Monte Rosa Therapeutics(GLUE) - 2025 Q3 - Quarterly Results

Financial Performance - Collaboration revenue for Q3 2025 was $12.8 million, up from $9.2 million in Q3 2024, reflecting growth in partnerships with Roche and Novartis [10]. - Net loss for Q3 2025 was $27.1 million, compared to a net loss of $23.9 million in Q3 2024 [13]. - Total operating expenses for Q3 2025 increased to $45.743 million, compared to $35.743 million in Q3 2024, representing a 28% rise [27]. - The net loss for Q3 2025 was $27.081 million, compared to a net loss of $23.859 million in Q3 2024, indicating a worsening of 13.3% [27]. - Total assets increased to $459.841 million as of September 30, 2025, compared to $438.732 million at the end of 2024, a growth of 4.8% [25]. - The total stockholders' equity increased to $245.837 million as of September 30, 2025, from $222.936 million at the end of 2024, a rise of 10.3% [25]. Research and Development - R&D expenses for Q3 2025 increased to $36.7 million from $27.6 million in Q3 2024, driven by advancements in clinical studies and the QuEEN™ discovery engine [11]. - Research and development expenses for the nine months ended September 30, 2025, were $99.521 million, up from $82.697 million in the same period of 2024, a 20.2% increase [27]. - MRT-8102, a NEK7-directed MGD, is currently in a Phase 1 study, with initial data expected in H1 2026 [4]. - MRT-6160 is advancing towards multiple Phase 2 studies in immune-mediated diseases, with Novartis responsible for funding these studies [7]. - MRT-2359 is being evaluated in a Phase 1/2 study for mCRPC, with updated results expected by year-end 2025 [8]. - The company expects to submit an IND for a second-generation NEK7-directed MGD optimized for CNS penetration in 2026 [22]. - Monte Rosa plans to submit an IND application for a CDK2 and/or cyclin E1-directed MGD in 2026 [9]. - MRT-8102 is anticipated to provide initial Phase 1 data in the first half of 2026, targeting inflammatory and cardio-immunology indications [22]. Cash Position - Cash position as of September 30, 2025, was $396.2 million, an increase of $100.7 million from $295.5 million as of June 30, 2025, primarily due to a $120 million upfront payment from Novartis [14]. - Cash and cash equivalents as of September 30, 2025, were $208.343 million, down from $224.254 million at the end of 2024 [25]. - The company expects its cash and cash equivalents to be sufficient to fund operations through 2028 [15]. - The company has a cash runway to fund operations through 2028, supporting multiple anticipated Phase 2 readouts for MRT-8102, MRT-6160, and MRT-2359 [22]. Collaboration and Partnerships - Monte Rosa is eligible to receive up to $5.7 billion from the collaboration with Novartis, including upfront payments, milestones, and tiered royalties [6]. - Collaboration revenue for Q3 2025 was $12.768 million, up 38.5% from $9.216 million in Q3 2024 [27].