Docoh
Loading...

MRUS Merus

Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity.

MRUS stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 21
21 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Merus earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 311.67M 311.67M 311.67M 311.67M 311.67M 311.67M
Cash burn (monthly) 5.22M (positive/no burn) 9.11M 8.31M 8.1M 3.42M
Cash used (since last report) 19.45M n/a 33.93M 30.97M 30.17M 12.72M
Cash remaining 292.22M n/a 277.74M 280.7M 281.5M 298.95M
Runway (months of cash) 56.0 n/a 30.5 33.8 34.8 87.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.7865 8,929 248.11K 232,747
8 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.7865 58,327 1.62M 1,520,405
8 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.7865 80,011 2.22M 2,085,664
7 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.5311 69,534 1.91M 241,676
7 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.5311 384,914 10.6M 1,578,732
7 Oct 21 Partners L P/il BVF Common Shares, (euro)0.09 nominal value per share Sell Dispose S No No 27.5311 530,999 14.62M 2,165,675
12 Aug 21 Kruif John de Common Shares Sell Dispose S No Yes 19.34 2,787 53.9K 15,282
12 Aug 21 Kruif John de Common Shares Option exercise Acquire M No Yes 0 2,239 0 18,069
12 Aug 21 Kruif John de Common Shares Option exercise Acquire M No Yes 0 3,333 0 15,830
12 Aug 21 Kruif John de Share Option Common Shares Option exercise Dispose M No Yes 0 2,239 0 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

98.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 69 62 +11.3%
Opened positions 15 58 -74.1%
Closed positions 8 0 NEW
Increased positions 22 2 +1000.0%
Reduced positions 15 0 NEW
13F shares
Current Prev Q Change
Total value 801.79M 791.87M +1.3%
Total shares 37.73M 37.68M +0.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
BVF 7.29M $153.5M 0.0%
Biotechnology Value Fund L P 5.81M $101.77M 0.0%
INCY Incyte 3.55M $99.97M 0.0%
FHI Federated Hermes 2.98M $62.78M -3.4%
Wellington Management 2.13M $44.93M +16.8%
Baker Bros. Advisors 2.04M $42.93M 0.0%
Boxer Capital 1.9M $40.03M 0.0%
Medicxi Growth I 1.6M $28.05M 0.0%
Medicxi Ventures Management 1.6M $33.71M 0.0%
Driehaus Capital Management 1M $21.16M -9.8%
Largest transactions
Shares Bought/sold Change
Sofinnova Investments 0 -1.31M EXIT
Avidity Partners Management 0 -487K EXIT
Wellington Management 2.13M +306.33K +16.8%
Vivo Capital 442K +267K +152.6%
AXAHF Axa 263.97K +263.97K NEW
Sphera Funds Management 286.51K +209.51K +272.1%
Millennium Management 320.16K +181.56K +131.0%
BLK Blackrock 251.58K +172.04K +216.3%
Point72 Asset Management 164.25K +164.25K NEW
Citadel Advisors 213.64K +162.99K +321.8%

Financial report summary

?
Risks
  • Risks Related to Our Business and Industry
  • We are a clinical-stage company and have incurred significant losses since our inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
  • We will need additional funding in order to complete development of our antibody candidates and commercialize our products, if approved. If we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts.
  • We depend heavily on the success of our antibody candidates, and we cannot give any assurance that any of our antibody candidates will receive regulatory approval, which is necessary before they can be commercialized. If we, any of our collaborators, or any other strategic partners we may enter into collaboration agreements with for the development and commercialization of our antibody candidates, are unable to commercialize our antibody candidates, or experience significant delays in doing so, our business, financial condition and results of operations will be materially adversely affected.
  • The Biclonics® technology platform and Triclonics® technology platform are unproven, novel approaches to the production of molecules for therapeutic intervention.
  • Failure to successfully validate, develop and obtain regulatory approval for companion diagnostics could harm our development strategy.
  • Our limited operating history may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
  • Raising additional capital may cause dilution to our holders, restrict our operations or require us to relinquish rights to our technologies or antibody candidates.
  • Our business may become subject to economic, political, regulatory and other risks associated with international operations
  • Exchange rate fluctuations or abandonment of the euro currency may materially affect our results of operations and financial condition.
  • Risks from improper conduct by our employees, agents, contractors, or collaborators could adversely affect our reputation, business, prospects, operating results, and financial condition.
  • The United Kingdom’s withdrawal from the European Union may have a negative effect on global economic conditions and financial markets, which could materially affect our financial condition and results of operations.
  • The COVID-19 pandemic caused by the novel coronavirus has and may continue to adversely impact our business, including our pre-clinical studies and clinical trials, financial condition and results of operations.
  • Risks Related to the Development and Clinical Testing of Our Antibody Candidates
  • All of our antibody candidates are in pre-clinical or early-stage clinical development. Clinical drug development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If clinical trials of our antibody candidates, particularly zenocutuzumab, MCLA-158, MCLA-129 or MCLA-145, which we are developing with Incyte, are prolonged or delayed, we or any collaborators may be unable to obtain required regulatory approvals, and therefore be unable to commercialize our antibody candidates on a timely basis or at all.
  • Interim, preliminary, and “top-line” data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • Our antibody candidates may have serious adverse, undesirable or unacceptable side effects which may delay or prevent marketing approval. If such side effects are identified during the development of our antibody candidates or following approval, if any, we may need to abandon our development of such antibody candidates, the commercial profile of any approved label may be limited, or we may be subject to other significant negative consequences following marketing approval, if any.
  • We depend on enrollment of patients in our clinical trials for our antibody candidates. If we are unable to enroll patients in our clinical trials, our research and development efforts and business, financial condition and results of operations could be materially adversely affected.
  • We may become exposed to costly and damaging liability claims, either when testing our antibody candidates in the clinic or at the commercial stage; and our product liability insurance may not cover all damages from such claims.
  • The regulatory approval processes of the FDA, the EMA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our antibody candidates, our business will be substantially harmed.
  • Fast Track designation by the FDA for zenocutuzumab or potential future Fast Track designation of our other antibody candidates may not actually lead to a faster development or regulatory review or approval process.
  • We may not be successful in our efforts to use and expand our Biclonics® technology platform to build a pipeline of antibody candidates or to use our Triclonics® technology platform to build a pipeline of trispecific antibody candidates.
  • Even if we obtain marketing approval of any of our antibody candidates in a major pharmaceutical market such as the United States or the EU, we may never obtain approval or commercialize our products in other major markets, which would limit our ability to realize their full market potential.
  • Because we are subject to environmental, health and safety laws and regulations, we may become exposed to liability and substantial expenses in connection with environmental compliance or remediation activities which may adversely affect our business and financial condition.
  • Our employees, independent contractors, principal investigators, CROs, consultants, vendors and collaborators may engage in misconduct or other improper activities, including noncompliance with applicable law, regulatory standards and requirements, which could have a material adverse effect on our business.
  • Our research and development activities could be affected or delayed as a result of possible restrictions on animal testing.
  • Enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our antibody candidates and may affect the prices we may set. The successful commercialization of our antibody candidates will depend in part on the extent to which governmental authorities and health insurers establish adequate coverage and reimbursement levels and pricing policies.
  • If we are required by the FDA or similar authorities to obtain approval (or clearance, or certification) of a companion diagnostic test in connection with approval of any of our antibody candidates, and we do not obtain or face delays in obtaining approval (or clearance, or certification) of a diagnostic device, we will not be able to commercialize such product candidate and our ability to generate revenue will be materially impaired.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • We may be subject to healthcare laws, regulation and enforcement; our failure to comply with these laws could harm our results of operations and financial conditions.
  • We face potential liability related to the privacy of health information we obtain from clinical trials sponsored by us or our collaborators, from research institutions, and directly from individuals.
  • Risks Related to Commercialization of Our Antibody Candidates
  • We operate in highly competitive and rapidly changing industries, which may result in others discovering, developing or commercializing competing products before or more successfully than we do.
  • If we fail to obtain orphan drug designation for our antibody candidates, or obtain or maintain orphan drug exclusivity for our products, or lose such designation for zenocutuzumab in the United States, our competitors may sell products to treat the same conditions and our revenue will be reduced.
  • The successful commercialization of our antibody candidates will depend in part on the extent to which governmental authorities and health insurers establish adequate coverage, reimbursement levels and pricing policies. Failure to obtain or maintain
  • Our products may not gain market acceptance, in which case we may not be able to generate product revenues, which will materially adversely affect our business, financial condition and results of operations.
  • We currently have no marketing, sales or distribution infrastructure. If we are unable to develop sales, marketing and distribution capabilities on our own or through collaborations, we will not be successful in commercializing our antibody candidates.
  • We have never commercialized an antibody candidate before and may lack the necessary expertise, personnel and resources to successfully commercialize our products on our own or together with suitable collaborators.
  • Our antibody candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.
  • Risks Related to Our Dependence on Third Parties
  • We rely, and expect to continue to rely, on third parties, including independent clinical investigators and CROs, to conduct our pre-clinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our antibody candidates and our business could be substantially harmed.
  • The collaboration and license agreement, or the Collaboration Agreement, with Incyte Corporation (Incyte) is important to our business. If suitable monospecific or bispecific antibody candidates are not identified for further development and commercialization activities under the Collaboration Agreement, or if we or Incyte fail to adequately perform under the Collaboration Agreement, or if we or Incyte terminate the Collaboration Agreement, the development and commercialization of our antibody candidates would be delayed or terminated and our business would be adversely affected.
  • The collaboration and license agreement, or the Lilly Collaboration Agreement, with Eli Lilly is important to our business. If suitable monospecific or bispecific antibody candidates are not identified for further development and commercialization activities under the Lilly Collaboration Agreement, or if we or Eli Lilly fail to adequately perform under the Lilly Collaboration Agreement, or if we or Eli Lilly terminate the Lilly Collaboration Agreement, the development and commercialization of our antibody candidates would be delayed or terminated and our business would be adversely affected.
  • The collaboration and license agreements with Simcere, and Betta Pharma, and the research and license agreement with Ono are important to our business. If our Biclonics® antibodies licensed in these collaboration and license agreements fail to advance or experience unacceptable safety or efficacy results if clinically developed, this could adversely impact the reputation of our platform and our ability to engage in future collaborations.
  • If we fail to enter into new strategic relationships our business, financial condition, commercialization prospects and results of operations may be materially adversely affected.
  • We currently rely on third-party suppliers and other third parties for production of our antibody candidates and our dependence on these third parties may impair the advancement of our research and development programs and the development of our antibody candidates. Moreover, we intend to rely on third parties to produce commercial supplies of any approved antibody candidate and our commercialization of any of our antibody candidates could be stopped, delayed or made less profitable if those third parties fail to obtain approval of the FDA or comparable foreign regulatory authorities following inspection of their facilities and procedures to manufacture our antibody candidates and products, fail to provide us with sufficient quantities of antibody product or fail to do so at acceptable quality levels or prices or fail to otherwise complete their duties in compliance with their obligations to us or other parties.
  • Risks Related to Intellectual Property and Information Technology
  • We rely on patents and other intellectual property rights to protect our technology, including antibody candidates and our Biclonics® technology platform and Triclonics® technology platform, the enforcement, defense and maintenance of which may be challenging and costly. Failure to enforce or protect these rights adequately could harm our ability to compete and impair our business.
  • Intellectual property rights of third parties could adversely affect our ability to commercialize our antibody candidates, such that we could be required to litigate or obtain licenses from third parties in order to develop or market our antibody candidates. Such litigation or licenses could be costly or not available on commercially reasonable terms.
  • Our ability to compete may be adversely affected if we are unsuccessful in defending against any claims by competitors or others that we are infringing upon their intellectual property rights.
  • Intellectual property litigation could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • If we do not obtain protection under the Hatch-Waxman Amendments and similar non-U.S. legislation for extending the term of patents covering each of our antibody candidates, our business may be materially harmed.
  • We enjoy only limited geographical protection with respect to certain patents and may face difficulties in certain jurisdictions, which may diminish the value of intellectual property rights in those jurisdictions.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • Changes in patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our antibody candidates and technology platforms.
  • Confidentiality agreements with employees, contractors, agents, consultants, collaborators and others may not adequately prevent disclosure of trade secrets and protect other proprietary information.
  • Use of social media could give rise to liability, breaches of data security, or reputational harm.
  • Our computer systems, or those used by our CROs or other contractors or consultants, may fail or suffer security breaches, which could adversely affect our business.
  • Risks Related to Employee Matters and Managing Growth
  • Our future growth and ability to compete depends on retaining our key personnel, recruiting additional qualified personnel and managing transitions among these personnel, such as the 2020 resignation of our former Chief Medical Officer, hiring of our new Chief Medical Officer and resignation of our former Chief Scientific Officer occurring in 2020.
  • We expect to expand our development, regulatory and sales and marketing capabilities, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • Risks Related to Our Common Shares
  • Future sales, or the possibility of future sales, of a substantial number of our common shares could adversely affect the price of the shares.
  • Holders of our common shares outside the Netherlands may not be able to exercise preemptive rights.
  • The rights of our shareholders may be different from the rights of shareholders in companies governed by the laws of U.S. jurisdictions.
  • We are not obligated to and do not comply with all the best practice provisions of the Dutch Corporate Governance Code. This may affect the rights of our shareholders.
  • Claims of U.S. civil liabilities may not be enforceable against us.
  • As of January 1, 2020, we were no longer a foreign private issuer, and we are required to comply with the provisions of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the rules of Nasdaq applicable to U.S. domestic issuers, which will continue to require us to incur significant expenses and expend time and resources.
  • Our articles of association include a U.S. federal forum selection clause designating federal courts as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • We are an “emerging growth company” and a “smaller reporting company,” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies and smaller reporting companies will make our common shares less attractive to investors.
  • We may be classified as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could result in adverse U.S. federal income tax consequences to U.S. investors in our common shares.
  • If a U.S. Holder is treated as owning at least 10% of our common shares, such holder may be subject to adverse U.S. federal income tax consequences.
  • The price of our common shares may be volatile and may fluctuate due to factors beyond our control.
  • Because we do not expect to pay cash dividends for the foreseeable future, any returns on an investment in our common shares will likely depend entirely upon any future appreciation in the price of our common shares, which is uncertain.
  • If securities or industry analysts publish inaccurate or unfavorable research about our business, the price of our common shares and our trading volume could decline.
  • We will continue to incur increased costs as a result of operating as a public company with limited liability (naamloze vennootschap), and our management team will be required to devote substantial time to new compliance initiatives and corporate governance practices.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: abide, Absence, ASCO, Biden, cardiotoxicity, Chancery, clause, complaint, confirmed, consent, constitutionality, cutoff, Delaware, discourage, dismissed, driver, facially, forum, fullest, GI, instructed, interactive, lab, medium, migrated, noncancelable, oncogenic, pause, paused, recipient, RECIST, reconsider, reexamining, secondary, signaling, supplementary, unnecessary, upregulation, waiver, writing
Removed: back, behavior, Bill, Circuit, director, EAP, feature, inseverable, Judge, Logtenberg, Lundberg, mandate, molecular, Northern, observable, periodically, remanded, repealed, repealing, responsibility, stepped, Sven, TCJA, Ton, unconstitutional, upheld