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Metsera Inc (MTSR) investor relations material

Metsera Inc Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Entered into a definitive merger agreement with Pfizer, valuing equity at ~$10 billion, with $65.60/share in cash plus contingent value rights (CVRs) for milestone achievements; closing expected in Q4 2025, pending regulatory approvals.

  • Completed IPO in February 2025, raising $288.4 million in net proceeds; significant capital raised from preferred stock prior to IPO.

  • Lead candidate MET-097i showed positive Phase 2b results (14.1% weight loss at 28 weeks) and strong tolerability; Phase 3 initiation planned for late 2025.

Financial highlights

  • Net loss of $116.2 million for Q3 2025 and $261.5 million for the nine months ended September 30, 2025, compared to $109.6 million and $156.3 million for the same periods in 2024.

  • Research and development expenses increased to $63.7 million for Q3 2025 (up $33.8 million YoY) and $181.4 million for the nine months (up $112.8 million YoY), driven by clinical program ramp-up and personnel costs.

  • General and administrative expenses rose to $15.0 million for Q3 2025 (up $7.7 million YoY) and $35.1 million for the nine months (up $18.1 million YoY), mainly due to higher personnel and stock-based compensation.

  • Cash and cash equivalents were $448.5 million as of September 30, 2025.

Outlook and guidance

  • Existing cash expected to fund operations for at least 12 months from the reporting date.

  • Anticipates continued significant operating losses as clinical programs advance and pipeline expands.

  • If the merger is not completed, substantial additional capital will be required to fund ongoing operations.

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