MRUS · Merus N.V. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.15M | $8.83M | $26.49M | - | $11.77M | $7.33M | $7.89M | - | $11.03M | $10.48M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $80.02M | $93.93M | $80.12M | - | $63.24M | $49.12M | $38.58M | - | $36.81M | $28.30M |
| SG&A | $28.61M | $25.25M | $22.11M | - | $20.77M | $22.59M | $16.11M | - | $12.59M | $16.06M |
| Total Operating Expenses | $108.63M | $119.18M | $102.23M | - | $84.00M | $71.71M | $54.70M | - | $49.40M | $44.36M |
| D&A | - | - | $537.0K | - | - | - | $561.0K | - | - | - |
| Operating Income | ($96.48M) | ($110.35M) | ($75.74M) | - | ($72.23M) | ($64.37M) | ($46.81M) | - | ($38.37M) | ($33.88M) |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $5.82M | $1.87M | $1.85M | - | $2.98M | $2.32M | $1.10M | - | $1.12M | $1.49M |
| Net Income | ($95.52M) | ($158.22M) | ($96.47M) | - | ($99.91M) | ($50.04M) | ($34.46M) | - | ($23.01M) | ($32.03M) |
| EPS - Basic | ($1.26) | ($2.23) | ($1.40) | - | ($1.46) | ($0.81) | ($0.59) | - | ($0.43) | ($0.66) |
| EPS - Diluted | ($1.26) | ($2.23) | ($1.40) | - | ($1.46) | ($0.81) | ($0.59) | - | ($0.43) | ($0.66) |
Balance Sheet
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $367.49M | $442.79M | $197.20M | $293.29M | $433.00M | $629.48M | $178.17M | $204.25M | $241.87M | $101.10M |
| Accounts Receivable | $19.18M | $16.89M | $14.20M | $1.26M | $1.13M | $1.84M | $58.73M | $2.43M | $3.43M | $2.84M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $8.39M | $21.07M | $8.98M | $4.16M | $6.18M | $4.39M | $7.49M | $4.60M | $3.84M | $7.60M |
| Current Assets | $691.93M | $768.28M | $522.27M | $569.07M | $666.28M | $806.55M | $410.26M | $368.81M | $404.83M | $283.13M |
| Total Assets | $904.20M | $980.18M | $730.92M | $782.69M | $844.68M | $892.23M | $498.08M | $455.49M | $492.19M | $363.62M |
| Current Liabilities | $86.80M | $91.58M | $89.13M | $87.08M | $80.08M | $80.86M | $78.49M | $69.09M | $64.32M | $65.85M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $129.26M | $138.44M | $134.80M | $134.77M | $141.41M | $145.46M | $148.63M | $99.15M | $98.80M | $106.22M |
| Stockholders' Equity | $774.93M | $841.74M | $596.12M | $647.93M | $703.26M | $746.77M | $349.45M | $356.34M | $393.39M | $257.40M |
| Retained Earnings | ($1.32B) | ($1.22B) | ($1.06B) | ($968.39M) | ($937.46M) | ($837.56M) | ($787.52M) | ($753.06M) | ($692.91M) | ($669.90M) |
Cash Flow
| Line item | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | - | ($96.46M) | - | - | - | ($44.39M) | - | - | - |
| Investing Cash Flow | - | - | ($8.71M) | - | - | - | ($12.08M) | - | - | - |
| Financing Cash Flow | - | - | $6.74M | - | - | - | $30.16M | - | - | - |
| CapEx | - | - | $171.0K | - | - | - | $63.0K | - | - | - |
| Free Cash Flow | - | - | ($96.63M) | - | - | - | ($44.45M) | - | - | - |
Ratios
| Metric | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -794.1% | -1250.0% | -285.9% | - | -613.6% | -878.0% | -593.3% | - | -347.8% | -323.5% |
| EBITDA margin | - | - | -283.9% | - | - | - | -586.2% | - | - | - |
| Net margin | -786.2% | -1792.2% | -364.2% | - | -848.7% | -682.5% | -436.8% | - | -208.6% | -305.8% |
| Free cash flow margin | - | - | -364.8% | - | - | - | -563.5% | - | - | - |
| FCF / Net income | - | - | 1.00 | - | - | - | 1.29 | - | - | - |
| R&D / Revenue | 658.6% | 1064.0% | 302.5% | - | 537.2% | 669.9% | 489.1% | - | 333.6% | 270.1% |
| SG&A / Revenue | 235.5% | 286.0% | 83.5% | - | 176.4% | 308.1% | 204.3% | - | 114.1% | 153.3% |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -10.6% | -16.1% | -13.2% | - | -11.8% | -5.6% | -6.9% | - | -4.7% | -8.8% |
| Return on equity | -12.3% | -18.8% | -16.2% | - | -14.2% | -6.7% | -9.9% | - | -5.8% | -12.4% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 7.97 | 8.39 | 5.86 | 6.54 | 8.32 | 9.97 | 5.23 | 5.34 | 6.29 | 4.30 |
| Quick ratio | 7.97 | 8.39 | 5.86 | 6.54 | 8.32 | 9.97 | 5.23 | 5.34 | 6.29 | 4.30 |
| Cash ratio | 4.23 | 4.84 | 2.21 | 3.37 | 5.41 | 7.78 | 2.27 | 2.96 | 3.76 | 1.54 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.17 | 1.16 | 1.23 | 1.21 | 1.20 | 1.19 | 1.43 | 1.28 | 1.25 | 1.41 |
| Liabilities / Assets | 0.14 | 0.14 | 0.18 | 0.17 | 0.17 | 0.16 | 0.30 | 0.22 | 0.20 | 0.29 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | 0.01 | 0.04 | - | 0.01 | 0.01 | 0.02 | - | 0.02 | 0.03 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 576d | 698d | 196d | - | 35d | 92d | 2717d | - | 114d | 99d |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 3.2% | 20.4% | 235.8% | - | 6.7% | -30.0% | -41.6% | - | 67.6% | -17.4% |
| Revenue CAGR (3y) | 22.7% | -11.4% | 31.5% | - | -4.9% | -16.0% | -1.9% | - | 8.8% | 18.1% |
| Revenue CAGR (5y) | 7.2% | 6.8% | 33.3% | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -33.6% | -71.4% | -61.8% | - | -88.3% | -90.0% | -27.4% | - | 20.4% | -8.9% |
| Net income growth (YoY) | 4.4% | -216.2% | -180.0% | - | -334.1% | -56.2% | 13.3% | - | 6.5% | -460.6% |
| EPS growth (YoY) | 13.7% | -175.3% | -137.3% | - | -239.5% | -22.7% | 31.4% | - | 18.9% | 7.0% |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | -117.4% | - | - | - | -10.1% | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 10.2% | 12.7% | 70.6% | 81.8% | 78.8% | 190.1% | 60.6% | 44.2% | 31.7% | -21.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Product / service
$36.13M totalCollaboration Revenue$36.13M · 100.0%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Merus N.V. against the 5 most active filers in the same SIC group.