Merus Announces Financial Results for the First Quarter 2022 and Provides Business Update
- Zenocutuzumab clinical abstract selected for oral presentation at the 2022
- Company to host investor call on
- Clinical data update of petosemtamab (Peto) and MCLA-129 planned for second half of 2022
“We continue to be encouraged by the ongoing trial of Zeno in patients with NRG1 fusion cancer and we are excited to be presenting a robust clinical update including safety, efficacy and duration of response in an oral presentation at ASCO on
Zenocutuzumab (Zeno or MCLA-128: HER3 x HER2 Biclonics®)
Oral presentation at the 2022 ASCO Annual Meeting
ASCO presentation details:
Title: Efficacy and safety of zenocutuzumab, a HER2 x HER3 bispecific antibody, across advanced NRG1 fusion (NRG1+) cancers
Abstract #: 105
Session Title: Clinical Science Symposium/ Bispecifics: Are Two Better Than One?
Session Date and Time:
We plan to present updated interim efficacy and safety data from the eNRGy trial and Early Access Program (EAP) of Zeno in patients with NRG1+ cancer. As of
Company Conference Call and Webcast Information
Merus will host a conference call and webcast for investors on
Petosemtamab ( Peto or MCLA-158: Lgr5 x EGFR Biclonics®): Solid Tumors
Dose expansion continues in the phase 1 trial: clinical update planned for second half of 2022
Peto is currently enrolling patients with advanced solid tumors in the expansion phase of a phase 1 open-label, multicenter study. A clinical update is planned for the second half of 2022 at a medical conference.
MCLA-145 (CD137 x PD-L1 Biclonics®): Solid Tumors
MCLA-145 is currently enrolling a global, phase 1, open-label, single-agent clinical trial evaluating MCLA-145 in patients with solid tumors. The trial consists of a dose escalation phase, followed by a planned dose expansion phase. Merus is also planning to evaluate the combination of MCLA-145 with a PD-1 blocking antibody.
MCLA-129 (EGFR x c-MET Biclonics®): Solid Tumors
Dose escalation continues in the phase 1 trial: clinical update planned for the second half of 2022
MCLA-129 is currently enrolling patients in a phase 1/2, open-label clinical trial consisting of dose escalation followed by a planned dose expansion. MCLA-129 is subject to a collaboration and license agreement with Betta Pharmaceuticals Co. Ltd. (Betta), which permits Betta to exclusively develop MCLA-129 in
The poster can be found on our website.
Shannon Campbell Appointed as Chief Commercial Officer
Cash Runway, Merus expects to be funded beyond 2024
Based on the Company’s current operating plan, Merus expects our existing cash, cash equivalents and marketable securities will fund Merus’ operations beyond 2024.
Annual General Meeting and Board of Directors
The Company’s annual general meeting of shareholders (AGM) is planned to be held on
First Quarter 2022 Financial Results
We ended the first quarter with cash, cash equivalents and marketable securities of $384.3 million compared to $430.8 million at December 31, 2021. The decrease was primarily the result of cash used to fund the operations.
Collaboration revenue for the three months ended March 31, 2022 increased by $3.4 million as compared to the three months ended March 31, 2021, primarily as a result of an increase from a Lilly upfront payment amortization and reimbursement revenues of $3.6 million. The change in exchange rates did not significantly impact collaboration revenue.
Research and development expense for the three months ended March 31, 2022 increased by $6.2 million as compared to the three months ended March 31, 2021, primarily as a result of an increase in clinical and manufacturing costs related to our programs and stock-based compensation.
General and administrative expense for the three months ended March 31, 2022 increased by $2.4 million as compared to the three months ended March 31, 2021, primarily as a result of an increase in stock-based compensation and consulting expenses.
Other income (loss), net consists of interest earned and fees paid on our cash and cash equivalents held on account, accretion of investment earnings and net foreign exchange (losses) gains on our foreign denominated cash, cash equivalents and marketable securities. Other gains or losses relate to the issuance and settlement of financial instruments.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
|Cash and cash equivalents||$||194,575||$||241,435|
|Accounts receivable (related party)||—||4,609|
|Prepaid expenses and other current assets||18,248||7,448|
|Total current assets||379,733||424,179|
|Property and equipment, net||3,509||3,549|
|Operating lease right-of-use assets||3,334||3,733|
|Intangible assets, net||2,233||2,347|
|Deferred tax assets||80||417|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued expenses and other liabilities||20,948||22,506|
|Income taxes payable||—||—|
|Current portion of lease obligation||1,491||1,494|
|Current portion of deferred revenue||33,696||16,613|
|Current portion of deferred revenue (related party)||—||18,048|
|Total current liabilities||61,523||71,898|
|Deferred revenue, net of current portion||56,630||10,962|
|Deferred revenue, net of current portion (related party)||—||55,282|
|Common shares, €0.09 par value; 67,500,000 shares authorized;
43,549,325 and 43,467,052 shares issued and outstanding as at
|9,22Additional paid-in capital||794,074||787,869|
|Accumulated other comprehensive income||(15,269||)||(9,221||)|
|Total stockholders’ equity||297,473||316,201|
|Total liabilities and stockholders’ equity||$||417,500||$||456,600|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands, except per share data)
|Three Months Ended
|Collaboration revenue (related party)||—||6,751|
|Research and development||26,975||20,806|
|General and administrative||11,753||9,333|
|Total operating expenses||38,728||30,139|
|Other income, net:|
|Interest (expense) income, net||106||(82||)|
|Foreign exchange gains||7,730||12,203|
|Total other income, net||8,294||11,684|
|Net loss before income taxes||(18,779||)||(10,105||)|
|Income tax expense||114||49|
|Other comprehensive loss:|
|Currency translation adjustment||(6,048||)||(9,391||)|
|Net loss per share attributable to common stockholders:|
|Basic and diluted||$||(0.43||)||$||(0.52||)|
|Weighted-average common shares outstanding:|
|Basic and diluted||43,490||36,210|
About Merus N.V.
Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. For additional information, please visit Merus’ website, http://www.merus.nl and https://twitter.com/MerusNV.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding the content and timing of clinical trials, data readouts and planned clinical updates for our product candidates, including with respect to enrollment and timing of data in our eNRGy trial, and the treatment potential of Zeno; statements regarding the sufficiency of our cash, cash equivalents and marketable securities; the advancement of the phase 1/2 eNRGy trial and planned interim clinical data update at ASCO from that trial and EAP; the advancement of the Phase 1 trial of MCLA-145, as monotherapy and planned combination with a PD-1 blocking antibody; the advancement of the phase 1 trial for Peto and the content and timing of a planned update in second half of 2022; the advancement of the phase 1/2 trial for MCLA-129 and the content and timing of a planned update in second half of 2022; the design and treatment potential of our bispecific antibody candidates and impact of their preclinical data; our global collaboration and license agreement with Incyte; our collaboration and license agreement with Betta, which permits Betta to exclusively develop MCLA-129 in
These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the period ended
Multiclonics®, Biclonics® and Triclonics® are registered trademarks of Merus N.V.
Investor and Media Inquiries:
Sherri SpearMerus N.V. VP Investor Relations and Corporate Communications 617-821-3246 email@example.com Kathleen FarrenMerus N.V. Communications Specialist 617-230-4165 firstname.lastname@example.org