ImmunoGen, Inc.

2019 Q4 Form 10-Q Financial Statement

#000155837019010010 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.2M $204.5M $262.3M
YoY Change -32.8% -32.56% -1.82%
Cash & Equivalents $176.2M $204.5M $262.3M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $5.400M $5.000M $4.500M
YoY Change 20.0% -20.63% 50.0%
Inventory $0.00
Prepaid Expenses
Receivables $12.10M $3.100M $2.800M
Other Receivables $15.10M $13.10M $9.300M
Total Short-Term Assets $208.9M $225.7M $278.8M
YoY Change -25.07% -30.06% 0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $6.993M $9.118M $12.89M
YoY Change -45.75% -30.92% -11.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.784M $3.413M $3.709M
YoY Change 2.02% -12.49% -2.39%
Total Long-Term Assets $26.36M $28.46M $16.60M
YoY Change 58.82% 65.44% -9.78%
TOTAL ASSETS
Total Short-Term Assets $208.9M $225.7M $278.8M
Total Long-Term Assets $26.36M $28.46M $16.60M
Total Assets $235.3M $254.1M $295.4M
YoY Change -20.35% -25.23% 0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.933M $7.227M $11.37M
YoY Change -12.6% -30.51% 32.15%
Accrued Expenses $25.90M $30.10M $32.30M
YoY Change -19.81% -12.5% 18.75%
Deferred Revenue $309.0K $14.82M $317.0K
YoY Change -2.52%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.41M $88.17M $70.66M
YoY Change 9.55% 25.25% 26.63%
LONG-TERM LIABILITIES
Long-Term Debt $2.100M $2.100M $2.100M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $707.0K $970.0K $4.180M
YoY Change -83.09% -99.56% -98.36%
Total Long-Term Liabilities $707.0K $970.0K $4.180M
YoY Change -83.09% -99.56% -98.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.41M $88.17M $70.66M
Total Long-Term Liabilities $707.0K $970.0K $4.180M
Total Liabilities $311.4M $340.4M $284.4M
YoY Change 9.48% 16.16% -9.02%
SHAREHOLDERS EQUITY
Retained Earnings -$1.287B -$1.300B -$1.183B
YoY Change 8.8%
Common Stock $1.211B $1.206B $1.194B
YoY Change 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$76.12M -$86.23M $10.97M
YoY Change
Total Liabilities & Shareholders Equity $235.3M $254.1M $295.4M
YoY Change -20.35% -25.23% 0.23%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4

Facts In Submission

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NonCashInterestExpenseFromSaleOfFutureRoyalties
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DepreciationDepletionAndAmortization
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DepreciationDepletionAndAmortization
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GainLossOnSaleOfPropertyPlantEquipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
30000
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OperatingLeaseImpairmentLoss
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ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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IncreaseDecreaseInDeferredRent
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NetCashProvidedByUsedInInvestingActivities
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ProceedsFromStockOptionsExercised
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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imgn Operating Lease Liability Amortization
OperatingLeaseLiabilityAmortization
-1823000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-55810000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262252000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
267107000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
303205000
us-gaap Nature Of Operations
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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">A.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">Nature of Business and Plan of Operations</b></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">ImmunoGen, Inc. (the Company) was incorporated in Massachusetts in 1981 and is focused on the development of antibody-drug conjugates, or ADC, therapeutics. The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $108.9 million during the nine months ended September 30, 2019, and has an accumulated deficit of approximately $1.3 billion as of September 30, 2019. The Company has primarily funded these losses through payments received from its collaborations and equity and convertible debt financings. To date, the Company has no product revenue and management expects operating losses to continue for the foreseeable future. </p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">At September 30, 2019, the Company had $204.5 million of cash and cash equivalents on hand. The Company anticipates that its current capital resources and expense reductions resulting from the operational changes announced in June 2019 will enable it to meet its operational expenses and capital expenditures for more than twelve months after the date these financial statements are issued. The Company may raise additional funds through equity or debt financings or generate revenues from collaborators through a combination of upfront license payments, milestone payments, royalty payments, and research funding. There can be no assurance that the Company will be able to obtain additional debt or equity financing or generate revenues from collaborators on terms acceptable to the Company or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition and require the Company to defer or limit some or all of its research, development, and/or clinical projects.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, the development by its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, manufacturing and marketing limitations, complexities associated with managing collaboration arrangements, third-party reimbursements, and compliance with governmental regulations.</p>
us-gaap Profit Loss
ProfitLoss
-108900000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1300000000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CurrentCapitalResourcesToMeetOperationalExpensesAndCapitalExpendituresExpectedPeriod
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RevenueRemainingPerformanceObligation
145900000
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RevenueRemainingPerformanceObligationPercentage
0.10
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.30
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.60
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2018Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
500000
us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
500000
CY2019Q3 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
0
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
80802000
us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
65287000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
237000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
145852000
CY2017Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
0
us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
500000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
5000000
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ContractAssetImpactOfNetting
5000000
CY2018Q3 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
500000
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
89967000
us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
706000
us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
13368000
CY2018Q3 imgn Contract Liabilities Impact Of Netting
ContractLiabilitiesImpactOfNetting
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CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82305000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
79000
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
172000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
237000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
13368000
CY2018Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
500000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
5000000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
500000
imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
3
CY2019Q3 us-gaap Marketable Securities
MarketableSecurities
0
CY2018Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
204500000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
204500000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262300000
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
730000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
imgn Number Of Trades Impacting Fair Value Of Financial Instruments
NumberOfTradesImpactingFairValueOfFinancialInstruments
0
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2019Q3 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
18754000
CY2018Q3 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
18153000
imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
18754000
imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
18153000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
731000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3153000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
926000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3378000
CY2019Q3 us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2018Q3 us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
86000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Interest Expense Debt
InterestExpenseDebt
71000
us-gaap Interest Expense Debt
InterestExpenseDebt
70000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5485000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5323000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5389000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5510000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12336000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35403000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9952000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
25451000
imgn Number Of Real Estate Leases
NumberOfRealEstateLeases
2
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
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imgn Number Of Real Estate Leases
NumberOfRealEstateLeases
2
us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
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imgn Unamortized Lease Incentive And Straight Line Lease Liability Balances
UnamortizedLeaseIncentiveAndStraightLineLeaseLiabilityBalances
9700000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
imgn Aggregate Adjustment To Right Of Use Asset
AggregateAdjustmentToRightOfUseAsset
1000000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4300000
us-gaap Operating Lease Payments
OperatingLeasePayments
4000000.0
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15900000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
25500000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1200000
CY2018Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
595000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
237000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
139000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1360000
us-gaap Variable Lease Cost
VariableLeaseCost
3000000.0
CY2019Q3 imgn Collaborative Arrangement Amount Payable Maximum
CollaborativeArrangementAmountPayableMaximum
80000000.0

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