Sign in

You're signed outSign in or to get full access.

MR

Monte Rosa Therapeutics, Inc. (GLUE)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 collaboration revenue was $23.19M, up from $4.70M YoY; net loss narrowed to $12.30M from $30.31M YoY, driven by recognition of Novartis upfront and continued R&D execution .
  • EPS beat: -$0.15 actual vs -$0.364 consensus; revenue beat: $23.19M actual vs $7.37M consensus; beats reflect stronger-than-expected collaboration revenue recognition tied to Novartis and Roche agreements * *.
  • Cash, cash equivalents, restricted cash, and marketable securities were $295.5M, with runway guided “into 2028,” supporting multiple clinical readouts (MRT-8102 H1 2026; MRT-2359 additional H2 2025; MRT-6160 Phase 2 initiation with Novartis) .
  • Stock reaction was mixed; pre‑market trading moved lower ~5.2% on the print, as investors weighed pipeline progress against collaboration-driven P&L optics .

What Went Well and What Went Wrong

What Went Well

  • Collaboration revenue recognition outperformed expectations; management noted revenue primarily reflects progress on Novartis’ $150M upfront recognized over time per performance obligations .
  • Pipeline execution accelerated: “We have now dosed the initial single ascending dose (SAD) cohort in our Phase 1 study of MRT-8102… initial readout anticipated in H1 2026” .
  • Platform validation: QuEEN AI/ML discovery featured in Science, “dramatically expanding the addressable protein target space” and underscoring MGD leadership .

What Went Wrong

  • Results remain collaboration-revenue dependent; no product sales yet, and net loss persisted at $12.30M despite YoY improvement .
  • Cash decreased by $35.5M QoQ to $295.5M, primarily from operational use of cash, highlighting investment intensity ahead of clinical POCs .
  • No explicit revenue/EPS guidance provided; estimate visibility depends on milestone pacing and collaboration accounting rather than recurring product revenue .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Collaboration Revenue ($USD Millions)$60.647 $84.929 $23.194
EPS (Primary, $USD)$0.27*$0.57*-$0.15*
Net Income ($USD Millions)$13.437 $46.885 -$12.295
R&D Expenses ($USD Millions)$38.866 $32.190 $30.653
G&A Expenses ($USD Millions)$8.777 $8.703 $8.095
Total Operating Expenses ($USD Millions)$47.643 $40.893 $38.748
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities ($USD Millions)$377.0 $331.0 $295.5

Values with * retrieved from S&P Global.

Margins vs prior periods and estimates:

MetricQ4 2024Q1 2025Q2 2025
Net Income Margin %22.16%*55.20%*-53.01%*

Values with * retrieved from S&P Global.

Actual vs S&P Global Wall Street Consensus:

MetricQ4 2024 ConsensusQ4 2024 ActualQ1 2025 ConsensusQ1 2025 ActualQ2 2025 ConsensusQ2 2025 Actual
Revenue ($USD Millions)$51.192*$60.647 $13.567*$84.929 $7.371*$23.194
EPS ($USD)$0.0269*$0.27*-$0.3221*$0.57*-$0.3641*-$0.15*

Values with * retrieved from S&P Global.

Revenue composition:

MetricQ4 2024Q1 2025Q2 2025
Collaboration Revenue (% of Total)100% 100% 100%

KPIs and balance items:

KPIQ4 2024Q1 2025Q2 2025
Current Deferred Revenue ($USD Millions)$117.232 $32.575 $18.410
Interest Income ($USD Millions)$2.595 $3.439 $3.068
Accounts Payable ($USD Millions)$17.215 $6.489 $5.581
Accrued Expenses & Other Current Liabilities ($USD Millions)$18.785 $16.287 $13.767

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayFY25Fund operations “into 2028” Fund operations “into 2028” Maintained
MRT-8102 (NEK7)H1 2025 → H1 2026IND filing “H1 2025” First subjects dosed July 2025; initial Phase 1 readout H1 2026 Raised timeline clarity (moved to readout vs pre‑IND)
MRT-6160 (VAV1)2025Advance toward multiple Phase 2 studies with Novartis Advancement toward Phase 2 ongoing; Novartis responsible for Phase 2 Maintained, operationalized
MRT-2359 (GSPT1)H2 2025Additional Phase 1/2 results in H2 2025 Additional results H2 2025 (CRPC; HR+ breast cohort) Maintained
CDK2 / CCNE1 Programs2026IND submission anticipated in 2026 DC nomination H2 2025; IND in 2026 Raised (added DC nomination timing)

Earnings Call Themes & Trends

Note: We were unable to locate a Q2 2025 earnings call transcript in our document catalog; themes reflect management’s Q2 press release and 8‑K commentary.

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
AI/Technology (QuEEN AI/ML)Emphasized expanding degradable target space; pipeline enabling Featured on cover of Science; “dramatically expanding” target space Strengthening validation
Regulatory/IND (NEK7)Planned IND H1 2025; favorable tox profile (>200x exposure margin) IND cleared; first subjects dosed; Phase 1 initial data H1 2026 Progressed to clinical
Partnerships (Novartis/Roche)Novartis $150M upfront; Phase 2 to be run/funded by Novartis; Roche discovery Collaboration revenue recognition continued; milestones begin at Phase 2 initiation Continuing execution
Oncology (MRT‑2359)Focus pivot to CRPC; early PR/SD; breast cohort ongoing CRPC enrollment continues; additional data H2 2025 Consistent focus
I&I (MRT‑6160)Phase 1 SAD/MAD positive PK/PD/safety; clear path to Phase 2 Advancement toward multiple Phase 2 studies ongoing with Novartis Transitioning to Phase 2
Cash Runway/MilestonesRunway “into 2028”; multiple readouts ahead Runway “into 2028”; detailed milestones reiterated Maintained confidence

Management Commentary

  • “We have now dosed the initial single ascending dose (SAD) cohort in our Phase 1 study of MRT‑8102, the only clinical‑stage MGD that selectively degrades NEK7… we believe MRT‑8102 offers a highly differentiated approach to potentially address a wide range of inflammatory and cardio‑immunology indications…” — Markus Warmuth, M.D., CEO .
  • “We continue, in collaboration with Novartis, to progress MRT‑6160 towards a broad development program of multiple well‑powered Phase 2 studies in immune‑mediated diseases…” .
  • “Science featured fundamental results from our QuEEN discovery engine… applying proprietary AI/ML techniques to the discovery of molecular glue degraders, dramatically expanding the addressable protein target space…” .

Q&A Highlights

  • Earnings call transcript for Q2 2025 was not available in our document catalog; no Q&A themes could be extracted from a call transcript. We relied on the company’s press release and 8‑K disclosures for management commentary and guidance .

Estimates Context

  • Q2 2025 revenue beat: $23.19M actual vs $7.37M consensus; EPS beat: -$0.15 actual vs -$0.364 consensus; outperformance reflects collaboration revenue recognition tied to Novartis and Roche progress and interest income * *.
  • Prior quarters also beat consensus on revenue and EPS, with Q1 2025 driven by $84.93M collaboration revenue recognition from Novartis upfront and other collaboration progress *.
  • With no explicit revenue/EPS guidance, estimate revisions will likely hinge on milestone timing, Phase 2 initiation for MRT‑6160, and cadence of collaboration revenue recognition disclosures .

Values with * retrieved from S&P Global.

Key Takeaways for Investors

  • Q2 showed continued execution with broad beats on revenue and EPS versus consensus, but the P&L remains collaboration-driven; monitor deferred revenue trends and milestone timing as key swing factors * .
  • Cash runway “into 2028” provides multi‑year funding to reach several POCs; cash declined QoQ as expected with increasing clinical activity—watch cash utilization against milestone inflows .
  • MRT‑8102 advanced into clinic (first subjects dosed); initial Phase 1 readout targeted for H1 2026—near‑term catalysts concentrated in MRT‑2359 (H2 2025) and MRT‑6160 Phase 2 initiation with Novartis .
  • MRT‑6160 hand‑off to Novartis for Phase 2 de‑risks near‑term development costs; milestones begin at Phase 2 initiation—commercial structure includes 30% U.S. P&L share for Monte Rosa .
  • Oncology thesis is increasingly CRPC‑centric where biomarker selection is less constraining; watch additional combination data and cohort expansion potential (20–30 patients) as efficacy signals firm up .
  • QuEEN AI/ML recognition in Science strengthens platform credibility and potential BD optionality; broader target space may drive future collaborations beyond current programs .
  • Trading setups: collaboration-driven beats can create estimate gaps; however, absent product revenue and with clinical proof points pending, stock moves will likely key off pipeline data cadence and Novartis Phase 2 initiation timing .