Merus N.V. (MRU): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la biotechnologie, Merus n.v. (MRU) émerge comme une force pionnière, révolutionnant le traitement du cancer par l'ingénierie des anticorps révolutionnaires. Leurs plates-formes bicloniques et tricloniques innovantes représentent un saut quantique en médecine de précision, offrant de l'espoir aux professionnels de l'oncologie et aux patients en développant des thérapies ciblées qui promettent de transformer la façon dont nous abordons les traitements complexes du cancer. Avec des collaborations stratégiques, des recherches de pointe et une mission axée sur le laser pour créer des solutions d'oncologie révolutionnaire, Merus n.v. se positionne à l'avant-garde d'un changement de paradigme potentiel dans la thérapie contre le cancer.

Merus N.V. (MRU) - Modèle d'entreprise: partenariats clés

Collaborations pharmaceutiques stratégiques

Merus N.V. a établi des partenariats stratégiques clés avec les sociétés pharmaceutiques pour faire avancer son développement d'anticorps bispécifique:

Partenaire	Détails du partenariat	Année initiée
Incyte Corporation	Collaboration pour le développement du MCLA-129	2017
Bayer AG	Développement conjoint d'anticorps bispécifiques	2018

Partenariats de recherche universitaire

Merus collabore avec plusieurs établissements de recherche universitaire pour le développement préclinique et clinique:

• Dana-Farber Cancer Institute
• Institut du cancer des Pays-Bas
• Centre médical universitaire utrecht

Partenariats d'exécution des essais cliniques

Organisations de recherche sous contrat (CRO) soutenant les opérations des essais cliniques de Merus:

Nom de CRO	Services fournis	Essais cliniques actifs
Icône plc	Gestion des essais de phase I / II	3 essais en cours
Iqvia	Coordination des essais cliniques mondiaux	2 essais mondiaux

Licence de propriété intellectuelle

Merus entretient des accords de licence IP critiques:

• Contrat de licence exclusif avec l'Université d'Utrecht
• Licence croisée de brevet avec Merck KGAA
• Contrat d'accès à la technologie avec Memorial Sloan Kettering Cancer Center

Merus N.V. (MRU) - Modèle d'entreprise: activités clés

Recherche et développement biopharmaceutique

Dépenses de recherche et développement pour 2023: 98,4 millions de dollars

Zone de focus R&D	Montant d'investissement
Développement thérapeutique en oncologie	62,3 millions de dollars
Ingénierie des anticorps	24,1 millions de dollars
Recherche préclinique	12 millions de dollars

Ingénierie et découverte d'anticorps

Programmes d'anticorps actifs au Q4 2023: 7 programmes distincts

• Plate-forme de ciblage à double ciblage (UDT) propriétaire
• Capacités de développement des anticorps bispécifiques
• Ciblage de précision des mécanismes des cellules cancéreuses

Conception et gestion des essais cliniques

Phase d'essai clinique	Nombre d'essais actifs
Phase 1	3 essais
Phase 2	2 essais
Phase 3	1 essai

Soumission et conformité réglementaires

Interactions réglementaires en 2023: 12 engagements formels avec la FDA et l'EMA

• Applications IND en cours
• Soumissions de données de sécurité et d'efficacité continues
• Conformité aux normes réglementaires internationales

Commercialisation potentielle de la thérapeutique en oncologie

Présenté commerciale projetée: 2025-2026

Candidat thérapeutique	Segment de marché potentiel
MCLA-129	Cancers ciblés HER2
MCLA-158	Thérapies tumorales solides

Merus N.V. (MRU) - Modèle d'entreprise: Ressources clés

Plateformes d'anticorps bicloniques et tricloniques propriétaires

Technologie unique d'ingénierie d'anticorps:

Type de plate-forme	Caractéristiques clés	Statut de développement
Plate-forme biclonique	Technologie des anticorps à double ciblage	Validé dans plusieurs programmes précliniques
Plate-forme triclonique	Technologie des anticorps à triple ciblage	Étape de recherche avancée

Équipe de recherche et développement spécialisée

Composition du personnel de R&D:

Catégorie	Nombre d'employés
Personnel de R&D total	48 employés (au quatrième trimestre 2023)
Chercheurs de doctorat	32 chercheurs

Installations avancées de laboratoire et de recherche

Infrastructure de recherche:

• Espace total de laboratoire: 15 000 pieds carrés
• Situé à Utrecht, Pays-Bas
• Équipement de biologie moléculaire de pointe
• Culture cellulaire avancée et installations d'ingénierie des protéines

Portefeuille de propriété intellectuelle

Catégorie IP	Compte total	Statut
Demandes de brevet	37 brevets totaux	Actif et en attente
Brevets accordés	22 brevets accordés	Protection mondiale

Candidats à un stade clinique

Drogue	Indication	Étape clinique
MCLA-129	Cancer ciblé HER2	Essais cliniques de phase 1/2
MCLA-158	Tumeurs solides	Essais cliniques de phase 1/2
MCLA-145	Immunothérapie contre le cancer	Développement préclinique

Merus N.V. (MRUS) - Modèle d'entreprise: propositions de valeur

Thérapeutique anticorps bispécifique et tippécifique innovante

Merus N.V. développe des plates-formes d'anticorps complexes avec les caractéristiques clés suivantes:

Technologie	Spécification	Caractéristique unique
Anticorps bispécifiques	Plate-forme Duoclone	Mécanisme à double ciblage
Anticorps propices	Technologie du triplebody	Mécanisme à triple cible

Traitements de percée potentiels en oncologie

Le pipeline d'oncologie actuel se concentre sur:

• MCLA-128 (Zenocutuzumab) - Traitement du cancer du sein HER2
• MCLA-117 - CD123 / CD3 Bispécifique pour la leucémie myéloïde aiguë
• MCLA-158 - Thérapie du cancer colorectal ciblant LGR5

Thérapies contre le cancer ciblées avec une efficacité accrue

Thérapie	Cible	Étape clinique	Marché potentiel
MCLA-128	HER2 / HER3	Phase 2	3,5 milliards de dollars
MCLA-158	Lgr5	Phase 1/2	2,8 milliards de dollars

Technologie unique d'ingénierie d'anticorps

Merus N.V. utilise Leucine Zipper (LZ) Technologie des anticorps bispécifiques avec les capacités suivantes:

• Format IgG humain complet
• Structure des anticorps naturels
• Stabilité améliorée
• Complexité de fabrication réduite

Approche de la médecine de précision du traitement du cancer

Stratégie de ciblage de précision avec les mesures suivantes:

Métrique	Valeur
Investissement en R&D	87,4 millions de dollars (2023)
Portefeuille de brevets	37 brevets délivrés
Programmes cliniques	5 programmes actifs

Merus N.V. (MRU) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Merus N.V. s'engage avec les professionnels de la santé grâce à des interactions ciblées:

Type d'engagement	Fréquence	Public cible
Spécialité en oncologie de la sensibilisation	Trimestriel	Hématologues, oncologues
Réunions d'investigation des essais cliniques	Bi-annuellement	Enquêteurs principaux

Présentations de conférences scientifiques et de réunions médicales

Merus participe à des événements scientifiques clés:

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de l'American Association for Cancer Research (AACR)

Communications des investisseurs et des analystes

Mesures de communication financière pour 2024:

Type de communication	Fréquence	Participants
Appel de résultats trimestriel	4 fois par an	~ 150 investisseurs institutionnels
Journée annuelle des investisseurs	1 fois par an	~ 200 analystes financiers

Partenariats de recherche collaborative

Collaborations de recherche active à partir de 2024:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• MD Anderson Cancer Center

Programmes de soutien aux patients et d'éducation

Initiatives d'engagement des patients:

Programme	Atteindre	Se concentrer
Portail d'informations sur les essais cliniques	3 500 patients enregistrés	Recherche de traitement du cancer en cours
Programme d'aide aux patients	250 participants actifs	Support d'accès au traitement

Merus N.V. (MRU) - Modèle d'entreprise: canaux

Équipe de vente directe pour une future commercialisation potentielle

Depuis le quatrième trimestre 2023, Merus N.V. maintient une équipe de vente spécialisée axée sur l'oncologie avec 12 membres dédiés à la commercialisation potentielle de produits futurs.

Métrique de l'équipe de vente	Quantité
COMBILS ÉQUIPEMENTS VENTS TOTAL	12
Spécialistes en oncologie	8
Professionnels du développement commercial	4

Conférences médicales et symposiums scientifiques

Merus N.V. a participé à 7 principales conférences scientifiques en 2023, présentant des données de recherche sur 15 plateformes scientifiques différentes.

• Réunion annuelle de l'American Association for Cancer Research (AACR)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Réunion annuelle de la Society for Immunotherapy of Cancer (SITC)

Publications scientifiques évaluées par des pairs

En 2023, Merus N.V. a publié 9 articles scientifiques évalués par des pairs dans des revues à fort impact.

Métrique de publication	Quantité
Publications totales	9
Plage du facteur d'impact	5.2 - 12.4

Plateformes et sites Web de santé numériques

Merus N.V. maintient une présence numérique active avec Mises à jour trimestrielles du site Web et l'engagement sur plusieurs plates-formes numériques.

• Site Web de l'entreprise: www.merus.nl
• Page de société LinkedIn
• Compte professionnel Twitter / X

Événements de réseautage de l'industrie pharmaceutique

En 2023, Merus N.V. s'est engagé dans 22 événements de réseautage de l'industrie pharmaceutique, ciblant les opportunités potentielles de partenariat et de collaboration.

Catégorie d'événements de réseautage	Nombre d'événements
Événements spécifiques à l'oncologie	12
Conférences de biotechnologie	6
Événements de relations avec les investisseurs	4

Merus N.V. (MRU) - Modèle d'entreprise: segments de clientèle

Professionnels médicaux en oncologie

Merus N.V. cible les professionnels de la santé en oncologie avec des thérapies d'anticorps bispécifiques spécialisées.

Caractéristiques du segment	Détails spécifiques
Target Specialties	Hématologie-oncologie, oncologie médicale
Engagement annuel	Environ 2 500 spécialistes en oncologie
Focus géographique	États-Unis, Europe et sélectionner les marchés asiatiques

Centres de traitement du cancer

Réseau complet d'installations de traitement du cancer en tant que clients clés.

• Top 100 des centres désignés par le National Cancer Institute (NCI)
• Centres médicaux académiques
• Réseaux de cancer complets

Type de centre	Nombre de clients potentiels
Centres désignés par le NCI	71 centres
Centres de cancer complets	51 centres

Institutions de recherche pharmaceutique

Partenariats stratégiques avec des organisations axées sur la recherche.

Catégorie d'institution de recherche	Portée de collaboration potentielle
Centres de recherche universitaires	15 collaborations actives
Laboratoires de recherche pharmaceutique	8 partenariats de recherche en cours

Investisseurs en biotechnologie

Ciblant les investisseurs en biotechnologie institutionnels et spécialisés.

Catégorie d'investisseurs	Métriques d'investissement
Investisseurs institutionnels	62,4% du total des actionnaires
Fonds axés sur la biotechnologie	37 fonds d'investissement spécialisés

Patients avec des indications de cancer spécifiques

Axé sur les populations de patients avec des types de cancer spécifiques.

• Patients atteints de cancer colorectal
• Patientes atteintes d'un cancer du sein
• Patients atteints de cancer du poumon

Type de cancer	Cible de la population de patients
Cancer colorectal	Environ 153 020 nouveaux cas en 2023
Cancer du sein	Environ 297 790 nouveaux cas en 2023
Cancer du poumon	Environ 238 340 nouveaux cas en 2023

Merus N.V. (MRU) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Merus n.v. 104,1 millions de dollars.

Catégorie de dépenses	Montant ($)
Frais de personnel	42,6 millions
Recherche externe	31,2 millions
Matériaux et fournitures	18,5 millions
Coûts de R&D liés aux installations	11,8 millions

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé 62,3 millions de dollars.

• Essais de phase I: 18,7 millions de dollars
• Essais de phase II: 27,5 millions de dollars
• Essais de phase III: 16,1 millions de dollars

Maintenance de la propriété intellectuelle

La propriété intellectuelle et les dépenses liées aux brevets pour 2023 étaient 4,2 millions de dollars.

Catégorie de coûts IP	Montant ($)
Dépôt de brevet	2,1 millions
Entretien de brevets	1,5 million
Conseil juridique	0,6 million

Investissements de conformité réglementaire

Les frais de conformité réglementaire en 2023 sont équipés de 7,5 millions de dollars.

• Coûts de soumission de la FDA: 3,2 millions de dollars
• Documentation de la conformité: 2,7 millions de dollars
• Conseil réglementaire: 1,6 million de dollars

Personnel et frais généraux administratifs

Le personnel total et les frais généraux administratifs pour 2023 étaient 38,9 millions de dollars.

Catégorie aérienne	Montant ($)
Salaires et avantages	29,6 millions
Frais administratifs	6,3 millions
Installations de bureau	3,0 millions

Merus N.V. (MRU) - Modèle d'entreprise: Strots de revenus

Paiements de jalons potentiels à partir des accords de partenariat

En 2023, Merus N.V.

Partenaire	Paiement de jalon potentiel	Type d'étape
Incyte Corporation	25 millions de dollars d'avance	Jalon de développement
Eli Lilly	Jusqu'à 610 millions de dollars	Jalons précliniques et cliniques

Licence des revenus des plateformes d'anticorps

Merus N.V. génère des revenus de licence via sa plate-forme d'anticorps Bispecific Multiclonics®.

• Revenus de licence en 2023: 12,3 millions de dollars
• Frais de licence de technologie de la plate-forme: 4,5 millions de dollars

Future commercialisation des produits

Potentiel commercial projeté pour les produits de pipeline clés:

Produit	Valeur commerciale estimée	Étape de développement
MCLA-128	Jusqu'à 350 millions de dollars	Essais cliniques de phase 2
MCLA-158	Jusqu'à 500 millions de dollars	Essais cliniques de phase 1/2

Grants de recherches et collaborations

Sources de financement de la recherche pour 2023:

• Concessions des National Institutes of Health (NIH): 2,1 millions de dollars
• Collaborations de recherche universitaire: 1,7 million de dollars

Royalités potentielles de partenariat pharmaceutique

Structure de redevances projetées à partir de partenariats pharmaceutiques:

Partenariat	Range potentielle de redevances	Focus du produit
Incyte Corporation	8 à 12% des ventes nettes	Thérapeutique anticorps bispécifique
Eli Lilly	10-15% des ventes nettes	Candidats à l'oncologie

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.