On March 9, 2022 Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) ("Merrimack" or the "Company") reported its full year 2021 financial results for the period ended December 31, 2021 (Press release, Merrimack, MAR 9, 2022, View Source [SID1234609796]).

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"During 2021 we have continued to reduce our operating expenses and remain focused on conserving cash to ensure that we have sufficient financial resources to capture future potential milestone payments from Ipsen Pharmacology and Elevation Oncology" said Gary Crocker, CEO and Chairman of Merrimack’s Board of Directors. "Both Ipsen Pharmaceuticals and Elevation Oncology have recently provided the public with updates on clinical stage programs and indicated that they expect to announce certain clinical trial results in 2022 and 2023. Success of these clinical trials could result in future milestone payments."

Fourth Quarter and Full Year 2020 Financial Results

Merrimack reported net loss of $2.5 million for the year ended December 31, 2021, or $0.18 per basic share, compared to a net loss of $3.0 million, or $0.23 per basic share, for the same period in 2020.

Merrimack reported a gain on sale of assets for the year ended December 31, 2021 of $0.1 million compared to $2.1 million for the same period in 2020.

General and administrative expenses for the year ended December 31, 2021 were $2.6 million, compared to $5.0 million for the same period in 2020.

As of December 31, 2021, Merrimack had cash and cash equivalents and investments of $14.2 million, compared to $14.0 million as of December 31, 2020.

As of December 31, 2021, Merrimack had 13.4 million shares of common stock outstanding.

Updates on Programs Underlying Potential Milestone Payments

Ipsen

On February 11, 2022 Ipsen released its full year 2021 financial results. At the same time, Ipsen publicly indicated that a data readout from its ongoing Phase 3 trial of ONIVYDE as a treatment of second line small cell lung cancer would be provided in the second half of 2022. In addition, Ipsen reported that it is continuing to study ONIVYDE in Phase III clinical trials in first line pancreatic ductal adenocarcinoma, with a data readout expected in 2023.

Elevation Oncology

On March 3, 2022 Elevation Oncology reported in its full year 2021 financial results and provided an update on expected 2022 milestones. Elevation expects to provide an initial clinical readout from approximately 10 patients in its phase II CRESTONE study evaluating the HER3 monoclonal antibody seribantumab for the treatment of patients with tumors harboring an NRG1 gene fusion in mid-2022.