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Merus (MRUS) Financials

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Annual Income Statements for Merus

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

Quarterly Income Statements for Merus

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

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 -40 -33 -23 -52 -34 -50 -100 -31 -73 -158 -94
Consolidated Net Income / (Loss)		 -40 -32 -23 -60 -34 -50 -100 -31 -96 -158 -96
Net Income / (Loss) Continuing Operations		 -40 -32 -23 -60 -34 -50 -100 -31 -96 -158 -96
Total Pre-Tax Income 		-40 -31 -22 -59 -33 -48 -97 -29 -95 -156 -90
Total Operating Income		 -37 -34 -38 -48 -47 -64 -72 -89 -76 -110 -96
Total Gross Profit		 13 10 11 8.94 7.89 7.33 12 9.14 26 8.83 12
Total Revenue		 13 10 11 8.94 7.89 7.33 12 9.14 26 8.83 12
Operating Revenue		 13 10 11 8.94 7.89 7.33 12 9.14 26 8.83 12
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 50 44 49 56 55 72 84 98 102 119 109
Selling, General & Admin Expense		 15 16 13 16 16 23 21 23 22 25 29
Research & Development Expense		 35 28 37 41 39 49 63 74 80 94 80
Total Other Income / (Expense), net		 -3.45 3.35 16 -12 13 17 -25 59 -19 -46 6.77
Interest Expense		 -2.00 -2.80 -4.52 -5.20 -4.92 -7.13 -10 -8.49 -7.20 -7.12 -8.83
Other Income / (Expense), net		 -5.44 0.55 12 -17 8.53 9.52 -35 51 -26 -52 -2.05
Income Tax Expense		 -0.46 1.49 1.12 1.04 1.10 2.32 2.98 1.76 1.86 1.87 5.82
Basic Earnings per Share		 ($0.86) ($0.66) ($0.43) ($1.05) ($0.59) ($0.81) ($1.46) ($0.49) ($1.40) ($2.23) ($1.26)
Weighted Average Basic Shares Outstanding		 46.32M 48.32M 53.87M 51.61M 58.09M 61.85M 68.25M 64.22M 69.02M 71.10M 75.68M
Diluted Earnings per Share		 ($0.86) ($0.66) ($0.43) ($1.05) ($0.59) ($0.81) ($1.46) ($0.49) ($1.40) ($2.23) ($1.26)
Weighted Average Diluted Shares Outstanding		 46.32M 48.32M 53.87M 51.61M 58.09M 61.85M 68.25M 64.22M 69.02M 71.10M 75.68M
Weighted Average Basic & Diluted Shares Outstanding		 46.53M 49.86M 57.73M 57.88M 58.69M 68.21M 68.46M 69.09M 69.21M 75.63M 75.84M

Annual Cash Flow Statements for Merus

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

Quarterly Cash Flow Statements for Merus

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 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Net Change in Cash & Equivalents		 -45 -1.48 141 -33 -26 454 -203 -136 -98 257 -78
Net Cash From Operating Activities		 -37 -42 -28 -36 -44 5.63 -80 -67 -96 -69 -85
Net Cash From Continuing Operating Activities		 -37 -42 -28 -36 -44 5.63 -80 -67 -96 -69 -85
Net Income / (Loss) Continuing Operations		 -40 -32 -23 -60 -34 -50 -100 -31 -96 -158 -96
Consolidated Net Income / (Loss)		 -40 -32 -23 -60 -34 -50 -100 -31 -96 -158 -96
Depreciation Expense		 0.53 0.63 0.59 0.57 0.56 0.60 0.59 0.55 0.54 0.59 0.60
Amortization Expense		 0.05 0.05 0.07 -5.03 -1.10 -0.96 -0.94 -1.29 -1.44 -1.30 -1.06
Non-Cash Adjustments To Reconcile Net Income		 11 5.62 -4.14 28 -3.82 4.12 43 -36 34 89 19
Changes in Operating Assets and Liabilities, net		 -8.18 -16 -1.04 0.16 -5.57 52 -23 1.03 -33 0.79 -8.29
Net Cash From Investing Activities		 -8.41 -25 8.02 -2.12 -12 3.23 -134 -78 -8.72 -7.46 0.33
Net Cash From Continuing Investing Activities		 -8.44 -24 8.02 -2.12 -12 3.23 -134 -78 -8.72 -7.46 0.33
Purchase of Property, Plant & Equipment		 -3.65 -0.32 -0.04 0.03 -0.06 -1.48 -0.11 -0.02 -0.17 -0.09 -0.33
Purchase of Investments		 -65 -79 -60 -31 -59 -40 -196 -115 -78 -86 -120
Sale and/or Maturity of Investments		 60 55 68 29 47 45 63 37 69 79 121
Net Cash From Financing Activities		 0.22 66 162 1.50 30 445 11 8.07 6.74 333 6.13
Net Cash From Continuing Financing Activities		 0.22 66 162 1.50 30 445 11 8.07 6.74 333 6.67
Repayment of Debt		 - - - - 0.00 - 0.24 - - - 0.53
Other Financing Activities, net		 0.22 2.17 0.25 1.50 7.54 10 11 8.07 6.74 7.26 6.13

Annual Balance Sheets for Merus

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

Quarterly Balance Sheets for Merus

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025
Total Assets		 415 339 364 492 498 892 845 731 980 904
Total Current Assets		 368 258 283 405 410 807 666 522 768 692
Cash & Equivalents		 191 103 101 242 178 629 433 197 443 367
Short-Term Investments		 160 139 164 147 159 158 199 261 267 268
Accounts Receivable		 2.63 4.77 2.84 3.43 59 1.84 1.13 14 17 19
Prepaid Expenses		 14 12 15 13 14 17 33 50 41 37
Plant, Property, & Equipment, net		 7.34 13 13 12 11 12 12 11 11 11
Total Noncurrent Assets		 39 67 67 75 76 74 166 198 201 201
Long-Term Investments		 21 46 47 57 61 59 151 183 184 183
Goodwill		 1.89 1.93 1.88 1.77 1.72 1.66 1.86 1.70 1.80 1.75
Noncurrent Deferred & Refundable Income Taxes		 0.44 2.37 3.06 0.70 0.28 0.54 0.84 0.36 0.76 1.20
Other Noncurrent Operating Assets		 16 17 16 15 13 12 13 12 14 15
Total Liabilities & Shareholders' Equity		 415 339 364 492 498 892 845 731 980 904
Total Liabilities		 116 121 106 99 149 145 141 135 138 129
Total Current Liabilities		 64 75 66 64 78 81 80 89 92 87
Accounts Payable		 3.12 4.99 7.60 3.84 7.49 4.40 6.19 8.98 21 8.39
Accrued Expenses		 31 40 31 36 33 41 36 43 41 45
Current Deferred Revenue		 28 27 24 23 34 32 31 28 26 24
Current Deferred & Payable Income Tax Liabilities		 0.00 2.27 1.35 0.14 1.82 1.61 4.88 8.02 0.48 6.74
Other Current Liabilities		 1.87 1.59 1.61 1.61 1.67 1.69 1.76 1.77 2.25 2.76
Total Noncurrent Liabilities		 52 46 40 34 70 65 61 46 47 42
Noncurrent Deferred Revenue		 41 34 29 24 60 55 52 38 38 33
Other Noncurrent Operating Liabilities		 11 12 11 11 9.85 9.33 9.28 8.08 8.75 9.56
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 299 218 257 393 349 747 703 596 842 775
Total Preferred & Common Equity		 299 218 257 393 349 747 703 596 842 775
Total Common Equity		 299 218 257 393 349 747 703 596 842 775
Common Stock		 870 882 954 1,124 1,167 1,623 1,648 1,693 2,046 2,074
Retained Earnings		 -516 -638 -670 -693 -788 -838 -937 -1,065 -1,223 -1,319
Accumulated Other Comprehensive Income / (Loss)		 -55 -26 -27 -37 -30 -39 -7.12 -32 18 19

Annual Metrics And Ratios for Merus

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

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

Quarterly Metrics And Ratios for Merus

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

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 15.82% -17.41% 67.65% -16.19% -41.56% -30.01% 6.70% 2.25% 235.76% 20.40% 3.21%
EBITDA Growth		 -128.14% -508.18% -2.56% 17.50% 6.70% -69.05% -317.48% 44.17% -164.64% -195.08% 7.94%
EBIT Growth		 -123.42% -465.08% -5.02% 22.53% 9.29% -64.56% -305.75% 41.46% -166.03% -195.70% 8.07%
NOPAT Growth		 -35.75% -8.93% 20.39% 11.41% -27.36% -89.98% -88.26% -86.47% -61.81% -71.42% -33.57%
Net Income Growth		 -110.35% -460.61% 6.51% 26.62% 13.30% -56.22% -334.14% 48.59% -179.99% -216.17% 4.39%
EPS Growth		 -100.00% -407.69% 18.87% 42.62% 31.40% -22.73% -239.53% 53.33% -137.29% -175.31% 13.70%
Operating Cash Flow Growth		 20.81% -31.05% 33.27% -19.13% -20.81% 113.55% -192.13% -83.39% -117.31% -1,329.03% -5.59%
Free Cash Flow Firm Growth		 -3,346.02% -124.75% -108.97% -235.23% -24.95% 101.03% 51.86% 28.27% -6.22% -30,528.71% -341.70%
Invested Capital Growth		 19.57% 22.87% 29.27% 30.50% 29.51% -83.98% -51.84% -37.52% 7.47% 47.15% 44.86%
Revenue Q/Q Growth		 26.56% -22.39% 5.32% -18.98% -11.75% -7.06% 60.56% -22.36% 189.80% -66.67% 37.63%
EBITDA Q/Q Growth		 50.09% 21.50% 21.13% -167.00% 40.16% -42.23% -94.76% 64.29% -167.54% -58.59% 39.23%
EBIT Q/Q Growth		 49.18% 21.00% 20.75% -143.47% 40.49% -43.32% -95.39% 64.87% -170.43% -59.30% 39.25%
NOPAT Q/Q Growth		 31.51% 7.80% -13.23% -23.91% 1.54% -37.52% -12.21% -22.73% 14.56% -45.70% 12.57%
Net Income Q/Q Growth		 51.52% 19.40% 28.16% -161.40% 42.72% -45.23% -99.64% 69.05% -211.98% -64.00% 39.63%
EPS Q/Q Growth		 53.01% 23.26% 34.85% -144.19% 43.81% -37.29% -80.25% 66.44% -185.71% -59.29% 43.50%
Operating Cash Flow Q/Q Growth		 -20.42% -13.18% 33.80% -32.03% -22.12% 112.69% -1,527.69% 17.11% -44.71% 28.23% -22.66%
Free Cash Flow Firm Q/Q Growth		 -148.74% 6.89% -22.10% -18.55% 7.29% 100.76% -5,826.70% -76.65% -37.29% -119.10% 16.87%
Invested Capital Q/Q Growth		 12.32% 22.45% 3.14% -5.54% 11.08% -102.40% 20.06% 4.42% 40.16% -15.60% 16.60%
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		 -308.21% -311.75% -233.45% -769.33% -492.04% -753.01% -913.45% -420.10% -387.82% -1,845.46% -814.79%
Operating Margin		 -272.26% -323.45% -347.76% -531.85% -593.35% -877.99% -613.59% -969.93% -285.94% -1,250.00% -794.06%
EBIT Margin		 -312.56% -318.19% -239.43% -719.48% -485.17% -748.16% -910.48% -411.95% -384.41% -1,837.38% -810.95%
Profit (Net Income) Margin		 -294.40% -305.78% -208.57% -672.93% -436.76% -682.52% -848.67% -338.33% -364.22% -1,792.23% -786.17%
Tax Burden Percent		 98.86% 104.89% 105.11% 101.75% 103.29% 104.85% 103.07% 106.03% 101.96% 101.20% 106.48%
Interest Burden Percent		 95.27% 91.62% 82.88% 91.92% 87.15% 87.00% 90.43% 77.46% 92.93% 96.39% 91.04%
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)		 -59.05% -61.08% -51.07% -51.36% -52.79% -33.39% -44.60% -42.88% -58.66% -48.54% -51.57%
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)		 -35.91% -32.45% -24.11% -76.00% -44.47% -41.93% -48.94% -24.04% -34.24% -110.35% -52.50%
Return on Assets (ROA)		 -33.82% -31.18% -21.00% -71.09% -40.03% -38.25% -45.62% -19.75% -32.44% -107.64% -50.89%
Return on Common Equity (ROCE)		 -59.05% -61.08% -51.07% -51.36% -52.79% -33.39% -44.60% -42.88% -58.66% -48.54% -51.57%
Return on Equity Simple (ROE_SIMPLE)		 -69.90% -69.29% -44.93% 0.00% -42.83% -22.45% -34.77% 0.00% -46.52% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -26 -24 -27 -33 -33 -45 -51 -62 -53 -77 -68
NOPAT Margin		 -190.58% -226.42% -243.43% -372.29% -415.34% -614.59% -429.51% -678.95% -200.16% -875.00% -555.84%
Net Nonoperating Expense Percent (NNEP)		 -4.17% -2.35% 0.94% -7.28% -0.49% -0.86% -8.03% 5.48% -8.35% -9.30% -3.49%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -9.34% - - - -9.58% -8.89% -9.18% -8.71%
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		 113.98% 153.33% 114.12% 176.71% 204.26% 308.06% 176.39% 255.65% 83.48% 286.04% 235.48%
R&D to Revenue		 258.28% 270.12% 333.64% 455.14% 489.09% 669.93% 537.20% 814.29% 302.46% 1,063.96% 658.58%
Operating Expenses to Revenue		 372.26% 423.45% 447.76% 631.85% 693.35% 977.99% 713.59% 1,069.93% 385.94% 1,350.00% 894.06%
Earnings before Interest and Taxes (EBIT)		 -42 -33 -26 -64 -38 -55 -107 -38 -102 -162 -99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -42 -33 -26 -69 -39 -55 -108 -38 -103 -163 -99
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.92 4.76 2.99 4.46 7.44 4.65 4.85 4.44 4.88 4.33 9.19
Price to Tangible Book Value (P/TBV)		 3.95 4.79 3.00 4.48 7.48 4.66 4.86 4.45 4.89 4.33 9.21
Price to Revenue (P/Rev)		 19.62 29.72 25.74 36.13 67.81 98.67 94.84 79.68 53.13 64.75 125.80
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)		 13.01 22.16 15.98 26.76 57.41 74.62 73.05 59.64 41.41 48.84 111.33
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		 -1.30 -1.21 -1.18 -1.22 -1.21 -1.15 -1.12 -1.13 -1.10 -1.10 -1.08
Leverage Ratio		 1.47 1.38 1.31 1.38 1.48 1.25 1.22 1.23 1.30 1.18 1.18
Compound Leverage Factor		 1.40 1.27 1.09 1.27 1.29 1.09 1.10 0.96 1.21 1.14 1.08
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		 1.95 4.87 5.91 7.71 8.90 13.82 13.36 11.71 11.23 14.37 31.52
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		 3.44 4.30 6.29 5.34 5.23 9.97 8.32 6.54 5.86 8.39 7.97
Quick Ratio		 3.28 4.07 6.09 5.16 5.05 9.76 7.91 6.18 5.30 7.94 7.55
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -43 -40 -49 -58 -53 0.41 -23 -41 -57 -124 -103
Operating Cash Flow to CapEx		 -1,006.11% -13,118.61% -70,589.74% 0.00% -70,457.14% 381.64% -74,464.81% -333,290.00% -56,409.94% -78,671.59% -25,889.33%
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		 0.11 0.10 0.10 0.11 0.09 0.06 0.05 0.06 0.09 0.06 0.06
Accounts Receivable Turnover		 11.67 12.25 15.07 13.56 1.21 15.05 15.73 19.58 1.50 6.00 5.57
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		 5.14 4.29 4.68 3.61 3.10 2.80 2.95 3.16 4.91 4.80 4.82
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)		 31.26 29.80 24.22 26.91 302.26 24.26 23.20 18.64 243.18 60.80 65.50
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)		 31.26 29.80 24.22 26.91 302.26 24.26 23.20 18.64 243.18 60.80 65.50
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -70 -54 -52 -55 -49 -100 -80 -76 -46 -53 -44
Invested Capital Turnover		 -0.55 -0.66 -0.72 -0.65 -0.64 -0.46 -0.54 -0.55 -1.16 -0.74 -0.92
Increase / (Decrease) in Invested Capital		 17 16 22 24 21 -45 -27 -21 3.67 47 36
Enterprise Value (EV)		 565 914 730 1,176 2,201 2,626 2,625 2,155 2,266 2,746 6,302
Market Capitalization		 852 1,225 1,176 1,588 2,600 3,473 3,408 2,879 2,908 3,641 7,121
Book Value per Share		 $4.70 $5.53 $7.89 $6.17 $6.02 $12.72 $10.31 $9.46 $8.63 $12.16 $10.25
Tangible Book Value per Share		 $4.65 $5.49 $7.85 $6.14 $5.99 $12.70 $10.28 $9.44 $8.60 $12.14 $10.22
Total Capital		 218 257 393 356 349 747 703 648 596 842 775
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		 -287 -312 -446 -412 -399 -846 -783 -724 -642 -894 -819
Capital Expenditures (CapEx)		 3.65 0.32 0.04 -0.03 0.06 1.48 0.11 0.02 0.17 0.09 0.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -58 -48 -48 -55 -5.72 -62 -46 -55 -25 -34 -31
Debt-free Net Working Capital (DFNWC)		 183 217 341 300 332 726 586 482 433 677 605
Net Working Capital (NWC)		 183 217 341 300 332 726 586 482 433 677 605
Net Nonoperating Expense (NNE)		 14 8.31 -3.85 27 1.69 4.98 49 -31 43 81 28
Net Nonoperating Obligations (NNO)		 -287 -312 -446 -412 -399 -846 -783 -724 -642 -894 -819
Total Depreciation and Amortization (D&A)		 0.59 0.68 0.66 -4.46 -0.54 -0.36 -0.35 -0.75 -0.90 -0.71 -0.47
Debt-free, Cash-free Net Working Capital to Revenue		 -133.92% -115.88% -105.22% -124.36% -14.93% -175.42% -128.21% -152.30% -46.01% -59.62% -54.42%
Debt-free Net Working Capital to Revenue		 421.55% 527.09% 745.53% 682.01% 865.41% 2,062.03% 1,631.41% 1,333.95% 791.39% 1,203.50% 1,069.02%
Net Working Capital to Revenue		 421.55% 527.09% 745.53% 682.01% 865.41% 2,062.03% 1,631.41% 1,333.95% 791.39% 1,203.50% 1,069.02%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.86) ($0.66) ($0.43) ($1.05) ($0.59) ($0.81) ($1.46) ($0.49) ($1.40) ($2.23) ($1.26)
Adjusted Weighted Average Basic Shares Outstanding		 46.32M 48.32M 53.87M 51.61M 58.09M 61.85M 68.25M 64.22M 69.02M 71.10M 75.68M
Adjusted Diluted Earnings per Share		 ($0.86) ($0.66) ($0.43) ($1.05) ($0.59) ($0.81) ($1.46) ($0.49) ($1.40) ($2.23) ($1.26)
Adjusted Weighted Average Diluted Shares Outstanding		 46.32M 48.32M 53.87M 51.61M 58.09M 61.85M 68.25M 64.22M 69.02M 71.10M 75.68M
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		 46.53M 49.86M 57.73M 57.88M 58.69M 68.21M 68.46M 69.09M 69.21M 75.63M 75.84M
Normalized Net Operating Profit after Tax (NOPAT)		 -26 -24 -27 -33 -33 -45 -51 -62 -53 -77 -68
Normalized NOPAT Margin		 -190.58% -226.42% -243.43% -372.29% -415.34% -614.59% -429.51% -678.95% -200.16% -875.00% -555.84%
Pre Tax Income Margin		 -297.79% -291.51% -198.44% -661.33% -422.84% -650.91% -823.38% -319.08% -357.21% -1,771.04% -738.30%
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% 0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor‑focused take on Merus N.V. (MRUS) using the quarterly cash flow, income statement, and balance sheet data across the last four years. The focus is on trends in profitability, liquidity, and cash flow dynamics that may be relevant to a retail investor.

  • Strong liquidity on the latest quarter: Cash & Equivalents of $367,491,000 and Short-Term Investments of $268,441,000 combine for roughly $635.9 million in readily deployable liquidity (Q3 2025 balance sheet).
  • Significant equity financing bolstering liquidity: About $434.9 million raised via issuance of common equity in Q2 2024 and about $326.0 million in Q2 2025, providing substantial funding runway for ongoing R&D and operations.
  • Ongoing non-current investment activity: Long-Term Investments around $183 million (Q3 2025) and about $184 million (Q2 2025), suggesting strategic allocations beyond core operations.
  • Notable quarterly revenue uptick in Q1 2025: Operating revenue of approximately $26.5 million, a marked increase from other recent quarters and potential one-off licensing or collaboration activity.
  • Solid equity base on the books: Total Equity near $774.9 million (Q3 2025), indicating a sizable capital base to support R&D and future financing needs.
  • Revenue is volatile but generally within a low‑teens to low‑tens of millions per quarter range across the period, reflecting a biotech company in development rather than stable product sales.
  • Debt profile remains light: No meaningful long‑term debt is evident in the periods shown, with financing more reliant on equity raises than debt issuance.
  • High R&D and SG&A expense continue to drive operating losses: R&D around $80 million in several 2025 quarters and SG&A in the high‑$20 million to low‑$30 million range in recent periods.
  • Sustained net losses: Net income / loss is negative across the quarters, e.g., Q3 2025 net income of −$95.5 million and Q2 2025 net income of −$158.2 million, highlighting ongoing profitability challenges.
  • Negative operating cash flow: Net cash from continuing operating activities is negative across the shown quarters (e.g., Q3 2025 −$84.9 million; Q1 2025 −$96.5 million), indicating continued cash burn that relies on external financing.
05/06/26 09:11 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Merus' Financials

When does Merus' fiscal year end?

According to the most recent income statement we have on file, Merus' financial year ends in December. Their financial 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. See Merus' forecast for analyst expectations on what’s next for the company.

What is Merus' operating income?
Merus' 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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Financial statements for NASDAQ:MRUS last updated on 11/24/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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