Mersana Therapeutics Reports $24.3 Million Net Loss in Q2 2025, Revenue Declines

Mersana Therapeutics, Inc. reported a net loss of $24.3 million for the second quarter of 2025, slightly higher than the $24.3 million loss recorded in the same period of 2024. For the first half of 2025, the company’s net loss increased to $48.4 million from $43.6 million in the prior year. Collaboration revenue for the second quarter rose to $3.1 million, up from $2.3 million in the previous year, while total revenue for the first half of 2025 was $5.8 million, a significant decline from $11.5 million in the same period of 2024. The decrease in revenue was primarily attributed to reduced collaboration revenue from agreements with Johnson & Johnson and Merck KGaA, partially offset by an increase in revenue from the GSK agreement.

The company’s total operating expenses for the second quarter of 2025 were $27.6 million, a slight decrease from $27.7 million in the prior year. Research and development expenses decreased to $16.2 million from $17.2 million, largely due to a reduction in employee compensation following a strategic restructuring that cut the workforce by approximately 55%. General and administrative expenses also fell to $7.4 million from $10.5 million, reflecting similar cost-cutting measures. The restructuring, announced in May 2025, is expected to incur costs of approximately $4 to $4.5 million, primarily related to severance and outplacement services.

As of June 30, 2025, Mersana had cash and cash equivalents of $77.0 million, down from $107.8 million at the end of 2024. The company repaid approximately $17.9 million of its debt on July 1, 2025, extinguishing its obligations under a credit facility. The company anticipates that its current cash reserves will be sufficient to fund operations into mid-2026, although there is substantial doubt about its ability to continue as a going concern without additional funding. Mersana plans to raise further capital through equity offerings, debt financing, or strategic collaborations.

Operationally, Mersana is focused on advancing its clinical-stage product candidates, including emiltatug ledadotin (Emi-Le) and XMT-2056. The company is conducting a Phase 1 clinical trial for Emi-Le, which has shown promising initial results in patients with various cancers. The trial has enrolled 141 patients, and Mersana plans to report additional clinical data in the second half of 2025. The company also resumed patient enrollment for XMT-2056 after a clinical hold was lifted by the FDA in October 2023. Mersana's strategic collaborations with GSK, Johnson & Johnson, and Merck KGaA are expected to play a crucial role in its future revenue generation and product development efforts.