Merus Announces Financial Results for the Fourth Quarter and Full Year 2024 and Provides Business Update

Core Insights - Merus N.V. reported financial results for Q4 and the full year, highlighting its focus on innovative oncology treatments, particularly petosemtamab [1][22] - The company received two Breakthrough Therapy designations from the FDA for petosemtamab, indicating its potential to significantly improve treatment outcomes for certain cancers [2][9] Financial Performance - Collaboration revenue for 2024 decreased by $7.8 million compared to 2023, primarily due to declines in revenue from Lilly and Incyte, offset by increases from Gilead [22][24] - Research and development expenses increased by$84.7 million in 2024, mainly due to higher external clinical services and drug manufacturing costs [24] - General and administrative expenses rose by $23.0 million, driven by increased personnel costs and consultancy expenses [25] Clinical Development - Petosemtamab is undergoing multiple clinical trials, including phase 3 trials for r/m HNSCC and mCRC, with substantial enrollment expected by the end of 2025 [3][7] - Interim clinical data showed a 67$724.0 million in cash, cash equivalents, and marketable securities, expected to fund operations into 2028 [21] Collaborations - Merus has established collaborations with several companies, including Incyte, Eli Lilly, Gilead, and Biohaven, focusing on the development of bispecific antibodies and novel therapies [16][17][20]