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Mersana Therapeutics Valuation Multiples

Discover revenue and EBITDA valuation multiples for Mersana Therapeutics and similar public comparables like Vivoryon Therapeutics, Pharming, and Galapagos.

Mersana Therapeutics Overview

About Mersana Therapeutics

Mersana Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing antibody-drug conjugates (ADCs) that offer a clinically meaningful benefit for cancer patients with unmet needs. The Company’s next-generation ADC platforms include Dolasynthen, which delivers a proprietary auristatin payload, and Immunosynthen, which delivers a proprietary stimulator of interferon genes (STING) agonist payload. Its pipeline includes Emi-Le (XMT-1660), XMT-2056, XMT-2068, and XMT-2175.


Founded

2001

HQ

United States of America
Employees

102

Website

mersana.com

Financials

LTM Revenue $36.8M

LTM EBITDA n/a

EV

-$64.7M

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Mersana Therapeutics Financials

Mersana Therapeutics has a last 12-month revenue of $36.8M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Mersana Therapeutics achieved revenue of $40.5M and an EBITDA of -$63.3M.

Mersana Therapeutics expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Mersana Therapeutics P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $36.9M $40.5M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA -$166M -$63.3M XXX XXX XXX
EBITDA Margin -451% -156% XXX XXX XXX
Net Profit -$204M -$172M XXX XXX XXX
Net Margin -554% -424% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Mersana Therapeutics Stock Performance

As of April 15, 2025, Mersana Therapeutics's stock price is $0.

Mersana Therapeutics has current market cap of $41.3M, and EV of -$64.7M.

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Mersana Therapeutics Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
-$64.7M $41.3M XXX XXX XXX XXX $-0.61

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Mersana Therapeutics Valuation Multiples

As of April 15, 2025, Mersana Therapeutics has market cap of $41.3M and EV of -$64.7M.

Mersana Therapeutics's trades at -1.8x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Mersana Therapeutics's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Mersana Therapeutics Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV -$64.7M XXX XXX XXX
EV/Revenue -1.6x XXX XXX XXX
EV/EBITDA 1.0x XXX XXX XXX
P/E -0.6x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 0.8x XXX XXX XXX

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Mersana Therapeutics Valuation Multiples

Mersana Therapeutics's NTM/LTM revenue growth is -12%

Mersana Therapeutics's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $1.1M for the same period.

Over next 12 months, Mersana Therapeutics's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Mersana Therapeutics's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Mersana Therapeutics Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 10% XXX XXX XXX XXX
EBITDA Margin -156% XXX XXX XXX XXX
EBITDA Growth -62% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -169% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $1.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue 101% XXX XXX XXX XXX
R&D Expenses to Revenue 180% XXX XXX XXX XXX
Opex to Revenue 281% XXX XXX XXX XXX

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Mersana Therapeutics Public Comps

See public comps and valuation multiples for Drug Development & Therapeutics comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Julphar XXX XXX XXX XXX XXX XXX
Benevolent AI XXX XXX XXX XXX XXX XXX
Galapagos XXX XXX XXX XXX XXX XXX
Pharming XXX XXX XXX XXX XXX XXX
Vivoryon Therapeutics XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Mersana Therapeutics M&A and Investment Activity

Mersana Therapeutics acquired  XXX companies to date.

Last acquisition by Mersana Therapeutics was  XXXXXXXX, XXXXX XXXXX XXXXXX . Mersana Therapeutics acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Mersana Therapeutics

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Mersana Therapeutics

When was Mersana Therapeutics founded? Mersana Therapeutics was founded in 2001.
Where is Mersana Therapeutics headquartered? Mersana Therapeutics is headquartered in United States of America.
How many employees does Mersana Therapeutics have? As of today, Mersana Therapeutics has 102 employees.
Who is the CEO of Mersana Therapeutics? Mersana Therapeutics's CEO is Dr. Martin H. Huber, M.D..
Is Mersana Therapeutics publicy listed? Yes, Mersana Therapeutics is a public company listed on NAS.
What is the stock symbol of Mersana Therapeutics? Mersana Therapeutics trades under MRSN ticker.
When did Mersana Therapeutics go public? Mersana Therapeutics went public in 2017.
Who are competitors of Mersana Therapeutics? Similar companies to Mersana Therapeutics include e.g. Julphar, Benevolent AI, Galapagos, Pharming.
What is the current market cap of Mersana Therapeutics? Mersana Therapeutics's current market cap is $41.3M
What is the current revenue of Mersana Therapeutics? Mersana Therapeutics's last 12-month revenue is $36.8M.
What is the current EV/Revenue multiple of Mersana Therapeutics? Current revenue multiple of Mersana Therapeutics is -1.8x.
What is the current revenue growth of Mersana Therapeutics? Mersana Therapeutics revenue growth between 2023 and 2024 was 10%.
Is Mersana Therapeutics profitable? Yes, Mersana Therapeutics is EBITDA-positive (as of the last 12 months).

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