Merrimack Reports Third Quarter 2023 Financial Results

Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) [(“Merrimack” or the “Company”)] today announced its third quarter 2023 financial results for the period ended September 30, 2023.

“During the third quarter we saw interest income on our cash and short term investments offset a significant portion of our operating expenses” said Gary Crocker, Chairman of Merrimack's Board of Directors. “We continue to monitor developments in Ipsen’s Onivyde (irinotecan liposomal injection) program and Elevation’s seribantumab program.”

Third Quarter 2023 Financial Results

Merrimack reported a net loss of $279 thousand for the third quarter ended September 30, 2023, or $0.02 per basic and diluted share on a fully diluted basis, compared to a net loss of $442 thousand, or $0.03 per basic and diluted share on a fully diluted basis, for the same period in 2022.

General and administrative expenses for the third quarter ended September 30, 2023, were $531 thousand, compared to $504 thousand for the same period in 2022.

As of September 30, 2023, Merrimack had short term investments and cash and cash equivalents of $18.9 million, compared to $19.4 million as of December 30, 2022.

As of September 30, 2023, Merrimack had 14.3 million shares of common stock outstanding.

Updates on Programs Underlying Potential Milestone Payments

Ipsen

- In June 2023, Ipsen announced that the U.S. Food and Drug Administration (FDA) had accepted its supplemental new drug application (sNDA) Onivyde (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (NALIRIFOX regimen) as a potential first-line treatment for metastatic pancreatic ductal adenocarcinoma (mPDAC) and that the FDA had provided a Prescription Drug User Fee Act goal date of 13 February 2024 for review of the application. This guidance was reiterated in Ipsen’s September, 2023 investor presentation.

Elevation Oncology

- In January 2023, Elevation announced it is pausing further investment in the clinical development of seribantumab and intends to pursue further development only in collaboration with a partner.

About Merrimack

Merrimack Pharmaceuticals, Inc. is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $450.0 million in contingent milestone payments related to its sale of ONIVYDE to Ipsen S.A. in April 2017. These milestone payments would be payable by Ipsen upon approval by the U.S. Food and Drug Administration (“FDA”) of ONIVYDE for certain additional clinical indications. ONIVYDE is already approved by the FDA in combination with fluorouracil (5-FU) and leucovorin (LV) for the treatment of patients with metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. This existing approval is unrelated to any future potential milestone payments. Merrimack’s agreement with Ipsen does not require Ipsen to provide Merrimack with any information on the progress of ONIVYDE clinical trials that is not publicly available. Merrimack is also entitled to receive up to $54.5 million in contingent milestone payments related to its sale of anti-HER3 programs to Elevation Oncology (formerly 14ner Oncology, Inc.) in July 2019.