On November 4, 2021 Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) ("Merrimack" or the "Company") reported its third quarter 2021 financial results for the period ended September 30, 2021 (Press release, Merrimack, NOV 4, 2021, View Source [SID1234594443]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Both Ipsen Pharmaceuticals and Elevation Oncology publicly announced updates during the last three months that indicate that the clinical programs that may result in milestone payments to Merrimack continue to move forward", said Gary Crocker, CEO and Chairman of Merrimack’s Board of Directors. "In addition, we are pleased that our sustained focus on streamlining operational expenses continues to result in overhead cost reductions."
Third Quarter 2021 Financial Results
Merrimack reported net loss of $0.5 million for the third quarter ended September 30, 2021, or $0.04 per basic share, compared to a net loss of $1.0 million, or $0.08 per basic share, for the same period in 2020.
General and administrative expenses for the third quarter ended September 30, 2021 were $0.6 million, compared to $1.0 million for the same period in 2020.
As of September 30, 2021, Merrimack had cash and cash equivalents of $14.6 million, compared to $14.0 million as of December 31, 2020. The increase in cash position was due to a decrease of $2.0 million in prepaid expense and other assets including the receipt of our federal tax refund in April 2021, as well as $0.2 million from the exercise of stock options.
As of September 30, 2021, Merrimack had 13.4 million shares of common stock outstanding.
Updates on Programs Underlying Potential Milestone Payments
Ipsen Pharmaceuticals
On October 21, 2021, as part of its Q3 2021 Results Presentation, Ipsen provided to the public an update on the RESILIENT trial of ONIVYDE as a second line treatment for Small Cell Lung Cancer, indicating that clinical data from this trial are anticipated in the second half of 2022. Ipsen also provided an update on the NAPOLI 3 trial of ONIVYDE as a first line treatment for pancreatic cancer. Enrollment is completed in this trial and Ipsen indicated that clinical data are expected in 2023.
Elevation Oncology
Elevation Oncology licensed an anti-HER3 program from Merrimack in 2019. In its September 2021 investor presentation, Elevation communicated that the ongoing CRESTONE trial is intended to be a registrational trial pending continued discussions with the FDA and that top line results from this trial will be available in H1 2023. The anti-HER3 program licensed from Merrimack continues to be Elevation’s lead clinical asset.