Mersana Therapeutics Inc., a clinical-stage biopharmaceutical company, has reported its financial results for the first quarter of 2025. The company experienced a net loss of $24.1 million, or $0.19 per share, compared to a net loss of $19.3 million, or $0.16 per share, in the same period of 2024. As of March 31, 2025, Mersana's cash and cash equivalents stood at $102.3 million. The net cash used in operating activities for the first quarter was $29.3 million. In the business update, Mersana highlighted the positive progress in its clinical programs, particularly with the Emi-Le Phase 1 dose escalation and backfill cohorts, where the overall response rate increased to 31% across tumor types among patients with high B7-H4 tumors receiving intermediate doses. The company announced plans to report initial clinical data from expansion in the second half of 2025. Additionally, Mersana is advancing patient enrollment in dose expansion cohorts and continues to support collaborations with Johnson & Johnson and Merck KGaA, Darmstadt, Germany.