Merus Financials
This page shows Merus (MRUS) financial statements, including the 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).
Merus still operates as a cash-funded R&D platform, with equity financing rather than product revenue carrying the business.
In FY2024, financing inflow of$494M more than covered operating cash burn of-$185.8M , which is why cash increased even as losses deepened; the stronger cash balance was a financing event, not internal cash generation. The simultaneous share-count expansion and revenue decline show liquidity came from issuing capital, not from commercial scaling.
FY2024’s cost structure remained decisively development-stage: R&D spending reached
Balance-sheet support is coming from shareholders, not lenders: liabilities were
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 28.30, 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.
For every $1 of reported earnings, Merus generates $0.86 in operating cash flow (-$185.8M OCF vs -$215.3M 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
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 generated -$187.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 28.3% from the prior year.
Merus held $293.3M in cash against $0 in long-term debt as of fiscal year 2024.
Merus had 69M shares outstanding in fiscal year 2024. This represents an increase of 19.0% from the prior year.
Margins & Returns
Merus's operating margin was -753.0% in fiscal year 2024, reflecting core business profitability. This is down 396.7 percentage points from the prior year.
Merus's net profit margin was -595.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 243.4 percentage points from the prior year.
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.
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.
MRUS Income Statement
| 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 |
| 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 | $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 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 | N/A | $-1.46-80.2% | $-0.81-37.3% | $-0.59 | N/A |
MRUS Balance Sheet
| 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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 |
MRUS Cash Flow Statement
| 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+342.3% | -$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 |
| 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 |
MRUS Financial Ratios
| 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 | -794.1%+455.9pp | -1250.0%-964.1pp | -285.9%+684.0pp | -969.9%-356.3pp | -613.6%+264.4pp | -878.0%-284.6pp | -593.4%-61.5pp | -531.9% |
| Net Margin | -786.2%+1006.1pp | -1792.2%-1428.0pp | -364.2%-25.9pp | -338.3%+510.3pp | -848.7%-166.2pp | -682.5%-245.8pp | -436.8%+236.2pp | -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 | 7.97-0.4 | 8.39+2.5 | 5.86-0.7 | 6.54-1.8 | 8.32-1.7 | 9.97+4.7 | 5.23-0.1 | 5.34 |
| Debt-to-Equity | 0.170.0 | 0.16-0.1 | 0.23+0.0 | 0.210.0 | 0.200.0 | 0.19-0.2 | 0.43+0.1 | 0.28 |
| FCF Margin | -701.6%+83.6pp | -785.2%-420.4pp | -364.8%+364.7pp | -729.5%-45.4pp | -684.1%-740.8pp | 56.7%+620.2pp | -563.5%-156.6pp | -406.9% |
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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, with a net profit margin of -595.9%.
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 operating margin?
Merus (MRUS) had an operating margin of -753.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Merus's net profit margin?
Merus (MRUS) had a net profit margin of -595.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
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) generated -$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) generated -$185.8M in operating cash flow during fiscal year 2024, representing cash generated from 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.
What is Merus's cash runway?
Based on fiscal year 2024 data, Merus (MRUS) had $293.3M in cash against an annual operating cash burn of $185.8M. This gives an estimated cash runway of approximately 19 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.
What is Merus's Altman Z-Score?
Merus (MRUS) has an Altman Z-Score of 28.30, 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) has an earnings quality ratio of 0.86x, 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 Merus?
Merus (MRUS) scores 57 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.