Merus (MRUS) Financials

$43.32 -0.69 (-1.56%)

As of 03:51 PM Eastern

Annual Income Statements for Merus

This table shows Merus' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-215	-147	-131	-67	-86	-55	-28	-78	-50	-25
Consolidated Net Income / (Loss)	-215	-155	-131	-67	-86	-55	-28	-78	-50	-25
Net Income / (Loss) Continuing Operations	-215	-155	-131	-67	-86	-55	-28	-78	-50	-25
Total Pre-Tax Income	-207	-152	-130	-67	-85	-55	-28	-78	-50	-25
Total Operating Income	-272	-157	-160	-90	-76	-59	-46	-42	-29	-25
Total Gross Profit	36	44	42	49	30	31	38	26	2.64	2.15
Total Revenue	36	44	42	49	30	31	38	26	2.64	2.15
Operating Revenue	36	44	42	49	30	31	38	26	2.64	2.15
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	308	200	202	139	106	90	84	69	32	27
Selling, General & Admin Expense	83	60	52	41	36	34	29	16	4.48	0.83
Research & Development Expense	225	141	149	98	70	56	55	41	19	18
Total Other Income / (Expense), net	65	4.80	30	23	-9.13	3.70	18	-35	-21	-0.16
Interest Expense	-31	-15	-2.72	0.13	-0.30	-1.89	-	-	-	-
Other Income / (Expense), net	34	-9.71	27	24	-9.43	1.81	7.13	-36	-21	-0.21
Income Tax Expense	8.15	3.19	0.96	0.24	0.50	0.19	0.21	0.30	0.00	0.00
Basic Earnings per Share	($3.35)	($3.00)	($2.92)	($1.73)	($2.92)	($2.28)	($1.27)	($3.37)	($3.58)	($3.95)
Weighted Average Basic Shares Outstanding	64.22M	51.61M	44.92M	38.64M	29.26M	24.22M	22.29M	19.43M	-	-
Diluted Earnings per Share	($3.35)	($3.00)	($2.92)	($1.73)	($2.92)	($2.28)	($1.27)	($3.37)	($3.58)	($3.95)
Weighted Average Diluted Shares Outstanding	64.22M	51.61M	44.92M	38.64M	29.26M	24.22M	22.29M	19.43M	-	-
Weighted Average Basic & Diluted Shares Outstanding	69.09M	57.88M	46.32M	38.64M	29.26M	24.22M	22.29M	19.43M	-	-

This table shows Merus' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-73	-31	-100	-50	-34	-52	-23	-33	-40	-82	-25
Consolidated Net Income / (Loss)	-96	-31	-100	-50	-34	-60	-23	-32	-40	-82	-25
Net Income / (Loss) Continuing Operations	-96	-31	-100	-50	-34	-60	-23	-32	-40	-82	-25
Total Pre-Tax Income	-95	-29	-97	-48	-33	-59	-22	-31	-40	-82	-24
Total Operating Income	-76	-89	-72	-64	-47	-48	-38	-34	-37	-54	-48
Total Gross Profit	26	9.14	12	7.33	7.89	8.94	11	10	13	11	6.58
Total Revenue	26	9.14	12	7.33	7.89	8.94	11	10	13	11	6.58
Operating Revenue	26	9.14	12	7.33	7.89	8.94	11	10	13	11	6.58
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	102	98	84	72	55	56	49	44	50	64	55
Selling, General & Admin Expense	22	23	21	23	16	16	13	16	15	15	12
Research & Development Expense	80	74	63	49	39	41	37	28	35	49	42
Total Other Income / (Expense), net	-19	59	-25	17	13	-12	16	3.35	-3.45	-28	24
Interest Expense	-7.20	-8.49	-10	-7.13	-4.92	-5.20	-4.52	-2.80	-2.00	-1.43	-0.87
Other Income / (Expense), net	-26	51	-35	9.52	8.53	-17	12	0.55	-5.44	-29	23
Income Tax Expense	1.86	1.76	2.98	2.32	1.10	1.04	1.12	1.49	-0.46	0.39	0.33
Basic Earnings per Share	($1.40)	($0.49)	($1.46)	($0.81)	($0.59)	($1.05)	($0.43)	($0.66)	($0.86)	($1.83)	($0.53)
Weighted Average Basic Shares Outstanding	69.02M	64.22M	68.25M	61.85M	58.09M	51.61M	53.87M	48.32M	46.32M	44.92M	46.06M
Diluted Earnings per Share	($1.40)	($0.49)	($1.46)	($0.81)	($0.59)	($1.05)	($0.43)	($0.66)	($0.86)	($1.83)	($0.53)
Weighted Average Diluted Shares Outstanding	69.02M	64.22M	68.25M	61.85M	58.09M	51.61M	53.87M	48.32M	46.32M	44.92M	46.06M
Weighted Average Basic & Diluted Shares Outstanding	69.21M	69.09M	68.46M	68.21M	58.69M	57.88M	57.73M	49.86M	46.53M	46.32M	46.30M

This table details how cash moves in and out of Merus' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	88	61	-88	76	-42	35	-8.22	186	25	33
Net Cash From Operating Activities	-186	-142	-150	-60	-80	-63	-46	148	-27	-25
Net Cash From Continuing Operating Activities	-186	-142	-150	-60	-80	-63	-46	148	-27	-26
Net Income / (Loss) Continuing Operations	-215	-155	-131	-67	-86	-55	-28	0.00	-50	-25
Consolidated Net Income / (Loss)	-215	-155	-131	-67	-86	-55	-28	-	-50	-25
Depreciation Expense	2.29	2.33	0.98	1.25	1.17	0.90	0.65	0.38	0.25	0.21
Amortization Expense	-4.29	-4.86	-0.10	0.69	0.32	-0.30	-0.45	-	-	-0.24
Non-Cash Adjustments To Reconcile Net Income	7.49	40	1.01	-11	18	6.77	3.62	148	24	0.56
Changes in Operating Assets and Liabilities, net	24	-25	-21	16	-14	-15	-22	-0.57	-1.46	-0.88
Net Cash From Investing Activities	-220	-27	2.80	-147	-1.49	24	-25	-51	-0.43	-0.06
Net Cash From Continuing Investing Activities	-220	-27	2.80	-147	-1.49	24	-25	-51	-0.43	-0.06
Purchase of Property, Plant & Equipment	-1.67	-3.98	-7.59	-0.87	-1.29	-2.22	-1.83	-0.81	-0.52	-0.11
Acquisitions	-0.16	0.00	-0.05	0.00	0.00	-0.38	-2.51	-	-	-
Purchase of Investments	-410	-235	-220	-216	-67	-60	-90	-50	0.00	0.00
Sale and/or Maturity of Investments	192	212	230	70	67	87	69	0.00	0.00	0.05
Net Cash From Financing Activities	494	230	59	282	40	74	63	89	53	59
Net Cash From Continuing Financing Activities	494	230	59	282	40	74	63	89	53	59
Issuance of Common Equity	457	226	58	265	38	74	62	90	53	51
Other Financing Activities, net	37	4.14	1.00	17	1.45	0.05	1.04	-	0.00	-
Cash Income Taxes Paid	2.80	3.10	0.00	-0.64	-0.32	-0.32	0.74	0.05	-	-

This table details how cash moves in and out of Merus' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-98	-136	-203	454	-26	-33	141	-1.48	-45	-30	-33
Net Cash From Operating Activities	-96	-67	-80	5.63	-44	-36	-28	-42	-37	-31	-41
Net Cash From Continuing Operating Activities	-96	-67	-80	5.63	-44	-36	-28	-42	-37	-31	-41
Net Income / (Loss) Continuing Operations	-96	-31	-100	-50	-34	-60	-23	-32	-40	-82	-25
Consolidated Net Income / (Loss)	-96	-31	-100	-50	-34	-60	-23	-32	-40	-82	-25
Depreciation Expense	0.54	0.55	0.59	0.60	0.56	0.57	0.59	0.63	0.53	0.20	0.24
Amortization Expense	-1.44	-1.29	-0.94	-0.96	-1.10	-5.03	0.07	0.05	0.05	-0.54	-0.20
Non-Cash Adjustments To Reconcile Net Income	34	-36	43	4.12	-3.82	28	-4.14	5.62	11	51	-12
Changes in Operating Assets and Liabilities, net	-33	1.03	-23	52	-5.57	0.16	-1.04	-16	-8.18	0.66	-4.62
Net Cash From Investing Activities	-8.72	-78	-134	3.23	-12	-2.12	8.02	-25	-8.41	0.86	-1.14
Net Cash From Continuing Investing Activities	-8.72	-78	-134	3.23	-12	-2.12	8.02	-24	-8.44	0.86	-1.14
Purchase of Property, Plant & Equipment	-0.17	-0.02	-0.11	-1.48	-0.06	0.03	-0.04	-0.32	-3.65	-2.06	-2.33
Acquisitions	0.00	-	-	-	-	-	-	-	-	-	-
Purchase of Investments	-78	-115	-196	-40	-59	-31	-60	-79	-65	-49	-51
Sale and/or Maturity of Investments	69	37	63	45	47	29	68	55	60	52	52
Net Cash From Financing Activities	6.74	8.07	11	445	30	1.50	162	66	0.22	-0.22	9.88
Net Cash From Continuing Financing Activities	6.74	8.07	11	445	30	1.50	162	66	0.22	-0.22	9.88
Repurchase of Common Equity	0.00	-	-	-	0.00	-	-	-	0.00	-	-0.23
Issuance of Common Equity	0.00	-	-	435	23	-	162	-	-	-0.23	9.96
Other Financing Activities, net	6.74	8.07	11	10	7.54	1.50	0.25	2.17	0.22	-0.21	0.15
Cash Income Taxes Paid	0.00	-	-	2.80	0.00	-	-	3.10	0.00	-	-

This table presents Merus' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Total Assets	783	455	377	457	231	263	253	236	76
Total Current Assets	569	369	306	424	218	247	243	226	75
Cash & Equivalents	293	204	148	241	163	198	165	180	60
Short-Term Investments	244	150	142	169	45	42	71	41	0.00
Accounts Receivable	1.26	2.43	4.05	6.31	1.67	2.65	3.35	5.30	2.36
Prepaid Expenses	31	12	12	7.45	8.57	4.95	4.73	-	-
Plant, Property, & Equipment, net	11	12	12	3.55	4.12	3.72	2.71	1.40	0.68
Total Noncurrent Assets	203	75	58	29	9.11	12	6.83	9.01	0.68
Long-Term Investments	187	57	36	20	0.00	2.01	0.00	8.48	0.00
Goodwill	1.68	1.80	1.95	2.35	2.84	2.88	2.86	-	-
Noncurrent Deferred & Refundable Income Taxes	1.52	1.20	2.04	0.42	0.41	0.29	0.20	-	-
Other Noncurrent Operating Assets	13	14	17	5.81	5.86	7.12	3.77	0.15	0.29
Total Liabilities & Shareholders' Equity	783	455	377	457	231	263	253	236	76
Total Liabilities	135	99	129	140	129	132	147	168	40
Total Current Liabilities	87	69	79	72	47	37	34	33	8.16
Accounts Payable	4.16	4.60	9.83	13	23	21	3.24	3.43	2.42
Accrued Expenses	44	38	36	23	22	14	10	10	3.84
Current Deferred Revenue	30	23	29	35	0.63	0.94	19	19	1.69
Current Deferred & Payable Income Tax Liabilities	7.32	1.65	2.40	0.00	0.21	0.00	-	-	-
Other Current Liabilities	1.70	1.67	1.68	1.49	1.43	1.38	0.84	-	-
Total Noncurrent Liabilities	48	30	51	69	82	95	113	135	32
Noncurrent Deferred Revenue	39	20	39	11	0.24	0.78	0.68	135	32
Other Noncurrent Operating Liabilities	8.21	10	12	2.26	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Total Equity & Noncontrolling Interests	648	356	247	316	102	131	106	68	36
Total Preferred & Common Equity	648	356	247	316	102	131	106	68	36
Total Common Equity	648	356	247	316	102	131	106	-189	-111
Common Stock	1,672	1,132	876	792	493	444	362	2.10	1.52
Retained Earnings	-968	-753	-598	-467	-400	-315	-259	-191	-
Accumulated Other Comprehensive Income / (Loss)	-55	-23	-30	-9.22	9.07	1.59	2.89	-	-113

This table presents Merus' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	731	845	892	498	492	364	339	415
Total Current Assets	522	666	807	410	405	283	258	368
Cash & Equivalents	197	433	629	178	242	101	103	191
Short-Term Investments	261	199	158	159	147	164	139	160
Accounts Receivable	14	1.13	1.84	59	3.43	2.84	4.77	2.63
Prepaid Expenses	50	33	17	14	13	15	12	14
Plant, Property, & Equipment, net	11	12	12	11	12	13	13	7.34
Total Noncurrent Assets	198	166	74	76	75	67	67	39
Long-Term Investments	183	151	59	61	57	47	46	21
Goodwill	1.70	1.86	1.66	1.72	1.77	1.88	1.93	1.89
Noncurrent Deferred & Refundable Income Taxes	0.36	0.84	0.54	0.28	0.70	3.06	2.37	0.44
Other Noncurrent Operating Assets	12	13	12	13	15	16	17	16
Total Liabilities & Shareholders' Equity	731	845	892	498	492	364	339	415
Total Liabilities	135	141	145	149	99	106	121	116
Total Current Liabilities	89	80	81	78	64	66	75	64
Accounts Payable	8.98	6.19	4.40	7.49	3.84	7.60	4.99	3.12
Accrued Expenses	43	36	41	33	36	31	40	31
Current Deferred Revenue	28	31	32	34	23	24	27	28
Current Deferred & Payable Income Tax Liabilities	8.02	4.88	1.61	1.82	0.14	1.35	2.27	0.00
Other Current Liabilities	1.77	1.76	1.69	1.67	1.61	1.61	1.59	1.87
Total Noncurrent Liabilities	46	61	65	70	34	40	46	52
Noncurrent Deferred Revenue	38	52	55	60	24	29	34	41
Other Noncurrent Operating Liabilities	8.08	9.28	9.33	9.85	11	11	12	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	596	703	747	349	393	257	218	299
Total Preferred & Common Equity	596	703	747	349	393	257	218	299
Total Common Equity	596	703	747	349	393	257	218	299
Common Stock	1,693	1,648	1,623	1,167	1,124	954	882	870
Retained Earnings	-1,065	-937	-838	-788	-693	-670	-638	-516
Accumulated Other Comprehensive Income / (Loss)	-32	-7.12	-39	-30	-37	-27	-26	-55

This table displays calculated financial ratios and metrics derived from Merus' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-17.78%	5.68%	-15.32%	64.00%	-3.82%	-18.88%	45.78%	896.97%	22.92%	0.00%
EBITDA Growth	-42.16%	-27.80%	-104.73%	23.04%	-49.05%	-46.37%	51.03%	-57.72%	-96.82%	0.00%
EBIT Growth	-43.13%	-25.05%	-100.09%	22.11%	-50.07%	-47.20%	51.02%	-57.70%	-98.05%	0.00%
NOPAT Growth	-73.79%	2.18%	-77.87%	-18.58%	-29.36%	-28.23%	-7.87%	-44.58%	-17.17%	0.00%
Net Income Growth	-38.97%	-18.10%	-96.35%	21.86%	-55.05%	-94.81%	63.62%	-55.92%	-98.11%	0.00%
EPS Growth	-11.67%	-2.74%	-68.79%	40.75%	-28.07%	-79.53%	62.31%	5.87%	9.37%	0.00%
Operating Cash Flow Growth	-30.68%	5.13%	-151.39%	25.37%	-26.73%	-36.78%	-131.09%	647.67%	-8.18%	0.00%
Free Cash Flow Firm Growth	-26.75%	-46.09%	-236.09%	40.15%	-8.18%	76.10%	-263.23%	3,458.73%	0.00%	0.00%
Invested Capital Growth	-37.52%	30.50%	-34.42%	-151.86%	-47.33%	6.20%	89.44%	-584.05%	0.00%	0.00%
Revenue Q/Q Growth	0.56%	-3.78%	-8.86%	13.11%	4.26%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	11.24%	7.95%	-111.66%	17.35%	-2.28%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	10.08%	10.11%	-106.94%	16.77%	-2.52%	0.00%	0.00%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	-17.80%	3.76%	-23.83%	-0.40%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	11.95%	12.34%	-106.14%	16.85%	-3.06%	0.00%	0.00%	0.00%	0.00%	0.00%
EPS Q/Q Growth	14.32%	20.63%	-102.78%	29.10%	-8.55%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-19.49%	-4.28%	0.72%	-13.87%	-6.10%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-26.17%	1.25%	-14.59%	-26.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	4.42%	-5.54%	-7.40%	6.92%	-4.68%	0.00%	0.00%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-664.09%	-384.08%	-317.60%	-131.37%	-279.95%	-180.64%	-100.11%	-298.06%	-1,884.10%	-1,176.73%
Operating Margin	-752.96%	-356.22%	-384.84%	-183.22%	-253.41%	-188.41%	-119.19%	-161.09%	-1,110.80%	-1,165.35%
EBIT Margin	-658.58%	-378.31%	-319.72%	-135.31%	-284.91%	-182.59%	-100.62%	-299.51%	-1,893.43%	-1,175.22%
Profit (Net Income) Margin	-595.93%	-352.56%	-315.48%	-136.06%	-285.59%	-177.15%	-73.77%	-295.57%	-1,889.92%	-1,172.69%
Tax Burden Percent	103.93%	102.10%	100.74%	100.36%	100.59%	100.35%	100.73%	100.39%	100.00%	100.00%
Interest Burden Percent	87.06%	91.27%	97.95%	100.19%	99.65%	96.68%	72.78%	98.31%	99.81%	99.78%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-42.88%	-51.36%	-46.58%	-31.93%	-73.22%	-46.51%	-32.57%	-149.95%	-139.39%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-38.44%	-39.96%	-31.92%	-19.32%	-34.50%	-22.02%	-15.78%	-50.46%	-65.72%	0.00%
Return on Assets (ROA)	-34.78%	-37.24%	-31.49%	-19.43%	-34.58%	-21.36%	-11.57%	-49.80%	-65.60%	0.00%
Return on Common Equity (ROCE)	-42.88%	-51.36%	-46.58%	-31.93%	-73.22%	-46.51%	15.51%	433.42%	433.56%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-33.23%	-43.48%	-53.10%	-21.13%	-83.62%	-42.00%	-26.74%	-114.46%	-139.39%	0.00%
Net Operating Profit after Tax (NOPAT)	-190	-110	-112	-63	-53	-41	-32	-30	-21	-18
NOPAT Margin	-527.07%	-249.35%	-269.39%	-128.26%	-177.39%	-131.89%	-83.43%	-112.76%	-777.56%	-815.75%
Net Nonoperating Expense Percent (NNEP)	-4.38%	-12.29%	-5.46%	-1.53%	-23.73%	-10.43%	2.11%	-33.36%	-98.95%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-29.39%	-30.75%	-45.34%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	229.24%	136.15%	125.52%	83.28%	119.50%	109.56%	76.49%	62.50%	169.64%	38.85%
R&D to Revenue	623.72%	320.06%	359.31%	199.95%	233.91%	178.85%	142.70%	155.72%	734.02%	818.46%
Operating Expenses to Revenue	852.96%	456.22%	484.84%	283.22%	353.41%	288.41%	219.19%	261.09%	1,210.80%	1,265.35%
Earnings before Interest and Taxes (EBIT)	-238	-166	-133	-66	-85	-57	-39	-79	-50	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-240	-169	-132	-65	-84	-56	-38	-78	-50	-25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.44	4.46	2.90	3.90	4.99	2.50	2.57	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	4.45	4.48	2.92	3.93	5.13	2.56	2.64	0.00	0.00	0.00
Price to Revenue (P/Rev)	79.68	36.13	17.22	25.13	17.03	10.56	7.09	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	59.64	26.76	9.37	16.36	10.18	2.92	1.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.02	0.03	0.02	0.00	0.01	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.02	0.03	0.02	0.00	0.01	0.00
Financial Leverage	-1.13	-1.22	-1.25	-1.20	-1.17	-1.14	-2.03	-2.78	-1.66	0.00
Leverage Ratio	1.23	1.38	1.48	1.64	2.12	2.18	2.82	3.01	2.12	0.00
Compound Leverage Factor	1.07	1.26	1.45	1.65	2.11	2.10	2.05	2.96	2.12	0.00
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	2.41%	2.86%	1.72%	0.00%	1.41%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.48%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	2.41%	2.86%	1.72%	0.00%	0.92%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	377.47%	405.24%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	97.59%	97.14%	98.28%	-277.47%	-306.65%	0.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	-0.03	-0.07	-0.05	0.00	-0.01	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	2.45	4.23	6.08	0.00	1.19	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-0.03	-0.07	-0.05	0.00	-0.01	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	-0.05	-0.09	-0.06	0.00	-0.02	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	3.86	5.79	7.29	0.00	2.89	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.05	-0.09	-0.06	0.00	-0.02	0.00
Altman Z-Score	10.87	6.97	0.77	4.40	-0.25	0.19	0.32	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	147.61%	389.05%	411.03%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.54	5.34	3.88	5.90	4.66	6.72	7.17	6.80	9.16	0.00
Quick Ratio	6.18	5.16	3.73	5.80	4.48	6.59	7.03	6.80	7.63	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-170	-134	-92	-27	-46	-42	-176	108	3.03	0.00
Operating Cash Flow to CapEx	-11,147.87%	-3,571.25%	-1,975.73%	-6,853.68%	-6,208.31%	-2,836.17%	-2,513.41%	18,366.38%	-5,188.10%	-22,360.22%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-211.36	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-462.22	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-468.97	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.11	0.10	0.14	0.12	0.12	0.16	0.17	0.03	0.00
Accounts Receivable Turnover	19.58	13.56	8.03	12.32	13.86	10.37	8.87	6.87	1.12	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.16	3.61	5.27	12.82	7.65	9.70	18.68	25.26	3.87	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	18.64	26.91	45.45	29.64	26.34	35.19	41.14	53.14	326.90	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	18.64	26.91	45.45	29.64	26.34	35.19	41.14	53.14	326.90	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-76	-55	-80	-59	-24	-16	-17	-161	-24	0.00
Invested Capital Turnover	-0.55	-0.65	-0.60	-1.19	-1.52	-1.89	-0.43	-0.29	-0.22	0.00
Increase / (Decrease) in Invested Capital	-21	24	-20	-36	-7.56	1.06	144	-138	-24	0.00
Enterprise Value (EV)	2,155	1,176	390	803	305	91	39	0.00	0.00	0.00
Market Capitalization	2,879	1,588	716	1,234	510	329	272	0.00	0.00	0.00
Book Value per Share	$9.46	$6.17	$5.34	$8.15	$3.52	$5.62	$5.45	($9.71)	$0.00	$0.00
Tangible Book Value per Share	$9.44	$6.14	$5.29	$8.09	$3.42	$5.50	$5.30	($9.73)	$0.00	$0.00
Total Capital	648	356	247	316	105	135	108	68	36	0.00
Total Debt	0.00	0.00	0.00	0.00	2.52	3.87	1.85	0.00	0.51	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	2.52	3.87	1.85	0.00	0.34	0.00
Net Debt	-724	-412	-327	-431	-205	-238	-234	-229	-59	0.00
Capital Expenditures (CapEx)	1.67	3.98	7.59	0.87	1.29	2.22	1.83	0.81	0.52	0.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-55	-55	-63	-58	-37	-29	-26	-28	6.85	0.00
Debt-free Net Working Capital (DFNWC)	482	300	228	352	171	211	209	193	67	0.00
Net Working Capital (NWC)	482	300	228	352	171	211	209	193	67	0.00
Net Nonoperating Expense (NNE)	25	45	19	3.83	32	14	-3.71	48	29	7.67
Net Nonoperating Obligations (NNO)	-724	-412	-327	-375	-126	-147	-123	-229	-59	0.00
Total Depreciation and Amortization (D&A)	-1.99	-2.53	0.88	1.94	1.48	0.61	0.20	0.38	0.25	-0.03
Debt-free, Cash-free Net Working Capital to Revenue	-152.30%	-124.36%	-150.80%	-118.40%	-121.93%	-93.74%	-67.42%	-106.08%	259.28%	0.00%
Debt-free Net Working Capital to Revenue	1,333.95%	682.01%	547.10%	717.37%	571.91%	676.39%	545.82%	732.26%	2,526.89%	0.00%
Net Working Capital to Revenue	1,333.95%	682.01%	547.10%	717.37%	571.91%	676.39%	545.82%	732.26%	2,520.24%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($3.35)	($3.00)	($2.92)	($1.73)	($2.92)	($2.28)	($1.09)	($3.80)	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	64.22M	51.61M	44.92M	43.48M	38.13M	29.00M	23.36M	19.43M	0.00	0.00
Adjusted Diluted Earnings per Share	($3.35)	($3.00)	($2.92)	($1.73)	($2.92)	($2.28)	($1.09)	($3.80)	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	64.22M	51.61M	44.92M	43.48M	38.13M	29.00M	23.36M	19.43M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.73)	($2.92)	($2.28)	($1.09)	($3.80)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.09M	57.88M	46.32M	38.64M	29.26M	24.22M	23.36M	19.43M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-190	-110	-112	-63	-53	-41	-32	-30	-21	-18
Normalized NOPAT Margin	-527.07%	-249.35%	-269.39%	-128.26%	-177.39%	-131.89%	-83.43%	-112.76%	-777.56%	-815.75%
Pre Tax Income Margin	-573.37%	-345.30%	-313.17%	-135.58%	-283.91%	-176.52%	-73.23%	-294.43%	-1,889.92%	-1,172.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-515.10	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-488.24	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-521.85	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-494.99	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-0.43%	0.00%	0.00%	0.00%	0.00%	-0.48%	0.00%

This table displays calculated financial ratios and metrics derived from Merus' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	235.76%	2.25%	6.70%	-30.01%	-41.56%	-16.19%	67.65%	-17.41%	15.82%	-27.49%	-51.85%
EBITDA Growth	-164.64%	44.17%	-317.48%	-69.05%	6.70%	17.50%	-2.56%	-508.18%	-128.14%	-509.33%	-74.85%
EBIT Growth	-166.03%	41.46%	-305.75%	-64.56%	9.29%	22.53%	-5.02%	-465.08%	-123.42%	-480.11%	-69.51%
NOPAT Growth	-61.81%	-86.47%	-88.26%	-89.98%	-27.36%	11.41%	20.39%	-8.93%	-35.75%	-134.69%	-114.01%
Net Income Growth	-179.99%	48.59%	-334.14%	-56.22%	13.30%	26.62%	6.51%	-460.61%	-110.35%	-468.42%	-65.72%
EPS Growth	-137.29%	53.33%	-239.53%	-22.73%	31.40%	42.62%	18.87%	-407.69%	-100.00%	-422.86%	-35.90%
Operating Cash Flow Growth	-117.31%	-83.39%	-192.13%	113.55%	-20.81%	-19.13%	33.27%	-31.05%	20.81%	3.44%	-78.79%
Free Cash Flow Firm Growth	-6.22%	28.27%	51.86%	101.03%	-24.95%	-235.23%	-108.97%	-124.75%	-3,346.02%	-187.11%	-191.45%
Invested Capital Growth	7.47%	-37.52%	-51.84%	-83.98%	29.51%	30.50%	29.27%	22.87%	19.57%	-34.42%	-16.50%
Revenue Q/Q Growth	189.80%	-22.36%	60.56%	-7.06%	-11.75%	-18.98%	5.32%	-22.39%	26.56%	62.07%	-48.12%
EBITDA Q/Q Growth	-167.54%	64.29%	-94.76%	-42.23%	40.16%	-167.00%	21.13%	21.50%	50.09%	-231.90%	-367.69%
EBIT Q/Q Growth	-170.43%	64.87%	-95.39%	-43.32%	40.49%	-143.47%	20.75%	21.00%	49.18%	-230.04%	-326.41%
NOPAT Q/Q Growth	14.56%	-22.73%	-12.21%	-37.52%	1.54%	-23.91%	-13.23%	7.80%	31.51%	-11.35%	-54.93%
Net Income Q/Q Growth	-211.98%	69.05%	-99.64%	-45.23%	42.72%	-161.40%	28.16%	19.40%	51.52%	-233.02%	-330.78%
EPS Q/Q Growth	-185.71%	66.44%	-80.25%	-37.29%	43.81%	-144.19%	34.85%	23.26%	53.01%	-245.28%	-307.69%
Operating Cash Flow Q/Q Growth	-44.71%	17.11%	-1,527.69%	112.69%	-22.12%	-32.03%	33.80%	-13.18%	-20.42%	26.04%	-30.01%
Free Cash Flow Firm Q/Q Growth	-37.29%	-76.65%	-5,826.70%	100.76%	7.29%	-18.55%	-22.10%	6.89%	-148.74%	26.10%	-31.32%
Invested Capital Q/Q Growth	40.16%	4.42%	20.06%	-102.40%	11.08%	-5.54%	3.14%	22.45%	12.32%	-7.40%	-5.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-387.82%	-420.10%	-913.45%	-753.01%	-492.04%	-769.33%	-233.45%	-311.75%	-308.21%	-781.52%	-381.63%
Operating Margin	-285.94%	-969.93%	-613.59%	-877.99%	-593.35%	-531.85%	-347.76%	-323.45%	-272.26%	-503.12%	-732.34%
EBIT Margin	-384.41%	-411.95%	-910.48%	-748.16%	-485.17%	-719.48%	-239.43%	-318.19%	-312.56%	-778.35%	-382.22%
Profit (Net Income) Margin	-364.22%	-338.33%	-848.67%	-682.52%	-436.76%	-672.93%	-208.57%	-305.78%	-294.40%	-768.54%	-374.03%
Tax Burden Percent	101.96%	106.03%	103.07%	104.85%	103.29%	101.75%	105.11%	104.89%	98.86%	100.47%	101.35%
Interest Burden Percent	92.93%	77.46%	90.43%	87.00%	87.15%	91.92%	82.88%	91.62%	95.27%	98.27%	96.56%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-58.66%	-42.88%	-44.60%	-33.39%	-52.79%	-51.36%	-51.07%	-61.08%	-59.05%	-46.58%	-25.23%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-34.24%	-24.04%	-48.94%	-41.93%	-44.47%	-76.00%	-24.11%	-32.45%	-35.91%	-77.70%	-45.25%
Return on Assets (ROA)	-32.44%	-19.75%	-45.62%	-38.25%	-40.03%	-71.09%	-21.00%	-31.18%	-33.82%	-76.72%	-44.28%
Return on Common Equity (ROCE)	-58.66%	-42.88%	-44.60%	-33.39%	-52.79%	-51.36%	-51.07%	-61.08%	-59.05%	-46.58%	-25.23%
Return on Equity Simple (ROE_SIMPLE)	-46.52%	0.00%	-34.77%	-22.45%	-42.83%	0.00%	-44.93%	-69.29%	-69.90%	0.00%	-21.30%
Net Operating Profit after Tax (NOPAT)	-53	-62	-51	-45	-33	-33	-27	-24	-26	-38	-34
NOPAT Margin	-200.16%	-678.95%	-429.51%	-614.59%	-415.34%	-372.29%	-243.43%	-226.42%	-190.58%	-352.19%	-512.63%
Net Nonoperating Expense Percent (NNEP)	-8.35%	5.48%	-8.03%	-0.86%	-0.49%	-7.28%	0.94%	-2.35%	-4.17%	-12.65%	2.84%
Return On Investment Capital (ROIC_SIMPLE)	-8.89%	-9.58%	-	-	-	-9.34%	-	-	-	-15.20%	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	83.48%	255.65%	176.39%	308.06%	204.26%	176.71%	114.12%	153.33%	113.98%	143.29%	189.47%
R&D to Revenue	302.46%	814.29%	537.20%	669.93%	489.09%	455.14%	333.64%	270.12%	258.28%	459.84%	642.87%
Operating Expenses to Revenue	385.94%	1,069.93%	713.59%	977.99%	693.35%	631.85%	447.76%	423.45%	372.26%	603.12%	832.34%
Earnings before Interest and Taxes (EBIT)	-102	-38	-107	-55	-38	-64	-26	-33	-42	-83	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-103	-38	-108	-55	-39	-69	-26	-33	-42	-83	-25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.88	4.44	4.85	4.65	7.44	4.46	2.99	4.76	3.92	2.90	3.08
Price to Tangible Book Value (P/TBV)	4.89	4.45	4.86	4.66	7.48	4.48	3.00	4.79	3.95	2.92	3.10
Price to Revenue (P/Rev)	53.13	79.68	94.84	98.67	67.81	36.13	25.74	29.72	19.62	17.22	20.14
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	41.41	59.64	73.05	74.62	57.41	26.76	15.98	22.16	13.01	9.37	11.97
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.10	-1.13	-1.12	-1.15	-1.21	-1.22	-1.18	-1.21	-1.30	-1.25	-1.27
Leverage Ratio	1.30	1.23	1.22	1.25	1.48	1.38	1.31	1.38	1.47	1.48	1.53
Compound Leverage Factor	1.21	0.96	1.10	1.09	1.29	1.27	1.09	1.27	1.40	1.45	1.48
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.23	11.71	13.36	13.82	8.90	7.71	5.91	4.87	1.95	1.20	3.79
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.86	6.54	8.32	9.97	5.23	5.34	6.29	4.30	3.44	3.88	5.74
Quick Ratio	5.30	6.18	7.91	9.76	5.05	5.16	6.09	4.07	3.28	3.73	11.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-57	-41	-23	0.41	-53	-58	-49	-40	-43	-17	-23
Operating Cash Flow to CapEx	-56,409.94%	-333,290.00%	-74,464.81%	381.64%	-70,457.14%	0.00%	-70,589.74%	-13,118.61%	-1,006.11%	-1,484.05%	-1,769.88%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.06	0.05	0.06	0.09	0.11	0.10	0.10	0.11	0.10	0.12
Accounts Receivable Turnover	1.50	19.58	15.73	15.05	1.21	13.56	15.07	12.25	11.67	8.03	15.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.91	3.16	2.95	2.80	3.10	3.61	4.68	4.29	5.14	5.27	8.46
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	243.18	18.64	23.20	24.26	302.26	26.91	24.22	29.80	31.26	45.45	23.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	243.18	18.64	23.20	24.26	302.26	26.91	24.22	29.80	31.26	45.45	23.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-46	-76	-80	-100	-49	-55	-52	-54	-70	-80	-74
Invested Capital Turnover	-1.16	-0.55	-0.54	-0.46	-0.64	-0.65	-0.72	-0.66	-0.55	-0.60	-0.66
Increase / (Decrease) in Invested Capital	3.67	-21	-27	-45	21	24	22	16	17	-20	-10
Enterprise Value (EV)	2,266	2,155	2,625	2,626	2,201	1,176	730	914	565	390	546
Market Capitalization	2,908	2,879	3,408	3,473	2,600	1,588	1,176	1,225	852	716	919
Book Value per Share	$8.63	$9.46	$10.31	$12.72	$6.02	$6.17	$7.89	$5.53	$4.70	$5.34	$6.51
Tangible Book Value per Share	$8.60	$9.44	$10.28	$12.70	$5.99	$6.14	$7.85	$5.49	$4.65	$5.29	$6.47
Total Capital	596	648	703	747	349	356	393	257	218	247	299
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-642	-724	-783	-846	-399	-412	-446	-312	-287	-327	-373
Capital Expenditures (CapEx)	0.17	0.02	0.11	1.48	0.06	-0.03	0.04	0.32	3.65	2.06	2.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-25	-55	-46	-62	-5.72	-55	-48	-48	-58	-63	-47
Debt-free Net Working Capital (DFNWC)	433	482	586	726	332	300	341	217	183	228	304
Net Working Capital (NWC)	433	482	586	726	332	300	341	217	183	228	304
Net Nonoperating Expense (NNE)	43	-31	49	4.98	1.69	27	-3.85	8.31	14	44	-9.12
Net Nonoperating Obligations (NNO)	-642	-724	-783	-846	-399	-412	-446	-312	-287	-327	-373
Total Depreciation and Amortization (D&A)	-0.90	-0.75	-0.35	-0.36	-0.54	-4.46	0.66	0.68	0.59	-0.34	0.04
Debt-free, Cash-free Net Working Capital to Revenue	-46.01%	-152.30%	-128.21%	-175.42%	-14.93%	-124.36%	-105.22%	-115.88%	-133.92%	-150.80%	-103.87%
Debt-free Net Working Capital to Revenue	791.39%	1,333.95%	1,631.41%	2,062.03%	865.41%	682.01%	745.53%	527.09%	421.55%	547.10%	666.35%
Net Working Capital to Revenue	791.39%	1,333.95%	1,631.41%	2,062.03%	865.41%	682.01%	745.53%	527.09%	421.55%	547.10%	666.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.40)	($0.49)	($1.46)	($0.81)	($0.59)	($1.05)	($0.43)	($0.66)	($0.86)	($1.83)	($0.53)
Adjusted Weighted Average Basic Shares Outstanding	69.02M	64.22M	68.25M	61.85M	58.09M	51.61M	53.87M	48.32M	46.32M	44.92M	46.06M
Adjusted Diluted Earnings per Share	($1.40)	($0.49)	($1.46)	($0.81)	($0.59)	($1.05)	($0.43)	($0.66)	($0.86)	($1.83)	($0.53)
Adjusted Weighted Average Diluted Shares Outstanding	69.02M	64.22M	68.25M	61.85M	58.09M	51.61M	53.87M	48.32M	46.32M	44.92M	46.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.21M	69.09M	68.46M	68.21M	58.69M	57.88M	57.73M	49.86M	46.53M	46.32M	46.30M
Normalized Net Operating Profit after Tax (NOPAT)	-53	-62	-51	-45	-33	-33	-27	-24	-26	-38	-34
Normalized NOPAT Margin	-200.16%	-678.95%	-429.51%	-614.59%	-415.34%	-372.29%	-243.43%	-226.42%	-190.58%	-352.19%	-512.63%
Pre Tax Income Margin	-357.21%	-319.08%	-823.38%	-650.91%	-422.84%	-661.33%	-198.44%	-291.51%	-297.79%	-764.91%	-369.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%	-0.36%

Frequently Asked Questions About Merus' Financials

When does Merus's financial year end?

According to the most recent income statement we have on file, Merus' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Merus' net income changed over the last 9 years?

Merus' net income appears to be on an upward trend, with a most recent value of -$215.33 million in 2024, rising from -$25.19 million in 2015. The previous period was -$154.94 million in 2023. Check out Merus' forecast to explore projected trends and price targets.

What is Merus's operating income?

Merus's total operating income in 2024 was -$272.07 million, based on the following breakdown:

Total Gross Profit: $36.13 million
Total Operating Expenses: $308.20 million

How has Merus revenue changed over the last 9 years?

Over the last 9 years, Merus' total revenue changed from $2.15 million in 2015 to $36.13 million in 2024, a change of 1,582.1%.

How much debt does Merus have?

Merus' total liabilities were at $134.77 million at the end of 2024, a 35.9% increase from 2023, and a 234.7% increase since 2016.

How much cash does Merus have?

In the past 8 years, Merus' cash and equivalents has ranged from $59.88 million in 2016 to $293.29 million in 2024, and is currently $293.29 million as of their latest financial filing in 2024.

How has Merus' book value per share changed over the last 9 years?

Over the last 9 years, Merus' book value per share changed from 0.00 in 2015 to 9.46 in 2024, a change of 946.4%.

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This page (NASDAQ:MRUS) was last updated on 5/21/2025 by MarketBeat.com Staff

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Merus (MRUS) Financials

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Merus (MRUS) Financials

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