Merus N.V. announced its financial results for the fourth quarter and full year ended December 31, 2024. The company reported $724.0 million in cash, cash equivalents, and marketable securities as of year-end, projecting this capital will fund operations into 2028.
Full year 2024 collaboration revenue decreased by $7.8 million compared to 2023, primarily due to decreases in Lilly and Incyte revenue, partially offset by increases from Gilead and other sources. Research and development expenses for the full year increased by $84.7 million, largely driven by $66.6 million in clinical trial support and drug manufacturing costs for the petosemtamab program.
Key pipeline updates include the FDA approval of BIZENGRI® in December 2024 and its licensing to Partner Therapeutics for U.S. commercialization. Petosemtamab received two Breakthrough Therapy designations and its Phase 3 trials (LiGeR-HN1 and LiGeR-HN2) are enrolling, with substantial enrollment expected by year-end 2025. A Phase 2 trial for petosemtamab in 1L mCRC also initiated in January 2025, with initial clinical data anticipated in 2H25.
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