Merus N.V. Reports 20.5% Revenue Growth but Increased Net Loss in Q2 2025

Merus N.V. reported significant financial results for the second quarter of 2025, with total revenue reaching $8.8 million, a 20.5% increase from $7.3 million in the same period last year. The increase was primarily driven by a rise in collaboration revenue, particularly from Incyte, which contributed $7.0 million, up from $5.5 million in the prior year. For the first half of 2025, total revenue surged to $35.3 million, compared to $15.2 million in the first half of 2024, largely due to $13.3 million in commercial material revenue from Partner Therapeutics (PTx) and increased collaboration revenue.

Despite the revenue growth, Merus reported a net loss of $158.2 million for the second quarter, significantly higher than the $50.0 million loss recorded in the same quarter of 2024. The increase in net loss was attributed to higher operating expenses, which totaled $119.2 million for the quarter, up from $71.7 million a year earlier. Research and development expenses accounted for a substantial portion of this increase, rising to $93.9 million from $49.1 million, primarily due to costs associated with clinical trials for the candidate petosemtamab (MCLA-158).

In terms of strategic developments, Merus has made notable progress in its clinical programs. The company is advancing its pipeline of antibody therapeutics, including ongoing Phase 3 trials for petosemtamab in head and neck squamous cell carcinoma. Additionally, the FDA has granted accelerated approval for BIZENGRI® (zenocutuzumab), marking a significant milestone for the company. Merus has also entered into collaboration agreements with Gilead and Biohaven, which are expected to enhance its research capabilities and financial position.

As of June 30, 2025, Merus reported total assets of $980.2 million, up from $782.7 million at the end of 2024, bolstered by cash and cash equivalents of $442.8 million. The company anticipates that its existing cash and marketable securities will fund operations into 2028, although it acknowledges the need for additional financing to support ongoing research and development efforts. The outlook remains cautious, with management highlighting potential risks related to market conditions and the ongoing geopolitical landscape, which could impact future operations and capital raising efforts.