Mersana Therapeutics, Inc. (MRSN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 | Q4'20 |
|---|
| Cash from Operations | -3.19M | -22.6M | -29.33M | -19.25M | -8.58M | -21.86M | -32.66M | -31.96M | -46.08M | -61.83M | -29M | -51.23M | 54.6M | -44.78M | -7.96M | -42.4M | -36.1M | -34.47M | -27.02M | -17.32M |
| Operating CF Margin % | -28.99% | -739.59% | -1064.85% | -117.66% | -68.08% | -953.12% | -353.24% | -298.68% | -598.61% | -580.38% | -371.76% | -348.78% | 979.67% | -1045.19% | -390.72% | -385454.55% | -328163.64% | -313345.45% | -245654.55% | -157445.45% |
| Operating CF Growth % | 62.78% | -3.42% | 10.2% | 39.77% | 81.39% | 64.66% | -12.59% | 37.61% | -184.4% | -38.1% | -264.61% | -20.82% | 251.25% | -29.91% | 70.56% | -144.82% | -78.74% | -116.3% | -27.19% | -37.71% |
| Net Income | -7.54M | -24.3M | -24.12M | -14.12M | -11.5M | -24.27M | -19.31M | -19.54M | -41.66M | -54.31M | -56.16M | -44.92M | -59.81M | -52.22M | -47.26M | -48.98M | -45.47M | -40.91M | -34.69M | -28.84M |
| Depreciation & Amortization | 83K | 287K | 316K | 400K | 402K | 403K | 423K | 447K | 427K | 324K | 319K | 282K | 213K | 227K | 205K | 211K | 212K | 206K | 226K | 260K |
| Stock-Based Compensation | 1.15M | 1.99M | 2.77M | 3.35M | 4.03M | 4.42M | 4.66M | 4.08M | 4M | 6.64M | 6.41M | 5.31M | 5.38M | 5.35M | 5.49M | 4.86M | 4.93M | 4.58M | 4.04M | 1.99M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.26M | 1.49M | 775K | 307K | -66K | -435K | -302K | 2.6M | -124K | 167K | -1.26M | -877K | -99K | 83K | 194K | 604K | 42K | 39K | 3.44M | 38K |
| Working Capital Changes | 1.86M | -2.07M | -9.07M | -9.19M | -1.44M | -1.98M | -18.13M | -19.55M | -8.73M | -12.88M | 21.69M | -11.02M | 108.92M | 1.78M | 33.42M | 908K | 4.19M | 1.62M | -36K | 9.24M |
| Change in Receivables | 98K | 0 | 0 | 1M | 570K | 0 | 0 | 0 | 0 | 0 | 30M | -30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -530K | -1.45M | 44K | 2.3M | -980K | -8K | -4.17M | -5.42M | -4M | -1.39M | 4.73M | -206K | 5.54M | -1.86M | -2.52M | 2.91M | -4.7M | -1.15M | 0 | 3.71M |
| Cash from Investing | 372K | 395K | 27M | 50M | 28.47M | 5.51M | -72.55M | 20.15M | 103.78M | -5.44M | 1.4M | -45.43M | -16.49M | -90.47M | -329K | -155K | -46K | -333K | -114K | -188K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | -132K | -386K | -472K | -399K | -911K | -785K | -426K | -657K | -329K | -155K | -46K | -333K | -114K | -188K |
| CapEx % of Revenue | - | - | - | - | - | - | 1.43% | 3.61% | 6.13% | 3.75% | 11.68% | 5.34% | 7.64% | 15.34% | 16.16% | 1409.09% | 418.18% | 3027.27% | 1036.36% | 1709.09% |
| Acquisitions | 0 | 395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.04M | -2.31M | 54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 372K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.04M | 2.31M | -54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -17.76M | -3.11M | -3.14M | -1.87M | -23K | 153K | 5.83M | 92K | -146K | 73.18M | 21.55M | 41.46M | 10.64M | 40.53M | 60.39M | 28.8M | 463K | 33.92M | 472K | 1.67M |
| Debt Issued (Net) | -17.76M | -3.14M | -3.14M | -2.1M | -23K | -47K | -65K | -216K | -65K | -66K | 21.52M | -65K | -65K | -66K | -76K | 18.48M | -65K | -41K | -33K | -29K |
| Equity Issued (Net) | 0 | 29K | 0 | 228K | 0 | -66K | 1000K | 0 | -81K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -51K | 1000K | -259K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -259K | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 266K | 48K | 308K | 0 | 1.36M | -21.7M | 1.58M | 110K | 606K | 96K | 515K | 579K | 619K | 764K | -61.34M |
| Net Change in Cash | -20.58M | -25.32M | -5.46M | 28.88M | 19.87M | -16.19M | -99.38M | -11.72M | 57.55M | 5.91M | -6.06M | -55.2M | 48.74M | -94.72M | 52.11M | -13.76M | -35.68M | -885K | -26.66M | -15.84M |
| Free Cash Flow | -3.19M | -22.6M | -29.33M | -19.25M | -8.58M | -21.86M | -32.79M | -32.35M | -46.55M | -62.23M | -29.92M | -52.01M | 54.17M | -45.43M | -8.28M | -42.55M | -36.14M | -34.8M | -27.14M | -17.51M |
| FCF Margin % | -28.99% | -739.59% | -1064.85% | -117.66% | -68.08% | -953.12% | -354.67% | -302.29% | -604.74% | -584.13% | -383.44% | -354.13% | 972.03% | -1060.53% | -406.88% | -386863.64% | -328581.82% | -316372.73% | -246690.91% | -159154.55% |
| FCF Growth % | 62.78% | -3.42% | 10.56% | 40.49% | 81.58% | 64.88% | -9.6% | 37.81% | -185.94% | -36.98% | -261.13% | -22.23% | 249.88% | -30.55% | 69.47% | -143.07% | -77.25% | -118.05% | -27.33% | -39.21% |
| FCF per Share | -0.64 | -4.53 | -5.89 | -3.90 | -1.75 | -4.46 | -6.75 | -6.70 | -9.66 | -13.46 | -6.96 | -12.87 | 13.87 | -11.86 | -2.59 | -14.79 | -12.59 | -12.50 | -9.83 | -6.40 |
| FCF Conversion (FCF/Net Income) | 0.42x | 0.93x | 1.22x | 1.36x | 0.75x | 0.90x | 1.69x | 1.64x | 1.11x | 1.14x | 0.52x | 1.14x | -0.91x | 0.86x | 0.17x | 0.87x | 0.79x | 0.84x | 0.78x | 0.60x |
| Interest Paid | 184K | 0 | 0 | 837K | 879K | 0 | 871K | 872K | 871K | 0 | 0 | 0 | 646K | 569K | 0 | 242K | 65K | 0 | 60K | 61K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |