On August 5, 2021 Merrimack Pharmaceuticals, Inc. (Nasdaq:MACK) ("Merrimack" or the "Company") reported its second quarter 2021 financial results for the period ended June 30, 2021 (Press release, Merrimack, AUG 5, 2021, View Source [SID1234585891]).
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"We are pleased to report continued reductions in our operating expenses as well as positive overall cashflow during the quarter due to receipt of a tax refund," said Gary Crocker, Chairman of Merrimack’s Board of Directors. "Both Ipsen Pharmaceuticals and Elevation Oncology continue to report progress on separate clinical programs which could result in future milestone payments to Merrimack."
Second Quarter 2021 Financial Results
Merrimack reported net loss of $0.8 million for the second quarter ended June 30, 2021, or $0.06 per basic share, compared to a net loss of $1.2 million, or $0.09 per basic share, for the same period in 2020.
General and administrative expenses for the second quarter ended June 30, 2021 were $0.8 million, compared to $1.2 million for the same period in 2020.
As of June 30, 2021, Merrimack had cash and cash equivalents of $14.9 million, compared to $14.0 million as of December 31, 2020. The increase in cash position was due to a decrease of $1.8 million in prepaid expense and other assets related to the receipt of our federal tax refund in April 2021, as well as $0.2 million from the exercise of stock options.
As of June 30, 2021, Merrimack had 13.4 million shares of common stock outstanding.
Updates on Programs Underlying Potential Milestone Payments
Ipsen Pharmaceuticals
On July 29, 2021, as part of its H1 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 as well as a possible regulatory filing are anticipated in 2022. Ipsen also provided an update on the NAPOLI 3 trial of ONIVYDE as a first line treatment for pancreatic cancer. Enrollment is continuing in this trial and Ipsen indicated that clinical data as well as a possible regulatory filing are expected in 2023
Elevation Oncology
On June 24, 2021 Elevation Oncology announced the pricing of its initial public offering of 6,250,000 shares of its common stock at a public offering price of $16.00 per share, with gross proceeds to Elevation expected to be $100 million. The anti-HER3 program licensed from Merrimack continues to be Elevation’s lead clinical asset.