Mersana Q2 net loss $24.3M; Emi-Le enrollment >45 pts; milestone achieved; cash runway into mid-2026

Mersana Therapeutics, Inc.

2025-Q2 EPS reported -$9.72 revenue$5,810,000

Net loss of $24.3M ($4.87/share) vs $24.3M in Q2 2024; cash and equivalents $77.0M at June 30.
Emi-Le Phase 1 expansion: >45 TNBC patients enrolled; initial data expected H2 2025.
Achieved $15M milestone from GSK for XMT-2056; payment due in Q3 2025.
1-for-25 reverse stock split effective July 25; regained Nasdaq minimum bid compliance on Aug 11.
Repaid $17.9M debt in July; capital resources expected to support operations into mid-2026.

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