Merus N.V. (MRUS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Merus N.V. (MRU) emerge como una fuerza pionera, revolucionando el tratamiento del cáncer a través de la innovadora ingeniería de anticuerpos. Sus innovadoras plataformas biclónicas y triclónicas representan un salto cuántico en medicina de precisión, ofreciendo esperanza a profesionales de oncología y pacientes por igual mediante el desarrollo de terapéuticas específicas que prometen transformar cómo abordamos los tratamientos complejos del cáncer. Con colaboraciones estratégicas, investigación de vanguardia y una misión centrada en el láser para crear soluciones oncológicas innovadoras, Merus N.V. se está posicionando a la vanguardia de un posible cambio de paradigma en la terapia contra el cáncer.

Merus N.V. (MRUS) - Modelo de negocio: asociaciones clave

Colaboraciones farmacéuticas estratégicas

Merus N.V. ha establecido asociaciones estratégicas clave con compañías farmacéuticas para avanzar en su desarrollo de anticuerpos biespecíficos:

Pareja	Detalles de la asociación	Año iniciado
Corporación Incyte	Colaboración para el desarrollo de MCLA-129	2017
Bayer AG	Desarrollo conjunto de anticuerpos biespecíficos	2018

Asociaciones de investigación académica

Merus colabora con múltiples instituciones de investigación académica para el desarrollo preclínico y clínico:

• Instituto del Cáncer Dana-Farber
• Instituto del Cáncer de los Países Bajos
• Centro médico universitario Utrecht

Asociaciones de ejecución de ensayos clínicos

Organizaciones de investigación por contrato (CRO) que apoyan las operaciones de ensayo clínico de Merus:

Nombre de Cro	Servicios proporcionados	Ensayos clínicos activos
Ícono plc	Gestión de prueba de fase I/II	3 pruebas en curso
IQVIA	Coordinación del ensayo clínico global	2 pruebas globales

Licencia de propiedad intelectual

Merus mantiene acuerdos críticos de licencia de IP:

• Acuerdo de licencia exclusivo con la Universidad de Utrecht
• Patente de licencia cruzada con Merck KGAA
• Acuerdo de acceso tecnológico con Memorial Sloan Kettering Cancer Center

Merus N.V. (MRUS) - Modelo de negocio: actividades clave

Investigación y desarrollo biofarmacéutico

Gastos de investigación y desarrollo para 2023: $ 98.4 millones

Área de enfoque de I + D	Monto de la inversión
Oncología desarrollo terapéutico	$ 62.3 millones
Ingeniería de anticuerpos	$ 24.1 millones
Investigación preclínica	$ 12 millones

Ingeniería y descubrimiento de anticuerpos

Programas de anticuerpos activos a partir del cuarto trimestre 2023: 7 programas distintos

• Plataforma de apunte dual (UDT) de propiedad única
• Capacidades de desarrollo de anticuerpos biespecíficos
• Dirección de precisión de los mecanismos de células cancerosas

Diseño y gestión del ensayo clínico

Fase de ensayo clínico	Número de pruebas activas
Fase 1	3 pruebas
Fase 2	2 pruebas
Fase 3	1 juicio

Presentación y cumplimiento regulatorio

Interacciones regulatorias en 2023: 12 compromisos formales con FDA y EMA

• Aplicaciones de IND en curso
• Contrimientos continuos de datos de seguridad y eficacia
• Cumplimiento de las normas regulatorias internacionales

Potencial comercialización de la terapéutica oncológica

Preparación comercial proyectada: 2025-2026

Candidato terapéutico	Segmento de mercado potencial
MCLA-129	Cánceres dirigidos a HER2
MCLA-158	Terapias tumorales sólidas

Merus N.V. (MRU) - Modelo de negocio: recursos clave

Plataformas de anticuerpos biclónicos y triclónicos patentados

Tecnología única de ingeniería de anticuerpos:

Tipo de plataforma	Características clave	Estado de desarrollo
Plataforma biclónica	Tecnología de anticuerpos de doble objetivo	Validado en múltiples programas preclínicos
Plataforma triclónica	Tecnología de anticuerpos triple dirigido	Etapa de investigación avanzada

Equipo de investigación y desarrollo especializado

I + D Composición del personal:

Categoría	Número de empleados
Personal de I + D total	48 empleados (a partir del cuarto trimestre 2023)
Investigadores de doctorado	32 investigadores

Instalaciones avanzadas de laboratorio e investigación

Infraestructura de investigación:

• Espacio de laboratorio total: 15,000 pies cuadrados
• Ubicado en Utrecht, Países Bajos
• Equipo de biología molecular de última generación
• Cultivo celular avanzado e instalaciones de ingeniería de proteínas

Cartera de propiedades intelectuales

Categoría de IP	Recuento total	Estado
Solicitudes de patentes	37 patentes totales	Activo y pendiente
Patentes concedidas	22 patentes otorgadas	Protección mundial

Candidatos a medicamentos de etapa clínica

Candidato a la droga	Indicación	Estadio clínico
MCLA-129	Cáncer dirigido a HER2	Ensayos clínicos de fase 1/2
MCLA-158	Tumores sólidos	Ensayos clínicos de fase 1/2
MCLA-145	Inmunoterapia con cáncer	Desarrollo preclínico

Merus N.V. (MRUS) - Modelo de negocio: proposiciones de valor

Terapéutica innovadora de anticuerpos biespecíficos y trispecíficos

Merus N.V. desarrolla plataformas de anticuerpos complejas con las siguientes características clave:

Tecnología	Especificación	Característica única
Anticuerpos biespecíficos	Plataforma duclone	Mecanismo de doble objetivo
Anticuerpos trispecíficos	Tecnología de triple cuerpo	Mecanismo

Posibles tratamientos innovadores en oncología

La tubería de oncología actual se centra en:

• MCLA-128 (Zenocutuzumab)-Tratamiento de cáncer de mama dirigido a HER2
• MCLA -117 - CD123/CD3 Bispecífico para leucemia mieloide aguda
• MCLA -158 - Terapia con cáncer colorrectal dirigido a LGR5

Terapias de cáncer dirigidas con eficacia mejorada

Terapia	Objetivo	Estadio clínico	Mercado potencial
MCLA-128	HER2/HER3	Fase 2	$ 3.5 mil millones
MCLA-158	LGR5	Fase 1/2	$ 2.8 mil millones

Tecnología única de ingeniería de anticuerpos

Merus N.V. utiliza Tecnología de anticuerpos biespecíficos con cremallera de leucina (LZ) Con las siguientes capacidades:

• Formato de IgG humano de longitud completa
• Estructura de anticuerpos naturales
• Estabilidad mejorada
• Reducción de la complejidad de la fabricación

Enfoque de medicina de precisión para el tratamiento del cáncer

Estrategia de orientación de precisión con las siguientes métricas:

Métrico	Valor
Inversión de I + D	$ 87.4 millones (2023)
Cartera de patentes	37 patentes emitidas
Programas clínicos	5 programas activos

Merus N.V. (MRU) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales de la salud

Merus N.V. se involucra con profesionales de la salud a través de interacciones específicas:

Tipo de compromiso	Frecuencia	Público objetivo
Alcance especialista en oncología	Trimestral	Hematólogos, oncólogos
Reuniones de investigadores de ensayos clínicos	By-anualmente	Investigadores principales

Conferencias científicas y presentaciones de reuniones médicas

Merus participa en eventos científicos clave:

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)

Comunicaciones de inversores y analistas

Métricas de comunicación financiera para 2024:

Tipo de comunicación	Frecuencia	Participantes
Llamada de ganancias trimestrales	4 veces al año	~ 150 inversores institucionales
Día anual de los inversores	1 vez por año	~ 200 analistas financieros

Asociaciones de investigación colaborativa

Colaboraciones de investigación activa a partir de 2024:

• Memorial Sloan Kettering Cancer Center
• Instituto del Cáncer Dana-Farber
• Centro de cáncer de MD Anderson

Programas de apoyo y educación del paciente

Iniciativas de compromiso del paciente:

Programa	Alcanzar	Enfocar
Portal de información del ensayo clínico	3.500 pacientes registrados	Investigación continua del tratamiento del cáncer
Programa de asistencia al paciente	250 participantes activos	Soporte de acceso al tratamiento

Merus N.V. (MRUS) - Modelo de negocios: canales

Equipo de ventas directo para una futura comercialización futura

A partir del cuarto trimestre de 2023, Merus N.V. mantiene un equipo de ventas especializado centrado en la oncología con 12 miembros dedicados a una posible comercialización de productos futuros.

Métrica del equipo de ventas	Cantidad
Miembros del equipo total de ventas	12
Especialistas en oncología	8
Profesionales de desarrollo de negocios	4

Conferencias médicas y simposios científicos

Merus N.V. participó en 7 conferencias científicas principales en 2023, presentando datos de investigación en 15 plataformas científicas diferentes.

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Reunión anual de la Sociedad para la Inmunoterapia del Cáncer (SITC)

Publicaciones científicas revisadas por pares

En 2023, Merus N.V. publicó 9 artículos científicos revisados ​​por pares en revistas de alto impacto.

Métrico de publicación	Cantidad
Total de publicaciones	9
Rango de factores de impacto	5.2 - 12.4

Plataformas y sitios web de salud digital

Merus N.V. mantiene una presencia digital activa con Actualizaciones trimestrales del sitio web y compromiso en múltiples plataformas digitales.

• Sitio web corporativo: www.merus.nl
• Página de la empresa de LinkedIn
• Cuenta profesional de Twitter/X

Eventos de redes de la industria farmacéutica

En 2023, Merus N.V. participó en 22 eventos de redes farmacéuticas de la industria, apuntando a posibles asociaciones y oportunidades de colaboración.

Categoría de eventos de redes	Número de eventos
Eventos específicos de oncología	12
Conferencias de biotecnología	6
Eventos de relaciones con los inversores	4

Merus N.V. (MRU) - Modelo de negocio: segmentos de clientes

Oncology Medical Professionals

Merus N.V. se dirige a profesionales médicos de oncología con terapias de anticuerpos biespecíficos especializadas.

Características de segmento	Detalles específicos
Especialidades objetivo	Hematología-oncología, oncología médica
Compromiso anual	Aproximadamente 2.500 especialistas en oncología
Enfoque geográfico	Estados Unidos, Europa y mercados asiáticos seleccionados

Centros de tratamiento del cáncer

Red integral de instalaciones de tratamiento del cáncer como clientes clave.

• Top 100 centros diseñados del Instituto Nacional del Cáncer (NCI)
• Centros médicos académicos
• Redes integrales de cáncer

Tipo central	Número de clientes potenciales
Centros designados por NCI	71 centros
Centros de cáncer integrales	51 centros

Instituciones de investigación farmacéutica

Asociaciones estratégicas con organizaciones centradas en la investigación.

Categoría de institución de investigación	Alcance de colaboración potencial
Centros de investigación académicos	15 colaboraciones activas
Laboratorios de investigación farmacéutica	8 asociaciones de investigación en curso

Inversores de biotecnología

Dirigido a inversores de biotecnología institucionales y especializados.

Categoría de inversionista	Métricas de inversión
Inversores institucionales	62.4% del total de accionistas
Fondos centrados en biotecnología	37 fondos de inversión especializados

Pacientes con indicaciones específicas de cáncer

Centrado en poblaciones de pacientes con tipos de cáncer específicos.

• Pacientes con cáncer colorrectal
• Pacientes con cáncer de mama
• Pacientes de cáncer de pulmón

Tipo de cáncer	Población de pacientes objetivo
Cáncer colorrectal	Aproximadamente 153,020 casos nuevos en 2023
Cáncer de mama	Aproximadamente 297,790 casos nuevos en 2023
Cáncer de pulmón	Aproximadamente 238,340 casos nuevos en 2023

Merus N.V. (MRUS) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Merus N.V. reportó gastos totales de investigación y desarrollo de $ 104.1 millones.

Categoría de gastos	Monto ($)
Costos de personal	42.6 millones
Investigación externa	31.2 millones
Materiales y suministros	18.5 millones
Costos de I + D relacionados con la instalación	11.8 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron $ 62.3 millones.

• Pruebas de fase I: $ 18.7 millones
• Pruebas de fase II: $ 27.5 millones
• Ensayos de fase III: $ 16.1 millones

Mantenimiento de la propiedad intelectual

La propiedad intelectual y los gastos relacionados con la patente para 2023 fueron $ 4.2 millones.

Categoría de costos de IP	Monto ($)
Presentación de patentes	2.1 millones
Mantenimiento de patentes	1.5 millones
Consultoría legal	0.6 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio en 2023 ascendieron a $ 7.5 millones.

• Costos de presentación de la FDA: $ 3.2 millones
• Documentación de cumplimiento: $ 2.7 millones
• Consultoría regulatoria: $ 1.6 millones

Personal y gastos generales administrativos

El personal total y la sobrecarga administrativa para 2023 fue $ 38.9 millones.

Categoría de gastos generales	Monto ($)
Salarios y beneficios	29.6 millones
Gastos administrativos	6.3 millones
Instalaciones de oficina	3.0 millones

Merus N.V. (MRUS) - Modelo de negocio: flujos de ingresos

Pagos potenciales de hitos de los acuerdos de asociación

En 2023, Merus N.V. reportó posibles pagos de hitos de asociaciones estratégicas con la siguiente estructura:

Pareja	Pago potencial de hito	Tipo de hito
Corporación Incyte	$ 25 millones por adelantado	Hito
Eli Lilly	Hasta $ 610 millones	Hitos preclínicos y clínicos

Ingresos de licencia de plataformas de anticuerpos

Merus N.V. genera ingresos por licencia a través de su plataforma de anticuerpos biespecíficos multiclonics®.

• Ingresos de licencia en 2023: $ 12.3 millones
• Tarifas de licencia de tecnología de plataforma: $ 4.5 millones

Comercialización futura de productos

Potencial comercial proyectado para productos de tubería clave:

Producto	Valor comercial estimado	Etapa de desarrollo
MCLA-128	Hasta $ 350 millones	Ensayos clínicos de fase 2
MCLA-158	Hasta $ 500 millones	Ensayos clínicos de fase 1/2

Subvenciones y colaboraciones de investigación

Fuentes de financiación de investigación para 2023:

• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 2.1 millones
• Colaboraciones de investigación académica: $ 1.7 millones

Posibles regalías de asociación farmacéutica

Estructura de regalías proyectadas de asociaciones farmacéuticas:

Asociación	Rango de regalías potencial	Enfoque del producto
Corporación Incyte	8-12% de las ventas netas	Terapéutica de anticuerpos biespecíficos
Eli Lilly	10-15% de las ventas netas	Candidatos a drogas oncológicas

Merus N.V. (MRUS) - Canvas Business Model: Value Propositions

You're looking at the core value Merus N.V. (MRUS) delivers to its customers-the patients and prescribers relying on their pipeline. It all centers on their proprietary antibody technology.

Innovative full-length human bispecific antibodies (Biclonics®) with long half-life

The fundamental value proposition rests on the Biclonics® platform, which creates full-length human bispecific antibodies. What's key here is that these molecules are designed to retain the desirable characteristics of natural, full-length immunoglobulin G (IgG) antibodies. This means they have inherent stability and, importantly, a long half-life in the body. Also, unlike many other bispecific formats, these don't need extra linkers or modifications to ensure the heavy and light chains pair up correctly, which helps with reliable, high-yield manufacturing.

• Retain qualities of natural human, full-length IgG antibodies.
• Exhibit stability, long half-life, and low immunogenicity.
• No linkers or modifications needed for correct chain pairing.

Petosemtamab's 63% response rate in 1L HNSCC, addressing a high unmet need

For first-line (1L) recurrent/metastatic head and neck squamous cell carcinoma (HNSCC), which carries a poor prognosis, petosemtamab in combination with pembrolizumab is showing compelling early results. As of the February 27, 2025 data cutoff, the interim Phase 2 data was impressive. We saw a confirmed overall response rate (ORR) of 63% in 43 evaluable patients. Honestly, this suggests a potential shift in the standard of care if the Phase 3 trials confirm it.

Here's a quick look at the durability metrics from that interim analysis:

Efficacy Metric	Result	Patient Count/Context
Confirmed Overall Response Rate (ORR)	63%	43 evaluable patients
12-Month Overall Survival (OS) Rate	79%
Median Progression-Free Survival (PFS)	9 months

What this estimate hides is that the Phase 3 trials are still enrolling, with both LiGeR-HN1 and LiGeR-HN2 expected to be substantially enrolled by the end of 2025.

First FDA-approved product, BIZENGRI® (zenocutuzumab), for NRG1+ cancer (Dec 2024)

Merus N.V. achieved a major milestone with the U.S. Food and Drug Administration (FDA) granting accelerated approval to BIZENGRI® (zenocutuzumab-zbco) on December 4, 2024. This is the first and only systemic therapy specifically approved for adults with advanced, unresectable, or metastatic non-small cell lung cancer (NSCLC) or pancreatic adenocarcinoma that harbors a neuregulin 1 (NRG1) gene fusion, provided they have progressed after prior systemic therapy. The approval was based on the efficacy seen in the eNRGy study.

The efficacy data supporting this approval for these hard-to-treat populations were:

Indication	Overall Response Rate (ORR)	Duration of Response (DOR)
NRG1+ Pancreatic Adenocarcinoma	40% (n=30)	Range: 3.7 months to 16.6 months
NRG1+ NSCLC	33% (n=64)	Median: 7.4 months

The recommended dose for BIZENGRI® is 750 mg as an intravenous infusion every two weeks (q2wks).

Potential for superior efficacy and safety over conventional monoclonal antibodies

The platform's design, targeting two receptors simultaneously, offers a mechanism of action that can potentially surpass what conventional monoclonal antibodies (mAbs) achieve. For instance, petosemtamab targets EGFR x LGR5, and its combination data in 1L HNSCC showed a 63% ORR. This compares favorably to a competitor's bispecific in the same setting, which reported a 53% ORR. Also, the technology allows for enhanced immune engagement, such as enhanced antibody-dependent cell-mediated cytotoxicity and antibody-dependent cellular phagocytosis activity, which is a functional advantage over single-target mAbs.

Financially, Merus N.V. is funding this development with a solid balance sheet, reporting $892 million in cash, cash equivalents, and marketable securities as of June 30, 2025, which management projects will fund operations at least into 2028. Still, you should note the Q1 2025 net loss hit $96.5 million, nearly triple the loss from Q1 2024's $34.5 million.

Finance: draft 13-week cash view by Friday.

Merus N.V. (MRUS) - Canvas Business Model: Customer Relationships

You're looking at how Merus N.V. manages the critical external relationships that fuel its pipeline and financial runway. For a clinical-stage oncology company, these aren't just vendor agreements; they are lifeblood partnerships and crucial dialogues with the gatekeepers of medical practice and approval.

High-touch, long-term strategic alliances with major pharmaceutical partners

Merus N.V. structures its key external relationships around platform technology licensing and co-development, which is typical for a firm advancing novel bispecific and trispecific antibodies, referred to as Multiclonics®. These alliances provide non-dilutive funding milestones and shared development costs. The company is actively managing several such relationships as of late 2025.

The financial impact of these collaborations is visible in the reported revenue. For the six months ended June 30, 2025, total revenue increased by $20.1 million compared to the same period in 2024, driven partly by collaboration revenue increases of $6.8 million. Specifically, this included an upfront payment amortization increase from the Biohaven agreement of $5.1 million. Furthermore, Merus N.V. recognized $13.3 million in Commercial Material Revenue from Partner Therapeutics, Inc. (PTx) in the first quarter of 2025 (Q1 2025) related to BIZENGRI® (zenocutuzumab-zbco).

Here's a look at the key strategic alliances:

Partner Organization	Agreement Focus/Technology	Key Recent Milestone/Event	Financial Impact/Status
Biohaven	Co-develop three novel bispecific antibody drug conjugates (ADCs) leveraging Biclonics® and Biohaven's ADC platform	Agreement announced in January 2025	Contributed to collaboration revenue increase in H1 2025
Ono Pharmaceutical Co., Ltd. (Ono)	Exclusive, worldwide license for bispecific antibody candidates based on Biclonics® technology	Agreement originally granted in 2018	Royalty-bearing license structure
Eli Lilly and Company (Lilly)	Develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies	Collaboration progressing well with two programs in preclinical development as of Q2 2025	Received a milestone payment of $1 million in Q2 2025 for a candidate nomination
Partner Therapeutics, Inc. (PTx)	U.S. commercialization of zenocutuzumab (BIZENGRI®) in NRG1 fusion-positive cancer	Commercial material revenue recognized in Q1 2025	Generated $13.3 million in commercial material revenue in Q1 2025

Direct engagement with Key Opinion Leaders (KOLs) and the oncology medical community

Engagement with clinicians and Key Opinion Leaders (KOLs) is centered on presenting compelling clinical data to build confidence in Merus N.V.'s pipeline assets, particularly petosemtamab. The CEO noted being 'thrilled by the response from clinicians and KOLs' following the data presentation at the 2025 ASCO® Annual Meeting. This positive reception is directly linked to driving the activation of sites for late-stage trials.

Key data points shared with the medical community include:

• Petosemtamab with pembrolizumab in 1L PD-L1+ r/m HNSCC showed a 63% response rate among 43 evaluable patients.
• The same combination demonstrated a 79% overall survival rate at 12-months.
• Phase 3 trials, LiGeR-HN1 and LiGeR-HN2, are both enrolling, with expectations they will be substantially enrolled by YE25.
• Initial clinical data on metastatic colorectal cancer (mCRC) is planned for the second half of 2025 (2H25).

Regulatory relationship management with the FDA and other global agencies

The relationship with the U.S. Food and Drug Administration (FDA) is a high-stakes, process-driven interaction, especially concerning the Biologics License Application (BLA) for zenocutuzumab (Zeno). The PDUFA goal date for Zeno was extended to February 4, 2025, to allow review of Chemistry, Manufacturing, and Control (CMC) information. Importantly, the FDA did not request any additional clinical data for Zeno.

For petosemtamab, Merus N.V. is actively managing the data presentation timeline, which directly informs regulatory strategy. The company announced interim clinical data for petosemtamab on October 24, 2025, based on a July 29, 2025 data cutoff. Merus believes securing a commercialization partnership is an important step in bringing Zeno to patients, pending approval.

Dedicated investor relations for capital market communication

Merus N.V. maintains a dedicated investor relations function, managed by SVP Investor Relations and Strategic Communications, Sherri Spear, to communicate financial health and operational milestones to the capital markets. The company's cash position is a key focus for investors, given the heavy R&D spending. As of June 30, 2025, Merus had $892 million in cash, cash equivalents, and marketable securities. This balance, bolstered by a public offering raising $345M gross proceeds on June 4, 2025, is projected to fund operations at least into 2028.

Financial reporting highlights for the period ending late 2025 include:

• Total revenue for the nine months ended September 30, 2025, reached $47.47 million.
• The net loss for Q3 2025 was $95.5 million on total revenue of only $12.2 million.
• Research and development expense for the six months ended June 30, 2025, increased by $86.3 million year-over-year.

The CEO, Bill Lundberg, M.D., actively participates in investor engagement, presenting at conferences such as the William Blair 45th Annual Growth Stock Conference on June 3, 2025, and the Jefferies Global Healthcare Conference on June 4, 2025.

Finance: draft 13-week cash view by Friday.

Merus N.V. (MRUS) - Canvas Business Model: Channels

You're looking at how Merus N.V. gets its science and potential products to the right people, which right now is heavily weighted toward strategic partnerships and clinical validation. It's a classic biotech channel strategy: use established players for global scale and data dissemination to build value.

Direct licensing and collaboration agreements with pharmaceutical companies for global reach

Merus N.V. relies significantly on its platform technology being licensed out to larger pharmaceutical companies to achieve global reach and share development costs. This is where a lot of the top-line revenue is currently generated, as product sales are not yet the primary driver.

For the nine months ended September 30, 2025, Merus N.V. reported total revenue of $47.47 million, which is overwhelmingly reliant on these collaboration deals.

Key collaboration channels include:

• The research collaboration and license agreement with Biohaven, announced in January 2025, for three novel bispecific antibody drug conjugates (ADCs).
• The agreement with Eli Lilly and Company (Lilly) from January 2021 to develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies, with two programs advancing through preclinical development as of August 2025.
• The collaboration with Gilead Sciences, Inc. from March 2024, where Merus leads early-stage research for two programs, with an option for a third.
• The 2018 exclusive, worldwide license granted to Ono Pharmaceutical Co., Ltd. (Ono) utilizing Merus' Biclonics® technology.

The success of these licensing channels is evidenced by financial milestones, such as Merus N.V. receiving a milestone payment of $1 million during the second quarter of 2025 for the candidate nomination of a discovery program under the Biohaven collaboration.

Here's a quick look at the active platform technology licensing arrangements:

Partner Company	Agreement Year	Focus/Programs	Status as of Late 2025
Biohaven	2025	Three novel bispecific ADCs	Active co-development
Eli Lilly and Company	2021	Up to Three CD3-engaging therapies	Two programs in preclinical development
Gilead Sciences, Inc.	2024	Two programs plus an option for a third	Merus leading early-stage research

Clinical trial sites and Contract Research Organizations (CROs) for drug delivery to patients

The execution of clinical trials, which is essential for data generation and eventual regulatory approval, is channeled through a network of clinical trial sites and external service providers. This operational channel directly impacts the speed of development for assets like petosemtamab.

The investment in this channel is substantial. Research and development (R&D) expense for the three months ended June 30, 2025, increased by $44.8 million compared to the same period in 2024. A significant portion of this increase, specifically $37.9 million, was driven by clinical trial support provided by contract manufacturing and development organizations and Contract Research Organizations (CROs), mostly related to the petosemtamab clinical trials.

Enrollment progress is a key metric for this channel. Merus N.V. expects substantial enrollment for its ongoing Phase 3 trials of petosemtamab in head and neck cancer to be completed by the end of 2025.

Partner Therapeutics (PTx) commercial channel for BIZENGRI® in the U.S. market

For BIZENGRI® (zenocutuzumab), Merus N.V. established a dedicated commercial channel by exclusively licensing U.S. rights to Partner Therapeutics (PTx). This arrangement transfers the direct sales and marketing responsibilities for this product in the U.S. to PTx.

BIZENGRI® received accelerated U.S. Food and Drug Administration (FDA) approval in December 2024 for NRG1 fusion-positive non-small cell lung cancer (NSCLC) and pancreatic adenocarcinoma.

The financial structure of this channel involves Merus receiving an upfront payment (undisclosed) and being eligible for performance-based payments:

• Potential milestone payments up to $130 million.
• Royalties ranging from the high single digits to the low 20s on annual net sales in the U.S..

The market has initial expectations for this channel's performance, with estimated initial sales for BIZENGRI® in 2025 projected at $32 million.

Scientific publications and medical conferences (e.g., ASCO 2025) for data dissemination

Disseminating clinical data through peer-reviewed channels and major medical conferences is a critical channel for validating Merus N.V.'s science and attracting future partners or investors. The 2025 American Society of Clinical Oncology (ASCO) Annual Meeting served as a major channel for presenting interim data on petosemtamab in combination with pembrolizumab for first-line head and neck squamous cell carcinoma (HNSCC).

The data presented, which was based on a February 27, 2025 data cutoff, involved 45 patients treated, with 43 in the efficacy evaluable population. The key efficacy metrics shared through this channel were:

The clinical performance data from the ASCO 2025 presentation:

Endpoint	Result (N=43 Evaluable Patients)
Confirmed Overall Response Rate (ORR)	63% (27/43)
Median Progression-Free Survival (PFS)	9 months (95% CI: 5.2-12.9)
12-Month Overall Survival (OS) Rate	79% (30/43 censored)

The company held a conference call and webcast on May 22, 2025, at 5:30 p.m. ET to discuss the full ASCO data set.

Merus N.V. (MRUS) - Canvas Business Model: Customer Segments

You're looking at the key groups Merus N.V. serves, which are primarily defined by the clinical stage and specific biomarker of their oncology assets as of late 2025. It's a mix of big pharma money and very specific patient populations.

The largest external customer segment involves the large global pharmaceutical and biotechnology companies that partner with Merus N.V. to access their proprietary antibody platforms like Biclonics® and Triclonics®. These relationships are financially significant, as evidenced by the recent acquisition announcement.

Partner/Transaction	Date of Major Update/Agreement	Financial Implication/Status
Genmab A/S (Acquisition)	September/November 2025	Transaction value approximately $8.0 billion in an all-cash deal.
Biohaven Ltd.	January 2025	Collaboration to co-develop three novel bispecific ADC programs; Merus receives upfront payment and license fee at ADC candidate nomination.
Gilead Sciences	March 2024	Upfront payment of $56 million plus $25 million equity investment for two to three preclinical research programs.
Eli Lilly and Company	January 2021	Agreement for up to three CD3-engaging T-cell re-directing bispecific antibody therapies.

Merus N.V.'s internal financial health, which supports engaging these partners, shows a strong balance sheet as of mid-2025. Cash, cash equivalents, and marketable securities were $892 million as of June 30, 2025, expected to fund operations at least into 2028. Collaboration revenue for the three months ended March 31, 2025, increased by $18.6 million compared to the same period in 2024.

The primary patient segments are defined by the indications for their lead candidates, petosemtamab and Bizengri® (zenocutuzumab).

For petosemtamab (EGFR x LGR5 Biclonics®), the focus is on oncology patients with solid tumors, specifically Head and Neck Squamous Cell Carcinoma (HNSCC). Merus N.V. has two Phase 3 trials enrolling, LiGeR-HN1 (1L r/m HNSCC) and LiGeR-HN2 (2/3L r/m HNSCC), both expected to be substantially enrolled by year-end 2025.

• 1L PD-L1+ r/m HNSCC Phase 2 data (combination with pembrolizumab, data cutoff Feb 27, 2025): 43 evaluable patients showed a 63% response rate and a 79% overall survival rate at 12-months.
• 2L+ r/m HNSCC monotherapy Phase 2 data (ESMO Asia Congress): 36% response rate among 75 evaluable patients.
• The Phase 2 HNSCC trial enrolled 45 patients with a median age of 64 years (range 23-80).

The second critical patient group is patients with rare cancers like NRG1 fusion-positive pancreatic or lung cancer, treated with Bizengri® (zenocutuzumab). This drug received FDA approval for advanced unresectable or metastatic NRG1+ pancreatic adenocarcinoma or NSCLC.

• The eNRGy study reviewed results from 204 patients with 12 tumor types.
• Specifically, the trial included 30 patients with NRG1+ pancreatic adenocarcinoma and 64 patients with NRG1+ NSCLC.
• Across a retrospective analysis of 25,203 solid tumor patients, the overall frequency of NRG1 fusions was 0.2% (49 patients).
• In lung cancer patients from that analysis, the frequency was 0.29% (36 fusions out of 12,458 patients).

The final segment, oncologists and clinical investigators participating in trials, are essential for generating the data that supports the value proposition. The clinical trial support expense for Merus N.V. in Q1 2025 increased by $35.6 million compared to Q1 2024, largely related to petosemtamab trials.

Merus N.V. (MRUS) - Canvas Business Model: Cost Structure

The cost structure for Merus N.V. is heavily weighted toward the front end of drug development, which is typical for a clinical-stage immuno-oncology company. You see this capital intensity reflected in the massive operating losses required to advance their pipeline, such as the $95.52 million net loss reported for the third quarter ended September 30, 2025.

Dominant Research and Development (R&D) expenses, totaling $0.328 billion for the twelve months trailing (TTM) ending September 30, 2025, represent the single largest outflow of capital. This figure reflects a 71.42% year-over-year increase, showing the acceleration of late-stage trial activity.

High costs for clinical trial support, including CROs (Contract Research Organizations) and contract manufacturing, are the primary driver behind the R&D surge. For instance, the R&D expense for the six months ended June 30, 2025, saw an increase of $86.3 million year-over-year, with $73.7 million of that increase specifically tied to clinical trial support from contract manufacturing and development organizations and CROs, mostly related to the petosemtamab clinical trials. Similarly, the Q2 2025 R&D increase of $44.8 million included $37.9 million attributed to these external clinical service providers.

Significant General and Administrative (G&A) expenses are also a major component, primarily driven by personnel costs. For the three months ended March 31, 2025, G&A expenses rose by $6.0 million compared to the prior year, with personnel related expenses, including share-based compensation, accounting for $5.3 million of that increase. Legal fees also contribute to this overhead; for the three months ended June 30, 2025, legal expenses were up by $0.6 million year-over-year as part of the overall G&A increase of $2.7 million.

Intellectual property maintenance and patent prosecution costs are necessary expenditures to protect the proprietary Biclonics® platform and pipeline assets. While these costs fluctuate, they are a persistent part of the G&A structure. For example, in the second quarter of 2025, there was a decrease in intellectual property and license expenses of $0.3 million offsetting other G&A increases.

Here's a quick look at how some of these key expense drivers compared in recent periods:

Expense Category	Period Ending	Reported Amount (USD)
Total Research and Development Expense (TTM)	September 30, 2025	$328 million
Increase in Clinical Trial Support (6M)	June 30, 2025	$73.7 million
Total General and Administrative Expense (Q1 2025)	March 31, 2025	$22.1 million
Personnel/Share-Based Comp Impact on G&A (Q1 2025)	Three Months Ended March 31, 2025	$5.3 million
Net Loss (Q3 2025)	September 30, 2025	$95.52 million

You can see the R&D burn is the main event, but the operational overhead is also climbing as the company scales its team and legal/administrative footprint to support global trials. The cost structure is fundamentally about funding the clinical advancement of petosemtamab.

• R&D expenses are the dominant cost driver.
• Clinical trial support from CROs/CMOs is the largest R&D sub-component.
• Personnel costs, including share-based compensation, drive G&A increases.
• Legal fees and IP maintenance are ongoing administrative costs.

Finance: draft 13-week cash view by Friday.

Merus N.V. (MRUS) - Canvas Business Model: Revenue Streams

You're looking at the top-line figures for Merus N.V. (MRUS) as of late 2025, focusing on where the money actually comes from. It's heavily weighted toward partnerships, which is typical for a clinical-stage biotech.

Collaboration revenue is the bedrock here, stemming from upfront payments, milestone achievements, and research funding reimbursements under existing agreements. For the three months ended March 31, 2025, collaboration revenue saw a significant jump, increasing by $18.6 million compared to the same period in 2024. This increase was partly attributed to higher deferred revenue amortization during that quarter.

A key component of the recent revenue recognition is the commercial material revenue tied to the BIZENGRI® partnership with Partner Therapeutics (PTx). You saw $13.3 million recognized specifically from commercial material revenue in the first quarter of 2025. This same figure of $13.3 million was reported as commercial material revenue sold to PTx for the six months ended June 30, 2025.

Deferred revenue amortization reflects the recognition of those upfront payments received in prior years from partners like Gilead and Incyte. As of June 30, 2025, Merus N.V. reported total deferred revenue of $64.5 million. This balance is spread across agreements, with $53.9 million primarily related to the Gilead collaboration agreement and $10.6 million from the Incyte agreement. The amortization schedule for these is based on progress toward development milestones for the respective programs. For example, the Gilead revenue increase for the six months ended June 30, 2025, was driven by upfront payment amortization of $0.1 million.

Overall, the top line shows significant growth driven by these non-product sales revenue sources. Total revenue for the nine months ended September 30, 2025, reached $47.47 million. This compares to $26.99 million for the same nine-month period in 2024.

Here's a quick look at the reported revenue components near the reporting date:

• Total revenue (Nine Months Ended September 30, 2025): $47.47 million.
• Revenue (Q3 2025): $12.15 million.
• Commercial Material Revenue (Q1 2025): $13.3 million.
• Cash, cash equivalents, and marketable securities (March 31, 2025): $638 million.

The structure of this revenue stream is best seen by breaking down the known components that contribute to the overall collaboration revenue:

Revenue Component	Period	Amount (USD)
Total Revenue	Nine Months Ended September 30, 2025	$47.47 million
Commercial Material Revenue (PTx)	Three Months Ended March 31, 2025	$13.3 million
Collaboration Revenue Increase vs. Prior Year	Three Months Ended March 31, 2025	$18.6 million
Total Deferred Revenue Balance	As of June 30, 2025	$64.5 million

Finance: draft 13-week cash view by Friday.