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Cash, Cash Equivalents, and Marketable Securities: $134.6 million at the end of 2024.
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Net Cash Used in Operating Activities: $19.3 million for Q4 2024, down from $32 million in Q4 2023.
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Collaboration Revenue: $16.4 million for Q4 2024, up from $10.7 million in Q4 2023.
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Research & Development Expenses: $22.3 million for Q4 2024, compared to $21.5 million in Q4 2023.
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General & Administrative Expenses: $8.9 million for Q4 2024, down from $10.1 million in Q4 2023.
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Net Loss: $14.1 million for Q4 2024, compared to $19.5 million in Q4 2023.
Release Date: March 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Mersana Therapeutics Inc (NASDAQ:MRSN) reported positive initial clinical data for its lead dolasynthen ADC, Emi-Le, and started the expansion portion of its Phase 1 trial.
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Emi-Le was granted an additional fast track designation for a growing portion of the breast cancer population.
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The company observed confirmed objective responses in all enrolled tumor types, including triple-negative and hormone-receptor-positive breast cancer.
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Mersana’s financial position is strong, with $134.6 million in cash, cash equivalents, and marketable securities, expected to support operations into 2026.
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Collaboration revenue increased to $16.4 million in Q4 2024, up from $10.7 million in the same period in 2023, due to increased collaboration with J&J, Merck KGaA, and GSK.
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Emi-Le’s clinical trials faced challenges with AST elevation and proteinuria, although mitigation strategies are being implemented.
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The company is not exploring doses higher than 95 milligrams per meter square for Emi-Le due to observed adverse effects at higher doses.
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Mersana’s net loss for Q4 2024 was $14.1 million, although this is an improvement from the previous year’s loss.
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Research and development expenses increased to $22.3 million in Q4 2024, primarily due to costs associated with Emi-Le and XMT-2056.
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The competitive landscape remains challenging, with other companies also developing B7H4 ADCs, although Mersana sees opportunities due to recent competitor withdrawals.
Q: Could you share the latest progress on how you are mitigating the AST elevation and proteinuria issue related to Emi-Le? How might this increase your confidence in maintaining the dose intensity at a higher dose level? A: AST does not result in meaningful dose delays, typically only about a week if it occurs. Proteinuria primarily causes dose delays at the highest dose range. We’ve amended the protocol to include prophylactic measures like ACE inhibitors and ARBs to minimize proteinuria. If proteinuria occurs but is asymptomatic, we can maintain dosing by reducing the dose instead of delaying it. We’re testing this approach in the clinic to maintain dose intensity.
