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Mersana Therapeutics Provides Business Update and Announces First Quarter 2025 Financial Results

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]