2024 Q2 Form 10-Q Financial Statement
#000095017024060478 Filed on May 15, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $244.1M | |
| YoY Change | 1158.23% | |
| Cash & Equivalents | $234.2M | |
| Short-Term Investments | $9.950M | |
| Other Short-Term Assets | $209.0K | |
| YoY Change | -7.93% | |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $244.3M | |
| YoY Change | 1144.75% | |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $3.000K | |
| YoY Change | -57.14% | |
| Total Long-Term Assets | $3.000K | |
| YoY Change | -57.14% | |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $244.3M | |
| Total Long-Term Assets | $3.000K | |
| Total Assets | $244.3M | |
| YoY Change | 1144.32% | |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $168.0K | |
| YoY Change | 88.76% | |
| Accrued Expenses | $161.0K | |
| YoY Change | 17.52% | |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $22.67M | |
| YoY Change | 4796.76% | |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $22.67M | |
| Total Long-Term Liabilities | $0.00 | |
| Total Liabilities | $22.67M | |
| YoY Change | 4796.76% | |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$347.4M | |
| YoY Change | -36.59% | |
| Common Stock | $569.1M | |
| YoY Change | 0.36% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $221.7M | |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $244.3M | |
| YoY Change | 1144.32% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2024Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2024Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2024Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001274792 | |
| CY2024Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2024Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
MERRIMACK PHARMACEUTICALS INC | |
| CY2024Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2024Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2023Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2024Q1 | dei |
Document Type
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|
10-Q | |
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Document Quarterly Report
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true | |
| CY2024Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-03-31 | |
| CY2024Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | |
| CY2024Q1 | dei |
Document Transition Report
DocumentTransitionReport
|
false | |
| CY2024Q1 | dei |
Entity File Number
EntityFileNumber
|
001-35409 | |
| CY2024Q1 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | |
| CY2024Q1 | dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
04-3210530 | |
| CY2024Q1 | dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
One Broadway | |
| CY2024Q1 | dei |
Entity Address Address Line2
EntityAddressAddressLine2
|
14th Floor | |
| CY2024Q1 | dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Cambridge | |
| CY2024Q1 | dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
MA | |
| CY2024Q1 | dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
02142 | |
| CY2024Q1 | dei |
City Area Code
CityAreaCode
|
617 | |
| CY2024Q1 | dei |
Local Phone Number
LocalPhoneNumber
|
720-8606 | |
| CY2024Q1 | dei |
Security12b Title
Security12bTitle
|
Common stock, $0.01 par value | |
| CY2024Q1 | dei |
Trading Symbol
TradingSymbol
|
MACK | |
| CY2024Q1 | dei |
Security Exchange Name
SecurityExchangeName
|
NASDAQ | |
| CY2024Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2024Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | |
| CY2024Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
| CY2024Q1 | dei |
Entity Small Business
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|
true | |
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Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | |
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Entity Shell Company
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false | |
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Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
14788369 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
234160000 | |
| CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
5989000 | |
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Short Term Investments
ShortTermInvestments
|
9950000 | |
| CY2023Q4 | us-gaap |
Short Term Investments
ShortTermInvestments
|
12886000 | |
| CY2024Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
209000 | |
| CY2023Q4 | us-gaap |
Prepaid Expense And Other Assets Current
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|
309000 | |
| CY2024Q1 | us-gaap |
Assets Current
AssetsCurrent
|
244319000 | |
| CY2023Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
176000 | |
| CY2024Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
233000 | |
| CY2023Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
176000 | |
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Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
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Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
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Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
|
201806000 | |
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
201370000 | |
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Assets Current
AssetsCurrent
|
19184000 | |
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Other Assets Noncurrent
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3000 | |
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Other Assets Noncurrent
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4000 | |
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Assets
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|
244322000 | |
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Assets
Assets
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19188000 | |
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Accounts Payable And Accrued Liabilities Current
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566000 | |
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Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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441000 | |
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Taxes Payable Current
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22106000 | |
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Liabilities Current
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22672000 | |
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441000 | |
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Liabilities
Liabilities
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22672000 | |
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Liabilities
Liabilities
|
441000 | |
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
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Preferred Stock Par Or Stated Value Per Share
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0.01 | |
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Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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Preferred Stock Shares Authorized
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Preferred Stock Shares Issued
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Preferred Stock Shares Issued
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Preferred Stock Shares Outstanding
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Preferred Stock Shares Outstanding
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Common Stock Par Or Stated Value Per Share
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Common Stock Par Or Stated Value Per Share
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0.01 | |
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Common Stock Shares Authorized
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Common Stock Shares Issued
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Common Stock Shares Outstanding
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Common Stock Shares Issued
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CommonStockSharesOutstanding
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Common Stock Value
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Common Stock Value
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Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
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Additional Paid In Capital Common Stock
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|
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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| CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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Stockholders Equity
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|
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Stockholders Equity
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|
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Liabilities And Stockholders Equity
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Liabilities And Stockholders Equity
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General And Administrative Expense
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|
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General And Administrative Expense
GeneralAndAdministrativeExpense
|
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Gain On Sale Of In Process Research And Development Asset
GainOnSaleOfInProcessResearchAndDevelopmentAsset
|
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Operating Expenses
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|
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Investment Income Interest
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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Income Loss From Continuing Operations Per Basic Share
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|
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Income Loss From Continuing Operations Per Diluted Share
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Income Loss From Continuing Operations Per Basic Share
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Income Loss From Continuing Operations Per Diluted Share
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|
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Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
|
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| CY2024Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
|
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Earnings Per Share Basic
EarningsPerShareBasic
|
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Earnings Per Share Diluted
EarningsPerShareDiluted
|
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Earnings Per Share Basic
EarningsPerShareBasic
|
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Earnings Per Share Diluted
EarningsPerShareDiluted
|
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Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
14452000 | |
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Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
14252000 | |
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Stockholders Equity
StockholdersEquity
|
18747000 | |
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Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1485000 | |
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
48000 | |
| CY2024Q1 | us-gaap |
Profit Loss
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|
201370000 | |
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Stockholders Equity
StockholdersEquity
|
221650000 | |
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Stockholders Equity
StockholdersEquity
|
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Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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Profit Loss
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|
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Stockholders Equity
StockholdersEquity
|
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Profit Loss
ProfitLoss
|
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Profit Loss
ProfitLoss
|
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Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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Income Loss From Continuing Operations
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|
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Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
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Gain On Sale Of In Process Research And Development Asset
GainOnSaleOfInProcessResearchAndDevelopmentAsset
|
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| CY2024Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
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|
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Allocated Share Based Compensation Expense Including Non Employees
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Allocated Share Based Compensation Expense Including Non Employees
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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|
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
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Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
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Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
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| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
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|
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Cash Provided By Used In Operating Activities Discontinued Operations
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|
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| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
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Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
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Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
|
225000000 | |
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Proceeds From Sale Of In Process Research And Development Asset
ProceedsFromSaleOfInProcessResearchAndDevelopmentAsset
|
139000 | |
| CY2024Q1 | mack |
Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
46000 | |
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Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
|
46000 | |
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Accrued And Other Liabilities
AccruedAndOtherLiabilities
|
191000 | |
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Accrued And Other Liabilities
AccruedAndOtherLiabilities
|
191000 | |
| CY2024Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
566000 | |
| CY2024Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
|
3000000 | |
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Net Cash Provided By Used In Investing Activities
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|
228000000 | |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
139000 | |
| CY2024Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1485000 | |
| CY2023Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
179000 | |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1485000 | |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
179000 | |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
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| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-38000 | |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5989000 | |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
19439000 | |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
234160000 | |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
19401000 | |
| CY2024Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1088000 | |
| CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Merrimack Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company based in Cambridge, Massachusetts that is entitled to receive up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">225.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in contingent milestone payments related to its sale of ONIVYDE® and MM-436 (the “Commercial Business”) to Ipsen S.A. (“Ipsen”) in April 2017 (the “Ipsen Sale”). The Company does not have any ongoing research or development activities. The Company does not have any employees and instead uses external consultants for the operation of the Company.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On February 13, 2024, the Company announced that Ipsen S.A. announced it had received approval from the U.S. Food and Drug Administration (“FDA”) to market ONIVYDE as a first-line treatment of metastatic adenocarcinoma on the pancreas. As a result of this approval by the FDA, the Company received a $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">225</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million milestone payment from Ipsen under the terms of the Ipsen Sale in March 2024. On May 10, 2024, the Company’s stockholders approved a plan of dissolution (the “Plan of Dissolution”) whereby the Company will cease operations and dissolve in accordance with Delaware law. Stockholders of record on May 10, 2024 will receive a one-time liquidating dividend of $15.10 per share, which dividend is expected to be paid on or around May 17. Thereafter, the Company intends to transfer any remaining rights to any potential future milestone payments, as described below, from Ipsen Pharmaceuticals or Elevation Oncology to a liquidating trust. Currently, the Company has no expectation that any future milestone payments will occur. If any future milestone payments were received, they would be distributed to stockholders of record as of May 10, 2024. Following the stockholders’ meeting, the Company expects to delist from trading on NASDAQ on or around May 15, 2024 and to terminate its registration as a reporting company under the Securities Exchange Act of 1934, as amended.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In addition to the $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">225</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million milestone that the Company received in March 2024, based upon the approval announced by the FDA on February 13, 2024 of ONIVYDE® for the first-line treatment of metastatic pancreatic ductal adenocarcinoma (“mPDAC”), there are $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">225</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of additional contingent milestone payments which could result from the Ipsen Sale. The Company believes that the probability of receiving these additional milestones is remote based on publicly available information provided by Ipsen. The $225.0 million in contingent milestone payments resulting from the Ipsen Sale consist of:</span></p><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">150.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upon approval by the FDA of ONIVYDE</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> for the treatment of small-cell lung cancer after failure of first-line chemotherapy; and</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million upon approval by the FDA of ONIVYDE</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;min-width:fit-content;">®</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> for an additional indication unrelated to those described above.</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On May 30, 2019, the Company announced the completion of its review of strategic alternatives, following which the Company’s board of directors (the “Board”) implemented a series of measures designed to extend the Company’s cash runway and preserve its ability to capture the potential milestone payments resulting from the Ipsen Sale. In connection with that announcement, the Company discontinued the discovery efforts on its remaining preclinical programs: MM-401, an agonistic antibody targeting a novel immuno-oncology target, TNFR2; and MM-201, a highly stabilized agonist-Fc fusion protein targeting death receptors 4 and 5.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s termination of its executive management team and all other employees was substantially completed by June 28, 2019 and fully completed by July 12, 2019. As of July 12, 2019, the Company no longer had any employees. The Company has engaged external consultants to run the day-to-day operations of the Company. The Company has also entered into consulting agreements with certain former members of its executive management team who are supporting the Company’s relationship with current partners, and assisting with certain legal and regulatory matters and the continued wind-down of operations.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On July 12, 2019, the Company completed the sale to Elevation Oncology, Inc. (formerly known as 14ner Oncology, Inc.) (“Elevation”) of its anti-HER3 antibody programs, MM-121 (seribantumab) and MM-111 (the “Elevation Sale”). In connection with the Elevation Sale, the Company received an upfront cash payment of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The Company is also eligible to receive up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">54.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in additional potential development, regulatory approval and commercial-based milestone payments, consisting of:</span></p><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for achievement of the primary endpoint in the first registrational clinical study of either MM-121 or MM-111;</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in total payments for the achievement of various regulatory approval and reimbursement-based milestones in the United States, Europe and Japan; and</span></div></div><div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:4.752626672113803%;display:inline-flex;justify-content:flex-start;">•</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">35.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in total payments for achieving various cumulative worldwide net sales targets between $100.0 million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">300.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for MM-121 and MM-111.</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In January 2023, Elevation announced that it had paused further investment in the clinical development of seribantumab and intends to pursue further development only in collaboration with a partner. In January of 2024 Elevation announced that it is evaluating initiation of a development program utilizing a antibody drug conjugate (ADC) targeting HER3. Elevation has not</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">disclosed if this preclinical program utilizes intellectual property licensed from Merrimack. Elevation has also not provided a timeline indicating when this program could reach clinical trials or regulatory approval, if successful.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On January 23, 2023, the Company entered into another Asset Purchase Option Agreement (the “Option Agreement”) with another third party (the “Purchaser”), pursuant to which the Purchaser agreed to obtain an exclusive option (the “Option”) to purchase one of the Company’s preclinical programs with a consideration of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. Under the terms of the Option Agreement, the Purchaser paid to the Company the Option fee of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and the Company incurred transaction costs less than $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. A net gain of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million was recognized in January 2023. </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Purchaser decided not to exercise the Option in July 2023</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company's remaining non-commercial assets, including its clinical and preclinical development programs, and all material other clinical and pre-clinical development programs have been sold with the exception of one program.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry, including, among other things, its ability to secure additional capital to fund operations, development by competitors of new technological innovations, protection of proprietary technology and compliance with government regulations. None of the Company’s product candidates sold to others or retained by the Company are approved for any indication by the FDA or any other regulatory agency. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies, among others. In addition, the Company is dependent upon the services of its external consultants for the operation of the Company.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In accordance with Accounting Standards Codification (“ASC”) 205-40, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Going Concern</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of March 31, 2024, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">347.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. During the three months ended March 31, 2024, the Company incurred net loss from continuing operations of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and used $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of cash in operating activities. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash and cash equivalents and short-term investments of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">244.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million at March 31, 2024 will be sufficient to </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">fund operations for the foreseeable future.</span></p> | |
| CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-347400000 | |
| CY2024Q1 | us-gaap |
Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
-400000 | |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1300000 | |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
244100000 | |
| CY2024Q1 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Unaudited Interim Financial Information</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The condensed consolidated balance sheet as of December 31, 2023 was derived from audited financial statements for the year ended December 31, 2023, but does not include all disclosures required by GAAP. The condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2024 and 2023 and the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2024, the results of its operations for the three months ended March 31, 2024 and 2023, its statements of stockholders’ equity for the three months ended March 31, 2024 and 2023 and its statements of cash flows for the three months ended March 31, 2024 and 2023. The financial data and other information disclosed in the notes related to the three months ended March 31, 2024 and 2023 are unaudited. The results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The unaudited interim financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> filed with the SEC on March 7, 2024.</span></p> | |
| CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates, assumptions and judgments reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.</span></p> | |
| CY2023Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
441000 | |
| CY2024Q1 | us-gaap |
Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
|
225000000 | |
| CY2024Q1 | us-gaap |
Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
|
225000000 | |
| CY2024Q1 | us-gaap |
Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
|
23194000 | |
| CY2024Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
|
201806000 | |
| CY2024Q1 | mack |
Development And Commercialization Milestone Payment Received
DevelopmentAndCommercializationMilestonePaymentReceived
|
225000000 | |
| CY2024Q1 | us-gaap |
Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
|
225000000 | |
| CY2024Q1 | us-gaap |
Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
|
23200000 | |
| CY2024Q1 | us-gaap |
Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
|
9950000 | |
| CY2024Q1 | us-gaap |
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss Current
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLossCurrent
|
9950000 | |
| CY2024Q1 | us-gaap |
Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
|
9950000 | |
| CY2023Q4 | us-gaap |
Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
|
12886000 | |
| CY2023Q4 | us-gaap |
Debt Securities Held To Maturity Amortized Cost After Allowance For Credit Loss Current
DebtSecuritiesHeldToMaturityAmortizedCostAfterAllowanceForCreditLossCurrent
|
12886000 | |
| CY2023Q4 | us-gaap |
Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
|
12886000 | |
| CY2024Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
168000 | |
| CY2023Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
74000 | |
| CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
161000 | |
| CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
130000 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1100000 | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
300000 |
