Mersana Therapeutics(US:MRSN)2025-05-15 11:09Business and Pipeline Update 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 reported56 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 20256911 - 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 candidate13 - Mersana continues to support its research collaborations with Johnson & Johnson (Dolasynthen platform) and Merck KGaA (Immunosynthen platform)14 First Quarter 2025 Financial Results 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, 202515 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 agreement15 - Operating expenses decreased year-over-year, driven by lower headcount and related compensation costs, as well as a reduction in consulting and professional services fees15 Financial Statements 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) |