Here are 1-2 brief analogies for Merus (MRUS):

• Genentech for bispecific cancer antibodies (in trials)
• Amgen for early-stage bispecific cancer therapies

• Zenocutuzumab (Zeno / MCLA-128): A HER2/HER3 bispecific antibody candidate being investigated for the treatment of various solid tumors, including NRG1 fusion-positive cancers and pancreatic cancer.
• Petosemtamab (MCLA-158): A bispecific antibody candidate targeting LGR5, currently in clinical development for the treatment of solid tumors, particularly those with LGR5 overexpression.
• MCLA-129: A bispecific antibody candidate designed to target both cMET and EGFR, under clinical investigation for the treatment of advanced solid tumors.
• MCLA-145: A bispecific antibody candidate targeting CD137 (4-1BB) and PD-L1, being developed as an immunotherapeutic agent for solid tumors.

• Ono Pharmaceutical Co., Ltd. (64% of total revenue). Ono Pharmaceutical is a public Japanese pharmaceutical company, listed on the Tokyo Stock Exchange (symbol: 4528).
• Eli Lilly and Company (NYSE: LLY) (18% of total revenue, through its subsidiary Loxo Oncology, Inc.).
• Incyte Corporation (NASDAQ: INCY) (14% of total revenue).

• Lonza Group AG (LONN)

Bill Lundberg, M.D. President, Chief Executive Officer, & Executive Director

Dr. Lundberg was appointed CEO of Merus in December 2019. He previously served as Chief Scientific Officer at CRISPR Therapeutics AG from 2015 to 2018, where he was responsible for establishing and growing research and development in the United States and oversaw CRISPR's first product from inception to regulatory filing for clinical trials. Prior to that, he was Vice President and Head of Translational Medicine at Alexion Pharmaceuticals, Inc. from 2011 to 2015, overseeing research and development from discovery through early-stage development. He also served as Chief Medical Officer of Taligen Therapeutics, Inc., a biotechnology company that was acquired by Alexion in 2011. Dr. Lundberg held various roles in clinical drug development and medical affairs at Xanthus/Antisoma, Wyeth (now Pfizer), and Genzyme. Merus has an agreement to be acquired by Genmab for approximately $8 billion.

Greg Perry Chief Financial Officer & Principal Financial Officer

Mr. Perry was appointed Merus's Chief Financial Officer in June 2023. He previously served as a non-executive director on Merus's Board of Directors since May 2016 and as Vice Chair since August 2018. Before joining Merus, Mr. Perry was the CFO of Finch Therapeutics from May 2018 through April 2022. His prior roles include Chief Financial and Administrative Officer of Novelion Therapeutics Inc. from 2016 to 2017 and CFO of Eleven Biotherapeutics from 2015 until its merger with Novelion in 2016. He also held senior financial leadership positions at ImmunoGen, Domantis, and Transkaryotic Therapies. Mr. Perry began his career at General Electric.

Peter B. Silverman, J.D. EVP, Chief Operating Officer, & General Counsel

Mr. Silverman has served as Merus's Chief Operating Officer since January 2023, its General Counsel since February 2018, and Chief Intellectual Property Officer since February 2017. He is responsible for the company's operations, including clinical operations, business strategy, legal and intellectual property, and information technology departments.

Fabian Zohren, M.D., Ph.D. Chief Medical Officer

Dr. Zohren was appointed Chief Medical Officer in July 2024. He previously served as Chief Medical Officer at ImmunoGen from November 2023 through its acquisition by AbbVie in May 2024. He is an expert in late-stage clinical development.

Cecile Geuijen, Ph.D. SVP & Chief Scientific Officer

Dr. Geuijen serves as Senior Vice President and Chief Scientific Officer at Merus.

The emergence of highly targeted oral small molecule inhibitors designed to treat specific rare fusions, such as NRG1 fusions, presents a clear emerging threat. Merus's lead clinical candidate, zenocutuzumab (Zeno), is an intravenous bispecific antibody being developed for NRG1 fusion-positive cancers. However, competing pharmaceutical companies are advancing oral small molecule therapies (e.g., GSK3945892 from GSK, NVL-655 from Nuvalent) that directly target these fusions. If these oral small molecules demonstrate comparable or superior efficacy and safety, coupled with the significant advantage of oral administration over intravenous infusions, they could fundamentally challenge the competitive positioning and market potential of Zeno by offering a more convenient and potentially equally effective treatment alternative for the same patient population.

Merus (MRUS) focuses on developing innovative bispecific and trispecific antibody therapeutics for various cancers. Their main product candidates in clinical development are zenocutuzumab (BIZENGRI) and petosemtamab (MCLA-158).

Zenocutuzumab (BIZENGRI)

Zenocutuzumab is indicated for NRG1 fusion-positive (NRG1+) solid tumors, specifically advanced unresectable or metastatic pancreatic adenocarcinoma and non-small cell lung cancer (NSCLC).

• The global addressable market for rare NRG1 fusion-positive cancers is valued at approximately $250 million as of 2024 and is projected to reach about $1 billion by 2034.
• Another estimate for the global NRG1 fusion-targeted therapy market projects growth from USD 133.1 million in 2025 to USD 242.9 million by 2035.
• In the United States, the NRG1 Fusion market was valued at approximately USD 22 million in 2023 and is anticipated to grow through 2034.
• Analysts have estimated worldwide sales of zenocutuzumab for NSCLC and pancreatic cancer with NRG1 mutations to reach $200 million. Initial sales are estimated at $32 million in 2025, growing to $234 million by 2034.
• Zenocutuzumab's revenue in the U.S. is expected to reach an annual total of $160 million by 2037.

Petosemtamab (MCLA-158)

Petosemtamab targets recurrent/metastatic head and neck squamous cell carcinoma (HNSCC) and metastatic colorectal cancer (mCRC).

• The global head and neck cancer market is expected to reach approximately $5 billion annually by 2028.
• The global Head and Neck Squamous Cell Carcinoma (HNSCC) market size was valued at USD 2.35 billion in 2025 and is projected to exceed USD 5.46 billion by 2035.
• The broader global market for head and neck cancer is anticipated to reach $11.1 billion by 2033.
• For recurrent Head and Neck Squamous Cell Carcinoma, the market across the 7 major markets (United States, EU4, United Kingdom, and Japan) was USD 1.6 billion in 2024 and is expected to reach USD 3.8 billion by 2035.
• The global Head and Neck Squamous Cell Carcinoma Market reached US$2.2 billion in 2022 and is expected to reach US$4.3 billion by 2030.
• The population of recurrent/metastatic HNSCC patients with a positive PD-L1 profile is estimated at 100,000 patients per year in major global markets.
• Analyst estimated peak sales for petosemtamab in first-line head and neck cancer to be $4.6 billion.
• In the U.S., petosemtamab's revenue is expected to reach an annual total of $211 million by 2038.

Merus (MRUS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

• Commercialization of Zenocutuzumab (Bizengri) for NRG1+ Cancers: Merus received FDA approval for Bizengri (zenocutuzumab-zbco) in December 2024, for the treatment of advanced, unresectable, or metastatic non-small cell lung cancer (NSCLC) and pancreatic adenocarcinoma harboring an NRG1 gene fusion. The company has licensed U.S. commercialization rights to Partner Therapeutics and is eligible for an upfront payment, milestones, and high single-digit to low double-digit royalty payments on net sales. This approval addresses a significant unmet medical need in an estimated 1,300 U.S. patients, with the market size for Zenocutuzumab projected to increase significantly by 2032.
• Potential Approval and Market Penetration of Petosemtamab in Head and Neck Squamous Cell Carcinoma (HNSCC): Petosemtamab (MCLA-158), Merus's lead candidate, has received two FDA Breakthrough Therapy designations and is currently in two Phase 3 registrational trials for HNSCC: LiGeR-HN1 (in combination with pembrolizumab for 1L PD-L1+ recurrent/metastatic HNSCC) and LiGeR-HN2 (monotherapy in 2L/3L recurrent/metastatic HNSCC). Both trials are expected to be substantially enrolled by the end of 2025. Positive Phase 2 results showed a 67% objective response rate in first-line treatment with pembrolizumab. Analysts project significant market potential for petosemtamab in HNSCC, with peak sales estimates reaching up to $3.8 billion by 2041 across various HNSCC settings.
• Expansion of Petosemtamab into Metastatic Colorectal Cancer (mCRC): Merus is also evaluating petosemtamab in a Phase 2 trial for metastatic colorectal cancer. Initial clinical data for this indication is anticipated in the second half of 2025. Successful development in mCRC would open up another substantial market opportunity for the drug.
• Strategic Collaborations and New Licensing Agreements: Merus consistently generates revenue through strategic collaborations and licensing its Biclonics® platform. These partnerships provide upfront payments, milestone payments, and research funding. For example, in January 2025, Merus and Biohaven announced a collaboration to co-develop three novel bispecific antibody drug conjugates. Continued engagement in such agreements is a recurring driver of revenue.

Share Issuance

• In June 2025, Merus completed a public offering, raising approximately $345 million in gross proceeds to advance clinical development, fund preclinical research, and support general corporate purposes.
• In May 2024, Merus conducted an upsized public offering of 7,550,000 common shares at $53.00 per share, generating approximately $400.2 million in gross proceeds.
• In January 2021, Eli Lilly and Company made an equity investment of $20 million in Merus common shares as part of a research collaboration.

Inbound Investments

• In September 2025, Genmab announced its intent to acquire Merus in an all-cash transaction valued at approximately USD 8.0 billion, or USD 97.00 per share.
• In March 2024, Merus received an upfront payment of $56 million and a $25 million equity investment from Gilead as part of a collaboration, option, and license agreement, with potential for up to approximately $1.5 billion in additional payments.
• In January 2021, Merus entered into a research collaboration and exclusive license agreement with Eli Lilly and Company, receiving an upfront cash payment of $40 million and a $20 million equity investment, with potential for up to $1.6 billion in milestone payments and royalties.

Capital Expenditures

• Merus's capital expenditures were $1.29 million in 2020, $0.87 million in 2021, $7.59 million in 2022, $3.98 million in 2023, and $1.67 million in 2024.
• Capital expenditures for the second quarter of 2025 were $88,000.
• Proceeds from public offerings are intended to fund clinical development, preclinical research, technology development, and general corporate purposes, which include capital expenditures.