$MRUS
Merus N.V.

2022 Q4 Form 10-Q Financial Statement

#000095017022021550 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $10.67M $6.581M $13.67M
YoY Change -27.49% -51.85% 59.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.28M $12.47M $10.17M
YoY Change 41.21% 22.59% 11.28%
% of Gross Profit
Research & Development $49.05M $42.31M $26.02M
YoY Change 83.34% 62.61% 48.34%
% of Gross Profit
Depreciation & Amortization $312.0K $300.0K $384.0K
YoY Change -2.5% -21.87% 1.05%
% of Gross Profit
Operating Expenses $64.33M $54.78M $36.19M
YoY Change 71.21% 51.36% 35.69%
Operating Profit -$48.20M -$22.52M
YoY Change 114.01%
Interest Expense -$27.92M $23.91M $7.731M
YoY Change -401.6% 209.24% -261.4%
% of Operating Profit
Other Income/Expense, Net $0.00 $23.91M -$75.00K
YoY Change -100.0% -31976.0%
Pretax Income -$81.59M -$24.29M -$14.86M
YoY Change 471.24% 63.4% -35.09%
Income Tax $387.0K $327.0K -$11.00K
% Of Pretax Income
Net Earnings -$81.97M -$24.62M -$14.85M
YoY Change 468.42% 65.72% -35.63%
Net Earnings / Revenue -768.54% -374.03% -108.66%
Basic Earnings Per Share -$0.53 -$0.39
Diluted Earnings Per Share -$1.77 -$0.53 -$385.7K
COMMON SHARES
Basic Shares Outstanding 46.30M 45.88M 38.51M
Diluted Shares Outstanding 46.06M 38.51M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $290.2M $351.4M $309.7M
YoY Change -29.29% 13.46% 62.85%
Cash & Equivalents $147.7M $191.0M $159.1M
Short-Term Investments $142.5M $160.5M $150.6M
Other Short-Term Assets $2.204M $951.0K $1.139M
YoY Change 1.33% -16.51% -39.29%
Inventory
Prepaid Expenses
Receivables $4.051M $2.628M $3.237M
Other Receivables $647.0K $519.0K $362.0K
Total Short-Term Assets $306.4M $368.2M $319.7M
YoY Change -27.76% 15.16% 58.83%
LONG-TERM ASSETS
Property, Plant & Equipment $12.22M $7.339M $7.593M
YoY Change 244.38% -3.35% -5.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $36.46M $21.48M $23.49M
YoY Change 79.62% -8.57%
Other Assets $4.811M $3.307M $2.652M
YoY Change 131.52% 24.7% 89.43%
Total Long-Term Assets $70.10M $46.79M $36.21M
YoY Change 116.21% 29.24% 196.76%
TOTAL ASSETS
Total Short-Term Assets $306.4M $368.2M $319.7M
Total Long-Term Assets $70.10M $46.79M $36.21M
Total Assets $376.5M $415.0M $355.9M
YoY Change -17.53% 16.59% 66.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.834M $3.117M $5.401M
YoY Change -25.71% -42.29% 14.91%
Accrued Expenses $35.59M $33.06M $29.03M
YoY Change 58.14% 13.87% 46.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.93M $64.15M $71.53M
YoY Change 9.77% -10.32% 57.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.56M $52.06M $78.63M
YoY Change -26.19% -33.78% -5.95%
Total Long-Term Liabilities $50.56M $52.06M $78.63M
YoY Change -26.19% -33.78% -5.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.93M $64.15M $71.53M
Total Long-Term Liabilities $50.56M $52.06M $78.63M
Total Liabilities $129.5M $116.2M $150.2M
YoY Change -7.77% -22.61% 16.4%
SHAREHOLDERS EQUITY
Retained Earnings -$598.1M -$516.2M -$452.5M
YoY Change 28.09% 14.08% 21.61%
Common Stock $875.6M $869.6M
YoY Change 10.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $247.1M $298.8M $205.8M
YoY Change
Total Liabilities & Shareholders Equity $376.5M $415.0M $355.9M
YoY Change -17.53% 16.59% 66.71%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$81.97M -$24.62M -$14.85M
YoY Change 468.42% 65.72% -35.63%
Depreciation, Depletion And Amortization $312.0K $300.0K $384.0K
YoY Change -2.5% -21.87% 1.05%
Cash From Operating Activities -$30.51M -$41.26M -$23.08M
YoY Change -3.44% 78.79% 97.22%
INVESTING ACTIVITIES
Capital Expenditures $2.108M -$2.331M -$277.0K
YoY Change -733.03% 741.52% -20.86%
Acquisitions
YoY Change
Other Investing Activities $2.964M $1.190M -$133.6M
YoY Change -119.21% -100.89% 2220.14%
Cash From Investing Activities $856.0K -$1.141M -$133.9M
YoY Change -105.43% -99.15% 2091.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -215.0K 9.876M 2.595M
YoY Change -100.17% 280.58% 12875.0%
NET CHANGE
Cash From Operating Activities -30.51M -41.26M -23.08M
Cash From Investing Activities 856.0K -1.141M -133.9M
Cash From Financing Activities -215.0K 9.876M 2.595M
Net Change In Cash -29.87M -32.52M -154.4M
YoY Change -137.49% -78.94% 767.89%
FREE CASH FLOW
Cash From Operating Activities -$30.51M -$41.26M -$23.08M
Capital Expenditures $2.108M -$2.331M -$277.0K
Free Cash Flow -$32.62M -$38.93M -$22.80M
YoY Change 4.33% 70.74% 100.86%

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241749000
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163283000
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192128000
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159322000
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192128000
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159322000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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4331000
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CY2022Q3 us-gaap Net Income Loss
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us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Overview</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Merus N.V. is a clinical-stage oncology company developing innovative antibody therapeutics, headquartered in Utrecht, the Netherlands. Merus US, Inc. is a wholly-owned subsidiary of Merus N.V. located at 139 Main Street, Cambridge, Massachusetts, United States (collectively, the “Company”).</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Since inception, the Company has generated an accumulated deficit of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">516.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> as of September 30, 2022. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as its antibody candidates advance through discovery, pre-clinical development and clinical trials and as it seeks regulatory approval and pursues commercialization of any approved antibody candidate.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As a result, the Company may need additional financing to support its continuing operations. Until the Company can generate significant revenue from product sales, if ever, the Company expects to finance its operations through public equity offerings, debt financings, or other sources, which may include collaborations, business development and licensing opportunities with third parties. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The Company’s inability to raise capital as and when needed would have a negative impact on its financial condition and ability to pursue its business strategy. The Company will need to generate significant revenues to achieve profitability and may never do so.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2410416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Based on the Company’s current operating plan, the Company expects that its existing cash and cash equivalents and marketable securities of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">372.9</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> million</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> as of September 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, will fund the Company’s operations beyond 2024.</span></p>
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us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Derivative Loss On Derivative
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