Monte Rosa Therapeutics, Inc. (GLUE)

Price$13.05Cached quoteAs of 2026-09-15 15:18 UTC

AI: Fair-priced

Price checkThe price looks fair because cash protection offsets high clinical uncertainty.

Using 85.2 million basic shares, the company is worth about $1.2 billion; including 16.5 million prefunded warrants—shares already mostly paid for—raises this to roughly $1.4 billion. Against $626 million of cash, restricted cash, and marketable securities, the market assigns about $0.6-$0.8 billion to the drug pipeline, before considering lease obligations or the new $50 million milestone. That is neither obviously cheap nor excessive for three clinical programs, but none has proven patient benefit in a decisive trial.

Big pictureLosses remain large, but current funding should carry several major trials.

First-half 2026 collaboration revenue fell to $13.2 million from $108.1 million because partner payments arrive in chunks; this is not a normal cycle tied to the economy. The company lost $87.9 million and used $81.5 million in operations, plus $6.6 million on equipment. Free cash flow—cash left after operations and equipment spending—was therefore about negative $88 million. Annualizing that pace suggests roughly $176 million of burn, while existing liquidity and the announced milestone support several years of research.

Business strengthDrug partners add credibility and funding, while shareholders have paid through dilution.

Novartis now funds Phase 2 work on MRT-6160. Monte Rosa can receive up to $2.1 billion of milestones, share 30% of U.S. profits and losses, and earn overseas royalties, although it must help fund Phase 3. Roche adds another validating partnership. Funding came partly at shareholders’ expense: basic shares rose from 65.5 million to 85.2 million in six months, while 16.5 million prefunded warrants remained. January’s offering raised $323.8 million net; first-half stock compensation added $11.9 million. No dividend or meaningful buyback offsets dilution.

What could change the storyStrong trial results could unlock value; weak patient outcomes would expose the premium.

The strongest bull case is that late-2026 MRT-8102 data confirm broad anti-inflammatory activity, Novartis advances more studies, and MRT-2359 repeats its early five-of-five prostate-cancer response in the planned 25-patient study. The bear case is that biomarkers fail to become better patient outcomes: Novo Nordisk’s ZEUS trial lowered inflammation markers yet did not reduce cardiovascular events. At the observed valuation, investors appear to require at least one meaningful clinical success or several partner milestones to justify the roughly $0.6-$0.8 billion pipeline value.

AI: News

Novartis milestone arrivesNovartis started a mid-stage immune-disease trial, earning Monte Rosa a $50 million payment.

On September 8, Novartis initiated a Phase 2a/b Sjögren’s disease trial for DDY391, triggering a $50 million milestone. Novartis funds and runs Phase 2; Monte Rosa remains eligible for up to $2.1 billion in development, regulatory, and sales milestones, then shares 30% of U.S. profits and losses while receiving overseas royalties. The payment extends cash life and shifts near-term trial costs to the partner, but the headline milestone ceiling depends on many future successes.

Prostate study beginsFirst-patient dosing moved a promising but tiny prostate-cancer signal into a larger test.

Monte Rosa dosed the first MODeFIRe-1 patient on August 24. The study can enroll 25 people with androgen-receptor-mutated prostate cancer and combines MRT-2359 with apalutamide. Earlier results showed the desired prostate-specific antigen response in all five evaluable mutation-positive patients, including two imaging responses. That is encouraging but far too small and uncontrolled to establish benefit. Repeating the signal in a broader group would materially improve the program’s credibility and commercial prospects.

Rival trial shocks sharesA rival inflammation trial failed, raising doubts that Monte Rosa’s biomarker gains will help patients.

On July 31, Novo Nordisk reported that its 6,300-person ZEUS trial lowered inflammation markers but did not reduce major cardiovascular events; the risk estimate was 0.99, effectively showing no difference. Monte Rosa shares closed 27.2% lower, and market reporting attributed much of the selloff to investors applying that result to MRT-8102. This is an uncertain comparison because the drugs target different parts of inflammation, yet ZEUS showed why lowering a laboratory marker alone may not prove patient benefit.

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$123.7M	$75.6M	$0	$0	—	—
Research & development	$141.5M	$121.6M	$111.3M	$85.1M	$57.2M	$24.0M
Operating expenses	$177.9M	$156.7M	$143.3M	$112.4M	$72.9M	$28.0M
Operating income	−$54.2M	−$81.1M	−$143.3M	−$112.4M	−$72.9M	−$28.0M
Operating margin	−43.83%	−107.26%	—	—	—	—
EBITDA	−$43.4M	−$70.9M	−$135.0M	−$106.1M	−$70.8M	−$27.5M
EBITDA margin	−35.05%	−93.74%	—	—	—	—
Net income	−$38.6M	−$72.7M	−$135.4M	−$108.5M	−$74.0M	−$35.9M
Net profit margin	−31.23%	−96.14%	—	—	—	—
Basic EPSper basic share	-$0.59	-$1.18	-$2.63	-$2.30	-$2.96	-$23.65
Diluted EPSper diluted share	-$0.59	-$1.18	-$2.63	-$2.30	-$2.96	-$23.65

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

10.40%of listed shares

PRICE T ROWE ASSOCIATES INC /MD/8.86M shares · Jun 30, 2026

View holders

Top 20 reported holders of GLUE
Holder	% owned
PRICE T ROWE ASSOCIATES INC /MD/	10.40%8.86M shares
NEA Management Company, LLC	9.03%7.69M shares
BlackRock, Inc.	8.03%6.84M shares
TCG Crossover Management, LLC	5.42%4.62M shares
Vestal Point Capital, LP	5.40%4.6M shares
BVF INC/IL	5.23%4.46M shares
BAKER BROS. ADVISORS LP	5.10%4.35M shares
STATE STREET CORP	4.38%3.73M shares
MONTANOVA CAPITAL, LLC	4.16%3.55M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.00%3.41M shares
Versant Venture Management, LLC	3.73%3.18M shares
BRAIDWELL LP	2.88%2.45M shares
GEODE CAPITAL MANAGEMENT, LLC	2.19%1.86M shares
AMERICAN CENTURY COMPANIES INC	1.90%1.62M shares
MARSHALL WACE, LLP	1.87%1.59M shares
Aisling Capital Management LP	1.83%1.56M shares
Nantahala Capital Management, LLC	1.53%1.3M shares
Bellevue Group AG	1.40%1.19M shares
DIMENSIONAL FUND ADVISORS LP	1.38%1.18M shares
MPM BIOIMPACT LLC	1.36%1.16M shares

Percentages use 85.23M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$58.4K disclosed value

Sells (SEC code S)40$15.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	Janku FilipChief Medical Officer	SellCommon Stock	6.0K	$22.95	$137.7K	60.0K
Jun 29, 2026Form 4	Manning Anthony M.Director	SellCommon Stock	10.0K	$23.11	$231.1K	0
Jun 24, 2026Form 4 · 10b5-1	Janku FilipChief Medical Officer	SellCommon Stock	30.0K	$21.42	$642.6K	60.0K
Jun 23, 2026Form 4 · 10b5-1	Janku FilipChief Medical Officer	SellCommon Stock	11.8K	$20.22	$239.5K	60.0K
Jun 23, 2026Form 4 · 10b5-1	Townson SharonChief Scientific Officer	SellCommon Stock	3.0K	$20.00	$60.0K	67.8K