$MRUS
Merus N.V.

2020 Q1 Form 10-Q Financial Statement

#000156459020024280 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $6.301M $8.830M
YoY Change -28.64% -27.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.880M $6.740M
YoY Change 31.75% 92.57%
% of Gross Profit
Research & Development $16.99M $11.80M
YoY Change 43.96% -6.72%
% of Gross Profit
Depreciation & Amortization $258.0K $250.0K
YoY Change 3.2% 108.33%
% of Gross Profit
Operating Expenses $25.87M $18.54M
YoY Change 39.53% -2.93%
Operating Profit -$19.57M
YoY Change
Interest Expense $3.170M $2.850M
YoY Change 11.23% -194.06%
% of Operating Profit
Other Income/Expense, Net $3.165M
YoY Change
Pretax Income -$16.40M -$6.860M
YoY Change 139.11% -33.4%
Income Tax $97.00K $222.0K
% Of Pretax Income
Net Earnings -$16.50M -$7.083M
YoY Change 132.95% -31.63%
Net Earnings / Revenue -261.86% -80.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$569.9K -$303.0K
COMMON SHARES
Basic Shares Outstanding 29.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $214.0M $203.6M
YoY Change 5.11% -19.14%
Cash & Equivalents $165.8M $157.0M
Short-Term Investments $48.20M $46.90M
Other Short-Term Assets $1.879M $4.600M
YoY Change -59.15% 6.98%
Inventory
Prepaid Expenses
Receivables $1.500M $3.900M
Other Receivables $200.0K $1.600M
Total Short-Term Assets $225.5M $213.7M
YoY Change 5.52% -19.99%
LONG-TERM ASSETS
Property, Plant & Equipment $8.400M $5.700M
YoY Change 47.37% 307.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $15.40M
YoY Change -100.0% -20.62%
Other Assets $1.400M $700.0K
YoY Change 100.0% 250.0%
Total Long-Term Assets $12.50M $24.60M
YoY Change -49.19% 15.49%
TOTAL ASSETS
Total Short-Term Assets $225.5M $213.7M
Total Long-Term Assets $12.50M $24.60M
Total Assets $238.0M $238.3M
YoY Change -0.13% -17.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.400M $4.000M
YoY Change -15.0% -37.5%
Accrued Expenses $12.16M $2.400M
YoY Change 406.63% 41.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M
YoY Change
Total Short-Term Liabilities $35.60M $33.40M
YoY Change 6.59% -6.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $87.80M $107.3M
YoY Change -18.17% -20.64%
Total Long-Term Liabilities $87.80M $107.3M
YoY Change -18.17% -20.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.60M $33.40M
Total Long-Term Liabilities $87.80M $107.3M
Total Liabilities $123.4M $140.7M
YoY Change -12.3% -17.67%
SHAREHOLDERS EQUITY
Retained Earnings -$331.1M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.6M $98.16M
YoY Change
Total Liabilities & Shareholders Equity $238.0M $238.3M
YoY Change -0.13% -17.37%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$16.50M -$7.083M
YoY Change 132.95% -31.63%
Depreciation, Depletion And Amortization $258.0K $250.0K
YoY Change 3.2% 108.33%
Cash From Operating Activities -$25.26M -$13.51M
YoY Change 86.97% -15.56%
INVESTING ACTIVITIES
Capital Expenditures $148.0K $421.0K
YoY Change -64.85% -291.36%
Acquisitions
YoY Change
Other Investing Activities -$3.840M $8.450M
YoY Change -145.44% -144.5%
Cash From Investing Activities -$3.988M $7.855M
YoY Change -150.77% -140.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$164.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 438.0K 28.00K
YoY Change 1464.29% -99.95%
NET CHANGE
Cash From Operating Activities -25.26M -13.51M
Cash From Investing Activities -3.988M 7.855M
Cash From Financing Activities 438.0K 28.00K
Net Change In Cash -31.81M -7.631M
YoY Change 316.88% -138.52%
FREE CASH FLOW
Cash From Operating Activities -$25.26M -$13.51M
Capital Expenditures $148.0K $421.0K
Free Cash Flow -$25.41M -$13.93M
YoY Change 82.38% -11.72%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Overview </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Merus N.V. is a clinical-stage immuno-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”).</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since inception, the Company has generated an accumulated deficit of $331.1 million as of March 31, 2020. 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.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 with third parties and business development opportunities. 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.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s current operating plan, the Company expects that its existing cash and cash equivalents and marketable securities of $214.0 million as of March 31, 2020 will be sufficient to fund its operations into 2022.</p>
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