Mersana Therapeutics Announces Second Quarter 2023 Financial Results
08 Agosto 2023 - 9:00AM
Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage
biopharmaceutical company focused on discovering and developing a
pipeline of antibody-drug conjugates (ADCs) targeting cancers in
areas of high unmet medical need, today provided a business update
and reported financial results for the second quarter ended June
30, 2023.
“Mersana has focused heavily on the development of new product
candidates and business development opportunities that leverage our
innovative next-generation ADC platforms,” said Anna Protopapas,
President and Chief Executive Officer of Mersana Therapeutics.
“These efforts have yielded promising new programs based on our
Dolasynthen and Immunosynthen platforms that have the potential to
benefit a wide range of patients who are waiting for new treatment
options. Given the strength of our balance sheet, pipeline and
collaborations, we are very excited about the opportunities ahead
for Mersana.”
Mersana’s Strategic Priorities
Advance XMT-1660 and Dolasynthen Platform:
Dolasynthen is Mersana’s next-generation cytotoxic ADC platform
that is designed to generate site-specific, homogeneous ADCs,
utilizes a proprietary auristatin payload and has the ability to
match the drug-to-antibody ratio to specific targets. The company
is advancing the development of XMT-1660, a B7-H4-directed
Dolasynthen ADC with a precise, target-optimized drug-to-antibody
ratio (DAR 6). Mersana expects to complete the dose escalation
portion of its Phase 1 clinical trial of this candidate in 2023 and
initiate the dose expansion portion of the trial in 2024.
Additionally, Mersana is supporting Janssen Biotech under a
collaboration and license agreement that focuses on discovering
novel Dolasynthen ADCs for up to three targets.
Advance XMT-2056 and Immunosynthen Platform:
Immunosynthen is Mersana’s proprietary STING agonist platform that
is designed to generate systemically administered ADCs that locally
activate STING signaling in both tumor-resident immune cells and in
antigen-expressing cells to unlock the anti-tumor potential of
innate immune stimulation. Mersana is working diligently to address
the clinical hold on its Phase 1 clinical trial of XMT-2056, its
lead Immunosynthen ADC candidate, which targets a novel HER2
epitope. GSK plc has an exclusive option to co-develop and
commercialize XMT-2056. Additionally, Mersana is supporting Merck
KGaA, Darmstadt, Germany under a collaboration and license
agreement that focuses on discovering novel Immunosynthen ADCs for
up to two targets.
Second Quarter 2023 Financial Results
- Net cash used in operating
activities for the second quarter of 2023 was $61.8 million.
- Cash, cash equivalents and
marketable securities as of June 30, 2023 were $286.6 million,
compared to $280.7 million as of December 31, 2022. Mersana expects
that its available funds will be sufficient to support its current
operating plan commitments into 2026.
- Collaboration revenue for the second
quarter of 2023 was $10.7 million, compared to $4.3 million for the
same period in 2022. The year-over-year increase was primarily
related to Mersana’s collaboration agreements with Janssen Biotech
and Merck KGaA, Darmstadt, Germany.
- Research and development (R&D)
expenses for the second quarter of 2023 were $49.0 million,
compared to $41.2 million for the same period in 2022. Included in
second quarter 2023 R&D expenses were $3.4 million in non-cash
stock-based compensation expenses. The year-over-year increase in
R&D expenses was primarily related to higher manufacturing and
clinical costs related to UpRi and an increase in headcount.
- General and administrative (G&A)
expenses for the second quarter of 2023 were $18.2 million,
compared to $14.8 million during the same period in 2022. Included
in second quarter 2023 G&A expenses were $3.2 million in
non-cash stock-based compensation expenses. The year-over-year
increase in G&A expenses was primarily related to increases in
headcount and UpRi-related professional services.
- Net loss for the second quarter of 2023 was $54.3 million, or
$0.47 per share, compared to a net loss of $52.2 million, or $0.55
per share, for the same period in 2022.
About Mersana TherapeuticsMersana Therapeutics
is a clinical-stage biopharmaceutical company focused on the
development of novel antibody-drug conjugates (ADCs) and driven by
the knowledge that patients are waiting for new treatment options.
The company has developed proprietary cytotoxic (Dolasynthen) and
immunostimulatory (Immunosynthen) ADC platforms that are generating
a pipeline of wholly-owned and partnered product candidates with
the potential to treat a range of cancers. Its pipeline includes
XMT-1660, a Dolasynthen ADC targeting B7-H4, and XMT-2056, an
Immunosynthen ADC targeting a novel epitope of human epidermal
growth factor receptor 2 (HER2). Mersana routinely posts
information that may be useful to investors on the “Investors &
Media” section of its website at www.mersana.com.
Forward-Looking StatementsThis press release
contains “forward-looking” statements and information within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements may be identified by words such as “aims,”
“anticipates,” “believes,” “could,” “estimates,” “expects,”
“forecasts,” “goal,” “intends,” “may,” “plans,” “possible,”
“potential,” “seeks,” “will” and variations of these words or
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements in this press
release include, but are not limited to, statements concerning
Mersana’s strategic priorities; its plans regarding the clinical
development of XTM-1660; Mersana’s efforts to address the clinical
hold on XMT-2056; Mersana’s cash runway; Mersana’s collaborations
with third parties; and the development and potential of Mersana’s
product candidates, platforms, technology and pipeline of ADC
candidates. Mersana may not actually achieve the plans, intentions
or expectations disclosed in these forward-looking statements, and
you should not place undue reliance on these forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in these
forward-looking statements as a result of various factors,
including, among other things, uncertainties inherent in research
and development, in the advancement, progression and completion of
clinical trials and in the clinical development of Mersana’s
product candidates, including XMT-1660 and XMT-2056; the risks that
Mersana may be unable to resolve the clinical hold with respect to
its Phase 1 clinical trial of XMT-2056 and may not be able to
resume that trial or to develop or commercialize XMT-2056; the
occurrence of impediments to Mersana’s ability to execute its
planned restructuring and strategic reprioritization as currently
contemplated; the risk that Mersana may not realize the intended
benefits of its platforms, technology and collaborations; and other
important factors, any of which could cause Mersana’s actual
results to differ from those contained in the forward-looking
statements, that are described in greater detail in the section
entitled “Risk Factors” in Mersana’s Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission (“SEC”) on May 9,
2023, as well as in other filings Mersana may make with the SEC in
the future. Any forward-looking statements contained in this press
release speak only as of the date hereof, and Mersana expressly
disclaims any obligation to update any forward-looking statements
contained herein, whether because of any new information, future
events, changed circumstances or otherwise, except as otherwise
required by law.
Mersana Therapeutics,
Inc.Selected Condensed Consolidated Balance Sheet
Data(in thousands and unaudited)
|
June 30,2023 |
|
December 31,2022 |
|
|
|
|
Cash, cash equivalents and
marketable securities |
$ |
286,588 |
|
|
$ |
280,712 |
|
Working capital(1) |
222,167 |
|
|
227,686 |
|
Total assets |
311,000 |
|
|
334,340 |
|
Total stockholders'
equity |
89,800 |
|
|
92,057 |
|
|
|
|
|
(1) The company
defines working capital as current assets less current
liabilities. |
Mersana Therapeutics,
Inc.Condensed Consolidated Statement of
Operations(in thousands, except share and per
share data, and unaudited)
|
Three months ended |
|
Six months ended |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
|
|
|
|
|
|
|
Collaboration revenue |
$ |
10,654 |
|
|
|
$ |
4,284 |
|
|
|
$ |
18,456 |
|
|
|
$ |
6,320 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
48,968 |
|
|
|
41,231 |
|
|
|
96,243 |
|
|
|
77,037 |
|
|
General and administrative |
18,187 |
|
|
|
14,803 |
|
|
|
36,515 |
|
|
|
27,585 |
|
|
Total operating expenses |
67,155 |
|
|
|
56,034 |
|
|
|
132,758 |
|
|
|
104,622 |
|
|
Total other income (expense),
net |
2,194 |
|
|
|
(469 |
) |
|
|
3,832 |
|
|
|
(1,175 |
) |
|
Net loss |
|
(54,307 |
) |
|
|
|
(52,219 |
) |
|
|
|
(110,470 |
) |
|
|
|
(99,477 |
) |
|
Net loss per share — basic and
diluted |
$ |
(0.47 |
) |
|
|
$ |
(0.55 |
) |
|
|
$ |
(0.99 |
) |
|
|
$ |
(1.13 |
) |
|
Weighted-average number of
common shares — basic and diluted |
115,608,156 |
|
|
|
95,756,782 |
|
|
|
111,583,765 |
|
|
|
87,886,411 |
|
|
Contact:Jason Fredette
617-498-0020jason.fredette@mersana.com
Mersana Therapeutics (NASDAQ:MRSN)
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