Merrimack Pharmaceuticals, Inc. (Nasdaq:MACK), while they have a stock, they do not have any direct operations. Per their site, they do not have any ongoing research or development activities. The Company also does not have any employees and instead uses external consultants for the operation of the Company. As currently constructed, they are entitled to receive contingent milestone payments related to its sale of ONIVYDE® to Ipsen S.A. (IPN.PA). It is a pancreatic cancer drug that showed positive results in November and the stock shot up 200% as a result.
Comps: Verastem, Inc. (Nasdaq:VSTM), Infinity Pharmaceuticals, Inc. (Nasdaq:INFI)
It is important to point out that while Merrimack Pharmaceuticals is actively traded, the company has essentially discontinued operations. With that being said, their stock recorded better earnings per share than either Verastem or Infinity. In addition, they showed a more favorable return on equity than Infinity.