Merus N.V. (MRUS) annual cash flow statement covering fiscal 2018 through 2022, as reported to the SEC.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net loss | ||||||||||||||||||||
-131,194 | -66,816 | -85,513 | -55,151 | -28,310 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss | -131,194 | -66,816 | -85,513 | -55,151 | -28,310 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||||||
Depreciation and amortization of property and equipment | ||||||||||||||||||||
981 | 1,245 | 1,165 | 902 | 645 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization of property and equipment | 981 | 1,245 | 1,165 | 902 | 645 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of intangible assets | ||||||||||||||||||||
300 | 200 | 300 | 200 | 109 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of intangible assets | 300 | 200 | 300 | 200 | 109 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Foreign exchange gain | ||||||||||||||||||||
23,528 | 27,703 | -8,957 | 1,068 | 6,139 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Foreign exchange gain | 23,528 | 27,703 | -8,957 | 1,068 | 6,139 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Stock-based compensation expense | ||||||||||||||||||||
24,535 | 17,091 | 9,372 | 7,834 | 9,754 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Stock-based compensation expense | 24,535 | 17,091 | 9,372 | 7,834 | 9,754 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization (accretion) of discount on investments | ||||||||||||||||||||
-407 | 450 | 40 | -531 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization (accretion) of discount on investments | -407 | 450 | 40 | -531 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization (accretion) of discount on investments | ||||||||||||||||||||
- | - | - | - | 559 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization (accretion) of discount on investments | - | - | - | - | 559 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred tax expense (benefit) | ||||||||||||||||||||
-1,624 | -7 | -122 | -89 | -212 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred tax expense (benefit) | -1,624 | -7 | -122 | -89 | -212 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Accounts receivable | ||||||||||||||||||||
-1,831 | 4,991 | -1,149 | -633 | 1,573 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts receivable | -1,831 | 4,991 | -1,149 | -633 | 1,573 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Operating lease right-of-use assets and lease obligations | ||||||||||||||||||||
-815 | 24 | - | 112 | -78 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Operating lease right-of-use assets and lease obligations | -815 | 24 | - | 112 | -78 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid expenses and other current assets | ||||||||||||||||||||
7,344 | 1,092 | 2,895 | 1,029 | 2,830 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid expenses and other current assets | 7,344 | 1,092 | 2,895 | 1,029 | 2,830 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable | ||||||||||||||||||||
-3,920 | 10,715 | -110 | 22 | -133 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable | -3,920 | 10,715 | -110 | 22 | -133 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued expenses and other liabilities | ||||||||||||||||||||
15,648 | 2,127 | 7,023 | 3,317 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued expenses and other liabilities | 15,648 | 2,127 | 7,023 | 3,317 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued expenses | ||||||||||||||||||||
- | - | - | - | -25 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued expenses | - | - | - | - | -25 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred revenue | ||||||||||||||||||||
-25,996 | 9,138 | -19,246 | -18,012 | -16,901 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred revenue | -25,996 | 9,138 | -19,246 | -18,012 | -16,901 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in operating activities | ||||||||||||||||||||
-149,899 | -59,627 | -79,901 | -63,048 | -46,096 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in operating activities | -149,899 | -59,627 | -79,901 | -63,048 | -46,096 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Purchases of marketable securities | ||||||||||||||||||||
219,725 | 215,839 | 66,845 | 60,413 | 89,735 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of marketable securities | 219,725 | 215,839 | 66,845 | 60,413 | 89,735 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from maturities of marketable securities | ||||||||||||||||||||
230,166 | 70,086 | 66,646 | 87,183 | 68,914 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from maturities of marketable securities | 230,166 | 70,086 | 66,646 | 87,183 | 68,914 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of intangible assets | ||||||||||||||||||||
52 | - | - | 375 | 2,510 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of intangible assets | 52 | - | - | 375 | 2,510 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of property and equipment | ||||||||||||||||||||
7,587 | 870 | 1,287 | 2,223 | 1,834 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of property and equipment | 7,587 | 870 | 1,287 | 2,223 | 1,834 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by (used in) investing activities | ||||||||||||||||||||
2,802 | -146,623 | -1,486 | 24,172 | -25,165 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by (used in) investing activities | 2,802 | -146,623 | -1,486 | 24,172 | -25,165 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment of offering costs | ||||||||||||||||||||
214 | 572 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of offering costs | 214 | 572 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of common stock, net | ||||||||||||||||||||
57,740 | 248,630 | 38,072 | 74,184 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock, net | 57,740 | 248,630 | 38,072 | 74,184 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from issuance of common stock - Lilly | ||||||||||||||||||||
- | - | - | - | 62,008 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock - Lilly | - | - | - | - | 62,008 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from stock options exercised | ||||||||||||||||||||
1,213 | 17,423 | 1,448 | 48 | 1,035 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from stock options exercised | 1,213 | 17,423 | 1,448 | 48 | 1,035 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repurchase of restricted stock units | ||||||||||||||||||||
- | 285 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repurchase of restricted stock units | - | 285 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Short-swing profit disgorgement | ||||||||||||||||||||
- | 282 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Short-swing profit disgorgement | - | 282 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by financing activities | ||||||||||||||||||||
58,739 | 281,955 | 39,520 | 74,232 | 63,043 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by financing activities | 58,739 | 281,955 | 39,520 | 74,232 | 63,043 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Foreign exchange impact on cash, cash equivalents and restricted cash | ||||||||||||||||||||
-4,952 | 2,761 | 7,337 | -2,273 | -6,557 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Foreign exchange impact on cash, cash equivalents and restricted cash | -4,952 | 2,761 | 7,337 | -2,273 | -6,557 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||||||||||||||||
-93,310 | 78,466 | -34,530 | 33,083 | -14,775 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | -93,310 | 78,466 | -34,530 | 33,083 | -14,775 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
SUPPLEMENTAL DISCLOSURES: | ||||||||||||||||||||
Non-cash right-of-use assets acquired from operating lease obligations | ||||||||||||||||||||
- | - | - | 3,875 | 1,663 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash right-of-use assets acquired from operating lease obligations | - | - | - | 3,875 | 1,663 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Lease liabilities arising from obtaining right-of-use assets | ||||||||||||||||||||
11,493 | 2,626 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Lease liabilities arising from obtaining right-of-use assets | 11,493 | 2,626 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income taxes paid | ||||||||||||||||||||
- | -635 | -322 | -320 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income taxes paid | - | -635 | -322 | -320 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash purchases of property, equipment and intangibles | ||||||||||||||||||||
2,093 | - | 36 | 187 | 553 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash purchases of property, equipment and intangibles | 2,093 | - | 36 | 187 | 553 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash issuance of stock options | ||||||||||||||||||||
- | 573 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash issuance of stock options | - | 573 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Non-cash financing costs | ||||||||||||||||||||
- | - | 71 | 164 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Non-cash financing costs | - | - | 71 | 164 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income tax refunds received | ||||||||||||||||||||
- | - | 24 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income tax refunds received | - | - | 24 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income taxes paid | ||||||||||||||||||||
- | - | - | - | 737 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income taxes paid | - | - | - | - | 737 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Lilly | ||||||||||||||||||||
Proceeds from issuance of common stock - Lilly | ||||||||||||||||||||
- | 16,477 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from issuance of common stock - Lilly | - | 16,477 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||