$MRUS
Merus N.V.

2023 Q4 Form 10-Q Financial Statement

#000095017023058166 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $8.939M $11.03M
YoY Change -16.19% 67.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.80M $12.59M
YoY Change 3.36% 0.97%
% of Gross Profit
Research & Development $40.69M $36.81M
YoY Change -17.05% -12.99%
% of Gross Profit
Depreciation & Amortization $618.0K $660.0K
YoY Change 98.08% 120.0%
% of Gross Profit
Operating Expenses $56.48M $49.40M
YoY Change -12.2% -9.81%
Operating Profit -$38.37M
YoY Change -20.39%
Interest Expense -$11.57M $16.47M
YoY Change -58.55% -31.11%
% of Operating Profit
Other Income/Expense, Net $0.00 $16.47M
YoY Change -31.09%
Pretax Income -$59.12M -$21.89M
YoY Change -27.54% -9.86%
Income Tax $1.037M $1.118M
% Of Pretax Income
Net Earnings -$60.15M -$23.01M
YoY Change -26.62% -6.51%
Net Earnings / Revenue -672.93% -208.57%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$1.04 -$0.43
COMMON SHARES
Basic Shares Outstanding 57.73M 49.86M
Diluted Shares Outstanding 53.87M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $354.4M $388.6M
YoY Change 22.1% 10.57%
Cash & Equivalents $204.2M $241.9M
Short-Term Investments $150.1M $146.7M
Other Short-Term Assets $1.527M $1.399M
YoY Change -30.72% 47.11%
Inventory
Prepaid Expenses
Receivables $2.429M $3.434M
Other Receivables $1.552M $1.200M
Total Short-Term Assets $368.8M $404.8M
YoY Change 20.35% 9.95%
LONG-TERM ASSETS
Property, Plant & Equipment $12.14M $12.18M
YoY Change -0.71% 65.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.31M $57.30M
YoY Change 57.2% 166.81%
Other Assets $2.872M $4.123M
YoY Change -40.3% 24.67%
Total Long-Term Assets $86.68M $87.35M
YoY Change 23.65% 86.69%
TOTAL ASSETS
Total Short-Term Assets $368.8M $404.8M
Total Long-Term Assets $86.68M $87.35M
Total Assets $455.5M $492.2M
YoY Change 20.97% 18.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.602M $3.843M
YoY Change -53.2% 23.29%
Accrued Expenses $38.48M $37.30M
YoY Change 8.13% 12.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.09M $64.32M
YoY Change -12.46% 0.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.06M $34.50M
YoY Change -40.54% -33.73%
Total Long-Term Liabilities $30.06M $34.50M
YoY Change -40.54% -33.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.09M $64.32M
Total Long-Term Liabilities $30.06M $34.50M
Total Liabilities $99.15M $98.80M
YoY Change -23.43% -14.99%
SHAREHOLDERS EQUITY
Retained Earnings -$753.1M -$692.9M
YoY Change 25.92% 34.23%
Common Stock $1.132B $1.124B
YoY Change 29.27% 29.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $356.3M $393.4M
YoY Change
Total Liabilities & Shareholders Equity $455.5M $492.2M
YoY Change 20.97% 18.6%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$60.15M -$23.01M
YoY Change -26.62% -6.51%
Depreciation, Depletion And Amortization $618.0K $660.0K
YoY Change 98.08% 120.0%
Cash From Operating Activities -$36.35M -$27.53M
YoY Change 19.13% -33.27%
INVESTING ACTIVITIES
Capital Expenditures -$26.00K $40.00K
YoY Change -101.23% -101.72%
Acquisitions
YoY Change
Other Investing Activities -$2.143M $8.060M
YoY Change -172.3% 577.31%
Cash From Investing Activities -$2.117M $8.030M
YoY Change -347.31% -803.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 162.4M
YoY Change -797.67% 1544.49%
NET CHANGE
Cash From Operating Activities -36.35M -27.53M
Cash From Investing Activities -2.117M 8.030M
Cash From Financing Activities 1.500M 162.4M
Net Change In Cash -36.97M 142.9M
YoY Change 23.75% -539.44%
FREE CASH FLOW
Cash From Operating Activities -$36.35M -$27.53M
Capital Expenditures -$26.00K $40.00K
Free Cash Flow -$36.32M -$27.57M
YoY Change 11.35% -29.17%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Overview</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since inception, the Company has generated an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">692.9</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of September 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;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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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