$MRUS
Merus N.V.

2021 Q1 Form 10-K Financial Statement

#000156459021013584 Filed on March 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020
Revenue $8.350M $9.020M $29.94M
YoY Change 32.52% 15.79% -3.82%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.330M $9.720M $35.78M
YoY Change 5.07% 4.18% 10.74%
% of Gross Profit
Research & Development $20.81M $21.81M $70.04M
YoY Change 22.48% 11.28% 25.79%
% of Gross Profit
Depreciation & Amortization $324.0K $410.0K $1.165M
YoY Change 25.58% 24.24% 29.16%
% of Gross Profit
Operating Expenses $30.14M $31.53M $105.8M
YoY Change 16.51% 8.99% 17.85%
Operating Profit -$21.79M -$75.88M
YoY Change 11.35% 29.36%
Interest Expense $12.12M -$5.260M -$9.130M
YoY Change 282.33% 92.67% -360.86%
% of Operating Profit
Other Income/Expense, Net $11.68M -$9.132M
YoY Change 269.16% -346.81%
Pretax Income -$10.11M -$27.77M -$85.01M
YoY Change -38.4% 9.03% 54.68%
Income Tax $49.00K $200.0K $503.0K
% Of Pretax Income
Net Earnings -$10.15M -$27.96M -$85.51M
YoY Change -38.46% 9.95% 55.05%
Net Earnings / Revenue -121.6% -309.98% -285.59%
Basic Earnings Per Share -$2.92
Diluted Earnings Per Share -$280.3K -$932.6K -$2.922M
COMMON SHARES
Basic Shares Outstanding 38.13M 29.26B
Diluted Shares Outstanding 29.26B

Balance Sheet

Concept 2021 Q1 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $374.4M $207.8M $207.8M
YoY Change 74.95% -13.34% -13.34%
Cash & Equivalents $327.1M $163.1M $163.1M
Short-Term Investments $47.20M $44.70M $44.70M
Other Short-Term Assets $1.366M $1.058M $8.500M
YoY Change -27.3% -5.87% 80.85%
Inventory
Prepaid Expenses
Receivables $294.0K $46.00K $1.700M
Other Receivables $100.0K $0.00 $0.00
Total Short-Term Assets $386.1M $218.0M $218.0M
YoY Change 71.23% -11.88% -11.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.766M $4.115M $8.000M
YoY Change -55.17% 10.77% -10.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $1.872M $1.949M $2.400M
YoY Change 33.71% 2.31% 9.09%
Total Long-Term Assets $11.83M $13.22M $13.20M
YoY Change -5.4% -17.39% -17.5%
TOTAL ASSETS
Total Short-Term Assets $386.1M $218.0M $218.0M
Total Long-Term Assets $11.83M $13.22M $13.20M
Total Assets $397.9M $231.2M $231.2M
YoY Change 67.21% -12.21% -12.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.715M $3.126M $3.100M
YoY Change 9.26% 3.2% 3.33%
Accrued Expenses $23.50M $21.80M $23.20M
YoY Change 93.27% 61.07% 55.7%
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 $52.96M $46.75M $46.70M
YoY Change 48.75% 27.07% 26.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $108.5M $82.20M $82.20M
YoY Change 23.58% -13.75% -13.75%
Total Long-Term Liabilities $108.5M $82.20M $82.20M
YoY Change 23.58% -13.75% -13.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.96M $46.75M $46.70M
Total Long-Term Liabilities $108.5M $82.20M $82.20M
Total Liabilities $161.4M $129.0M $129.0M
YoY Change 30.8% -2.36% -2.35%
SHAREHOLDERS EQUITY
Retained Earnings -$410.3M -$400.1M
YoY Change 23.92% 27.18%
Common Stock $647.1M $493.3M
YoY Change 11.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $236.5M $102.3M $102.3M
YoY Change
Total Liabilities & Shareholders Equity $397.9M $231.2M $231.2M
YoY Change 67.21% -12.21% -12.22%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$10.15M -$27.96M -$85.51M
YoY Change -38.46% 9.95% 55.05%
Depreciation, Depletion And Amortization $324.0K $410.0K $1.165M
YoY Change 25.58% 24.24% 29.16%
Cash From Operating Activities $19.34M -$24.33M -$79.90M
YoY Change -176.58% 23.19% 26.73%
INVESTING ACTIVITIES
Capital Expenditures $157.0K -$430.0K $1.287M
YoY Change 6.08% 38.71% -42.11%
Acquisitions
YoY Change
Other Investing Activities -$2.520M $6.330M -$200.0K
YoY Change -34.38% 42.25% -100.75%
Cash From Investing Activities -$2.674M $5.900M -$1.486M
YoY Change -32.95% 42.17% -106.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $129.6M $38.07M
YoY Change -79104.88% -48.68%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.5M 38.77M 39.52M
YoY Change 34250.91% -47.74% -46.76%
NET CHANGE
Cash From Operating Activities 19.34M -24.33M -79.90M
Cash From Investing Activities -2.674M 5.900M -1.486M
Cash From Financing Activities 150.5M 38.77M 39.52M
Net Change In Cash 164.1M 20.34M -34.53M
YoY Change -615.7% -65.28% -204.37%
FREE CASH FLOW
Cash From Operating Activities $19.34M -$24.33M -$79.90M
Capital Expenditures $157.0K -$430.0K $1.287M
Free Cash Flow $19.19M -$23.90M -$81.19M
YoY Change -175.51% 22.94% 24.39%

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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020 mrus Finance Cost Incurred But Not Yet Paid
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CY2019 mrus Finance Cost Incurred But Not Yet Paid
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CY2020 us-gaap Income Taxes Paid Net
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CY2019 us-gaap Income Taxes Paid Net
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CY2019 us-gaap Proceeds From Income Tax Refunds
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q4 mrus Restricted Cash And Other Assets
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201000
CY2019Q4 mrus Restricted Cash And Other Assets
RestrictedCashAndOtherAssets
201000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197813000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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7834000
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-1308000
CY2019 us-gaap Net Income Loss
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CY2019Q4 us-gaap Stockholders Equity
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CY2020 us-gaap Stock Issued During Period Value New Issues
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9372000
CY2020 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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7485000
CY2020 us-gaap Net Income Loss
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CY2020Q4 us-gaap Stockholders Equity
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102263000
CY2020 us-gaap Nature Of Operations
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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. The Company </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Merus N.V. is a clinical-stage immuno-oncology company developing innovative bispecific 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-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since inception, the Company has generated an accumulated loss of $400.1 million as of December 31, 2020. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as its bispecific antibody candidates advance through discovery, pre-clinical development and clinical trials and as it seeks regulatory approval and pursues commercialization of any approved bispecific antibody candidate.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;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-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on our current operating plan, the Company expects that its existing cash, cash equivalents and marketable securities of $207.8 million as of December 31, 2020, combined with the aggregate immediate proceeds from the closing of the collaboration and share purchase agreements with Eli Lilly &amp; Co (Eli Lilly) in January 2021 of $60.0 million and the aggregate net proceeds from the January 2021 follow-on offering of $129.7 million in January 2021, will fund the Company’s operations at least into the second half of 2024.</p>
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2020 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </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;">The preparation of these consolidated financial statements in accordance with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of collaboration revenue and expenses during the reporting period. Actual results and outcomes may differ materially from management’s estimates, judgments and assumptions. </p>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk </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;">Financial instruments that potentially subject the Company to concentrations of credit risk include cash, cash equivalents, marketable securities and accounts receivable. The Company attempts to minimize the risks related to cash, cash equivalents and marketable securities by working with highly rated financial institutions that invest in a broad and diverse range of financial instruments as defined by the Company. The Company has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The Company maintains its funds in accordance with its investment policy, which defines allowable investments, specifies credit quality standards and is designed to limit the Company’s credit exposure to any single issuer. </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;">Accounts <span style="color:#000000;">receivable</span> represent amounts due from collaboration partners. The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection. </p>
CY2020 us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
three months or less
CY2020 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2019 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2020 mrus Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
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CY2019 mrus Increase Decrease In Research And Development Expense
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62327000
CY2020Q4 us-gaap Held To Maturity Securities Debt Maturities After One Through Five Years Net Carrying Amount
HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount
0
CY2020 us-gaap Number Of Reportable Segments
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CY2019Q4 us-gaap Held To Maturity Securities
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CY2020Q4 us-gaap Held To Maturity Securities
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CY2020Q4 us-gaap Held To Maturity Securities
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CY2020Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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3000
CY2020Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2020Q4 us-gaap Held To Maturity Securities Fair Value
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CY2019Q4 us-gaap Held To Maturity Securities
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CY2019Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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41000
CY2019Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
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CY2019Q4 us-gaap Held To Maturity Securities Fair Value
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CY2020Q4 mrus Prepaid Clinical And Manufacturing Costs Current
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CY2019Q4 mrus Prepaid Clinical And Manufacturing Costs Current
PrepaidClinicalAndManufacturingCostsCurrent
2779000
CY2020Q4 mrus Prepaid General And Administrative Costs
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CY2019Q4 mrus Prepaid General And Administrative Costs
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CY2020Q4 us-gaap Interest Receivable Current
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CY2019Q4 us-gaap Interest Receivable Current
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CY2020Q4 us-gaap Other Assets Current
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CY2019Q4 us-gaap Other Assets Current
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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3493000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1343000
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CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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956000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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CY2019Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020 us-gaap Amortization Of Intangible Assets
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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CY2020Q4 mrus Accrued Research And Development Expenses Current
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CY2019Q4 mrus Accrued Research And Development Expenses Current
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CY2019Q4 us-gaap Employee Related Liabilities Current
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CY2019Q4 mrus Accrued General And Administrative Expenses
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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21803000
CY2019Q4 us-gaap Accrued Liabilities Current
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13536000
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
194000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.250
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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-0.037
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.335
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.233
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.001
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.006
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
66572000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33917000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
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24966000
CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
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23926000
CY2020Q4 us-gaap Deferred Tax Asset Interest Carryforward
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2080000
CY2019Q4 us-gaap Deferred Tax Asset Interest Carryforward
DeferredTaxAssetInterestCarryforward
0
CY2020Q4 mrus Deferred Tax Assets Lease Obligation
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1058000
CY2019Q4 mrus Deferred Tax Assets Lease Obligation
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1333000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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494000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
319000
CY2020Q4 us-gaap Deferred Tax Assets Gross
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95170000
CY2019Q4 us-gaap Deferred Tax Assets Gross
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59495000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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93645000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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57876000
CY2020Q4 us-gaap Deferred Tax Assets Net
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1525000
CY2019Q4 us-gaap Deferred Tax Assets Net
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1619000
CY2020Q4 mrus Deferred Tax Liabilities Operating Lease Right Of Use Assets
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1048000
CY2019Q4 mrus Deferred Tax Liabilities Operating Lease Right Of Use Assets
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1331000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
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CY2019Q4 us-gaap Deferred Tax Liabilities Other
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2020Q4 us-gaap Deferred Taxes Business Combination Valuation Allowance Allocated To Contributed Capital
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2100
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
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288000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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93600000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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57900000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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35800000
CY2020Q4 us-gaap Operating Loss Carryforwards
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266288000
CY2020Q4 us-gaap Unrecognized Tax Benefits
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0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2018 us-gaap Lessee Operating Lease Description
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Merus N.V. leases its corporate headquarters under an agreement term of five years, which expires in the fourth quarter of 2021. On May 1, 2018, Merus N.V. leased additional space to expand its corporate headquarters under a separate agreement. Under the terms of the new agreement, the term began on May 1, 2018 and also expires in the fourth quarter of 2021. 
CY2018Q4 us-gaap Lessee Operating Lease Term Of Contract
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P5Y
CY2018 mrus Operating Lease Expiration Term
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fourth quarter of 2021.
CY2020 us-gaap Operating Lease Cost
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1611000
CY2019 us-gaap Operating Lease Cost
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1386000
CY2020 us-gaap Variable Lease Cost
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375000
CY2019 us-gaap Variable Lease Cost
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297000
CY2020 us-gaap Lease Cost
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1986000
CY2019 us-gaap Lease Cost
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CY2020 us-gaap Operating Lease Payments
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CY2019 us-gaap Operating Lease Payments
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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1577000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
614000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
630000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
645000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
662000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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222000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4350000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
397000
CY2020Q4 us-gaap Operating Lease Liability
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3953000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.049
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.050
CY2020 us-gaap Common Stock Voting Rights
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one vote
CY2019 mrus Development Milestones Received
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3700000
CY2019 mrus Development Milestones Received
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4100000
CY2020 mrus Development Milestones Received
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0
CY2020 us-gaap Allocated Share Based Compensation Expense
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9372000
CY2019 us-gaap Allocated Share Based Compensation Expense
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7834000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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3314871
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.67
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1258341
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.16
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
202207
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.16
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
622094
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.62
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3748911
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.59
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11454000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2140953
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.85
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7122000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.75
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.54
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1750000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
112000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-85513000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-55151000
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29256203000
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24218083000
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.92
CY2019 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.28

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