MRSN · As filed with the SEC

Mersana Therapeutics cash flow statement, by quarter

The statement as Mersana Therapeutics presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

Condensed Consolidated Statements of Cash Flows · USD thousands

USD thousands	Q3 2025^† 3 months ended Sep 30, 2025	Q2 2025^† 3 months ended Jun 30, 2025	Q1 2025 3 months ended Mar 31, 2025	Q4 2024^† 3 months ended Dec 31, 2024	Q3 2024^† 3 months ended Sep 30, 2024	Q2 2024^† 3 months ended Jun 30, 2024	Q1 2024 3 months ended Mar 31, 2024	Q4 2023^† 3 months ended Dec 31, 2023
Cash flows from operating activities
Net loss	(7,545)^†	(24,296)^†	(24,123)	(14,117)^†	(11,501)^†	(24,268)^†	(19,306)	(19,544)^†
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	83^†	287^†	316	400^†	402^†	403^†	423	447^†
Impairment loss on property and equipment	25^†	—	—	—	0^†	—	—	—
Net amortization of premiums and discounts on marketable securities	0^†	0^†	(140)	(582)^†	(933)^†	(1,285)^†	(1,117)	(330)^†
Stock-based compensation	1,154^†	1,989^†	2,775	3,346^†	4,027^†	4,425^†	4,660	4,085^†
Non-cash operating lease expense	859^†	845^†	838	814^†	790^†	767^†	745	729^†
Other non-cash items	(3)^†	77^†	77	75^†	77^†	83^†	70	151^†
Changes in operating assets and liabilities:
Accounts receivable	98^†	—	—	1,000^†	570^†	(1,570)^†	0	0^†
Prepaid expenses and other current assets	(525)^†	1,154^†	(1,296)	2,104^†	264^†	(259)^†	580	3,778^†
Other assets	0^†	—	—	0^†	0^†	—	—	0^†
Accounts payable	(530)^†	(1,451)^†	44	2,297^†	(980)^†	(8)^†	(4,166)	(5,421)^†
Accrued expenses	(370)^†	2,209^†	(5,990)	337^†	845^†	1,926^†	(6,042)	(7,318)^†
Operating lease liabilities	(976)^†	(953)^†	(925)	(901)^†	(877)^†	(846)^†	(630)	(957)^†
Other liabilities	0^†	—	—	(418)^†	418^†	—	—	0^†
Deferred revenue	4,160^†	(2,166)^†	(902)	(13,606)^†	(1,679)^†	(723)^†	(7,874)	(7,582)^†
Net cash used in operating activities	(3,192)^†	(22,602)^†	(29,326)	(19,251)^†	(8,577)^†	(21,855)^†	(32,657)	(31,962)^†
Cash flows from investing activities
Maturities of marketable securities	0^†	0^†	27,000	50,000^†	55,000^†	25,000^†	15,000	45,000^†
Purchase of marketable securities	0^†	0^†	0	0^†	(26,530)^†	(19,486)^†	(87,415)	(24,466)^†
Proceeds from sale of property and equipment	372^†	—	—	—	0^†	—	—	—
Purchase of property and equipment	0^†	0^†	0	0^†	0^†	0^†	(132)	(386)^†
Net cash provided by (used in) investing activities	372^†	395^†	27,000	50,000^†	28,470^†	5,514^†	(72,547)	20,148^†
Cash flows from financing activities
Net proceeds from at-the-market facilities	0^†	0^†	0	—	0^†	(66)^†	5,846	—
Proceeds from exercise of stock options	0^†	0^†	0	0^†	0^†	8^†	48	0^†
Proceeds from sales of common stock under ESPP	0^†	—	—	228^†	0^†	—	—	158^†
Payment of debt issuance costs	—	—	—	—	0^†	0^†	0	—
Repayment of debt	(17,729)^†	(3,125)^†	(3,125)	(2,083)^†	0^†	0^†	—	—
Payments under finance lease obligations	(32)^†	(12)^†	(12)	(12)^†	(23)^†	(47)^†	(65)	(66)^†
Net cash (used in) provided by financing activities	(17,761)^†	(3,108)^†	(3,137)	(1,867)^†	(23)^†	153^†	5,829	92^†
Decrease in cash, cash equivalents and restricted cash	(20,581)^†	(25,315)^†	(5,463)	28,882^†	19,870^†	(16,188)^†	(99,375)	(11,722)^†
Cash, cash equivalents and restricted cash, beginning of period	77,450	102,765	108,228	79,346	59,476	75,664	175,039	186,761
Cash, cash equivalents and restricted cash, end of period	56,869	77,450	102,765	108,228	79,346	59,476	75,664	175,039
Supplemental cash flow information:
Purchases of property and equipment in accounts payable and accrued expenses	—	—	—	0^†	0^†	0^†	0	(310)^†
Common stock issuance costs in accounts payable and accrued expenses	—	—	0	—	—	(65)^†	65	—
Cash paid for interest	184^†	611^†	704	837^†	879^†	880^†	871	872^†
Right-of-use assets obtained in exchange for operating lease liabilities	—	—	—	—	—	—	—	0^†

† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.