ImmunoGen, Inc.

2020 Q1 Form 10-K Financial Statement

#000155837020002399 Filed on March 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2018 Q4

Balance Sheet

Concept 2020 Q1 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.3M $176.2M $262.3M
YoY Change -8.54% -32.8% -1.82%
Cash & Equivalents $247.3M $176.2M $262.3M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $7.700M $5.400M $4.500M
YoY Change 14.93% 20.0% 50.0%
Inventory $0.00
Prepaid Expenses
Receivables $2.800M $12.10M $2.800M
Other Receivables $13.00M $15.10M $9.300M
Total Short-Term Assets $270.7M $208.9M $278.8M
YoY Change -6.58% -25.07% 0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $6.018M $6.993M $12.89M
YoY Change -80.2% -45.75% -11.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.831M $3.784M $3.709M
YoY Change 84.62% 2.02% -2.39%
Total Long-Term Assets $28.08M $26.36M $16.60M
YoY Change -17.65% 58.82% -9.78%
TOTAL ASSETS
Total Short-Term Assets $270.7M $208.9M $278.8M
Total Long-Term Assets $28.08M $26.36M $16.60M
Total Assets $298.8M $235.3M $295.4M
YoY Change -7.75% -20.35% 0.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.534M $9.933M $11.37M
YoY Change 8.34% -12.6% 32.15%
Accrued Expenses $27.20M $25.90M $32.30M
YoY Change -1.81% -19.81% 18.75%
Deferred Revenue $123.0K $309.0K $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 $85.51M $77.41M $70.66M
YoY Change 39.26% 9.55% 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 $1.489M $707.0K $4.180M
YoY Change -99.48% -83.09% -98.36%
Total Long-Term Liabilities $1.489M $707.0K $4.180M
YoY Change -99.49% -83.09% -98.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.51M $77.41M $70.66M
Total Long-Term Liabilities $1.489M $707.0K $4.180M
Total Liabilities $302.9M $311.4M $284.4M
YoY Change -13.82% 9.48% -9.02%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B -$1.287B -$1.183B
YoY Change 8.8%
Common Stock $1.312B $1.211B $1.194B
YoY Change 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.103M -$76.12M $10.97M
YoY Change
Total Liabilities & Shareholders Equity $298.8M $235.3M $295.4M
YoY Change -7.75% -20.35% 0.23%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2018 Q4

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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">A.</b></span><b style="font-weight:bold;">Nature of Business and Plan of Operations</b></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 ADCs. The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $104.1 million during the year ended December 31, 2019, and has an accumulated deficit of approximately $1.3 billion as of December 31, 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 December 31, 2019, the Company had $176.2 million of cash and cash equivalents on hand. The Company anticipates that its current capital resources, inclusive of $97.7 million of net proceeds generated from a public offering in January 2020, will enable it to meet its operational expenses and capital expenditures for more than twelve months after 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>
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<p style="font-family:'Times New Roman';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 6pt 36pt;"><i style="font-style:italic;">Use of Estimates</i></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
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