Mersana Therapeutics Provides Business Update and Announces First Quarter 2024 Financial Results
May 09 2024 - 6:59AM
Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage
biopharmaceutical company focused on discovering and developing a
pipeline of antibody-drug conjugates (ADCs) targeting cancers in
areas of high unmet medical need, today provided a business update
and reported financial results for the first quarter ended March
31, 2024.
“In recent months, we presented new preclinical and
clinical Dolasynthen data demonstrating our next-generation
cytotoxic ADC platform’s potential to reduce adverse events that
limit other ADC platforms,” said Martin Huber, M.D., President and
Chief Executive Officer of Mersana Therapeutics. “Given this
emerging platform profile and the objective responses we have seen
to date with XMT-1660, we are continuing to advance Phase 1 dose
escalation and backfill cohorts in parallel to optimize our dose,
schedule and biomarker prior to initiating expansion. Additionally,
we are pleased to have resumed patient recruitment in our Phase 1
clinical trial of XMT-2056 and look forward to advancing dose
escalation this year.”
Recent Accomplishments, Strategic
Priorities and Expected Milestones
XMT-1660: Mersana continues to
advance its Phase 1 clinical trial of XMT-1660, the company’s lead
Dolasynthen ADC candidate targeting B7-H4. The dose escalation
portion of the trial is ongoing, a maximum tolerated dose has yet
to be established and enrollment of patients in backfill cohorts to
optimize dose and schedule continues. Mersana plans to share
initial dose escalation and backfill cohort data and initiate the
expansion portion of the trial in the second half of 2024.
XMT-2056: In the first quarter of
2024, Mersana reopened clinical sites and resumed patient
recruitment for its Phase 1 clinical trial of XMT-2056, the
company’s lead Immunosynthen ADC candidate targeting a novel HER2
epitope, following the lifting of a clinical hold on the trial in
the fourth quarter of 2023. The company plans to advance dose
escalation in this trial in 2024. GSK plc has an exclusive global
license option to co-develop and commercialize XMT-2056.
Collaborations: Mersana continues
to advance its Johnson & Johnson and Merck KGaA, Darmstadt,
Germany collaborations. The Johnson & Johnson collaboration and
license agreement focuses on the discovery of novel Dolasynthen
ADCs for up to three targets. The Merck KGaA, Darmstadt, Germany
collaboration and license agreement focuses on the discovery of
novel Immunosynthen ADCs for up to two targets.
Dolasynthen Platform
Differentiation: At the European Society of Gynaecological
Oncology (ESGO) 2024 Congress in March 2024 and the American
Association for Cancer Research (AACR) 2024 Annual Meeting in April
2024, preclinical and clinical data were presented demonstrating a
reduction in presumed off-target platform toxicities with an ADC
developed utilizing Dolasynthen, the company’s next-generation
platform, compared with one developed using the company’s
first-generation platform.
First Quarter 2024 Financial
Results
- Cash, cash equivalents and marketable securities as of March
31, 2024 were $183.1 million. Mersana continues to expect that its
capital resources will be sufficient to support its current
operating plan commitments into 2026.
- Net cash used in operating activities for the first quarter of
2024 was $32.7 million.
- Collaboration revenue for the first quarter of 2024 was $9.2
million, compared to $7.8 million for the same period in 2023. The
year-over-year change was primarily related to the company’s
Johnson & Johnson collaboration, including both research and
CMC activities.
- Research and development (R&D) expenses for the first
quarter of 2024 were $18.7 million, compared to $47.3 million for
the same period in 2023. Included in the first quarter of 2024
R&D expenses were $2.5 million in non-cash stock-based
compensation expenses. The year-over-year decline in R&D
expenses was primarily related to reduced costs associated with
manufacturing and clinical activities for UpRi and reduced employee
compensation following the restructuring announced by the company
in July 2023.
- General and administrative (G&A) expenses for the first
quarter of 2024 were $11.6 million, compared to $18.3 million
during the same period in 2023. Included in the first quarter of
2024 G&A expenses were $2.1 million in non-cash stock-based
compensation expenses. The year-over-year decline in G&A
expenses was primarily related to reduced consulting and
professional services fees and reduced employee compensation
expense following the aforementioned restructuring.
- Net loss for the first quarter of 2024 was $19.3 million, or
$0.16 per share, compared to a net loss of $56.2 million, or $0.52
per share, for the same period in 2023.
Conference Call ReminderMersana
will host a conference call today at 8:00 a.m. ET to discuss
business updates and its financial results for the first quarter of
2024. To access the call, please dial 833-255-2826 (domestic) or
412-317-0689 (international). A live webcast of the presentation
will be available on the Investors & Media section of the
Mersana website at www.mersana.com, and a replay of the webcast
will be available in the same location following the conference
call for approximately 90 days.
About Mersana TherapeuticsMersana
Therapeutics is a clinical-stage biopharmaceutical company focused
on the development of novel antibody-drug conjugates (ADCs) and
driven by the knowledge that patients are waiting for new treatment
options. The company has developed proprietary cytotoxic
(Dolasynthen) and immunostimulatory (Immunosynthen) ADC platforms
that are generating a pipeline of wholly-owned and partnered
product candidates with the potential to treat a range of cancers.
Its pipeline includes XMT-1660, a Dolasynthen ADC targeting B7-H4,
and XMT-2056, an Immunosynthen ADC targeting a novel epitope of
human epidermal growth factor receptor 2 (HER2). Mersana routinely
posts information that may be useful to investors on the “Investors
& Media” section of its website at www.mersana.com.
Forward-Looking StatementsThis
press release contains “forward-looking” statements and information
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by words such as
“aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,”
“forecasts,” “goal,” “intends,” “may,” “plans,” “possible,”
“potential,” “seeks,” “will” and variations of these words or
similar expressions, although not all forward-looking statements
contain these words. Forward-looking statements in this press
release include, but are not limited to, statements concerning
Mersana’s plans regarding the clinical development of XMT-1660 and
XMT-2056, including with respect to the progress and design of the
clinical trials of these product candidates; Mersana’s planned data
presentations, including with respect to its Phase 1 clinical trial
of XMT-1660; Mersana’s cash runway; Mersana’s collaborations with
third parties; and the development and potential of Mersana’s
product candidates, platforms, technology and pipeline of ADC
candidates. Mersana may not actually achieve the plans, intentions
or expectations disclosed in these forward-looking statements, and
you should not place undue reliance on these forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in these
forward-looking statements as a result of various factors,
including, among other things, uncertainties inherent in research
and development, in the advancement, progression and completion of
clinical trials and in the clinical development of Mersana’s
product candidates, including XMT-1660 and XMT-2056; the risk that
Mersana may face delays in patient enrollment in its Phase 1
clinical trial of XMT-2056; the risk that Mersana may not realize
the intended benefits of its platforms, technology and
collaborations; and other important factors, any of which could
cause Mersana’s actual results to differ from those contained in
the forward-looking statements, that are described in greater
detail in the section entitled “Risk Factors” in Mersana’s
Quarterly Report on Form 10-K filed with the Securities and
Exchange Commission (“SEC”) on February 28, 2024, as well as in
other filings Mersana may make with the SEC in the future. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and Mersana expressly disclaims any
obligation to update any forward-looking statements contained
herein, whether because of any new information, future events,
changed circumstances or otherwise, except as otherwise required by
law.
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Mersana Therapeutics, Inc.Selected
Condensed Consolidated Balance Sheet Data(in
thousands and unaudited) |
|
|
|
|
|
March 31,2024 |
|
December 31,2023 |
|
|
|
|
Cash, cash equivalents and marketable securities |
$ |
183,146 |
|
$ |
209,084 |
Working capital(1) |
134,132 |
|
150,420 |
Total assets |
198,373 |
|
226,060 |
Total stockholders'
equity |
27,985 |
|
36,904 |
(1) The company
defines working capital as current assets less current
liabilities. |
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Mersana Therapeutics, Inc.Condensed
Consolidated Statement of Operations(in thousands,
except share and per share data, and unaudited) |
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Three months ended |
|
March 31, |
|
March 31, |
2024 |
2023 |
|
|
|
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Collaboration revenue |
$ |
9,245 |
|
|
$ |
7,802 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
18,686 |
|
|
47,275 |
|
General and
administrative |
11,560 |
|
|
18,328 |
|
Total operating expenses |
30,246 |
|
|
65,603 |
|
Total other income, net |
1,695 |
|
|
1,638 |
|
Net loss |
$ |
(19,306 |
) |
|
$ |
(56,163 |
) |
Net loss per share — basic and
diluted |
$ |
(0.16 |
) |
|
$ |
(0.52 |
) |
Weighted-average number of
common shares — basic and diluted |
121,424,953 |
|
|
107,514,655 |
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Contact:Jason Fredette
617-498-0020jason.fredette@mersana.com
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