Mersana Therapeutics Updates Business and Announces Q1 2024 Financial Results

Mersana Therapeutics, Inc., a clinical-stage biopharmaceutical company, has provided a business update and shared financial results for the first quarter of 2024. The company, which focuses on developing antibody-drug conjugates (ADCs) to treat cancers with high unmet medical needs, highlighted significant progress in their ongoing clinical trials and strategic initiatives.

Recently, Mersana presented new preclinical and clinical data on their Dolasynthen platform. This next-generation cytotoxic ADC platform has shown promise in reducing adverse events commonly associated with other ADC platforms. Martin Huber, M.D., President and CEO, emphasized the encouraging responses seen with XMT-1660 and the company's dedication to optimizing doses and biomarkers in their ongoing Phase 1 trial.

In the Phase 1 clinical trial of XMT-1660, which targets B7-H4, the dose escalation portion is still in progress, with the maximum tolerated dose yet to be established. The company is continuing patient enrollment in backfill cohorts to refine dosing and scheduling. Initial data from this phase, as well as the start of the expansion phase, is anticipated in the latter half of 2024.

The Phase 1 clinical trial for XMT-2056, an Immunosynthen ADC targeting a novel HER2 epitope, has resumed patient recruitment after a clinical hold was lifted in late 2023. The company plans to advance dose escalation within the year. Notably, GSK plc holds an exclusive global license option to co-develop and commercialize XMT-2056.

Mersana’s collaborations with Johnson & Johnson and Merck KGaA are also progressing. The Johnson & Johnson partnership focuses on developing novel Dolasynthen ADCs for up to three targets, while the collaboration with Merck KGaA aims to create new Immunosynthen ADCs for up to two targets.

The differentiation of the Dolasynthen platform was underscored by data presented at the European Society of Gynaecological Oncology (ESGO) 2024 Congress and the American Association for Cancer Research (AACR) 2024 Annual Meeting. These presentations highlighted the platform's ability to reduce off-target toxicities compared to Mersana's first-generation platform.

Financially, Mersana reported that their cash, cash equivalents, and marketable securities totaled $183.1 million as of March 31, 2024. The company expects these resources to support their operating plans into 2026. For the first quarter of 2024, net cash used in operating activities was $32.7 million. Collaboration revenue rose to $9.2 million, compared to $7.8 million in the same period in 2023, primarily due to activities related to the Johnson & Johnson collaboration.

Research and development expenses significantly decreased to $18.7 million from $47.3 million in the first quarter of 2023. This reduction was mainly due to lower costs associated with manufacturing and clinical activities for UpRi and decreased employee compensation following a restructuring in July 2023. General and administrative expenses also declined to $11.6 million from $18.3 million in the previous year, driven by reduced consulting and professional services fees as well as lower employee compensation.

Overall, Mersana reported a net loss of $19.3 million, or $0.16 per share, for the first quarter of 2024, compared to a net loss of $56.2 million, or $0.52 per share, in the same period the previous year.

Mersana remains committed to advancing its clinical programs and leveraging its Dolasynthen and Immunosynthen platforms to develop innovative cancer therapies. The company aims to provide updates on their progress as they move forward with their clinical trials and strategic collaborations.