Merrimack Reports First Quarter 2023 Financial Results

Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) [(“Merrimack” or the “Company”)] today announced its first quarter 2023 financial results for the period ended March 31, 2023.

“During the first quarter of 2023 our operating expenses remained consistent with prior quarters and were reduced both by proceeds we received from the receipt of an option fee paid in connection with the entry into an asset purchase option agreement on a preclinical asset and increased interest income” said Gary Crocker, Chairman of Merrimack's Board of Directors. “We continue to be focused on maintaining cash balances that will allow us to be in a position to receive potential milestone payments from Ipsen and Elevation under the programs that we previously sold to them.”

First Quarter 2023 Financial Results

Merrimack reported a net loss of $271 thousand for the first quarter ended March 31, 2023, or $0.02 per basic and diluted share on a fully diluted basis, compared to a net loss of $132 thousand, or $0.01 per basic and diluted share on a fully diluted basis, for the same period in 2022.

Merrimack reported a gain on the sale of assets for the first quarter ended March 31, 2023, of $139 thousand, attributable to an asset purchase option agreement on a preclinical program, compared to $445 thousand related to an asset sale in the same period in 2022.

Interest income in the first quarter ended March 31, 2023, was $176 thousand compared to no interest income for the same period in 2022.

General and administrative expenses for the first quarter ended March 31, 2023, were $586 thousand, compared to $577 thousand for the same period in 2022.

As of March 31, 2023, Merrimack had cash and cash equivalents of $19.4 million, compared to $19.4 million as of December 31, 2022.

As of March 31, 2023, Merrimack had 14.3 million shares of common stock outstanding.

Updates on Programs Underlying Potential Milestone Payments

Ipsen

Metastatic Pancreatic Ductal Adenocarcinoma

• In November 2022, Ipsen announced the Phase III NAPOLI 3 trial of Onivyde (irinotecan liposome injection) plus 5-fluorouracil/leucovorin and oxaliplatin (the “NALIRIFOX regimen”) met its primary endpoint demonstrating clinically meaningful and statistically significant improvement in overall survival compared to nab-paclitaxel plus gemcitabine in 770 previously untreated patients with mPDAC and key secondary efficacy outcome of progression-free survival (PFS) also showed significant improvement over the comparator arm. Ipsen also announced that the safety profile of Onivyde in the NAPOLI 3 trial was consistent with those observed in the previous phase I/II mPDAC study.
• In January 2023, Ipsen presented clinical trial results at the 2023 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium.
• In February 2023 Ipsen provided guidance to investors that it intends to file a supplemental New Drug Application with the U.S. Food and Drug Administration during the first half of 2023 following the Fast Track Designation granted in 2020 for the use of Onivyde in combination with oxaliplatin plus 5-fluorouracil/leucovorin for the treatment of patients with previously untreated mPDAC.

Small Cell Lung Cancer