$MRUS
Merus N.V.

2023 Q2 Form 10-Q Financial Statement

#000095017023017835 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $10.48M $13.50M $11.66M
YoY Change -17.41% 15.82% 39.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.06M $15.39M $11.75M
YoY Change 26.53% 30.91% 25.97%
% of Gross Profit
Research & Development $28.30M $34.87M $26.98M
YoY Change -9.0% 29.25% 29.65%
% of Gross Profit
Depreciation & Amortization $675.0K $534.0K $351.0K
YoY Change 109.63% 52.14% 8.33%
% of Gross Profit
Operating Expenses $44.36M $50.25M $38.73M
YoY Change 1.3% 29.75% 28.5%
Operating Profit -$33.89M -$36.75M -$27.07M
YoY Change 8.93% 35.75% 24.25%
Interest Expense $3.346M -$3.446M $7.836M
YoY Change -86.57% -143.98% -35.35%
% of Operating Profit
Other Income/Expense, Net $3.346M -$3.446M $8.294M
YoY Change -86.89% -141.55% -29.01%
Pretax Income -$30.54M -$40.20M -$18.78M
YoY Change 447.0% 114.06% 85.84%
Income Tax $1.494M -$457.0K $114.0K
% Of Pretax Income
Net Earnings -$32.03M -$39.74M -$18.89M
YoY Change 460.61% 110.35% 86.06%
Net Earnings / Revenue -305.78% -294.4% -162.1%
Basic Earnings Per Share -$0.66 -$0.86 -$0.43
Diluted Earnings Per Share -$0.66 -$0.86 -$434.4K
COMMON SHARES
Basic Shares Outstanding 46.53M 46.32M 43.49B
Diluted Shares Outstanding 48.32B 46.32B 43.49B

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.0M $241.2M $358.8M
YoY Change -29.53% -32.77% -4.16%
Cash & Equivalents $101.1M $102.6M $194.6M
Short-Term Investments $164.0M $138.6M $164.2M
Other Short-Term Assets $2.048M $2.413M $2.434M
YoY Change -21.74% -0.86% 78.18%
Inventory
Prepaid Expenses
Receivables $2.836M $4.769M $2.671M
Other Receivables $976.0K $841.0K $496.0K
Total Short-Term Assets $283.1M $258.2M $379.7M
YoY Change -29.01% -32.01% -1.66%
LONG-TERM ASSETS
Property, Plant & Equipment $13.05M $13.39M $6.843M
YoY Change 111.18% 95.67% 81.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $46.50M $46.10M $25.47M
YoY Change 124.71% 81.04%
Other Assets $4.064M $4.239M $3.225M
YoY Change 27.44% 31.44% 72.28%
Total Long-Term Assets $80.50M $80.36M $37.77M
YoY Change 75.12% 112.77% 219.38%
TOTAL ASSETS
Total Short-Term Assets $283.1M $258.2M $379.7M
Total Long-Term Assets $80.50M $80.36M $37.77M
Total Assets $363.6M $338.5M $417.5M
YoY Change -18.25% -18.92% 4.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.596M $4.987M $5.388M
YoY Change 9.12% -7.44% 45.03%
Accrued Expenses $32.75M $41.13M $22.44M
YoY Change 45.0% 83.3% -4.51%
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 $65.85M $75.09M $61.52M
YoY Change 9.27% 22.05% 16.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.37M $45.91M $58.50M
YoY Change -30.3% -21.53% -46.08%
Total Long-Term Liabilities $40.37M $45.91M $58.50M
YoY Change -30.3% -21.53% -46.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.85M $75.09M $61.52M
Total Long-Term Liabilities $40.37M $45.91M $58.50M
Total Liabilities $106.2M $121.0M $120.0M
YoY Change -10.12% 0.81% -25.64%
SHAREHOLDERS EQUITY
Retained Earnings -$669.9M -$637.9M -$485.8M
YoY Change 36.3% 31.31% 18.4%
Common Stock $954.0M $881.6M $798.6M
YoY Change 11.8% 10.4% 23.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $257.4M $217.5M $297.5M
YoY Change
Total Liabilities & Shareholders Equity $363.6M $338.5M $417.5M
YoY Change -18.25% -18.92% 4.91%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$32.03M -$39.74M -$18.89M
YoY Change 460.61% 110.35% 86.06%
Depreciation, Depletion And Amortization $675.0K $534.0K $351.0K
YoY Change 109.63% 52.14% 8.33%
Cash From Operating Activities -$41.59M -$36.74M -$46.40M
YoY Change 31.05% -20.81% -339.86%
INVESTING ACTIVITIES
Capital Expenditures $349.0K $3.620M $342.0K
YoY Change -112.21% 958.48% 117.83%
Acquisitions
YoY Change
Other Investing Activities -$24.17M -$4.787M -$625.0K
YoY Change -449.67% 665.92% -75.2%
Cash From Investing Activities -$24.52M -$8.407M -$967.0K
YoY Change -704.79% 769.39% -63.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 65.97M 217.0K 879.0K
YoY Change 36.86% -75.31% -99.42%
NET CHANGE
Cash From Operating Activities -41.59M -36.74M -46.40M
Cash From Investing Activities -24.52M -8.407M -967.0K
Cash From Financing Activities 65.97M 217.0K 879.0K
Net Change In Cash -137.0K -45.10M -47.36M
YoY Change -100.67% -4.77% -128.87%
FREE CASH FLOW
Cash From Operating Activities -$41.59M -$36.74M -$46.40M
Capital Expenditures $349.0K $3.620M $342.0K
Free Cash Flow -$41.93M -$40.36M -$46.74M
YoY Change 45.22% -13.64% -343.61%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;font-family:Times New Roman;margin-bottom:8.0pt;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></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:8.0pt;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;">637.9</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 March 31, 2023. 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;font-family:Times New Roman;margin-bottom:8.0pt;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;font-family:Times New Roman;margin-bottom:8.0pt;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;">287.3</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 March 31, 2023</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 into the second half of 2025.</span></p>
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