v3.25.2

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Collaboration revenue	$ 3,056	$ 2,293	$ 5,810	$ 11,538
Operating expenses:
Research and development	16,218	17,245	34,559	35,931
General and administrative	7,415	10,503	16,340	22,063
Restructuring expense	3,940	0	3,940	0
Total operating expenses	27,573	27,748	54,839	57,994
Other income (expense):
Interest income	895	2,170	2,059	4,867
Interest expense	(674)	(983)	(1,449)	(1,985)
Total other income, net	221	1,187	610	2,882
Net loss	(24,296)	(24,268)	(48,419)	(43,574)
Other comprehensive loss
Unrealized (loss) gain on marketable securities, net of tax	0	19	(10)	(82)
Comprehensive loss	(24,296)	(24,249)	(48,429)	(43,656)
Net loss attributable to common stockholders — basic	(24,296)	(24,268)	(48,419)	(43,574)
Net loss attributable to common stockholders — diluted	$ (24,296)	$ (24,268)	$ (48,419)	$ (43,574)
Net loss per share attributable to common stockholders — basic (in dollars per share)	$ (4.87)	$ (4.96)	$ (9.72)	$ (8.93)
Net loss per share attributable to common stockholders — diluted (in dollars per share)	$ (4.87)	$ (4.96)	$ (9.72)	$ (8.93)
Weighted-average number of shares of common stock used in net loss per share attributable to common stockholders — basic (in shares)	4,986,784	4,897,643	4,982,718	4,877,347
Weighted-average number of shares of common stock used in net loss per share attributable to common stockholders — diluted (in shares)	4,986,784	4,897,643	4,982,718	4,877,347

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-5

Mersana Therapeutics, Inc. 10-Q