is generally considered healthy.
What is Merus's debt-to-equity ratio?
Merus (MRUS) had a debt-to-equity ratio of 0.21 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Merus's return on assets (ROA)?
Merus (MRUS) had a return on assets of -27.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
How does Merus's liquidity compare with its operating cash outflow?
At the end of fiscal year 2024, Merus (MRUS) held $724.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $185.8M over that year. Dividing the one by the other, the reported balance equals about 47 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.
What is Merus's Altman Z-Score?
Merus (MRUS) has an Altman Z-Score of 28.21, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Merus's Piotroski F-Score?
Merus (MRUS) has a Piotroski F-Score of 3 out of 7 computable signals; 2 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 Merus's earnings high quality?
Merus (MRUS) reported a net loss of $215.3M while operations used $185.8M 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 Merus?
Merus (MRUS) scores 58 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.