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
Cash flows from operating activities
Net loss	(7,545)^†	(24,296)^†	(24,123)	(14,117)^†
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	83^†	287^†	316	400^†
Impairment loss on property and equipment	25^†	—	—	—
Net amortization of premiums and discounts on marketable securities	0^†	0^†	(140)	(582)^†
Stock-based compensation	1,154^†	1,989^†	2,775	3,346^†
Non-cash operating lease expense	859^†	845^†	838	814^†
Other non-cash items	(3)^†	77^†	77	75^†
Changes in operating assets and liabilities:
Accounts receivable	98^†	—	—	1,000^†
Prepaid expenses and other current assets	(525)^†	1,154^†	(1,296)	2,104^†
Other assets	0^†	—	—	0^†
Accounts payable	(530)^†	(1,451)^†	44	2,297^†
Accrued expenses	(370)^†	2,209^†	(5,990)	337^†
Operating lease liabilities	(976)^†	(953)^†	(925)	(901)^†
Other liabilities	0^†	—	—	(418)^†
Deferred revenue	4,160^†	(2,166)^†	(902)	(13,606)^†
Net cash used in operating activities	(3,192)^†	(22,602)^†	(29,326)	(19,251)^†
Cash flows from investing activities
Maturities of marketable securities	0^†	0^†	27,000	50,000^†
Purchase of marketable securities	0^†	0^†	0	0^†
Proceeds from sale of property and equipment	372^†	—	—	—
Purchase of property and equipment	0^†	0^†	0	0^†
Net cash provided by (used in) investing activities	372^†	395^†	27,000	50,000^†
Cash flows from financing activities
Net proceeds from at-the-market facilities	0^†	0^†	0	—
Proceeds from exercise of stock options	0^†	0^†	0	0^†
Proceeds from sales of common stock under ESPP	0^†	—	—	228^†
Repayment of debt	(17,729)^†	(3,125)^†	(3,125)	(2,083)^†
Payments under finance lease obligations	(32)^†	(12)^†	(12)	(12)^†
Net cash (used in) provided by financing activities	(17,761)^†	(3,108)^†	(3,137)	(1,867)^†
Decrease in cash, cash equivalents and restricted cash	(20,581)^†	(25,315)^†	(5,463)	28,882^†
Cash, cash equivalents and restricted cash, beginning of period	77,450	102,765	108,228	79,346
Cash, cash equivalents and restricted cash, end of period	56,869	77,450	102,765	108,228
Supplemental cash flow information:
Purchases of property and equipment in accounts payable and accrued expenses	—	—	—	0^†
Common stock issuance costs in accounts payable and accrued expenses	—	—	0	—
Cash paid for interest	184^†	611^†	704	837^†

† 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.