Mersana Therapeutics(US:MRSN)2024-02-28 12:07Financial Performance - Mersana reported a net cash used in operating activities of $168.9 million for the full year 2023, with $32.0 million used in the fourth quarter[10][11]. - Collaboration revenue for the fourth quarter of 2023 was $10.7 million, down from $14.7 million in the same period of 2022, while full year collaboration revenue increased to $36.7 million from $26.6 million in 2022[11][15]. - The net loss for the fourth quarter of 2023 was $19.5 million, or $0.16 per share, compared to a net loss of $44.9 million, or $0.44 per share, for the same period in 2022[11][12]. Expenses - Research and development (R&D) expenses for the fourth quarter of 2023 were $21.5 million, significantly lower than $45.7 million in the same quarter of 2022, with full year R&D expenses totaling $148.3 million compared to $173.4 million in 2022[11][15]. - General and administrative (G&A) expenses for the fourth quarter of 2023 were $10.1 million, down from $14.8 million in the same period of 2022, with full year G&A expenses at $59.5 million compared to $57.0 million in 2022[11][15]. - Mersana incurred $8.7 million in restructuring expenses in the second half of 2023, primarily related to severance and contract termination costs[15]. Capital Resources - Mersana continues to expect that its capital resources, totaling $209.1 million as of December 31, 2023, will support its current operating plan commitments into 2026[11][15]. - Total assets as of December 31, 2023, were $226.1 million, down from $334.3 million in 2022, with total stockholders' equity at $36.9 million compared to $92.1 million in the previous year[17]. Clinical Trials - The Phase 1 clinical trial of XMT-1660 is ongoing, with a recent dose escalation to 59 mg/m², and initial clinical data is expected to be disclosed in mid-2024[4][6]. - The Phase 1 clinical trial of XMT-2056 has restarted following the lifting of a clinical hold by the FDA, with plans to advance dose escalation in 2024[5][6].