Merus N.V. announced its financial results for the third quarter ended September 30, 2024, reporting $782.9 million in cash, cash equivalents, and marketable securities. The company projects this capital will fund its operations into 2028, providing a solid financial runway for its clinical programs.
Collaboration revenue for Q3 2024 increased by $0.8 million compared to the same period in 2023, primarily due to higher amortization of upfront deferred revenue. Research and development expenses rose by $26.5 million, driven by increased external clinical services and drug manufacturing costs, predominantly for petosemtamab clinical trials.
The company provided updates on its pipeline, noting that Phase 3 trials for petosemtamab in 1L and 2/3L HNSCC are enrolling, with a clinical data update for 2L+ HNSCC planned for December 2024. The Biologics License Application for zenocutuzumab in NRG1+ NSCLC and PDAC was accepted for priority review by the FDA in May 2024.
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