$MRUS
Merus N.V.

2021 Q1 Form 10-Q Financial Statement

#000156459021024929 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $8.350M $6.301M
YoY Change 32.52% -28.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.330M $8.880M
YoY Change 5.07% 31.75%
% of Gross Profit
Research & Development $20.81M $16.99M
YoY Change 22.48% 43.96%
% of Gross Profit
Depreciation & Amortization $324.0K $258.0K
YoY Change 25.58% 3.2%
% of Gross Profit
Operating Expenses $30.14M $25.87M
YoY Change 16.51% 39.53%
Operating Profit -$21.79M -$19.57M
YoY Change 11.35%
Interest Expense $12.12M $3.170M
YoY Change 282.33% 11.23%
% of Operating Profit
Other Income/Expense, Net $11.68M $3.165M
YoY Change 269.16%
Pretax Income -$10.11M -$16.40M
YoY Change -38.4% 139.11%
Income Tax $49.00K $97.00K
% Of Pretax Income
Net Earnings -$10.15M -$16.50M
YoY Change -38.46% 132.95%
Net Earnings / Revenue -121.6% -261.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$280.3K -$569.9K
COMMON SHARES
Basic Shares Outstanding 38.13M 29.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $374.4M $214.0M
YoY Change 74.95% 5.11%
Cash & Equivalents $327.1M $165.8M
Short-Term Investments $47.20M $48.20M
Other Short-Term Assets $1.366M $1.879M
YoY Change -27.3% -59.15%
Inventory
Prepaid Expenses
Receivables $294.0K $1.500M
Other Receivables $100.0K $200.0K
Total Short-Term Assets $386.1M $225.5M
YoY Change 71.23% 5.52%
LONG-TERM ASSETS
Property, Plant & Equipment $3.766M $8.400M
YoY Change -55.17% 47.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $1.872M $1.400M
YoY Change 33.71% 100.0%
Total Long-Term Assets $11.83M $12.50M
YoY Change -5.4% -49.19%
TOTAL ASSETS
Total Short-Term Assets $386.1M $225.5M
Total Long-Term Assets $11.83M $12.50M
Total Assets $397.9M $238.0M
YoY Change 67.21% -0.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.715M $3.400M
YoY Change 9.26% -15.0%
Accrued Expenses $23.50M $12.16M
YoY Change 93.27% 406.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.96M $35.60M
YoY Change 48.75% 6.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $108.5M $87.80M
YoY Change 23.58% -18.17%
Total Long-Term Liabilities $108.5M $87.80M
YoY Change 23.58% -18.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.96M $35.60M
Total Long-Term Liabilities $108.5M $87.80M
Total Liabilities $161.4M $123.4M
YoY Change 30.8% -12.3%
SHAREHOLDERS EQUITY
Retained Earnings -$410.3M -$331.1M
YoY Change 23.92%
Common Stock $647.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $236.5M $114.6M
YoY Change
Total Liabilities & Shareholders Equity $397.9M $238.0M
YoY Change 67.21% -0.13%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$10.15M -$16.50M
YoY Change -38.46% 132.95%
Depreciation, Depletion And Amortization $324.0K $258.0K
YoY Change 25.58% 3.2%
Cash From Operating Activities $19.34M -$25.26M
YoY Change -176.58% 86.97%
INVESTING ACTIVITIES
Capital Expenditures $157.0K $148.0K
YoY Change 6.08% -64.85%
Acquisitions
YoY Change
Other Investing Activities -$2.520M -$3.840M
YoY Change -34.38% -145.44%
Cash From Investing Activities -$2.674M -$3.988M
YoY Change -32.95% -150.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $129.6M -$164.0K
YoY Change -79104.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 150.5M 438.0K
YoY Change 34250.91% 1464.29%
NET CHANGE
Cash From Operating Activities 19.34M -25.26M
Cash From Investing Activities -2.674M -3.988M
Cash From Financing Activities 150.5M 438.0K
Net Change In Cash 164.1M -31.81M
YoY Change -615.7% 316.88%
FREE CASH FLOW
Cash From Operating Activities $19.34M -$25.26M
Capital Expenditures $157.0K $148.0K
Free Cash Flow $19.19M -$25.41M
YoY Change -175.51% 82.38%

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CY2021Q1 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. 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 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 $410.3 million as of March 31, 2021. 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, 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.</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;">On January 21, 2021, the Company completed an offering of common shares in which the Company sold 5,575,757 common shares, including 727,272 common shares pursuant to the underwriters’ option to purchase additional shares, at a price to the public of $24.75 for aggregate net proceeds of $129.4 million.</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 $374.4 million as of March 31, 2021, will fund the Company’s operations at least into the second half of 2024.</p>
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
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-410300000
CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2021Q1 us-gaap Held To Maturity Securities
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CY2021Q1 us-gaap Held To Maturity Securities
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CY2020Q4 us-gaap Held To Maturity Securities
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CY2021Q1 mrus Prepaid Clinical And Manufacturing Costs Current
PrepaidClinicalAndManufacturingCostsCurrent
2530000
CY2020Q4 mrus Prepaid Clinical And Manufacturing Costs Current
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4971000
CY2021Q1 mrus Prepaid General And Administrative Expenses
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CY2020Q4 mrus Prepaid General And Administrative Expenses
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CY2021Q1 us-gaap Interest Receivable Current
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CY2020Q4 us-gaap Interest Receivable Current
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CY2021Q1 us-gaap Other Assets Current
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CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q1 mrus Accrued Research And Development Expenses Current
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17579000
CY2020Q4 mrus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
15372000
CY2021Q1 mrus Accrued General And Administrative Expenses
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CY2020Q4 mrus Accrued General And Administrative Expenses
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CY2021Q1 us-gaap Employee Related Liabilities Current
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4854000
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2021Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2021Q1 us-gaap Current Federal Tax Expense Benefit
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CY2020Q1 us-gaap Current State And Local Tax Expense Benefit
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CY2021Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2020Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2021Q1 us-gaap Income Tax Expense Benefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
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CY2021Q1 us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Operating Lease Cost
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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Black Scholes option pricing model
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.015
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.884
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.939
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y1M6D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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Black-Scholes option pricing model
CY2020 us-gaap Severance Costs1
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100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
200000

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