Summary of Mersana Therapeutics Conference Call Company Overview - **Company**: Mersana Therapeutics - **Event**: Sixth Annual Oncology Innovation Summit - **Key Participants**: Marty Huber (President and CEO), Brian Deschuytner (COO and CFO) Core Industry Insights - **Industry**: Biotechnology, specifically focused on oncology and antibody-drug conjugates (ADCs) Key Points and Arguments Data Updates and Efficacy - Mersana has provided updates on their phase one data for EMILI, an ADC targeting b7-H4, showing a differentiated safety profile with effective doses and minimal side effects like neutropenia and neuropathy [4][5] - The overall response rate (ORR) for EMILI has improved from 23% to 31% across all tumor types, indicating compelling efficacy, particularly in triple-negative breast cancer (TNBC) patients who are late-line and highly refractory [5][6] - The company is focusing on the unmet need in patients who have previously received topoisomerase (topo) inhibitors, where the response rate is typically low [6][7] Regulatory Designations - Mersana has received fast track designations for EMILI in TNBC and certain breast cancer patients post-topo, indicating regulatory recognition of the unmet need in this area [7] Upcoming Presentations - The ASCO presentation will provide additional follow-up data from the ESMO breast presentation, focusing on all enrolled tumor types and more details on non-breast cancer patients [9][10] Patient Management and Protocol Adjustments - The company has implemented protocol amendments to mitigate proteinuria, a treatment-related adverse event, allowing for continued dosing in asymptomatic patients [13][17] - Early feedback from physicians indicates satisfaction with the new protocol, as it allows for better management of patients who are responding well to treatment [17][18] Dose Expansion Strategy - Mersana is exploring high-dose regimens, with a focus on increasing exposure while managing side effects. The rationale for dose selection is based on observed tumor reductions in initial datasets [25][26] - The company aims to confirm initial responses and improve the overall response rate by avoiding treatment interruptions due to adverse events [31][32] Patient Population and Biomarkers - The target population for dose expansion includes TNBC patients with prior chemotherapy, particularly those who have received at least one prior ADC [34][36] - Mersana is using a consistent assay for b7-H4 expression across different study phases, which is crucial for identifying the appropriate patient population [37][38] Trial Design Considerations - Mersana is considering a randomized pivotal trial rather than a single-arm study, as randomized trials are preferred by regulatory agencies and provide critical control data [42][45] - The company aims for a minimum response rate of 20% in the pivotal trial, significantly higher than the 5% response rate observed in control arms of previous studies [46] Additional Important Insights - The company is aware of the challenges in enrolling patients who have previously received topo inhibitors, as many investigators are hesitant to include these patients due to the lack of consistent clinical benefits [40][41] - Mersana's approach to managing adverse events and optimizing dosing schedules reflects a commitment to improving patient outcomes in a challenging therapeutic area [18][25]

Core Insights - Mersana Therapeutics, Inc. provided a business update and reported financial results for Q1 2025, focusing on the development of its antibody-drug conjugates (ADCs) targeting cancers with high unmet medical needs [2][15]. Business Update - The company is advancing the development of Emi-Le, a B7-H4-directed Dolasynthen ADC, with promising preliminary data presented at ESMO Breast Cancer 2025 [3][4]. - Encouraging clinical activity data showed an objective response rate (ORR) of 31% among evaluable patients with B7-H4 high tumors receiving intermediate doses of Emi-Le, an increase from 23% previously reported [5][7]. - The focus remains on triple-negative breast cancer (TNBC) patients, with ongoing enrollment in dose expansion cohorts [6][10]. Clinical Data - Updated clinical data from Emi-Le's Phase 1 trial indicated a median progression-free survival (PFS) of 16.0 weeks and a median overall survival (OS) of 5.7 months for patients with B7-H4 low TNBC [8]. - The company plans to report initial clinical data from the expansion portion of its Phase 1 trial in the second half of 2025 [11]. Financial Results - As of March 31, 2025, Mersana had cash and cash equivalents of $102.3 million, with net cash used in operating activities amounting to $29.3 million for Q1 2025 [15][20]. - Collaboration revenue for Q1 2025 was $2.8 million, a decrease from $9.2 million in the same period in 2024, primarily due to reduced revenue from collaboration agreements [15][16]. - The net loss for Q1 2025 was $24.1 million, or $0.19 per share, compared to a net loss of $19.3 million, or $0.16 per share, for the same period in 2024 [20][25]. Future Plans - Mersana is set to present at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting, with two presentations regarding Emi-Le planned [12]. - The company continues to support collaborations with Johnson & Johnson and Merck KGaA, focusing on the development of its ADC platforms [14].

Company Performance - Mersana Therapeutics reported a quarterly loss of $0.19 per share, which was better than the Zacks Consensus Estimate of a loss of $0.21, but worse than the loss of $0.16 per share from the previous year, indicating a 18.75% increase in loss year-over-year [1] - The company achieved an earnings surprise of 9.52% for the quarter, having previously posted a loss of $0.11 per share against an expected loss of $0.16 per share, resulting in a surprise of 31.25% [1][2] - Over the last four quarters, Mersana has surpassed consensus EPS estimates three times [2] Revenue Analysis - Mersana's revenues for the quarter ended March 2025 were $2.75 million, which missed the Zacks Consensus Estimate by 62.78% and represented a significant decline from $9.25 million in the same quarter last year [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] Stock Performance and Outlook - Mersana Therapeutics shares have declined approximately 73.4% since the beginning of the year, contrasting with the S&P 500's gain of 0.2% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is -$0.20, with expected revenues of $7.4 million, and for the current fiscal year, the estimate is -$0.68 on revenues of $35.38 million [7] - The trend for estimate revisions ahead of the earnings release has been favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market in the near future [6] Industry Context - Mersana operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable industry outlook [8] - The performance of Mersana's stock may also be influenced by the overall outlook for the industry, as top-ranked industries tend to outperform lower-ranked ones significantly [8]

Financial Performance - The company reported net losses of $24.1 million for Q1 2025, compared to $19.3 million for Q1 2024, with an accumulated deficit of $919.7 million as of March 31, 2025[151]. - Collaboration revenue decreased by $6.5 million, from $9.2 million for the three months ended March 31, 2024 to $2.8 million for the three months ended March 31, 2025[172]. - Net loss increased by $4.8 million, from $19.3 million for the three months ended March 31, 2024 to $24.1 million for the same period in 2025[171]. - Net cash used in operating activities was $29.3 million for the three months ended March 31, 2025, compared to $32.7 million for the same period in 2024[181]. - Total operating expenses decreased by $2.98 million, from $30.2 million for the three months ended March 31, 2024 to $27.3 million for the same period in 2025[171]. - Research and development expenses totaled $18.3 million for the three months ended March 31, 2025, a decrease of $0.3 million from $18.7 million in the same period of 2024[173]. - General and administrative expenses decreased by $2.6 million, from $11.6 million for the three months ended March 31, 2024 to $8.9 million for the same period in 2025[175]. Cash Position - As of March 31, 2025, the company had cash and cash equivalents of $102.3 million, which is expected to fund operations into mid-2026[151]. - Net cash provided by investing activities was $27.0 million in Q1 2025, a significant improvement from net cash used of $72.5 million in Q1 2024, primarily due to maturities of marketable securities[183]. - Net cash used in financing activities was $3.1 million in Q1 2025, down from net cash provided of $5.8 million in Q1 2024, mainly due to debt principal payments[184]. - The company anticipates increased cash expenditures related to ongoing development, clinical trials, and potential commercialization of product candidates[185]. - As of March 31, 2025, the company has borrowed $25.0 million under the New Credit Facility, with $5.2 million of principal repaid[180]. - The company may need to raise additional funds through equity offerings, debt financings, or strategic collaborations, with no assurance of success in obtaining sufficient funding[186][189]. Clinical Development - The ongoing Phase 1 clinical trial of Emi-Le has shown a confirmed objective response rate (ORR) of 31% among evaluable patients with "B7-H4 high" tumor expression, an increase from the previous 23% reported[144]. - The company plans to report initial clinical data from the expansion portion of the Phase 1 trial of Emi-Le in the second half of 2025[145]. - The company is currently enrolling patients in the dose escalation portion of the Phase 1 trial of XMT-2056, with initial pharmacodynamic data expected in 2025[145]. - The company has entered into a global collaboration with GSK for the co-development and commercialization of XMT-2056, which targets a novel HER2 epitope[149]. - The company is focusing on advancing the clinical development of Emi-Le and XMT-2056 while reducing research activities and internal pipeline development efforts[146]. Restructuring and Cost Management - The company has implemented a strategic restructuring plan, reducing approximately 55% of its employee base, expected to be completed by Q3 2025, incurring estimated costs of $4-5 million[146][147]. - The company has discontinued the development of upifitimab rilsodotin (XMT-1536) and completed the related restructuring by December 31, 2023[148]. - Significant external costs for manufacturing and clinical trials are incurred, with total research and development costs at $18.3 million for the three months ended March 31, 2025[162]. - The company expects to incur significant research and development expenses over the next several years as it continues clinical development and manufacturing efforts[166]. Market and Risk Factors - The interest rate on the New Credit Facility is sensitive to changes, with a principal balance of $19.8 million outstanding as of March 31, 2025[195]. - The company is exposed to market risk related to interest rates, but believes that a 100 basis points change would not materially affect the fair market value of its investment portfolio[194]. - There were no material changes to contractual obligations during the three months ended March 31, 2025[192].

Financial Data and Key Metrics Changes - The company ended Q1 2025 with $102.3 million in cash and cash equivalents, expecting to extend its cash runway into mid-2026 due to a restructuring plan [18] - Net cash used in operating activities for Q1 2025 was $29.3 million [18] - Collaboration revenue for Q1 2025 was $2.8 million, down from $9.2 million in the same period in 2024, primarily due to reduced revenue from collaborations with J&J and Merck KGaA [18][19] - Net loss for Q1 2025 was $24.1 million, compared to a net loss of $19.3 million in Q1 2024 [20] Business Line Data and Key Metrics Changes - Research and development expenses for Q1 2025 were $18.3 million, slightly down from $18.7 million in Q1 2024, with a portion attributed to non-cash stock-based compensation [19] - General and administrative expenses decreased to $8.9 million in Q1 2025 from $11.6 million in Q1 2024, reflecting lower consulting fees and employee compensation costs [19][20] Market Data and Key Metrics Changes - The company is focusing on the triple-negative breast cancer (TNBC) market, with ongoing clinical trials for its product EMILY, which targets B7-H4 expression [7][9] - The global TNBC revenues for Trodelvy are projected to exceed $1 billion in 2025, indicating a growing market opportunity [16] Company Strategy and Development Direction - Mersana announced a strategic restructuring plan that includes workforce reduction, elimination of internal pipeline development, and a focus on breast cancer for clinical development [5][6] - The company aims to generate important clinical data for EMILY from ongoing phase one dose expansion cohorts, with a focus on extending cash runway and prioritizing high B7-H4 expressing TNBC patients [6][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for EMILY, highlighting the potential for meaningful improvement over current standard care for post-Topo TNBC patients [11][17] - The company is preparing for upcoming clinical data presentations at ASCO, which are expected to provide further insights into the efficacy of EMILY [12][17] Other Important Information - The company has made protocol amendments to manage proteinuria in patients, which is a significant concern in ongoing trials [40][41] - The focus of expansion efforts will be exclusively on breast cancer, with no new expansion data expected for ovarian or endometrial cancer in 2025 due to resource prioritization [78] Q&A Session Summary Question: Can you expand on the high dose and safety updates? - Management clarified that the data shared at ASCO will focus on escalation and backfill, not expansion data [24] Question: How might ASCENT studies impact clinical development plans? - Management noted that the earlier use of Topo ADCs increases the post-Topo patient pool, which is a significant unmet need [33] Question: What types of patients were included in the recent response rates? - The two additional responses were from ACC1 patients, with further details to be shared at ASCO [42] Question: Are there additional dosing regimens being evaluated? - Management confirmed that the two doses currently in expansion are the only ones planned for now [47] Question: What are the expectations for the upcoming ASCO presentation? - Management emphasized that the ASCO presentation will focus on backfill and escalation data, with no expansion data included [49]

Financial Data and Key Metrics Changes - The company ended Q1 2025 with $102.3 million in cash and cash equivalents, expecting to extend its cash runway into mid-2026 due to a restructuring plan [17] - Net cash used in operating activities for Q1 2025 was $29.3 million [17] - Collaboration revenue for Q1 2025 was $2.8 million, down from $9.2 million in the same period in 2024, primarily due to reduced revenue from collaborations with J&J and Merck KGaA [17][18] - R&D expenses for Q1 2025 were $18.3 million, slightly down from $18.7 million in Q1 2024, with a portion attributed to non-cash stock-based compensation [18] - General and administrative expenses decreased to $8.9 million from $11.6 million in Q1 2024, reflecting lower consulting fees and headcount [18][19] - The net loss for Q1 2025 was $24.1 million, compared to a net loss of $19.3 million in Q1 2024 [19] Business Line Data and Key Metrics Changes - The company announced a strategic restructuring plan, including a workforce reduction of about 55 employees and a focus on breast cancer for its clinical development work [4][5] - The ongoing clinical trial for EMILI, a dolisatin B7-H4 ADC, is focusing on triple-negative breast cancer (TNBC) [6][10] - Preliminary data showed that among TNBC patients with B7-H4 high tumors who received four or fewer prior lines of therapy, the objective response rate (ORR) was 29% [9] Market Data and Key Metrics Changes - The global TNBC revenues for Trodelvy in 2025 are projected to exceed $1 billion, indicating a significant market opportunity [14] - Positive Phase 3 results for Trodelvy in frontline TNBC could expand the post-Topo-1 patient population significantly [14][15] Company Strategy and Development Direction - The company aims to extend its cash runway to support ongoing clinical trials and collaborations, focusing on generating data for EMILI [5][16] - The strategic restructuring is intended to prioritize resources towards the most promising clinical programs, particularly in breast cancer [4][5] - The company is considering a randomized pivotal trial for EMILI, which could provide a more robust regulatory pathway compared to single-arm trials [56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for Mersana, highlighting progress in enrollment for clinical trials and upcoming data presentations [16] - The management noted that the current clinical data suggests EMILI could represent a meaningful improvement over existing treatments for post-Topo-1 TNBC patients [10][11] - The management acknowledged the challenges posed by the competitive landscape but remains confident in the unique positioning of their product candidates [60] Other Important Information - The company has implemented new proteinuria management guidelines to mitigate treatment delays in clinical trials [12][41] - The upcoming ASCO presentation will focus on data from dose escalation and backfill cohorts, with no expansion data to be shared at that time [49] Q&A Session Summary Question: Could you expand on the high dose and safety updates? - The data shared at ASCO will not include expansion data, focusing instead on escalation and backfill [22] Question: How might ASCENT studies impact clinical development plans? - The expansion cohort is focused on post-Topo-1 TNBC, and the use of new agents may increase the patient pool in this category [32] Question: What types of patients were included in the recent response rate updates? - Both patients with B7-H4 high tumors were included, and further details will be shared at ASCO [42] Question: Are there additional dosing regimens being evaluated? - Currently, the focus is on the two doses being taken into expansion, with no new regimens planned [47] Question: What are the expectations for the upcoming ASCO presentation? - The presentation will focus on backfill and escalation data, with no expansion data included [49] Question: Can you provide more details on the B7-H4 expression cutoff? - The company anticipates that 40% to 50% of patients will be positive for B7-H4 expression [60]

[Business and Pipeline Update](index=1&type=section&id=Business%20and%20Pipeline%20Update) Mersana provided a positive update on its lead antibody-drug conjugate (ADC), Emiltatug Ledadotin (Emi-Le), presenting encouraging clinical data at ESMO Breast Cancer 2025, while advancing dose expansion cohorts for Emi-Le in TNBC patients and continuing progress on the XMT-2056 Phase 1 trial and collaborations - Updated clinical data for Emi-Le presented at ESMO Breast Cancer 2025 showed an increased confirmed objective response rate (ORR) of **31%** (8 of 26 patients) across all tumor types with B7-H4 high expression, up from **23%** previously reported[5](index=5&type=chunk)[6](index=6&type=chunk) Emi-Le Preliminary Efficacy in TNBC Patients (Intermediate Doses) | Metric | Patients with B7-H4 high (n=7) | Patients with B7-H4 low (n=11) | | :--- | :--- | :--- | | **Received ≥1 Prior Topo-1 ADC** | 100% (7/7) | 73% (8/11) | | **ORR** | 29% (2/7) | 0% (0/11) | | **Median PFS** | 16.0 weeks | 6.4 weeks | | **Median OS** | Not reached | 5.7 months | - The company is advancing patient enrollment in two dose expansion cohorts for Emi-Le in post-topo-1 TNBC, with initial clinical data expected in the second half of 2025[6](index=6&type=chunk)[9](index=9&type=chunk)[11](index=11&type=chunk) - The Phase 1 dose escalation for XMT-2056, a HER2-targeting ADC, is ongoing, with Mersana planning to present initial clinical pharmacodynamic STING activation data in 2025, and GSK holding an exclusive global license option for this candidate[13](index=13&type=chunk) - Mersana continues to support its research collaborations with Johnson & Johnson (Dolasynthen platform) and Merck KGaA (Immunosynthen platform)[14](index=14&type=chunk) [First Quarter 2025 Financial Results](index=3&type=section&id=First%20Quarter%2025%20Financial%20Results) For the first quarter of 2025, Mersana reported collaboration revenue of $2.8 million and a net loss of $24.1 million, with reduced R&D and G&A expenses, and expects its $102.3 million in cash and cash equivalents to fund operations into mid-2026 following a strategic restructuring - As of March 31, 2025, cash and cash equivalents were **$102.3 million**, which the company expects to support its operating plan into **mid-2026**, aided by a strategic restructuring announced on May 6, 2025[15](index=15&type=chunk) Q1 2025 Financial Performance vs. Q1 2024 (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Collaboration Revenue** | $2.8 | $9.2 | | **R&D Expense** | $18.3 | $18.7 | | **G&A Expense** | $8.9 | $11.6 | | **Net Loss** | $24.1 | $19.3 | | **Net Loss Per Share** | $0.19 | $0.16 | - The decrease in collaboration revenue was primarily due to reduced revenue recognized from agreements with Johnson & Johnson and Merck KGaA, partially offset by increased revenue from the GSK agreement[15](index=15&type=chunk) - Operating expenses decreased year-over-year, driven by lower headcount and related compensation costs, as well as a reduction in consulting and professional services fees[15](index=15&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Mersana Therapeutics, Inc.'s unaudited condensed consolidated financial statements, including balance sheet data as of March 31, 2025, compared to December 31, 2024, and the statement of operations for the three months ended March 31, 2025, compared to the same period in 2024 Selected Condensed Consolidated Balance Sheet Data (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash, cash equivalents and marketable securities** | $102,287 | $134,620 | | **Working capital** | $48,027 | $74,446 | | **Total assets** | $112,471 | $144,663 | | **Total stockholders' deficit** | $(30,868) | $(9,509) | Condensed Consolidated Statement of Operations (in thousands, except per share data) | | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Collaboration revenue** | $2,754 | $9,245 | | **Research and development** | $18,341 | $18,686 | | **General and administrative** | $8,925 | $11,560 | | **Total operating expenses** | $27,266 | $30,246 | | **Net loss** | $(24,123) | $(19,306) | | **Net loss per share — basic and diluted** | $(0.19) | $(0.16) |

Core Insights - Mersana Therapeutics is advancing its clinical-stage biopharmaceutical pipeline, particularly focusing on the development of antibody-drug conjugates (ADCs) for cancer treatment, with a significant emphasis on addressing high unmet medical needs in oncology [1][17] Clinical Development - The company is developing Emi-Le (emiltatug ledadotin), a B7-H4-directed Dolasynthen ADC, and has reported promising preliminary clinical data at the ESMO Breast Cancer 2025 conference, indicating an increase in the objective response rate (ORR) to 31% among evaluable patients with B7-H4 high tumors [2][4][6] - The ongoing Phase 1 clinical trial of Emi-Le is focused on triple-negative breast cancer (TNBC) patients who have received one to four prior lines of therapy, with significant progress in patient enrollment for both dose expansion cohorts [9][10] - The company plans to report initial clinical data from the expansion portion of the Phase 1 trial in the second half of 2025 [6][10] Financial Performance - As of March 31, 2025, Mersana reported cash and cash equivalents of $102.3 million, with net cash used in operating activities for the first quarter amounting to $29.3 million [14] - Collaboration revenue for the first quarter of 2025 was $2.8 million, a decrease from $9.2 million in the same period in 2024, primarily due to reduced revenue from collaborations with Johnson & Johnson and Merck KGaA [14] - The net loss for the first quarter of 2025 was $24.1 million, or $0.19 per share, compared to a net loss of $19.3 million, or $0.16 per share, for the same period in 2024 [19][24] Collaborations and Partnerships - Mersana continues to support collaborations with Johnson & Johnson and Merck KGaA, focusing on research related to its Dolasynthen and Immunosynthen ADC platforms [13][17] - GSK plc holds an exclusive global license option to co-develop and commercialize Mersana's lead Immunosynthen ADC candidate, XMT-2056 [12]

Core Viewpoint - Mersana Therapeutics is implementing a strategic restructuring and reprioritization plan to extend its cash runway and focus on the development of its lead product, emiltatug ledadotin (Emi-Le), targeting cancers with high unmet medical needs [1][2] Group 1: Strategic Restructuring - The company will reduce its workforce by approximately 55% across functions, with the reduction expected to be substantially complete by the end of Q3 2025 [2][4] - Mersana will also cut research activities and eliminate internal pipeline development efforts, focusing on Emi-Le development for breast cancer to gather additional safety and clinical activity data [3][9] Group 2: Financial Outlook - The actions taken are expected to provide sufficient cash resources to support the company's operating plan commitments into mid-2026 [4][8] - Mersana plans to announce its financial results for Q1 2025 on May 15, 2025, and will host a conference call to discuss business updates [5][8] Group 3: Product Pipeline - Mersana's pipeline includes Emi-Le (XMT-1660), a Dolasynthen ADC targeting B7-H4, and XMT-2056, an Immunosynthen ADC targeting a novel epitope of HER2 [6]

Core Viewpoint - Mersana Therapeutics is advancing its clinical-stage biopharmaceutical efforts with presentations on emiltatug ledadotin (Emi-Le), a B7-H4-directed Dolasynthen antibody-drug conjugate (ADC), at the upcoming ASCO 2025 Annual Meeting, highlighting its potential in treating cancers with high unmet medical needs [1]. Group 1: Presentation Details - Clinical data from the ongoing Phase 1 trial of Emi-Le will be presented, focusing on dose escalation and backfill cohorts across various tumor types [3]. - A "trial-in-progress" presentation will detail the design of the expansion portion of the Phase 1 trial, specifically targeting patients with triple-negative breast cancer (TNBC) who have undergone one to four prior treatment lines [5]. - An additional oral presentation will occur at the ESMO Breast Cancer 2025 Annual Congress, emphasizing TNBC clinical data from the same trial [6]. Group 2: About Emi-Le - Emi-Le is characterized by a precise drug-to-antibody ratio (DAR 6) and a proprietary auristatin payload, currently under investigation in a Phase 1 trial for solid tumors, including breast, endometrial, and ovarian cancers [7]. - Initial clinical data reported as of December 13, 2024, indicate that Emi-Le is generally well tolerated, with confirmed objective responses observed across all enrolled tumor types, including TNBC patients previously treated with a topoisomerase-1 inhibitor ADC [7]. Group 3: Regulatory Designations - The U.S. FDA has granted two Fast Track designations to Emi-Le for treating advanced or metastatic TNBC and advanced or metastatic breast cancer in patients with low or negative HER2 expression who have received prior topo-1 ADC [8]. Group 4: Company Overview - Mersana Therapeutics focuses on developing novel ADCs and has proprietary platforms for cytotoxic and immunostimulatory ADCs, generating a pipeline of product candidates aimed at treating various cancers [9][10].