19. Selected Quarterly Financial Data (Unaudited)

The following table contains quarterly financial information for 2017 and 2016. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
2017
Research and development expenses		21,605			19,751			13,598			12,360
General and administrative expenses		5,634			14,798			3,366			4,654
Restructuring expenses		—			—			—			—
Net loss from continuing operations		(29,206	)		(29,646	)		(5,323	)		(11,829	)
(Loss) income from discontinued operations, net of tax		(947	)		540,485			8,456			(1,122	)
Net (loss) income		(30,153	)		510,839			3,133			(12,951	)
Net (loss) income attributable to Merrimack Pharmaceuticals, Inc.		(29,686	)		511,563			3,102			(12,951	)
Basic and dilutive net (loss) income per common share
Net loss from continuing operations		(2.20	)		(2.18	)		(0.40	)		(0.89	)
Net (loss) income from discontinued operations, net of tax		(0.07	)		40.80			0.64			(0.08	)
Net (loss) income per share		(2.27	)		38.62			0.24			(0.97	)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
2016
Research and development expenses		28,002			27,695			28,247			25,621
General and administrative expenses		6,452			8,138			6,448			11,014
Restructuring expenses		—			—			809			4,901
Net loss from continuing operations		(37,715	)		(51,633	)		(26,845	)		(40,091	)
(Loss) income from discontinued operations, net of tax		(943	)		675			(3,430	)		6,464
Net loss		(38,658	)		(50,958	)		(30,275	)		(33,627	)
Net loss attributable to Merrimack Pharmaceuticals, Inc.		(38,473	)		(50,750	)		(30,068	)		(32,449	)
Basic and dilutive net (loss) income per common share
Net loss from continuing operations		(3.23	)		(4.07	)		(2.06	)		(2.93	)
Net (loss) income from discontinued operations, net of tax		(0.08	)		0.05			(0.27	)		0.43
Net loss per share		(3.31	)		(4.02	)		(2.33	)		(2.50	)