Mersana Therapeutics Provides Business Update and Financial Results for Third Quarter 2024

Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company specializing in developing antibody-drug conjugates (ADCs) to target cancers with high unmet medical needs, recently announced business updates and financial results for the third quarter ending on September 30, 2024.

The company disclosed that it continues to progress its XMT-1660 and XMT-2056 Phase 1 clinical trials, with dose escalation underway. XMT-1660, a Dolasynthen ADC candidate targeting B7-H4, has not yet established a maximum tolerated dose. Mersana plans to present safety, tolerability, efficacy, and biomarker data from the Phase 1 trial by the end of 2024.

Regarding XMT-2056, an Immunosynthen ADC targeting a novel HER2 epitope, dosing escalation is ongoing. At the recent Society for Immunotherapy of Cancer (SITC) 2024 Annual Meeting, Mersana introduced new preclinical data showcasing XMT-2056’s ability to activate STING signaling and hinder tumor growth.

In collaborations with Johnson & Johnson and Merck KGaA, Darmstadt, Germany, Mersana achieved development milestones, receiving payments of $8 million and $1 million, respectively, in the third quarter of 2024.

Financially, Mersana reported $155.2 million in cash, cash equivalents, and marketable securities as of September 30, 2024. Collaboration revenues for the same period totaled $12.6 million, an increase from $7.7 million in 2023. The company reduced Research and Development expenses from $30.5 million in 2023 to $14.8 million in the same quarter of 2024 and General and Administrative expenses from $12.9 million to $9.9 million during the same comparative periods.

For the third quarter of 2024, Mersana reported a net loss of $11.5 million, equivalent to $0.09 per share, compared to a net loss of $41.7 million, or $0.35 per share, for the same period in 2023.

Mersana Therapeutics is scheduling a conference call on November 13, 2024, at 8:00 a.m. ET to address business updates and financial results for the third quarter. The call will be accessible by dialing 833-255-2826 (domestic) or 412-317-0689 (international) and will be live-streamed on the Investors & Media section of Mersana’s website.

Disclaimer: This news article contains forward-looking statements. Actual results may differ due to various factors. Interested parties are advised to refer to Mersana’s SEC filings for more detailed information on risk factors and financial disclosures.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mersana Therapeutics’s 8K filing here.

Mersana Therapeutics Company Profile

Mersana Therapeutics, Inc, a clinical stage biopharmaceutical company, develops antibody drug conjugates (ADC) for cancer patients with unmet needs. The company develops XMT-1660, a B7-H4-targeted Dolasynthen ADC candidate; and XMT-2056, an immunosynthen ADC. It has research and development collaborations with Janssen Biotech, Inc, Ares Trading SA, Merck KGaA, and Asana BioSciences, LLC for the development of ADC product candidates.