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Jan 6, 2026·SEC
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Mersana Therapeutics, Inc.(MRSN)Earnings, Financials & Key Ratios
MRSN•NASDAQ
$29.08
Price updated Jun 20, 2026
AboutMersana Therapeutics, Inc., a clinical stage biopharmaceutical company, develops antibody drug conjugates (ADC) for cancer patients with unmet need. It develops XMT-1592, a Dolasynthen ADC targeting NaPi2b-expressing tumor cells, which is in phase I clinical trial for the treatment of ovarian cancer and NSCLC adenocarcinoma. The company also develops XMT-1660, a B7-H4-targeted Dolasynthen ADC candidate; and XMT-2056, an immunosynthen development candidate. It has a strategic research and development partnerships with Merck KGaA and Asana BioSciences, LLC for the development of ADC product candidates utilizing Fleximer. The company was formerly known as Nanopharma Corp. and changed its name to Mersana Therapeutics, Inc. in November 2005. Mersana Therapeutics, Inc. was incorporated in 2001 and is headquartered in Cambridge, Massachusetts.Show more
- Revenue$40M+9.9%
- EBITDA-$72M+57.7%
- Net Income-$69M+59.7%
- EPS (Diluted)-14.12+61.8%
- Gross Margin100%
- EBITDA Margin-177.07%+61.5%
- Operating Margin-181.09%+61.0%
- Net Margin-170.86%+63.3%
- ROE-505.14%-89.7%
MRSN Price & Volume
Mersana Therapeutics, Inc. (MRSN) stock price & volume — 10-year historical chart
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Mersana Therapeutics Faces Severe Capital Liquidity Constraints
Investment Thesis • Updated 2025Q3
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Capital exhaustion and dilution
Key Thesis Takeaways
- Mersana Therapeutics remains in a precarious financial position, characterized by a reliance on volatile, non-recurring milestone payments that have failed to offset persistent operational losses.
- The company's transition from a $186.3M cash position in 2023Q3 to just $56.4M in 2025Q3, coupled with negative equity of -$59.5M, highlights a critical need for external financing or clinical breakthroughs.
- Investors should remain cautious as the exhaustion of deferred revenue, which fell from $134.7M to $23.8M over the same period, removes a vital cushion for future operations.
Verdict Logic
the company's rapid depletion of cash to $56.4M and the accumulation of -$951.5M in total retained losses suggest a high probability of future shareholder dilution to sustain clinical operations.
MRSN Growth Metrics
Mersana Therapeutics, Inc. (MRSN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-0.78%
3 Years880.21%
TTM-4.76%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM6.08%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM8.03%
Return on Capital
10 Years-113.61%
5 Years-84.96%
3 Years-81.95%
Last Year-59.96%
MRSN Recent Earnings
Mersana Therapeutics, Inc. (MRSN) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 5/12 qtrs (45%)
Q2 2026Latest
Mar 2, 2026Metric
Actual
Est
EPS
$2.75+10.0%
$3.05
Rev
—
$5M
Q4 2025
Nov 14, 2025Metric
Actual
Est
EPS
$1.51-4.9%
$1.44
Rev
$11M+442.3%
$2M
Q3 2025
Aug 13, 2025Metric
Actual
Est
EPS
$4.08-8.8%
$3.75
Rev
$3M-71.2%
$11M
Q2 2025
May 15, 2025Metric
Actual
Est
EPS
$4.75+9.5%
$5.25
Rev
$3M-55.0%
$6M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 2, 2026 | $2.75vs $3.05+10.0% | —vs $5M |
| Q4 2025 | Nov 14, 2025 | $1.51vs $1.44-4.9% | $11Mvs $2M+442.3% |
| Q3 2025 | Aug 13, 2025 | $4.08vs $3.75-8.8% | $3Mvs $11M-71.2% |
| Q2 2025 | May 15, 2025 | $4.75vs $5.25+9.5% | $3Mvs $6M-55.0% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Mersana Therapeutics, Inc. (MRSN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $29.08 | $145.36M | -2.06 | 9.88% | -170.86% | -505.14% | — | |
| $29.98 | $3.02B | -9.11 | -4.26% | -156.36% | -68.97% | — | |
| $22.08 | $1.95B | -6.71 | 627.84% | -112.01% | -256.66% | — | |
| $3.41 | $142M | -1002.94 | 10.37% | 52.16% | — | — | |
| $53.52 | $8.19B | 19.32 | 87.32% | 65.95% | 87.36% | — | |
| $73.15 | $1.43B | -7.52 | -43.89% | -284.18% | -87% | — |
Compare MRSN vs Peers
Mersana Therapeutics, Inc. (MRSN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MRSN SEC Filings & Documents
Mersana Therapeutics, Inc. (MRSN) SEC filings — annual & quarterly reports (10-K, 10-Q)
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MRSN Frequently Asked Questions
Mersana Therapeutics, Inc. (MRSN) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Mersana Therapeutics, Inc.'s revenue?
Mersana Therapeutics, Inc. (MRSN) reported $33.2M in revenue for fiscal year 2024. This represents a 220% increase from $10.4M in 2015.
How fast is Mersana Therapeutics, Inc. growing?
Mersana Therapeutics, Inc. (MRSN) grew revenue by 9.9% over the past year. This is steady growth.
Is MRSN profitable?
Mersana Therapeutics, Inc. (MRSN) reported a net loss of $70.1M for fiscal year 2024.
Dividend & Returns
What is MRSN's return on equity?
Mersana Therapeutics, Inc. (MRSN) has a return on equity (ROE) of -505.1%. Negative ROE indicates the company is unprofitable.
What is Mersana Therapeutics, Inc.'s free cash flow?
Mersana Therapeutics, Inc. (MRSN) had negative free cash flow of $74.4M in fiscal year 2024, likely due to heavy capital investments.