Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MACK | |
Entity Registrant Name | MERRIMACK PHARMACEUTICALS INC | |
Entity Central Index Key | 0001274792 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,410,243 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35409 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3210530 | |
Entity Address, Address Line One | One Broadway | |
Entity Address, Address Line Two | 14th Floor | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 720-8606 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,355 | $ 14,203 |
Prepaid expenses and other current assets | 690 | 480 |
Total current assets | 14,045 | 14,683 |
Other assets | 10 | 66 |
Total assets | 14,055 | 14,749 |
Current liabilities: | ||
Accounts payable, accrued expenses and other | 441 | 562 |
Total current liabilities | 441 | 562 |
Total liabilities | 441 | 562 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: 10,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued or outstanding at June 30, 2022 or December 31, 2021 | ||
Common stock, $0.01 par value: 30,000 shares authorized at June 30, 2022 and December 31, 2021; 13,410 shares issued and outstanding at June 30, 2022 and December 31, 2021 | 1,334 | 1,334 |
Additional paid-in capital | 558,982 | 558,945 |
Accumulated deficit | (546,702) | (546,092) |
Total stockholders’ equity | 13,614 | 14,187 |
Total liabilities and stockholders’ equity | $ 14,055 | $ 14,749 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 13,410,000 | 13,410,000 |
Common stock, shares outstanding | 13,410,000 | 13,410,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating expenses: | ||||
General and administrative expenses | $ 486 | $ 778 | $ 1,063 | $ 1,524 |
Gain on sale of assets | (445) | (50) | ||
Total operating expenses | 486 | 778 | 618 | 1,474 |
Loss from operations | (486) | (778) | (618) | (1,474) |
Other income: | ||||
Interest income | 8 | 19 | 8 | 19 |
Total other income | 8 | 19 | 8 | 19 |
Net loss and comprehensive loss | $ (478) | $ (759) | $ (610) | $ (1,455) |
Net loss per common share - basic | $ (0.04) | $ (0.06) | $ (0.05) | $ (0.11) |
Net loss per common share - diluted | $ (0.04) | $ (0.06) | $ (0.05) | $ (0.11) |
Weighted-average common shares used to compute basic net loss per common share | 13,410 | 13,410 | 13,410 | 13,404 |
Weighted-average common shares used to compute diluted net loss per common share | 13,410 | 13,410 | 13,410 | 13,404 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Balance at Dec. 31, 2020 | $ 16,006 | $ 1,334 | $ 558,309 | $ (543,637) |
Balance (in shares) at Dec. 31, 2020 | 13,380 | |||
Exercise of stock options | 239 | 239 | ||
Exercise of stock options (in shares) | 30 | |||
Stock-based compensation | 208 | 208 | ||
Net loss | (696) | (696) | ||
Balance at Mar. 31, 2021 | 15,757 | $ 1,334 | 558,756 | (544,333) |
Balance (in shares) at Mar. 31, 2021 | 13,410 | |||
Balance at Dec. 31, 2020 | 16,006 | $ 1,334 | 558,309 | (543,637) |
Balance (in shares) at Dec. 31, 2020 | 13,380 | |||
Net loss | (1,455) | |||
Balance at Jun. 30, 2021 | 15,091 | $ 1,334 | 558,849 | (545,092) |
Balance (in shares) at Jun. 30, 2021 | 13,410 | |||
Balance at Mar. 31, 2021 | 15,757 | $ 1,334 | 558,756 | (544,333) |
Balance (in shares) at Mar. 31, 2021 | 13,410 | |||
Stock-based compensation | 93 | 93 | ||
Net loss | (759) | (759) | ||
Balance at Jun. 30, 2021 | 15,091 | $ 1,334 | 558,849 | (545,092) |
Balance (in shares) at Jun. 30, 2021 | 13,410 | |||
Balance at Dec. 31, 2021 | 14,187 | $ 1,334 | 558,945 | (546,092) |
Balance (in shares) at Dec. 31, 2021 | 13,410 | |||
Stock-based compensation | 20 | 20 | ||
Net loss | (132) | (132) | ||
Balance at Mar. 31, 2022 | 14,075 | $ 1,334 | 558,965 | (546,224) |
Balance (in shares) at Mar. 31, 2022 | 13,410 | |||
Balance at Dec. 31, 2021 | 14,187 | $ 1,334 | 558,945 | (546,092) |
Balance (in shares) at Dec. 31, 2021 | 13,410 | |||
Net loss | (610) | |||
Balance at Jun. 30, 2022 | 13,614 | $ 1,334 | 558,982 | (546,702) |
Balance (in shares) at Jun. 30, 2022 | 13,410 | |||
Balance at Mar. 31, 2022 | 14,075 | $ 1,334 | 558,965 | (546,224) |
Balance (in shares) at Mar. 31, 2022 | 13,410 | |||
Stock-based compensation | 17 | 17 | ||
Net loss | (478) | (478) | ||
Balance at Jun. 30, 2022 | $ 13,614 | $ 1,334 | $ 558,982 | $ (546,702) |
Balance (in shares) at Jun. 30, 2022 | 13,410 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||||||
Net loss | $ (478) | $ (132) | $ (759) | $ (696) | $ (610) | $ (1,455) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||||||
Gain on sale of in process research and development | (445) | (50) | ||||
Stock-based compensation expense | 37 | 301 | ||||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other assets | (154) | 1,784 | ||||
Accounts payable, accrued expenses and other | (121) | 2 | ||||
Net cash (used in) provided by operating activities | (1,293) | 582 | ||||
Cash flows from investing activities | ||||||
Net proceeds from sale of in process research and development | 445 | 50 | ||||
Net cash provided by investing activities | 445 | 50 | ||||
Cash flows from financing activities | ||||||
Proceeds from exercise of stock options | 239 | |||||
Net cash provided by financing activities | 239 | |||||
Net (decrease) increase in cash and cash equivalents | (848) | 871 | ||||
Cash and cash equivalents, beginning of period | $ 14,203 | $ 14,038 | 14,203 | 14,038 | ||
Cash and cash equivalents, end of period | $ 13,355 | $ 14,909 | $ 13,355 | $ 14,909 |
Nature of the Business
Nature of the Business | 6 Months Ended |
Jun. 30, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Merrimack Pharmaceuticals, Inc. (the “Company”) 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 ® The $450.0 million in contingent milestone payments resulting from the Ipsen Sale consist of: • $225.0 million upon approval by the U.S. Food and Drug Administration (“FDA”) of ONIVYDE ® for the first-line treatment of metastatic adenocarcinoma of the pancreas, subject to certain conditions; • $150.0 million upon approval by the FDA of ONIVYDE ® for the treatment of small-cell lung cancer after failure of first-line chemotherapy; and • $75.0 million upon approval by the FDA of ONIVYDE ® for an additional indication unrelated to those described above. 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. The Company is seeking potential acquirers for its remaining preclinical and clinical assets. 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 a result, the Company has not had any employees since July 2019. The Company has engaged external consultants to run the day-to-day operations of the Company. 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 $3.5 million. The Company is also eligible to receive up to $54.5 million in additional potential development, regulatory approval and commercial-based milestone payments, consisting of: • $3.0 million for achievement of the primary endpoint in the first registrational clinical study of either MM-121 or MM-111; • Up to $16.5 million in total payments for the achievement of various regulatory approval and reimbursement-based milestones in the United States, Europe and Japan; and • Up to $35.0 million in total payments for achieving various cumulative worldwide net sales targets between $100.0 million and $300.0 million for MM-121 and MM-111. On March 27, 2020, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Celator Pharmaceuticals, Inc. (the “Buyer”), pursuant to which the Buyer agreed to purchase certain assets (the “Transferred Assets”) relating to certain of the Company’s preclinical nanoliposome programs (the “Transaction”). The Company and the Buyer completed the Transaction simultaneously with the execution of the Asset Purchase Agreement. Under the terms of the Asset Purchase Agreement, the Buyer paid to the Company a cash payment of $2.3 million and reimbursed the Company for $0.2 million related to certain specified expenses. The Company incurred $0.4 million expenses related to the Transaction. On September 15, 2021, the Company entered into an Asset Purchase Option Agreement (the “Asset Purchase Option Agreement”) with a 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 $0.5 million. Under the terms of the Asset Purchase Option Agreement, the Purchaser paid to the Company the Option fee of $0.1 million. The Purchaser had the right to exercise the Option within 24 months from September 15, 2021. The Company recognized a gain of $0.1 million related to the Option fee payment for the year ended December 31, 2021. On January 18, 2022, the Purchaser provided written notice to the Company of its intent to exercise such Option. On March 1, 2022 the Company and the Purchaser entered into the Asset Purchase Agreement. The consideration of $ 0.5 million was paid to the Company and a gain of $ 0.5 million was recognized in March 2022 . The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry, including, among other things, development by competitors of new technological innovations, protection of proprietary technology and compliance with government regulations, approval by the FDA and other foreign health agencies to approve any pharmaceutical under development, obtaining insurance reimbursement for any drug if and when approved by regulators, and its ability to secure additional capital to fund operations. None of the Company’s product candidates 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 In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern will allow the Company to continue its operations into 2027, when the Company estimates the longest-term potential Ipsen milestone may be achieved. The continued viability of the Company beyond that point is dependent on its ability to realize milestone payments from its licensed product candidates, raise additional capital to finance its operations or to reduce operating expenses. There can be no assurance that the Company will be successful in receiving future milestone payments or able to obtain sufficient capital to cover its costs on acceptable terms, if at all. The Company expects that it would seek to finance any future cash needs through a combination of divestitures of its product candidates or other assets, equity offerings and debt financings. There can be no assurance as to the timing, terms or consummation of any divestiture or financing, and the terms of any such financing may adversely affect the holdings or the rights of the Company’s stockholders or require the Company to relinquish rights to certain of its revenue streams or product candidates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements reflect the operations of Merrimack Pharmaceuticals, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accounting policies followed in the preparation of the interim condensed consolidated financial statements are consistent in all material respects with those presented in Note 1 to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from audited financial statements for the year ended December 31, 2021, but does not include all disclosures required by GAAP. The condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 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 June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, its statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its statements of cash flows for the six months ended June 30, 2022 and 2021. The financial data and other information disclosed in the notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of results to be expected for the year ending December 31, 20 2 2 , any other interim periods, or any future year or period. 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 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, 2021 filed with the SEC on March 9, 2022. Use of Estimates 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments The following tables show assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 12,065 $ — $ — Totals $ 12,065 $ — $ — December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 12,934 $ — $ — Totals $ 12,934 $ — $ — There were no December 31, 2021 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other | 4. Accounts Payable, Accrued Expenses and Other Accounts payable, accrued expenses and other as of June 30, 2022 and December 31, 2021 consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Accounts payable $ 84 $ 120 Accrued goods and services 95 167 Accrued clinical trial costs 71 84 Others 191 191 Total accounts payable, accrued expenses and other $ 441 $ 562 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 5. Stock-Based Compensation On April 15, 2021, the Company’s Board of Directors adopted the 2021 Incentive Award Plan (the “2021 Plan”) to replace the 2011 Stock Incentive Plan (the “2011 Plan”). The 2021 Plan was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders held on June 10, 2021. The 2021 Plan is administered by the Company’s Board of Directors and permits the Company to grant incentive and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. There were 22,000 during the three and six months ended June 30, 2022 and 2021 under 2021 Plan. 3.68 At June 30, 2022, there were 231,000 shares remaining available for grant under the 2021 Plan. The fair value of stock options granted to employees during the three and six months ended June 30, 2022 and 2021 was estimated at the date of grant using the following assumptions: Three and Six Months Ended June 30, 2022 2021 Risk-free interest rate 2.99 % 0.73 % Expected dividend yield 0% 0% Expected term 5.22 years 5.22 years Expected volatility 68.02% 68.48 % The Company recognized stock-based compensation expense of $17 thousand, $37 thousand, approximately $0.1 million and approximately $0.3 million in general and administrative expense during the three and six months ended June 30, 2022 and 2021, respectively. |
Net Loss Per Common Share
Net Loss Per Common Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 6. Net Loss Per Common Share Basic net loss per share is calculated by dividing the net loss attributable to Merrimack Pharmaceuticals, Inc. by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss attributable to Merrimack Pharmaceuticals, Inc. by the weighted-average number of dilutive common shares outstanding during the period. Dilutive shares outstanding is calculated by adding to the weighted shares outstanding any potential (unissued) shares of common stock from outstanding stock options based on the treasury stock method. Outstanding stock options were not included in the diluted net loss per share calculation because the options were out of the money or to do so would have been antidilutive (i.e., the total proceeds upon exercise would have exceeded the market value of the underlying common shares). In a period when a net loss is reported, all common stock equivalents are excluded from the calculation because they would have an anti-dilutive effect, meaning the loss per share would be reduced. Therefore, in periods where a loss is reported, there is no difference in basic and dilutive loss per share. Stock options are excluded from the calculation of diluted loss per share because the net loss for the three and six months ended June 30, 2022 and 2021 causes such securities to be anti-dilutive. Outstanding options excluded from the calculation of diluted loss per share for the three and six months ended June 30, 2022 and 2021 are shown in the chart below: Three and Six Months Ended June 30, (in thousands) 2022 2021 Outstanding options to purchase common stock 1,797 1,778 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 7. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed above, the Company does not believe that the adoption of recently issued standards has or may have a material impact on the Company’s condensed consolidated financial statements or disclosures. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements reflect the operations of Merrimack Pharmaceuticals, Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accounting policies followed in the preparation of the interim condensed consolidated financial statements are consistent in all material respects with those presented in Note 1 to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The condensed consolidated balance sheet as of December 31, 2021 was derived from audited financial statements for the year ended December 31, 2021, but does not include all disclosures required by GAAP. The condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021 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 June 30, 2022, the results of its operations for the three and six months ended June 30, 2022 and 2021, its statements of stockholders’ equity for the three and six months ended June 30, 2022 and 2021 and its statements of cash flows for the six months ended June 30, 2022 and 2021. The financial data and other information disclosed in the notes related to the three and six months ended June 30, 2022 and 2021 are unaudited. The results for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of results to be expected for the year ending December 31, 20 2 2 , any other interim periods, or any future year or period. 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 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, 2021 filed with the SEC on March 9, 2022. |
Use of Estimates | Use of Estimates 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. |
Recent Accounting Pronouncements | From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed above, the Company does not believe that the adoption of recently issued standards has or may have a material impact on the Company’s condensed consolidated financial statements or disclosures. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a Recurring Basis | The following tables show assets measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: June 30, 2022 (in thousands) Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 12,065 $ — $ — Totals $ 12,065 $ — $ — December 31, 2021 (in thousands) Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 12,934 $ — $ — Totals $ 12,934 $ — $ — |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other | Accounts payable, accrued expenses and other as of June 30, 2022 and December 31, 2021 consisted of the following: (in thousands) June 30, 2022 December 31, 2021 Accounts payable $ 84 $ 120 Accrued goods and services 95 167 Accrued clinical trial costs 71 84 Others 191 191 Total accounts payable, accrued expenses and other $ 441 $ 562 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Assumptions Used to Calculate Fair Value of Options Granted to Employees | The fair value of stock options granted to employees during the three and six months ended June 30, 2022 and 2021 was estimated at the date of grant using the following assumptions: Three and Six Months Ended June 30, 2022 2021 Risk-free interest rate 2.99 % 0.73 % Expected dividend yield 0% 0% Expected term 5.22 years 5.22 years Expected volatility 68.02% 68.48 % |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Outstanding Options Excluded from Computation of Diluted Loss Per Share | Outstanding options excluded from the calculation of diluted loss per share for the three and six months ended June 30, 2022 and 2021 are shown in the chart below: Three and Six Months Ended June 30, (in thousands) 2022 2021 Outstanding options to purchase common stock 1,797 1,778 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 15, 2021 | Mar. 31, 2022 | Mar. 27, 2020 | Jul. 12, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Apr. 03, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Accumulated deficit | $ 546,702,000 | $ 546,702,000 | $ 546,092,000 | |||||||
Net loss from continuing operations | 478,000 | $ 759,000 | 610,000 | $ 1,455,000 | ||||||
Cash used in operating activities | 1,293,000 | $ (582,000) | ||||||||
Cash, cash equivalents and marketable securities | $ 13,400,000 | $ 13,400,000 | ||||||||
Celator Pharmaceuticals Inc [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Cash payment received | $ 2,300,000 | |||||||||
Reimbursement of expenses | 200,000 | |||||||||
Transaction expenses | $ 400,000 | |||||||||
Asset Purchase Option Agreement [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Gain related to option fee payment | $ 100,000 | |||||||||
Asset Purchase Option Agreement [Member] | Pegascy SAS [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Consideration receivable | $ 500,000 | |||||||||
Option fee | $ 100,000 | |||||||||
Consideration received | $ 500,000 | |||||||||
Gain related to payment of consideration | $ 500,000 | |||||||||
Exercise period of option | 24 months | |||||||||
Ipsen [Member] | Asset Sale Agreement [Member] | Maximum [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Contingent milestone payments receivable | $ 450,000,000 | |||||||||
Ipsen [Member] | First Line Treatment of Metastatic Adenocarcinoma of Pancreas [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Contingent milestone payments receivable | 225,000,000 | |||||||||
Ipsen [Member] | After Failure of First Line Chemotherapy [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Contingent milestone payments receivable | 150,000,000 | |||||||||
Ipsen [Member] | Additional Indication [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Contingent milestone payments receivable | $ 75,000,000 | |||||||||
14ner Sale [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Upfront cash payment received | $ 3,500,000 | |||||||||
14ner Sale [Member] | Maximum [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Additional payments receivable on achievement of certain milestone events | 54,500,000 | |||||||||
14ner Sale [Member] | Achievement of the Primary Endpoint in the First Registrational Clinical Study of Either MM-121 or MM-111 [Member] | Maximum [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Additional payments receivable on achievement of certain milestone events | 3,000,000 | |||||||||
14ner Sale [Member] | Achievement of Various Regulatory Approval and Reimbursement-Based Milestones in the United States, Europe and Japan [Member] | Maximum [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Additional payments receivable on achievement of certain milestone events | 16,500,000 | |||||||||
14ner Sale [Member] | Achievement Various Cumulative Worldwide Net Sales Targets Between $100.0 million and $300.0 million for MM-121 and MM-111 [Member] | Maximum [Member] | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Additional payments receivable on achievement of certain milestone events | 35,000,000 | |||||||||
Cumulative worldwide net sales target | $ 300,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on a Recurring Basis (Detail) - Recurring Basis [Member] - Level 1 [Member] - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 12,065 | $ 12,934 |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 12,065 | $ 12,934 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Recurring Basis [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Liabilities measured at fair value | $ 0 | $ 0 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other - Schedule of Accounts Payable, Accrued Expenses and Other (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 84 | $ 120 |
Accrued goods and services | 95 | 167 |
Accrued clinical trial costs | 71 | 84 |
Others | 191 | 191 |
Total accounts payable, accrued expenses and other | $ 441 | $ 562 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Granted | 22,000 | 22,000 | 22,000 | 22,000 |
Weighted Average Exercise Price | $ 3,680 | $ 3,110 | $ 3,110 | $ 3,680 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated share based compensation expense | $ 17 | $ 0.1 | $ 37 | $ 0.3 |
Stock Incentive Plan 2021 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock available for grant (in shares) | 231,000 | 231,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Calculate Fair Value of Options Granted to Employees (Detail) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk-free interest rate | 2.99% | 0.73% |
Expected dividend yield | 0% | 0% |
Expected term | 5 years 2 months 19 days | 5 years 2 months 19 days |
Expected volatility | 68.02% | 68.48% |
Net Loss Per Common Share - Sch
Net Loss Per Common Share - Schedule of Outstanding Options Excluded from Computation of Diluted Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding Options to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Outstanding options to purchase common stock | 1,797 | 1,778 | 1,797 | 1,778 |