2023 Q4 Form 10-Q Financial Statement

#000162828023037193 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $10.70M $7.698M
YoY Change -27.14% 38.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.13M $12.89M
YoY Change -31.55% -11.55%
% of Gross Profit
Research & Development $21.50M $30.53M
YoY Change -52.97% -39.71%
% of Gross Profit
Depreciation & Amortization $447.0K $430.0K
YoY Change 58.51% 101.88%
% of Gross Profit
Operating Expenses $31.63M $51.64M
YoY Change -47.73% -20.81%
Operating Profit
YoY Change
Interest Expense $1.883M $1.017M
YoY Change 108.76% 15.57%
% of Operating Profit
Other Income/Expense, Net $2.285M
YoY Change -1428.49%
Pretax Income -$19.54M -$41.66M
YoY Change -56.5% -30.35%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.54M -$41.70M
YoY Change -56.5% -30.27%
Net Earnings / Revenue -182.64% -541.7%
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share -$0.16 -$0.35
COMMON SHARES
Basic Shares Outstanding 120.6M shares 120.5M shares
Diluted Shares Outstanding 120.5M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.1M $241.0M
YoY Change -25.52% -16.93%
Cash & Equivalents $174.6M $186.3M
Short-Term Investments $34.52M $54.70M
Other Short-Term Assets $4.973M $8.800M
YoY Change -41.54% -11.21%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $214.1M $249.7M
YoY Change -32.94% -16.76%
LONG-TERM ASSETS
Property, Plant & Equipment $3.831M $12.70M
YoY Change -3.86% -10.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $478.0K $478.0K
YoY Change -27.69% -22.4%
Total Long-Term Assets $12.00M $13.17M
YoY Change -20.62% -11.12%
TOTAL ASSETS
Total Short-Term Assets $214.1M $249.7M
Total Long-Term Assets $12.00M $13.17M
Total Assets $226.1M $262.9M
YoY Change -32.39% -16.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.319M $12.95M
YoY Change -47.54% -5.72%
Accrued Expenses $21.90M $29.32M
YoY Change -49.29% -28.84%
Deferred Revenue $28.15M $21.59M
YoY Change -8.05% -30.18%
Short-Term Debt $2.083M $0.00
YoY Change
Long-Term Debt Due $2.083M $0.00
YoY Change
Total Short-Term Liabilities $63.64M $67.93M
YoY Change -30.48% -23.49%
LONG-TERM LIABILITIES
Long-Term Debt $23.15M $25.00M
YoY Change -7.14% 0.0%
Other Long-Term Liabilities $55.00K $67.00K
YoY Change -72.91% -74.81%
Total Long-Term Liabilities $23.20M $25.07M
YoY Change -7.68% -0.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.64M $67.93M
Total Long-Term Liabilities $23.20M $25.07M
Total Liabilities $189.2M $210.7M
YoY Change -21.93% -6.19%
SHAREHOLDERS EQUITY
Retained Earnings -$826.4M -$806.8M
YoY Change 26.23% 32.31%
Common Stock $863.3M $859.0M
YoY Change 15.58% 22.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.90M $52.20M
YoY Change
Total Liabilities & Shareholders Equity $226.1M $262.9M
YoY Change -32.39% -16.5%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$19.54M -$41.70M
YoY Change -56.5% -30.27%
Depreciation, Depletion And Amortization $447.0K $430.0K
YoY Change 58.51% 101.88%
Cash From Operating Activities -$31.96M -$46.08M
YoY Change -37.61% -184.4%
INVESTING ACTIVITIES
Capital Expenditures $386.0K $470.0K
YoY Change -50.83% -210.33%
Acquisitions
YoY Change
Other Investing Activities $20.53M $104.3M
YoY Change -146.0% -748.93%
Cash From Investing Activities $20.15M $103.8M
YoY Change -144.35% -729.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 92.00K -150.0K
YoY Change -99.78% -101.41%
NET CHANGE
Cash From Operating Activities -31.96M -46.08M
Cash From Investing Activities 20.15M 103.8M
Cash From Financing Activities 92.00K -150.0K
Net Change In Cash -11.72M 57.55M
YoY Change -78.76% 18.07%
FREE CASH FLOW
Cash From Operating Activities -$31.96M -$46.08M
Capital Expenditures $386.0K $470.0K
Free Cash Flow -$32.35M -$46.55M
YoY Change -37.81% -184.6%

Facts In Submission

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CY2022Q4 mrsn Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
14822000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7168000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11558000 usd
CY2023Q3 mrsn Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
4250000 usd
CY2022Q4 mrsn Accrued Manufacturing Expenses Current
AccruedManufacturingExpensesCurrent
11536000 usd
CY2023Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
4190000 usd
CY2022Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0 usd
CY2023Q3 mrsn Accrued Preclinical Expenses Current
AccruedPreclinicalExpensesCurrent
3062000 usd
CY2022Q4 mrsn Accrued Preclinical Expenses Current
AccruedPreclinicalExpensesCurrent
2767000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1583000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1865000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
524000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
636000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
29321000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
43184000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
25000000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
259000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
414000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
25155000 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.05
CY2013 mrsn Contractual Life Of Warrants
ContractualLifeOfWarrants
P10Y
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
0 shares
mrsn Warrants Exercised In Period
WarrantsExercisedInPeriod
0 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
175000000 shares
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
16300491 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11944664 shares
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
16300491 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11944664 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10051283 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.84
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3972166 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.80
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
97596 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1747727 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
10.62
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12178126 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.13
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7130744 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
400000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4001000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5375000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17051000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16208000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4001000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5375000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17051000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16208000 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.044
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.029
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M2D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M9D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M26D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.13
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16300491 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16300491 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12418052 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12418052 shares
CY2023Q3 mrsn Restructuring And Related Cost Number Of Positions To Be Eliminated Percent
RestructuringAndRelatedCostNumberOfPositionsToBeEliminatedPercent
0.50
CY2023Q3 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
8214000 usd
us-gaap Restructuring Charges
RestructuringCharges
8214000 usd
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
8214000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
mrsn Restructuring Charges Additional Expense
RestructuringChargesAdditionalExpense
6797000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
2435000 usd
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-172000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
4190000 usd

Files In Submission

Name View Source Status
mrsn-20230930_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
mrsn-20230930_def.xml Edgar Link unprocessable
mrsn-20230930_cal.xml Edgar Link unprocessable
0001628280-23-037193-index-headers.html Edgar Link pending
0001628280-23-037193-index.html Edgar Link pending
0001628280-23-037193.txt Edgar Link pending
0001628280-23-037193-xbrl.zip Edgar Link pending
exhibit101-amendmentno1tor.htm Edgar Link pending
exhibit102-amendmentno2tor.htm Edgar Link pending
exhibit103-aprotopapasreti.htm Edgar Link pending
exhibit104-mhuberofferlett.htm Edgar Link pending
exhibit105-ayangletteragre.htm Edgar Link pending
exhibit31110-qfy2023q3.htm Edgar Link pending
exhibit31210-qfy2023q3.htm Edgar Link pending
exhibit32110-qfy2023q3.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mrsn-20230930.htm Edgar Link pending
mrsn-20230930.xsd Edgar Link pending
mrsnlogo.gif Edgar Link pending
mrsnlogob.gif Edgar Link pending
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mrsn-20230930_pre.xml Edgar Link unprocessable
mrsn-20230930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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