Mersana Therapeutics, Inc. today provided a business update and reported financial results for the second quarter ended June 30, 2025. The company reported a net loss of $24.3 million for the second quarter of 2025. Collaboration revenue for the six months ended June 30, 2025, was $5.81 million, a decrease from $11.54 million in the prior year, primarily due to reduced revenue from Johnson & Johnson and Merck KGaA, partially offset by an increase from GSK.
Research and development expenses decreased to $34.56 million for the six months ended June 30, 2025, from $35.93 million in the prior year, reflecting the impact of reduced headcount from restructuring despite increased external costs for clinical development. As of June 30, 2025, the company reported $77.0 million in cash and cash equivalents. In July 2025, Mersana repaid approximately $17.9 million to extinguish its debt facility, a move that, combined with the strategic restructuring, is projected to extend the company's cash runway into mid-2026.
Clinical development for Emi-Le continues with strong enrollment in two Phase 1 dose expansion cohorts for triple-negative breast cancer patients, with initial clinical data expected in the second half of 2025. The XMT-2056 program achieved a $15 million development milestone from GSK in July 2025, with payment due in the third quarter of 2025, and initial clinical pharmacodynamic STING activation data is expected in the second half of 2025. Furthermore, the company announced that it regained compliance with Nasdaq's minimum bid price requirement on August 11, 2025, following its 1-for-25 reverse stock split that became effective on July 25, 2025.
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