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10-Q

Quarterly Report

Mersana Therapeutics, Inc.

0001628280-25-052202

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Filed
Nov 14, 2025 12:00 AM ET
Period of report
Restated figures. One or more values in this filing restate previously reported amounts.

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding Q3 2025 · Nov 7, 2025 5M sh
Shares Diluted Q3 2025 · Sep 30, 2025 4.99M sh
Shares Diluted Q3 2025 · Sep 30, 2025 4.99M sh
Shares Diluted restated Q3 2025 · Sep 30, 2024 4.91M sh
Shares Diluted restated Q3 2025 · Sep 30, 2024 4.89M sh
Capex Q3 2025 · Sep 30, 2025 $0
Capex Q3 2025 · Sep 30, 2024 $132K
Operating Cash Flow Q3 2025 · Sep 30, 2025 −$55.12M
Operating Cash Flow Q3 2025 · Sep 30, 2024 −$63.09M
Long Term Debt Q3 2025 · Sep 30, 2025 $0
Long Term Debt Q3 2025 · Dec 31, 2024 $10.95M
Cash And Equivalents Q3 2025 · Sep 30, 2025 $56.39M
Cash And Equivalents Q3 2025 · Dec 31, 2024 $107.75M
Cash And Equivalents Q3 2025 · Sep 30, 2024 $78.87M
Cash And Equivalents Q3 2025 · Dec 31, 2023 $174.56M
Stockholders Equity Q3 2025 · Sep 30, 2025 −$59.54M
Stockholders Equity Q3 2025 · Jun 30, 2025 −$53.15M
Stockholders Equity Q3 2025 · Mar 31, 2025 −$30.87M
Stockholders Equity Q3 2025 · Dec 31, 2024 −$9.51M
Stockholders Equity Q3 2025 · Sep 30, 2024 $1.05M
Stockholders Equity Q3 2025 · Jun 30, 2024 $8.43M
Stockholders Equity Q3 2025 · Mar 31, 2024 $27.99M
Stockholders Equity Q3 2025 · Dec 31, 2023 $36.9M
Current Liabilities Q3 2025 · Sep 30, 2025 $43.27M
Current Liabilities Q3 2025 · Dec 31, 2024 $62.46M
Total Liabilities Q3 2025 · Sep 30, 2025 $122.22M
Total Liabilities Q3 2025 · Dec 31, 2024 $154.17M
Current Assets Q3 2025 · Sep 30, 2025 $59.99M
Current Assets Q3 2025 · Dec 31, 2024 $136.9M
Total Assets Q3 2025 · Sep 30, 2025 $62.69M
Total Assets Q3 2025 · Dec 31, 2024 $144.66M
Eps Diluted Q3 2025 · Sep 30, 2025 −$1.51
Eps Diluted Q3 2025 · Sep 30, 2025 −$11.22
Eps Diluted restated Q3 2025 · Sep 30, 2024 −$2.34
Eps Diluted restated Q3 2025 · Sep 30, 2024 −$11.27
Eps Basic Q3 2025 · Sep 30, 2025 −$1.51
Eps Basic Q3 2025 · Sep 30, 2025 −$11.22
Eps Basic restated Q3 2025 · Sep 30, 2024 −$2.34
Eps Basic restated Q3 2025 · Sep 30, 2024 −$11.27
Sga Expense Q3 2025 · Sep 30, 2025 $6.3M
Sga Expense Q3 2025 · Sep 30, 2025 $22.64M
Sga Expense Q3 2025 · Sep 30, 2024 $9.86M
Sga Expense Q3 2025 · Sep 30, 2024 $31.93M
Rd Expense Q3 2025 · Sep 30, 2025 $12.18M
Rd Expense Q3 2025 · Sep 30, 2025 $46.74M
Rd Expense Q3 2025 · Sep 30, 2024 $14.8M
Rd Expense Q3 2025 · Sep 30, 2024 $50.73M
Net Income Q3 2025 · Sep 30, 2025 −$7.55M
Net Income Q3 2025 · Sep 30, 2025 −$55.96M
Net Income Q3 2025 · Jun 30, 2025 −$24.3M
Net Income Q3 2025 · Mar 31, 2025 −$24.12M
Net Income Q3 2025 · Sep 30, 2024 −$11.5M
Net Income Q3 2025 · Sep 30, 2024 −$55.08M
Net Income Q3 2025 · Jun 30, 2024 −$24.27M
Net Income Q3 2025 · Mar 31, 2024 −$19.31M
Revenue Q3 2025 · Sep 30, 2025 $11.01M
Revenue Q3 2025 · Sep 30, 2025 $16.82M
Revenue Q3 2025 · Sep 30, 2024 $12.6M
Revenue Q3 2025 · Sep 30, 2024 $24.14M