10-K · March 17, 2026
Monte Rosa (GLUE) presents significant clinical progress across its molecular glue pipeline (MRT-8102, MRT-2359, MRT-6160) and material collaboration agreements (Novartis $150M upfront; Roche $50M upfront) that…
Earnings analysis · 10-Q
GLUE earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Monte Rosa Therapeutics (GLUE) reported Q1 2026 results with a significant decline in collaboration revenue, posting $4.2 million compared to $84.9 million in the same period last year. The company experienced a net…
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Monte Rosa Therapeutics (GLUE) reported Q1 2026 results with a significant decline in collaboration revenue, posting $4.2 million compared to $84.9 million in the same period last year. The company experienced a net loss of $44.5 million, worsening from a net income of $46.9 million in Q1 2025. Despite this, Monte Rosa maintains a robust liquidity position with $671 million in cash, sufficient to support operations through 2029.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.36
What stood out
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Collaboration Revenue Drops
Q1 2026 collaboration revenue fell to $4.2 million from $84.9 million in Q1 2025, a decrease of $80.7 million.
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Increased R&D Expenses
R&D expenditures rose by 36.9% to $44.1 million in Q1 2026, up from $32.2 million in Q1 2025.
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Substantial Cash Reserves
As of March 31, 2026, Monte Rosa had $671.2 million in cash and marketable securities, sufficient to fund operations into 2029.
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Operating Losses
Operating loss for Q1 2026 was $50.0 million compared to operating income of $44.0 million in Q1 2025, indicating a decline in business performance.
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Net Loss Worsening
Net loss of $44.5 million in Q1 2026, compared to net income of $46.9 million in Q1 2025, reflecting a significant downturn.
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Increased General and Administrative Costs
General and administrative expenses rose 16.9% year-over-year to $10.2 million from $8.7 million.
What to watch
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High R&D Spending
Research and development expenses increased to $44.1 million in Q1 2026, posing ongoing risks of escalating costs.
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Continued Operating Losses
The company has incurred operating losses, with a total accumulated deficit of $521.7 million as of March 31, 2026.
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Revenue Dependency on Collaborations
Q1 2026 revenue primarily depended on collaboration agreements with Roche and Novartis, but steep declines raise concerns about long-term sustainability.
Management's outlook
No numeric guidance provided; management emphasizes ongoing challenges.
Earlier filings 4
10-Q · August 7, 2025
Monte Rosa reported collaboration revenue of $23.194 million in Q2 2025 (vs. $4.695 million in Q2 2024) and GAAP diluted EPS of $(0.15), beating consensus. Operating loss narrowed to $(15.554) million from $(32.642)…
10-K · March 20, 2025
Monte Rosa (GLUE) positions itself as a discovery-driven molecular glue degrader company built around its QuEENTM engine and a >50,000‑compound MGD library. The company secured material partner financings in 2024…
10-Q · August 10, 2023
Monte Rosa reported a larger quarterly loss with net loss per share of $(0.71) for the three months ended June 30, 2023 compared with $(0.57) in the prior-year quarter, driven by higher R&D and G&A. The company stated…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.