Mersana Therapeutics, Inc.

MRSNNASDAQHealthcare

$29.08

+$0.00(+0.00%)

Market Cap$145363650

P/E Ratio—

52W High$30.39

52W Low$5.21

Avg Volume136K

Open$28.78

Beta0.43

Free Cash Flow Financials Revenue

Mersana Therapeutics, Inc. (MRSN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MRSN · free cash flow · updated Jun 15, 2026

Core FCF metrics

MRSN · FCF · TTM · margin & CAGR

Free cash flow was −$82.5M for FY2024 (fiscal year ending 2024-12-31), up 51.8% year-over-year The FCF margin was -203.7%.

FY2024 Free Cash Flow−$82.5M▲ +51.8% YoY

Trailing 12M (TTM)−$74.4Mtrailing 4 quarters sum

FCF Margin-203.7%−$82.5M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 15, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MRSN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2024Latest−$82.3M(0M)−$82.5M▲ +51.8%-203.7%

FY2023−$168.9M(2M)−$171.1M▼ 231.7%-464.1%

FY2022−$49.4M(2M)−$51.6M▲ +63.3%-194.0%

FY2021−$140.0M(1M)−$140.6M▼ 87.1%—

FY2020−$74.7M(0M)−$75.2M▼ 10.0%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MRSN · P/FCF · FCF yield · FCF per share

Mersana Therapeutics, Inc. (MRSN) reported negative free cash flow of −$0.08B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2024 · 2024-12-31

Cash flow statement summary

MRSN · cash flow statement · operating / investing / financing

For FY2024, Mersana Therapeutics, Inc. generated −$82.3M in operating cash flow and spent 0M in capital expenditures, yielding −$82.5M in free cash flow.

Operating Activities

−$82.3M

Cash from core business operations

2024-12-31

Investing Activities

+$11.4M

CapEx, acquisitions & investments

2024-12-31

Financing Activities

+$4.1M

Buybacks, dividends & debt

2024-12-31

FCF FormulaOperating CF (−$82.3M) − |CapEx| (0M) = FCF (−$82.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

MRSN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Mersana Therapeutics, Inc.YOU

MRSN

−$82.5M+51.8%-203.6%

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Mersana Therapeutics, Inc. (MRSN) reported free cash flow of −$82.5M for FY2024 (fiscal year ending 2024-12-31), up 51.8% year-over-year. The FCF margin was -203.7%.

Based on available data, Mersana Therapeutics, Inc. has maintained positive free cash flow for at least 1 fiscal year(s). FCF peaked at $30.5M in FY2016.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MRSN free cash flow · 8 questions

Mersana Therapeutics, Inc. free cash flow was −$82.5M for FY2024, up 51.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$74.4M.

MRSN free cash flowMRSN FCFMRSN FCF 2024MRSN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Mersana Therapeutics, Inc. · Mersana Therapeutics, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 15, 2026