Merrimack Pharmaceuticals Inc. (MACK) reported that its first-quarter net loss attributable to the company widened to $28.15 million from $23.28 million in the same quarter last year. However, on a per share basis, loss narrowed to $0.29, from $2.14 in the prior year on account of share dilution.
Weighted-average common shares used in computing net loss per share available to common stockholders surged to 95.8 million shares from 11.8 million shares in the year-ago period.
Meanwhile, collaboration revenues for the quarter rose to $14.65 million from $11.34 million in the year ago quarter.
The company expects its existing unrestricted cash and cash equivalents and available-for-sale securities on hand as of March 31, 2013 of $86.7 million, anticipated interest income and research and development and manufacturing funding under its license and collaboration agreement with Sanofi related to MM-121 to be sufficient to fund operations into 2014.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.28 per share on revenues of $12.81 million for the current quarter. Analysts' estimates typically exclude special items.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.