This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Merrimack Reports Second Quarter 2013 Financial Results

About Merrimack

Merrimack Pharmaceuticals is a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines paired with companion diagnostics for the treatment of cancer. Merrimack applies its systems biology-based approach to biomedical research throughout the research and development process. Merrimack currently has six oncology therapeutics in clinical development.

Cautionary Note on Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include any statements about Merrimack's strategy, future operations, future financial position and future expectations and plans and prospects for Merrimack, and any other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions. In this press release, Merrimack's forward-looking statements include statements about Merrimack's anticipated milestones, Merrimack's presentations at upcoming investor and scientific conferences and expectations regarding the sufficiency of Merrimack's cash balance to fund operating expenses and capital expenditures. Such forward-looking statements involve substantial risks and uncertainties that could cause Merrimack's clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, development progress of Merrimack's companion diagnostics, availability of funding sufficient for Merrimack's foreseeable and unforeseeable operating expenses and capital expenditure requirements, and other matters that could affect the availability or commercial potential of Merrimack's drug candidates or companion diagnostics. Merrimack undertakes no obligation to update or revise any forward-looking statements. Forward-looking statements should not be relied upon as representing Merrimack's views as of any date subsequent to the date hereof. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Merrimack's business in general, see the "Risk Factors" section of Merrimack's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 13, 2013 and other reports Merrimack files with the SEC.
Merrimack Pharmaceuticals, Inc. 
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(in thousands, except per share amounts)
  Three Months Ended June 30, 
  2012 2013
Collaboration revenues $12,063 $18,452
Operating expenses:    
Research and development 28,758 42,465
General and administrative 3,610 5,095
Total operating expenses 32,368 47,560
Loss from operations (20,305) (29,108)
Other income and expenses, net 166 (1,143)
Net loss  $ (20,139)  $ (30,251)
Less net loss attributable to non-controlling interest (113) (169)
Net loss attributable to Merrimack   $ (20,026)  $ (30,082)
Other comprehensive income (loss) (49) 15
Comprehensive loss  $ (20,075)  $ (30,067)
Net loss per share available to stockholders - basic and diluted  $ (0.22)  $ (0.31)
Weighted-average common shares used in computing net loss per share available to common stockholders - basic and diluted 90,581 96,170
Merrimack Pharmaceuticals, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
Assets As of December 31, 2012 As of June 30, 2013
Cash and cash equivalents $37,714 $30,943
Available-for-sale securities 72,238 31,197
Restricted cash 100 100
Accounts receivable 9,267 14,537
Prepaid expenses and other current assets 8,982 9,170
Total current assets 128,301 85,947
Restricted cash 528 567
Property and equipment, net 6,297 8,155
Other assets 1,068 31
Intangible assets, net 2,165 2,005
In-process research and development 7,010 7,010
Goodwill 3,605 3,605
Total assets $148,974 $107,320
Liabilities, Non-Controlling Interest (Deficit) and Stockholders' Deficit    
Accounts payable, accrued expenses and other $24,936 $36,322
Deferred revenues 9,350 9,336
Loans payable 2,373 9,970
Other current liabilities 1,861 2,119
Total current liabilities 38,520 57,747
Deferred revenues 71,114 68,724
Loans payable 37,482 30,592
Accrued interest 1,200 1,200
Other liabilities 7,078 7,398
Total liabilities 155,394 165,661
Non-controlling interest (deficit) 97 (242)
Total stockholders' deficit (6,517) (58,099)
Total liabilities, non-controlling interest (deficit) and stockholders' deficit $148,974 $107,320
CONTACT: Investor Contact:
         Geoffrey M. Grande, CFA
         Investor Relations
         Merrimack Pharmaceuticals
         Media Contact:
         Dana Robie
         Corporate Communications
         Merrimack Pharmaceuticals

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs