Merus NV (NASDAQ:MRUS) has announced its financial results for the third quarter of 2017 ended September 30. Merus N.V is a clinical stage immuno-oncology company engaged in the development of innovative bispecific antibody therapeutics.
In an upadate, Merus Chief Executive Officer Ton Logtenberg, Ph.D said the company is making significant progress in both the proprietary pipeline as well as the various collaboration programs. He added that they currently look forward to a number of milestones including the expected start of Phase 2 clinical trial of MCLA-128 in addition to other therapies in HER2 positive and ER+/HER2 low metastatic breast cancer. The company y has also announced plans to file a Clinical Trial Application for the first in-human clinical trial of MCLA-158 which is used to treat patients with colorectal cancer.
On the financial front, the company closed the quarter with cash and cash equivalents amounting to €202.4 million up from the €56.9 million that was reported in December 31, 2016. During the period, the company recorded €3.5 million in total revenue. This is compared to the €1.2 million that was recorded for the same period the previous financial year. This revenue was mainly comprised of amortization of the Incyte upfront license payment, cost reimbursements, income from grants on research projects and research funding.
During the three months, the company recorded €8.0 million in research and development costs. This is compared to the €4.1 million that was reported during the same period in the 2016 financial year. The raise in costs from research and development is as a result of increase in enrollment in the clinical; trials as well as expansion of the company’s research efforts aimed at supporting collaboration with Incyte as well as internal programs.
During the quarter, the company reported €15.7 million or €0.81 per basic and diluted share in net loss as compared to €4.9 million or €0.31 per basic and diluted share during the same period of the previous financial year. The net loss recorded during the period include €5.5 million of foreign currency losses and around €2.7 million of non-cash, share option expenses.