$MRUS
Merus N.V.

2021 Q3 Form 10-Q Financial Statement

#000156459021053551 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $13.67M $9.020M $8.570M
YoY Change 59.5% 15.79% 5.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.17M $9.720M $9.140M
YoY Change 11.28% 4.18% 13.97%
% of Gross Profit
Research & Development $26.02M $21.81M $17.54M
YoY Change 48.34% 11.28% 29.83%
% of Gross Profit
Depreciation & Amortization $384.0K $410.0K $380.0K
YoY Change 1.05% 24.24% 22.58%
% of Gross Profit
Operating Expenses $36.19M $31.53M $26.67M
YoY Change 35.69% 8.99% 23.82%
Operating Profit -$22.52M
YoY Change
Interest Expense $7.731M -$5.260M -$4.790M
YoY Change -261.4% 92.67% -217.98%
% of Operating Profit
Other Income/Expense, Net -$75.00K
YoY Change
Pretax Income -$14.86M -$27.77M -$22.90M
YoY Change -35.09% 9.03% 145.71%
Income Tax -$11.00K $200.0K $177.0K
% Of Pretax Income
Net Earnings -$14.85M -$27.96M -$23.08M
YoY Change -35.63% 9.95% 149.0%
Net Earnings / Revenue -108.66% -309.98% -269.25%
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share -$385.7K -$932.6K -$794.2K
COMMON SHARES
Basic Shares Outstanding 38.51M
Diluted Shares Outstanding 38.51M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.7M $207.8M $190.2M
YoY Change 62.85% -13.34% 10.77%
Cash & Equivalents $159.1M $163.1M $139.2M
Short-Term Investments $150.6M $44.70M $51.00M
Other Short-Term Assets $1.139M $1.058M $1.876M
YoY Change -39.29% -5.87% -70.22%
Inventory
Prepaid Expenses
Receivables $3.237M $46.00K $2.100M
Other Receivables $362.0K $0.00 $200.0K
Total Short-Term Assets $319.7M $218.0M $201.3M
YoY Change 58.83% -11.88% 10.79%
LONG-TERM ASSETS
Property, Plant & Equipment $7.593M $4.115M $8.000M
YoY Change -5.09% 10.77% -20.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.49M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $2.652M $1.949M $1.400M
YoY Change 89.43% 2.31% 40.0%
Total Long-Term Assets $36.21M $13.22M $12.20M
YoY Change 196.76% -17.39% -51.59%
TOTAL ASSETS
Total Short-Term Assets $319.7M $218.0M $201.3M
Total Long-Term Assets $36.21M $13.22M $12.20M
Total Assets $355.9M $231.2M $213.5M
YoY Change 66.71% -12.21% 3.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.401M $3.126M $4.700M
YoY Change 14.91% 3.2% 74.07%
Accrued Expenses $29.03M $21.80M $19.82M
YoY Change 46.49% 61.07% 539.32%
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 $71.53M $46.75M $45.40M
YoY Change 57.56% 27.07% 40.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $78.63M $82.20M $83.60M
YoY Change -5.95% -13.75% -14.61%
Total Long-Term Liabilities $78.63M $82.20M $83.60M
YoY Change -5.95% -13.75% -14.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.53M $46.75M $45.40M
Total Long-Term Liabilities $78.63M $82.20M $83.60M
Total Liabilities $150.2M $129.0M $129.0M
YoY Change 16.4% -2.36% -0.92%
SHAREHOLDERS EQUITY
Retained Earnings -$452.5M -$400.1M -$372.1M
YoY Change 21.61% 27.18%
Common Stock $493.3M
YoY Change 11.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.8M $102.3M $84.50M
YoY Change
Total Liabilities & Shareholders Equity $355.9M $231.2M $213.5M
YoY Change 66.71% -12.21% 3.19%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$14.85M -$27.96M -$23.08M
YoY Change -35.63% 9.95% 149.0%
Depreciation, Depletion And Amortization $384.0K $410.0K $380.0K
YoY Change 1.05% 24.24% 22.58%
Cash From Operating Activities -$23.08M -$24.33M -$11.70M
YoY Change 97.22% 23.19% -16.55%
INVESTING ACTIVITIES
Capital Expenditures -$277.0K -$430.0K -$350.0K
YoY Change -20.86% 38.71% -73.88%
Acquisitions
YoY Change
Other Investing Activities -$133.6M $6.330M -$5.760M
YoY Change 2220.14% 42.25% -199.31%
Cash From Investing Activities -$133.9M $5.900M -$6.110M
YoY Change 2091.77% 42.17% -237.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.595M 38.77M 20.00K
YoY Change 12875.0% -47.74% 0.0%
NET CHANGE
Cash From Operating Activities -23.08M -24.33M -11.70M
Cash From Investing Activities -133.9M 5.900M -6.110M
Cash From Financing Activities 2.595M 38.77M 20.00K
Net Change In Cash -154.4M 20.34M -17.79M
YoY Change 767.89% -65.28% 86.28%
FREE CASH FLOW
Cash From Operating Activities -$23.08M -$24.33M -$11.70M
Capital Expenditures -$277.0K -$430.0K -$350.0K
Free Cash Flow -$22.80M -$23.90M -$11.35M
YoY Change 100.86% 22.94% -10.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1432000
CY2020Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
625000
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
46746000
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1Y5M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2020Q4 us-gaap Liabilities
Liabilities
128954000
CY2020Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
19554000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2521000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
21803000
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
206000
CY2020Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
237000
CY2020Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
79450000
mrus Investment Income Expense Interest
InvestmentIncomeExpenseInterest
367000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-4243000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3876000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.09
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
-2000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1587000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
31602953
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31602953
CY2020Q4 us-gaap Common Stock Value
CommonStockValue
3211000
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
490093000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
9071000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-400112000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
102263000
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
231217000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
48234000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
26061000
us-gaap Operating Expenses
OperatingExpenses
74295000
us-gaap Operating Income Loss
OperatingIncomeLoss
-53368000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-57244000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
305000
us-gaap Net Income Loss
NetIncomeLoss
-57549000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3508000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-54041000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.86
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29014000
us-gaap Profit Loss
ProfitLoss
-57549000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
830000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
206000
mrus Foreign Exchange Gain
ForeignExchangeGain
-3828000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-17000
us-gaap Share Based Compensation
ShareBasedCompensation
6327000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-30000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-634000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2935000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
5707000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-14187000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-55565000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
49359000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
42831000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
858000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7386000
mrus Payment Of Offering Costs
PaymentOfOfferingCosts
164000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
915000
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
0
mrus Short Swing Profit Disgorgement
ShortSwingProfitDisgorgement
282000
mrus Short Swing Profit Disgorgement
ShortSwingProfitDisgorgement
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
154913000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
751000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3767000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3961000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-58433000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197813000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159322000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1662000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
621000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
235000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5000
mrus Non Cash Issuance Of Stock Options
NonCashIssuanceOfStockOptions
573000
mrus Non Cash Issuance Of Stock Options
NonCashIssuanceOfStockOptions
0
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
159121000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
139179000
CY2021Q3 mrus Restricted Cash And Non Current Other Assets
RestrictedCashAndNonCurrentOtherAssets
201000
CY2020Q3 mrus Restricted Cash And Non Current Other Assets
RestrictedCashAndNonCurrentOtherAssets
201000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
159322000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
139380000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
131300000
CY2020Q1 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
602000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2291000
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-3107000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-16500000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
114586000
CY2020Q2 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
291000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1192000
CY2020Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2201000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-17974000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
100296000
CY2020Q3 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
22000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2844000
CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4414000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-23075000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
84501000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
102263000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
129403000
CY2021Q1 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
4824000
CY2021Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
285000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3400000
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-9391000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-10154000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
236537000
CY2021Q2 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
1904000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4559000
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
3475000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-27388000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
219087000
CY2021Q3 mrus Stock Issued During Period Value Stock Options Exercised And Restricted Stock Units Vested
StockIssuedDuringPeriodValueStockOptionsExercisedAndRestrictedStockUnitsVested
2313000
CY2021Q3 mrus Short Swing Profit Disgorgement
ShortSwingProfitDisgorgement
-282000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4331000
CY2021Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5391000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-14853000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
205769000
us-gaap Nature Of Operations
NatureOfOperations
<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 $452.5 million as of September 30, 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 $333.2 million as of September 30, 2021, will fund the Company’s operations into the second half of 2024.</p>
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-452500000
CY2021Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
333200000
CY2021Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
210944000
CY2020Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
62328000
CY2021Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
210996000
CY2020Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
62327000
CY2021Q3 mrus Prepaid Clinical And Manufacturing Costs Current
PrepaidClinicalAndManufacturingCostsCurrent
2762000
CY2020Q4 mrus Prepaid Clinical And Manufacturing Costs Current
PrepaidClinicalAndManufacturingCostsCurrent
4971000
CY2021Q3 mrus Prepaid General And Administrative Expenses
PrepaidGeneralAndAdministrativeExpenses
2484000
CY2020Q4 mrus Prepaid General And Administrative Expenses
PrepaidGeneralAndAdministrativeExpenses
2460000
CY2021Q3 us-gaap Interest Receivable Current
InterestReceivableCurrent
362000
CY2020Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
80000
CY2021Q3 us-gaap Other Assets Current
OtherAssetsCurrent
1139000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1058000
CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6747000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8569000
CY2021Q3 mrus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
22383000
CY2020Q4 mrus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
15372000
CY2021Q3 mrus Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
1570000
CY2020Q4 mrus Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
1566000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3128000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4854000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
445000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11000
CY2021Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
27526000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
21803000
CY2021Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
50000
CY2020Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
126000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-62000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
164000
CY2021Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
19000
CY2020Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
131000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-28000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
143000
CY2021Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
69000
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
257000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-90000
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
307000
CY2021Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-61000
CY2020Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-56000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
146000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
6000
CY2021Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-19000
CY2020Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-24000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
44000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-8000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
177000
CY2021Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-80000
CY2020Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-80000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
190000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
305000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
440000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
411000
us-gaap Operating Lease Cost
OperatingLeaseCost
1292000
us-gaap Operating Lease Cost
OperatingLeaseCost
1203000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
100000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
93000
us-gaap Variable Lease Cost
VariableLeaseCost
323000
us-gaap Variable Lease Cost
VariableLeaseCost
282000
CY2021Q3 us-gaap Lease Cost
LeaseCost
540000
CY2020Q3 us-gaap Lease Cost
LeaseCost
504000
us-gaap Lease Cost
LeaseCost
1615000
us-gaap Lease Cost
LeaseCost
1485000
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
433000
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
412000
us-gaap Operating Lease Payments
OperatingLeasePayments
1296000
us-gaap Operating Lease Payments
OperatingLeasePayments
1201000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
the Company signed a lease amendment (the “Amendment”) for offices and lab spaces in Utrecht, Netherlands. The Amendment extended the lease term by approximately 1.5 years ending at the end of March 2023 and did not include additional right-of-use other than the extended lease term.
CY2021Q3 mrus Development Milestones Received
DevelopmentMilestonesReceived
1000000.0
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4331000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2844000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12290000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6327000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black Scholes option pricing model
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1389310
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.866
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.006
CY2020 us-gaap Severance Costs1
SeveranceCosts1
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
200000

Files In Submission

Name View Source Status
0001564590-21-053551-index-headers.html Edgar Link pending
0001564590-21-053551-index.html Edgar Link pending
0001564590-21-053551.txt Edgar Link pending
0001564590-21-053551-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
mrus-10q_20210930.htm Edgar Link pending
mrus-10q_20210930_htm.xml Edgar Link completed
mrus-20210930.xsd Edgar Link pending
mrus-20210930_cal.xml Edgar Link unprocessable
mrus-20210930_def.xml Edgar Link unprocessable
mrus-20210930_lab.xml Edgar Link unprocessable
mrus-20210930_pre.xml Edgar Link unprocessable
mrus-ex1035_45.htm Edgar Link pending
mrus-ex311_7.htm Edgar Link pending
mrus-ex321_6.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending