Merus (MRUS) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Pipeline progress and clinical updates

• Four clinical-stage assets are advancing, with petosemtamab leading in head and neck and colorectal cancer, now in Phase 3 registration trials and expanding indications.

• Zenocutuzumab is under FDA priority review for NRG1 fusion cancers, showing strong efficacy in lung and pancreatic cancer.

• MCLA-129 demonstrates significant activity in lung cancer, with ongoing development and potential for partnership.

• Multiple collaborations, including with Gilead, provide financial support and validation for the technology platform.

• Cash reserves of $846 million are expected to fund operations through 2028 and support key clinical milestones.

Petosemtamab clinical data and market opportunity

• Petosemtamab shows a 37% response rate as monotherapy and 67% in combination with pembrolizumab in head and neck cancer, outperforming standard therapies.

• Median duration of response is 6 months, with manageable safety and improved infusion-related reactions.

• Phase 3 trials are underway in both frontline and second/third-line settings, with additional studies in colorectal cancer.

• The addressable market for head and neck cancer could exceed $5 billion, with a focus on chemo-free, well-tolerated regimens.

• Regulatory alignment achieved with FDA on dosing, and Project Optimus requirements completed.

Zenocutuzumab and MCLA-129 highlights

• Zenocutuzumab delivers a 37% response rate in NRG1 fusion lung cancer and 42% in pancreatic cancer, with favorable safety.

• MCLA-129 achieves tumor shrinkage in over half of treated lung cancer patients, including those with prior therapies.

• Strategic focus remains on petosemtamab, with openness to partnerships for MCLA-129 to maximize its potential.