Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Mersana Therapeutics, Inc. reported preliminary financial results for the three and six months ended June 30, 2023.
- Period
- the three and six months ended June 30, 2023
- Result
- preliminary results
Exact text from the filing
Although the Company has not finalized its financial results for the three and six months ended June 30, 2023, the Company preliminarily estimates that its cash, cash equivalents and marketable securities as of June 30, 2023 was $286.6 million.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Mersana Therapeutics, Inc. announced a restructuring with charges of approximately $7-8 million affecting UpRi clinical program and companywide operations (approximately 50% of the Company's current employee base).
- Type
- restructuring
- Charge
- approximately $7-8 million
- Affected area
- UpRi clinical program and companywide operations
- Headcount
- approximately 50% of the Company's current employee base
Exact text from the filing
On July 27, 2023, the Company announced decisions to reprioritize its areas of focus and to discontinue its clinical development of upifitamab rilsodotin (“UpRi”) following an evaluation of top-line data from the Company’s UPLIFT Phase 2 clinical trial of UpRi in patients with platinum-resistant ovarian cancer, which did not meet its primary endpoint. In connection with these decisions, on July 26, 2023, the Company’s board of directors approved certain expense reduction measures, including a reduction of approximately 50% of the Company’s current employee base (the “Restructuring”). The Restructuring is expected to be complete by the end of 2023. As a result of the Restructuring, the Company estimates that it will incur approximately $7-8 million in costs resulting from cash expenditures consisting of severance and benefit payments, notice pay, outplacement services and related expenses.
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