$MRUS
Merus N.V.

2023 Q3 Form 10-Q Financial Statement

#000095017023039076 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $11.03M $10.48M
YoY Change 67.65% -17.41%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.59M $16.06M
YoY Change 0.97% 26.53%
% of Gross Profit
Research & Development $36.81M $28.30M
YoY Change -12.99% -9.0%
% of Gross Profit
Depreciation & Amortization $660.0K $675.0K
YoY Change 120.0% 109.63%
% of Gross Profit
Operating Expenses $49.40M $44.36M
YoY Change -9.81% 1.3%
Operating Profit -$38.37M -$33.89M
YoY Change -20.39% 8.93%
Interest Expense $16.47M $3.346M
YoY Change -31.11% -86.57%
% of Operating Profit
Other Income/Expense, Net $16.47M $3.346M
YoY Change -31.09% -86.89%
Pretax Income -$21.89M -$30.54M
YoY Change -9.86% 447.0%
Income Tax $1.118M $1.494M
% Of Pretax Income
Net Earnings -$23.01M -$32.03M
YoY Change -6.51% 460.61%
Net Earnings / Revenue -208.57% -305.78%
Basic Earnings Per Share -$0.43 -$0.66
Diluted Earnings Per Share -$0.43 -$0.66
COMMON SHARES
Basic Shares Outstanding 49.86M 46.53M
Diluted Shares Outstanding 53.87M 48.32B

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.6M $265.0M
YoY Change 10.57% -29.53%
Cash & Equivalents $241.9M $101.1M
Short-Term Investments $146.7M $164.0M
Other Short-Term Assets $1.399M $2.048M
YoY Change 47.11% -21.74%
Inventory
Prepaid Expenses
Receivables $3.434M $2.836M
Other Receivables $1.200M $976.0K
Total Short-Term Assets $404.8M $283.1M
YoY Change 9.95% -29.01%
LONG-TERM ASSETS
Property, Plant & Equipment $12.18M $13.05M
YoY Change 65.91% 111.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.30M $46.50M
YoY Change 166.81% 124.71%
Other Assets $4.123M $4.064M
YoY Change 24.67% 27.44%
Total Long-Term Assets $87.35M $80.50M
YoY Change 86.69% 75.12%
TOTAL ASSETS
Total Short-Term Assets $404.8M $283.1M
Total Long-Term Assets $87.35M $80.50M
Total Assets $492.2M $363.6M
YoY Change 18.6% -18.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.843M $7.596M
YoY Change 23.29% 9.12%
Accrued Expenses $37.30M $32.75M
YoY Change 12.83% 45.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.32M $65.85M
YoY Change 0.26% 9.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $34.50M $40.37M
YoY Change -33.73% -30.3%
Total Long-Term Liabilities $34.50M $40.37M
YoY Change -33.73% -30.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.32M $65.85M
Total Long-Term Liabilities $34.50M $40.37M
Total Liabilities $98.80M $106.2M
YoY Change -14.99% -10.12%
SHAREHOLDERS EQUITY
Retained Earnings -$692.9M -$669.9M
YoY Change 34.23% 36.3%
Common Stock $1.124B $954.0M
YoY Change 29.22% 11.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $393.4M $257.4M
YoY Change
Total Liabilities & Shareholders Equity $492.2M $363.6M
YoY Change 18.6% -18.25%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$23.01M -$32.03M
YoY Change -6.51% 460.61%
Depreciation, Depletion And Amortization $660.0K $675.0K
YoY Change 120.0% 109.63%
Cash From Operating Activities -$27.53M -$41.59M
YoY Change -33.27% 31.05%
INVESTING ACTIVITIES
Capital Expenditures $40.00K $349.0K
YoY Change -101.72% -112.21%
Acquisitions
YoY Change
Other Investing Activities $8.060M -$24.17M
YoY Change 577.31% -449.67%
Cash From Investing Activities $8.030M -$24.52M
YoY Change -803.77% -704.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 162.4M 65.97M
YoY Change 1544.49% 36.86%
NET CHANGE
Cash From Operating Activities -27.53M -41.59M
Cash From Investing Activities 8.030M -24.52M
Cash From Financing Activities 162.4M 65.97M
Net Change In Cash 142.9M -137.0K
YoY Change -539.44% -100.67%
FREE CASH FLOW
Cash From Operating Activities -$27.53M -$41.59M
Capital Expenditures $40.00K $349.0K
Free Cash Flow -$27.57M -$41.93M
YoY Change -29.17% 45.22%

Facts In Submission

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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;">669.9</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 June 30, 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>
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