10-K/A
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-K/A
(Amendment No. 1)
 
 
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from     to    
Commission File
Number 001-37773
 
 
MERUS N.V.
(Exact name of Registrant as specified in its Charter)
 
 
 
The Netherlands
  
Not Applicable
(State or other jurisdiction of
incorporation or organization)
  
(I.R.S. Employer
Identification No.)
Uppsalalaan 17
3584 CT Utrecht
The Netherlands
  
Not Applicable
(Address of principal executive offices)
  
(Zip Code)
Registrant’s telephone number, including area code:
+31 30 253 8800
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange on which registered
Common shares
,
nominal value €0.09 per share
  
MRUS
  
The Nasdaq Stock Market LLC
(Nasdaq Global Market)
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 
YES
 
☒
 NO ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES ☐ 
NO
 ☒
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
YES
 ☒ NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
YES
 ☒ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer   ☒    Accelerated filer   ☐
Non-accelerated
filer		   ☐    Smaller reporting company   ☐
Emerging growth company   ☐     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). YES ☐ NO ☒
The aggregate market value of the voting and
non-voting
common equity held by
non-affiliates
of the registrant, based on the closing price of the shares of common shares on The Nasdaq Stock Market on June 30, 2024, was approximately $3,996.5 million.
The number of shares of registrant’s Common Shares outstanding as of February 21, 2025 was 69,090,469.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement that the registrant intends to file with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2025 Annual General Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form
10-K
to the extent stated herein.
Auditor Firm ID 1012 Auditor Name: KPMG Accountants N.V. Auditor Location: Amstelveen, The Netherlands
 
 
 
EXPLANATORY NOTE
Merus N.V. (the “Company,” “we,” “us” or “our”) is filing this Amendment No. 1 on Form
10-K/A
(this “Amendment”) to amend our Annual Report on Form
10-K
for the fiscal year ended December 31, 2024, originally filed with the U.S. Securities and Exchange Commission (“SEC”) on February 27, 2025 (the “Original Form
10-K”),
solely to include the Company’s Insider Trading Compliance Policy as Exhibit 19.1, which was inadvertently omitted from the Original Form
10-K.
In accordance with Rule
12b-15
of the Securities Exchange Act of 1934, as amended, this Amendment includes updated certifications required by Section 302 of the Sarbanes-Oxley Act of 2002, as amended, dated as of the filing date of this Amendment. Because no financial statements have been included in this Amendment and this Form
10-K/A
does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation
S-K,
paragraphs 3, 4 and 5 of the certifications have been omitted.
Except as otherwise expressly noted herein, this Amendment does not modify or update in any way the Original Form
10-K,
nor does it reflect events occurring after the filing of the Original Form
10-K.
Accordingly, this Amendment should be read in conjunction with the Original Form
10-K.
PART IV
Item 15. Exhibits, and Financial Statement Schedules.
(a)
1. Financial Statements.
No financial statements are filed with this Amendment. These items were included as part of the Original Form
10-K.
2. Financial Statements and Schedules.
All financial statement schedules have been omitted because the required information is either presented in the consolidated financial statements or the notes thereto or is not applicable or required.
3. Exhibits.
The following is a list of exhibits filed as part of this Annual Report on Form
10-K.
 
                
Incorporated by Reference to Filings
Indicated
         
Exhibit
Number
   
Exhibit Description
   
Form
     
File No.
     
Exhibit
No.
     
Filing Date
     
Filed /
Furnished
  
  
Articles of Association and
By-Laws
               
 3.1    Articles of Association of Merus N.V., as amended on July 29, 2024     
10-Q
       
001-37773
        3.1        8/1/24     
  
Instruments Defining the Rights of Security Holders
               
 4.1    Description of Securities     
10-K
       
001-37773
        4.1        2/27/2025     
  
Material Contracts - Management Contracts and Compensation Plans
               
10.1.1    Merus N.V. 2016 Incentive Award Plan Amended and Restated May 7, 2024     
10-K
       
001-37773
        10.1.1        2/27/2025     
10.1.2    Merus N.V. Non-Executive Director Compensation Program     
10-Q
       
001-37773
        10.1        8/6/20     
10.1.3    Form of Board of Directors Indemnification Agreement     
F-1/A
       
333-207490
        10.4        5/9/16     
10.1.4    Employment Agreement, dated January 1, 2023, by and between Merus US, Inc. and Peter Silverman     
8-K
       
001-37773
        10.1        1/6/23     
10.1.5    Employment Agreement, dated January 1, 2019, by and among Merus US, Inc., the Registrant and Sven A. Lundberg     
10-K
       
001-37773
        10.1.13        3/16/20     
10.1.6    Employment Agreement, dated as of June 14, 2023, by and between Merus US, Inc. and Gregory Perry     
8-K
       
001-37773
        10.1        6/15/23     
10.1.7    Employment Agreement by and between Merus US, Inc. and Fabian Zohren.     
8-K
       
001-37773
        10.1        7/1/2024     
10.1.8    Employment Agreement, dated July 2, 2020, by and among Merus US, Inc., the Registrant and Andrew Joe     
10-Q
       
001-37773
        10.4        8/6/20     
10.1.9    Consulting Agreement, dated April 15, 2024 between Victor Sandor and Merus US, Inc.     
10-Q
       
001-37773
        10.2        5/8/24     
  
Material Contracts - Banking and Financing
               
10.2.1    English language translation of Loan Agreement between the Registrant and Coöperatieve Rabobank Utrechtse Heuvelrug U.A., dated December 29, 2005     
F-1
       
333-207490
        10.8        10/19/15     
                
Incorporated by Reference to Filings
Indicated
         
Exhibit
Number
   
Exhibit Description
   
Form
     
File No.
     
Exhibit
No.
     
Filing Date
     
Filed /
Furnished
  
10.2.2    English language translation of letter amendment, dated October 21, 2015, to Loan Agreement between the Registrant and Coöperatieve Rabobank Utrechtse Heuvelrug U.A.     
F-1/A
       
333-207490
        10.9        1/21/16     
10.2.3    English language translation of letter amendment, dated March 15, 2016, to Loan Agreement between the Registrant and Coöperatieve Rabobank Utrechtse Heuvelrug U.A.     
F-1/A
       
333-207490
        10.9.1        5/9/16     
10.2.4    English language translation of letter amendment, dated March 15, 2016, to Loan Agreement between the Registrant and Coöperatieve Rabobank Utrechtse Heuvelrug U.A.     
F-1/A
       
333-207490
        10.9.2        5/9/16     
  
Material Contracts - Leases
               
10.3.1    English translation of Lease for Office Space and Other Commercial Space, dated July 2019, by and between Kadans Science Partner XIII B.V. and Merus N.V.     
10-Q
       
001-37773
        10.1        5/9/22     
10.3.2    English translation of Addendum a, dated April 11, 2022, to Lease for Office Space and Other Commercial Space, dated July 19, 2019, by and between Kadans Science Partner XIII B.V. and Merus N.V.     
10-Q
       
001-37773
        10.2        5/9/22     
  
Material Contracts - Collaboration and License Agreements
               
10.4.1†    Collaboration and License Agreement, dated December 20, 2016, by and between the Registrant and Incyte Corporation     
20-F
       
001-37773
        4.12        4/28/17     
10.4.2†††    Contract Research and License Agreement and Addendum between the Registrant and Ono Pharmaceutical Co., Ltd., dated April 8, 2014     
10-Q
       
001-37773
        10.3.5        11/2/21     
10.4.3†    Contract Research and License Agreement by and between the Registrant and Ono Pharmaceutical Co., Ltd., dated March 14, 2018     
20-F
       
001-37773
        4.19        4/30/18     
10.4.4††    Collaboration and License Agreement, dated January 18, 2021, by and between the Registrant and Eli Lilly and Company     
10-K
       
001-37773
        10.4.5        3/16/21     
10.4.5†    Collaboration, Option and License Agreement, dated as of March 5, 2024, by and between Merus N.V. and Gilead Sciences, Inc.     
10-Q
        0001-37773        10.1        5/8/24     
10.4.6†    License Agreement by and between Merus N.V. and Partner Therapeutics, Inc. dated November 27, 2024     
10-K
       
001-37773
        10.4.6        2/27/2025     
  
Other Exhibits
               
19.1    Insider Trading Compliance Policy                  *  
21.1    List of Subsidiaries     
F-1/A
       
333-207490
        21.1        4/8/16     
23.1    Consent of Independent Registered Public Accounting firm     
10-K
       
001-37773
        23.1        2/27/2025     
31.1    Certification of Principal Executive Officer pursuant to rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002     
10-K
       
001-37773
        31.1        2/27/2025     
31.2    Certification of Principal Financial Officer pursuant to rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002     
10-K
       
001-37773
        31.2        2/27/2025     
31.3    Certification of Principal Executive Officer pursuant to rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                  *  
                
Incorporated by Reference to Filings
Indicated
       
Exhibit
Number
   
Exhibit Description
   
Form
     
File No.
     
Exhibit
No.
     
Filing Date
     
Filed /
Furnished
 31.4    Certification of Principal Financial Officer pursuant to rules 13a-14(a) and 15d-14(a) under the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                *
 32.1    Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     
10-K
       
001-37773
        32.1        2/27/2025     
 97.1    Compensation Recovery Policy     
10-K
       
001-37773
        97.1        2/28/24     
101.INS    Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document                *
101.SCH    Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents                *
104    Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).                *
 
*
Filed herewith.
**
Furnished herewith.
†
Confidential treatment granted as to portions of the exhibit. Confidential materials omitted and filed separately with the Securities and Exchange Commission.
††
Portions of the exhibit have been omitted. Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.
†††
Portions of the exhibit have been omitted. Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) the type that the Registrant treats as private or confidential.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized
.
 
   
MERUS N.V.
Date: April 7, 2025     By:   /s/ Sven A. Lundberg
      Sven (Bill) Ante Lundberg
      President, Chief Executive Officer and
      Principal Executive Officer