$MRUS
Merus N.V.

2021 Q4 Form 10-K Financial Statement

#000156459022007622 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $14.71M $49.11M $9.020M
YoY Change 63.07% 64.0% 15.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.82M $40.90M $9.720M
YoY Change 11.35% 14.3% 4.18%
% of Gross Profit
Research & Development $26.75M $98.19M $21.81M
YoY Change 22.65% 40.19% 11.28%
% of Gross Profit
Depreciation & Amortization $320.0K $1.245M $410.0K
YoY Change -21.95% 6.87% 24.24%
% of Gross Profit
Operating Expenses $37.57M $139.1M $31.53M
YoY Change 19.17% 31.43% 8.99%
Operating Profit -$89.98M
YoY Change 18.58%
Interest Expense $9.258M $24.53M -$5.260M
YoY Change -276.01% -368.72% 92.67%
% of Operating Profit
Other Income/Expense, Net -$675.0K -$1.135M
YoY Change -87.57%
Pretax Income -$14.28M -$66.58M -$27.77M
YoY Change -48.57% -21.68% 9.03%
Income Tax $139.0K $239.0K $200.0K
% Of Pretax Income
Net Earnings -$14.42M -$66.82M -$27.96M
YoY Change -48.42% -21.86% 9.95%
Net Earnings / Revenue -98.04% -136.06% -309.98%
Basic Earnings Per Share -$1.73
Diluted Earnings Per Share -$348.1K -$1.729M -$932.6K
COMMON SHARES
Basic Shares Outstanding 38.64B
Diluted Shares Outstanding 38.64B

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $410.4M $410.4M $207.8M
YoY Change 97.51% 97.51% -13.34%
Cash & Equivalents $241.4M $241.4M $163.1M
Short-Term Investments $169.0M $169.0M $44.70M
Other Short-Term Assets $2.175M $7.081M $1.058M
YoY Change 105.58% -16.69% -5.87%
Inventory
Prepaid Expenses
Receivables $1.697M $6.306M $46.00K
Other Receivables $367.0K $367.0K $0.00
Total Short-Term Assets $424.2M $424.2M $218.0M
YoY Change 94.58% 94.58% -11.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.549M $7.282M $4.115M
YoY Change -13.75% -8.98% 10.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.30M $20.30M $0.00
YoY Change -100.0%
Other Assets $2.078M $2.495M $1.949M
YoY Change 6.62% 3.96% 2.31%
Total Long-Term Assets $32.42M $32.42M $13.22M
YoY Change 145.17% 145.61% -17.39%
TOTAL ASSETS
Total Short-Term Assets $424.2M $424.2M $218.0M
Total Long-Term Assets $32.42M $32.42M $13.22M
Total Assets $456.6M $456.6M $231.2M
YoY Change 97.48% 97.49% -12.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.24M $13.24M $3.126M
YoY Change 323.45% 327.0% 3.2%
Accrued Expenses $22.51M $24.00M $21.80M
YoY Change 3.22% 3.45% 61.07%
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 $71.90M $71.90M $46.75M
YoY Change 53.81% 53.96% 27.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $68.50M $68.50M $82.20M
YoY Change -16.67% -16.67% -13.75%
Total Long-Term Liabilities $68.50M $68.50M $82.20M
YoY Change -16.67% -16.67% -13.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.90M $71.90M $46.75M
Total Long-Term Liabilities $68.50M $68.50M $82.20M
Total Liabilities $140.4M $140.4M $129.0M
YoY Change 8.88% 8.84% -2.36%
SHAREHOLDERS EQUITY
Retained Earnings -$466.9M -$400.1M
YoY Change 16.7% 27.18%
Common Stock $792.4M $493.3M
YoY Change 60.62% 11.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $316.2M $316.2M $102.3M
YoY Change
Total Liabilities & Shareholders Equity $456.6M $456.6M $231.2M
YoY Change 97.48% 97.49% -12.21%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$14.42M -$66.82M -$27.96M
YoY Change -48.42% -21.86% 9.95%
Depreciation, Depletion And Amortization $320.0K $1.245M $410.0K
YoY Change -21.95% 6.87% 24.24%
Cash From Operating Activities -$31.60M -$59.63M -$24.33M
YoY Change 29.87% -25.37% 23.19%
INVESTING ACTIVITIES
Capital Expenditures -$333.0K $870.0K -$430.0K
YoY Change -22.56% -32.4% 38.71%
Acquisitions
YoY Change
Other Investing Activities -$15.43M -$145.8M $6.330M
YoY Change -343.7% 72776.5% 42.25%
Cash From Investing Activities -$15.76M -$146.6M $5.900M
YoY Change -367.1% 9766.96% 42.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 127.0M 282.0M 38.77M
YoY Change 227.68% 613.45% -47.74%
NET CHANGE
Cash From Operating Activities -31.60M -59.63M -24.33M
Cash From Investing Activities -15.76M -146.6M 5.900M
Cash From Financing Activities 127.0M 282.0M 38.77M
Net Change In Cash 79.68M 78.47M 20.34M
YoY Change 291.76% -327.24% -65.28%
FREE CASH FLOW
Cash From Operating Activities -$31.60M -$59.63M -$24.33M
Capital Expenditures -$333.0K $870.0K -$430.0K
Free Cash Flow -$31.27M -$60.50M -$23.90M
YoY Change 30.82% -25.49% 22.94%

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CY2021 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 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-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 deficit of $466.9 million as of December 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-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, 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-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 the Company’s current operating plan, the Company expects that its existing cash, cash equivalents and marketable securities of $430.7 million as of December 31, 2021, will fund the Company’s operations beyond 2024.</p>
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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>
CY2021 us-gaap Concentration Risk Credit Risk
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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;">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 </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 inves</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tm</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ent policy, which defines allowable inves</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tm</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ents, specifies credit quality standards and is designed to limit the Company’s credit exposure to any single issuer. </span></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>
CY2021 us-gaap Additional Cash And Cash Equivalent Related Text
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2020 us-gaap Deferred Income Tax Expense Benefit
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494000
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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106400000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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417000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
93645000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1475000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1525000
CY2021Q4 mrus Deferred Tax Liabilities Operating Lease Right Of Use Assets
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets
1002000
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
410000
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
12800000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
35800000
CY2021Q4 us-gaap Deferred Taxes Business Combination Valuation Allowance Allocated To Contributed Capital
DeferredTaxesBusinessCombinationValuationAllowanceAllocatedToContributedCapital
2200
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Merus N.V. has non-cancellable operating leases for its corporate headquarters in Utrecht, the Netherlands. During the year ended December 31, 2021, the Company signed a lease amendment (the “Amendment”), which extended the lease term by approximately 1.5 years ending at the end of March 2023. The Amendment did not include additional right-of-use other than the extended lease term.
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1Y6M
CY2021 mrus Operating Lease Expiration Term
OperatingLeaseExpirationTerm
March 2023
CY2021 mrus Additional Renewal Term
AdditionalRenewalTerm
no
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
1693000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
1611000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
408000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
375000
CY2021 us-gaap Lease Cost
LeaseCost
2101000
CY2020 us-gaap Lease Cost
LeaseCost
1986000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1704000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
2478000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1616000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
880000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
645000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
662000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
222000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4025000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
274000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
15.90
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3751000
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2021 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote
CY2021 mrus Milestones Achieved Recognized
MilestonesAchievedRecognized
2000000.0
CY2021 mrus Development Milestones Received
DevelopmentMilestonesReceived
1000000.0
CY2020Q4 mrus Number Of Milestones Achieved
NumberOfMilestonesAchieved
0
CY2019Q4 mrus Number Of Milestones Achieved
NumberOfMilestonesAchieved
0
CY2019 mrus Development Milestones Received
DevelopmentMilestonesReceived
3700000
CY2019 mrus Development Milestones Received
DevelopmentMilestonesReceived
4100000
CY2019Q4 mrus Number Of Milestones Achieved
NumberOfMilestonesAchieved
0
CY2019Q4 mrus Number Of Milestones Achieved
NumberOfMilestonesAchieved
0
CY2020 mrus Milestone Payments Received
MilestonePaymentsReceived
500000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17091000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9372000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7834000
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
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1522210
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.78
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1104029
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
182625
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
20.43
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3984467
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.40
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
53445000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1841578
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.64
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
29825000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.01
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
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10774000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1750000
CY2020 us-gaap Severance Costs1
SeveranceCosts1
100000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
200000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-66816000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-85513000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-55151000
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38638434000
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
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.73
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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