Merus N.V. (MRUS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, Merus N.V. (mRUS) surge como uma força pioneira, revolucionando o tratamento do câncer por meio de engenharia inovadora de anticorpos. Suas plataformas inovadoras biclônicas e triclônicas representam um salto quântico em medicina de precisão, oferecendo esperança a profissionais de oncologia e pacientes, desenvolvendo terapêuticas direcionadas que prometem transformar como abordamos tratamentos complexos do câncer. Com colaborações estratégicas, pesquisa de ponta e uma missão focada em laser para criar soluções inovadoras de oncologia, Merus N.V. está se posicionando na vanguarda de uma potencial mudança de paradigma na terapia do câncer.

Merus N.V. (Mrus) - Modelo de Negócios: Parcerias -chave

Colaborações farmacêuticas estratégicas

A Merus N.V. estabeleceu as principais parcerias estratégicas com empresas farmacêuticas para promover seu desenvolvimento biespecífico de anticorpos:

Parceiro	Detalhes da parceria	Ano iniciado
Incyte Corporation	Colaboração para o desenvolvimento da MCLA-129	2017
Bayer AG	Desenvolvimento conjunto de anticorpos biespecíficos	2018

Parcerias de pesquisa acadêmica

Merus colabora com várias instituições de pesquisa acadêmica para desenvolvimento pré -clínico e clínico:

• Instituto de Câncer Dana-Farber
• Instituto da Holanda do Câncer
• University Medical Center Utrecht

Parcerias de execução de ensaios clínicos

Organizações de Pesquisa de Contrato (CROs) Apoiando operações de ensaios clínicos da Merus:

Nome do CRO	Serviços prestados	Ensaios clínicos ativos
Icon plc	Gerenciamento de estudo de fase I/II	3 ensaios em andamento
Iqvia	Coordenação do ensaio clínico global	2 ensaios globais

Licenciamento de propriedade intelectual

Merus mantém contratos críticos de licenciamento de IP:

• Contrato de licenciamento exclusivo com a Universidade de Utrecht
• Patente Licenciamento cruzado com Merck KGaA
• Contrato de Acesso à Tecnologia com Memorial Sloan Kettering Cancer Center

Merus N.V. (Mrus) - Modelo de Negócios: Atividades -chave

Pesquisa e Desenvolvimento Biofarmacêutico

Despesas de pesquisa e desenvolvimento para 2023: US $ 98,4 milhões

Área de foco em P&D	Valor do investimento
Desenvolvimento terapêutico oncológico	US $ 62,3 milhões
Engenharia de Anticorpos	US $ 24,1 milhões
Pesquisa pré -clínica	US $ 12 milhões

Engenharia e descoberta de anticorpos

Programas de anticorpos ativos a partir do quarto trimestre 2023: 7 programas distintos

• Plataforma de segmentação dupla exclusiva proprietária (UDT)
• Recursos de desenvolvimento de anticorpos biespecíficos
• Direcionamento de precisão de mecanismos de células cancerígenas

Projeto e gerenciamento de ensaios clínicos

Fase de ensaios clínicos	Número de ensaios ativos
Fase 1	3 ensaios
Fase 2	2 ensaios
Fase 3	1 Trial

Submissão e conformidade regulatórios

Interações regulatórias em 2023: 12 compromissos formais com FDA e EMA

• Aplicações IND em andamento
• Submissões de dados de segurança e eficácia contínuos
• Conformidade com os padrões regulatórios internacionais

Comercialização potencial da terapêutica oncológica

Prontidão comercial projetada: 2025-2026

Candidato terapêutico	Segmento de mercado potencial
McLA-129	Cânceres alvos de HER2
McLA-158	Terapias tumorais sólidas

Merus N.V. (MRUS) - Modelo de negócios: Recursos -chave

Plataformas de anticorpos biclônicos e triclônicos proprietários

Tecnologia exclusiva de engenharia de anticorpos:

Tipo de plataforma	Principais características	Status de desenvolvimento
Plataforma biclônica	Tecnologia de anticorpos de alvo duplo	Validado em vários programas pré -clínicos
Plataforma Triclônica	Tecnologia de anticorpos de alvo triplo	Estágio de pesquisa avançada

Equipe especializada de pesquisa e desenvolvimento

Composição do pessoal de P&D:

Categoria	Número de funcionários
Equipe total de P&D	48 funcionários (a partir do quarto trimestre 2023)
Pesquisadores de doutorado	32 pesquisadores

Instalações avançadas de laboratório e pesquisa

Infraestrutura de pesquisa:

• Espaço total de laboratório: 15.000 pés quadrados
• Localizado em Utrecht, Holanda
• Equipamento de biologia molecular de última geração
• Cultura de células avançadas e instalações de engenharia de proteínas

Portfólio de propriedade intelectual

Categoria IP	Contagem total	Status
Aplicações de patentes	37 Total de patentes	Ativo e pendente
Patentes concedidas	22 patentes concedidas	Proteção mundial

Candidatos a drogas em estágio clínico

Candidato a drogas	Indicação	Estágio clínico
McLA-129	Câncer alvo de HER2	Fase 1/2 ensaios clínicos
McLA-158	Tumores sólidos	Fase 1/2 ensaios clínicos
McLA-145	Imunoterapia contra o câncer	Desenvolvimento pré -clínico

Merus N.V. (Mrus) - Modelo de Negócios: Proposições de Valor

Terapêutica de anticorpos biespecíficos e trispíficos inovadores

Merus N.V. desenvolve plataformas complexas de anticorpos com as seguintes características -chave:

Tecnologia	Especificação	Recurso único
Anticorpos bisppecíficos	Plataforma Duoclone	Mecanismo de Tapela dupla
Anticorpos trispíficos	Tecnologia Triplebody	Mecanismo de alvo triplo

Possíveis tratamentos inovadores em oncologia

O pipeline de oncologia atual se concentra em:

• MCLA-128 (Zenocutuzumab)-Tratamento do câncer de mama com alvo HER2
• MCLA -117 - CD123/CD3 BPispecific para leucemia mielóide aguda
• MCLA -158 - Terapia com câncer colorretal direcionado para LGR5

Terapias de câncer direcionadas com eficácia aprimorada

Terapia	Alvo	Estágio clínico	Mercado potencial
McLA-128	HER2/HER3	Fase 2	US $ 3,5 bilhões
McLA-158	LGR5	Fase 1/2	US $ 2,8 bilhões

Tecnologia exclusiva de engenharia de anticorpos

Merus N.V. utiliza Tecnologia de anticorpos biespecíficos do zíper da leucina (LZ) Com os seguintes recursos:

• Formato IgG humano completo
• Estrutura de anticorpos naturais
• Estabilidade aprimorada
• Redução da complexidade da fabricação

Abordagem de medicina de precisão para tratamento de câncer

Estratégia de direcionamento de precisão com as seguintes métricas:

Métrica	Valor
Investimento em P&D	US $ 87,4 milhões (2023)
Portfólio de patentes	37 patentes emitidas
Programas clínicos	5 programas ativos

Merus N.V. (Mrus) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

Merus N.V. se envolve com profissionais de saúde por meio de interações direcionadas:

Tipo de engajamento	Freqüência	Público -alvo
Extensão especializada em oncologia	Trimestral	Hematologistas, oncologistas
Reuniões de investigador de ensaios clínicos	Bi-semestralmente	Principais investigadores

Apresentações de Conferência Científica e Reunião Médica

Merus participa de eventos científicos importantes:

• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)

Comunicações de investidores e analistas

Métricas de comunicação financeira para 2024:

Tipo de comunicação	Freqüência	Participantes
Ligados trimestrais	4 vezes por ano	~ 150 investidores institucionais
Dia do Investidor Anual	1 tempo por ano	~ 200 analistas financeiros

Parcerias de pesquisa colaborativa

Colaborações de pesquisa ativa em 2024:

• Memorial Sloan Kettering Cancer Center
• Instituto de Câncer Dana-Farber
• MD Anderson Cancer Center

Programas de apoio ao paciente e educação

Iniciativas de engajamento do paciente:

Programa	Alcançar	Foco
Portal de informações de ensaios clínicos	3.500 pacientes registrados	Pesquisa em andamento em tratamento de câncer
Programa de assistência ao paciente	250 participantes ativos	Suporte ao acesso ao tratamento

Merus N.V. (Mrus) - Modelo de Negócios: Canais

Equipe de vendas direta para potencial comercialização futura

A partir do quarto trimestre 2023, a Merus N.V. mantém uma equipe de vendas especializada em oncologia, com 12 membros dedicados à potencial comercialização futura de produtos.

Métrica da equipe de vendas	Quantidade
Total de membros da equipe de vendas	12
Especialistas em oncologia	8
Profissionais de desenvolvimento de negócios	4

Conferências médicas e simpósios científicos

Merus N.V. participou de 7 principais conferências científicas em 2023, apresentando dados de pesquisa em 15 plataformas científicas diferentes.

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Sociedade de Imunoterapia do Câncer (SITC) Reunião Anual

Publicações científicas revisadas por pares

Em 2023, Merus N.V. publicou 9 artigos científicos revisados ​​por pares em periódicos de alto impacto.

Métrica de publicação	Quantidade
Publicações totais	9
Faixa de fatores de impacto	5.2 - 12.4

Plataformas e sites de saúde digital

Merus N.V. mantém uma presença digital ativa com Atualizações trimestrais do site e engajamento em várias plataformas digitais.

• Site corporativo: www.merus.nl
• Página da empresa do LinkedIn
• Conta profissional do Twitter/X.

Eventos de rede da indústria farmacêutica

Em 2023, Merus N.V. se envolveu em 22 eventos de rede da indústria farmacêutica, visando possíveis oportunidades de parceria e colaboração.

Categoria de evento de rede	Número de eventos
Eventos específicos para oncologia	12
Conferências de biotecnologia	6
Eventos de relações com investidores	4

Merus N.V. (MRUS) - Modelo de negócios: segmentos de clientes

Profissionais médicos de oncologia

Merus N.V. tem como alvo profissionais médicos de oncologia com terapias de anticorpos biespecíficos especializados.

Características do segmento	Detalhes específicos
Especialidades -alvo	Hematologia-Oncologia, Oncologia Médica
Engajamento anual	Aproximadamente 2.500 especialistas em oncologia
Foco geográfico	Estados Unidos, Europa e Mercados Asiáticos

Centros de Tratamento do Câncer

Rede abrangente de instalações de tratamento do câncer como clientes -chave.

• Os 100 principais centros projetados pelo Instituto Nacional de Câncer (NCI)
• Centros Médicos Acadêmicos
• Redes abrangentes de câncer

Tipo central	Número de clientes em potencial
Centros projetados por NCI	71 centros
Centros abrangentes de câncer	51 centros

Instituições de pesquisa farmacêutica

Parcerias estratégicas com organizações focadas na pesquisa.

Categoria de instituição de pesquisa	Escopo potencial de colaboração
Centros de pesquisa acadêmica	15 colaborações ativas
Laboratórios de pesquisa farmacêutica	8 Parcerias de pesquisa em andamento

Investidores de biotecnologia

Direcionando investidores institucionais e especializados de biotecnologia.

Categoria de investidores	Métricas de investimento
Investidores institucionais	62,4% do total de acionistas
Fundos focados em biotecnologia	37 fundos de investimento especializados

Pacientes com indicações específicas de câncer

Focado em populações de pacientes com tipos específicos de câncer.

• Pacientes com câncer colorretal
• Pacientes com câncer de mama
• Pacientes com câncer de pulmão

Tipo de câncer	População alvo de pacientes
Câncer colorretal	Aproximadamente 153.020 novos casos em 2023
Câncer de mama	Aproximadamente 297.790 novos casos em 2023
Câncer de pulmão	Aproximadamente 238.340 novos casos em 2023

Merus N.V. (Mrus) - Modelo de negócios: Estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, Merus N.V. relatou o total de despesas de pesquisa e desenvolvimento de US $ 104,1 milhões.

Categoria de despesa	Valor ($)
Custos de pessoal	42,6 milhões
Pesquisa externa	31,2 milhões
Materiais e suprimentos	18,5 milhões
Custos de P&D relacionados à instalação	11,8 milhões

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram US $ 62,3 milhões.

• Ensaios de Fase I: US $ 18,7 milhões
• Ensaios de Fase II: US $ 27,5 milhões
• Ensaios de Fase III: US $ 16,1 milhões

Manutenção da propriedade intelectual

Propriedade intelectual e despesas relacionadas a patentes para 2023 foram US $ 4,2 milhões.

Categoria de custo de IP	Valor ($)
Registro de patentes	2,1 milhões
Manutenção de patentes	1,5 milhão
Consultoria legal	0,6 milhão

Investimentos de conformidade regulatória

Os custos de conformidade regulatória em 2023 totalizaram US $ 7,5 milhões.

• Custos de envio da FDA: US $ 3,2 milhões
• Documentação de conformidade: US $ 2,7 milhões
• Consultoria regulatória: US $ 1,6 milhão

Pessoal e sobrecarga administrativa

O pessoal total e a sobrecarga administrativa para 2023 foi US $ 38,9 milhões.

Categoria de sobrecarga	Valor ($)
Salários e benefícios	29,6 milhões
Despesas administrativas	6,3 milhões
Instalações de escritório	3,0 milhões

Merus N.V. (Mrus) - Modelo de negócios: fluxos de receita

Potenciais pagamentos marcantes de acordos de parceria

Em 2023, Merus N.V. relatou possíveis pagamentos de marcos de parcerias estratégicas com a seguinte estrutura:

Parceiro	Pagamento em potencial	Tipo de marco
Incyte Corporation	US $ 25 milhões antecipadamente	Desenvolvimento Milestone
Eli Lilly	Até US $ 610 milhões	Marcos pré -clínicos e clínicos

Receita de licenciamento de plataformas de anticorpos

O Merus N.V. gera receita de licenciamento por meio de sua plataforma de anticorpos biespecíficos Multiclonics®.

• Receita de licenciamento em 2023: US $ 12,3 milhões
• Taxas de licenciamento de tecnologia da plataforma: US $ 4,5 milhões

Comercialização futura do produto

Potencial comercial projetado para os principais produtos de pipeline:

Produto	Valor comercial estimado	Estágio de desenvolvimento
McLA-128	Até US $ 350 milhões	Ensaios clínicos de fase 2
McLA-158	Até US $ 500 milhões	Fase 1/2 ensaios clínicos

Subsídios de pesquisa e colaborações

Pesquise fontes de financiamento para 2023:

• Subsídios dos Institutos Nacionais de Saúde (NIH): US $ 2,1 milhões
• Colaborações de pesquisa acadêmica: US $ 1,7 milhão

Royalties potenciais de parceria farmacêutica

Estrutura de royalties projetada a partir de parcerias farmacêuticas:

Parceria	Faixa de royalties potenciais	Foco do produto
Incyte Corporation	8-12% das vendas líquidas	Terapêutica de anticorpos biespecíficos
Eli Lilly	10-15% das vendas líquidas	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.