Mersana Therapeutics Inc.

# Signal Note: Rock Springs Capital initiates MRSN position Rock Springs' $4.4M entry into Mersana suggests conviction in the company's ADC pipeline, likely driven by upcoming clinical catalysts for its lead programs (ADCT-602 in bladder cancer and ADCT-401 in hematologic malignancies). The position size and timing may indicate anticipation of data readouts or partnership developments that could de-risk the preclinical-stage biotech, though Mersana remains dependent on execution across multiple indications to validate its dolaflexin payload technology.