ImmunoGen, Inc.

2020 Q2 Form 10-Q Financial Statement

#000155837020005161 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.5M $247.3M $270.4M
YoY Change -8.47% -8.54% 23.81%
Cash & Equivalents $219.5M $247.3M $270.4M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $6.400M $7.700M $6.700M
YoY Change -3.03% 14.93% 17.54%
Inventory $0.00
Prepaid Expenses
Receivables $1.400M $2.800M $4.200M
Other Receivables $14.00M $13.00M $8.500M
Total Short-Term Assets $241.4M $270.7M $289.8M
YoY Change -6.94% -6.58% 17.14%
LONG-TERM ASSETS
Property, Plant & Equipment $5.902M $6.018M $30.40M
YoY Change -41.29% -80.2% 135.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.591M $6.831M $3.700M
YoY Change 310.32% 84.62% -21.28%
Total Long-Term Assets $28.36M $28.08M $34.10M
YoY Change 0.23% -17.65% 93.75%
TOTAL ASSETS
Total Short-Term Assets $241.4M $270.7M $289.8M
Total Long-Term Assets $28.36M $28.08M $34.10M
Total Assets $269.7M $298.8M $323.9M
YoY Change -6.24% -7.75% 22.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.74M $9.534M $8.800M
YoY Change 63.13% 8.34% 12.82%
Accrued Expenses $22.80M $27.20M $27.70M
YoY Change -38.38% -1.81% -5.78%
Deferred Revenue $80.00K $123.0K
YoY Change -74.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $90.88M $85.51M $61.40M
YoY Change 21.8% 39.26% -7.25%
LONG-TERM LIABILITIES
Long-Term Debt $2.100M $2.100M $2.100M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $2.587M $1.489M $288.0M
YoY Change 33.14% -99.48% 23.61%
Total Long-Term Liabilities $2.587M $1.489M $290.1M
YoY Change 33.14% -99.49% 23.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $90.88M $85.51M $61.40M
Total Long-Term Liabilities $2.587M $1.489M $290.1M
Total Liabilities $294.3M $302.9M $351.5M
YoY Change -17.31% -13.82% 16.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B -$1.300B
YoY Change 0.0%
Common Stock $1.316B $1.312B
YoY Change 9.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$24.52M -$4.103M -$27.60M
YoY Change
Total Liabilities & Shareholders Equity $269.7M $298.8M $323.9M
YoY Change -6.24% -7.75% 22.23%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1

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CashAndCashEquivalentsAtCarryingValue
262252000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
247299000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
270396000
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<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 ADCs. The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $29.1 million during the three months ended March 31, 2020, and has an accumulated deficit of approximately $1.3 billion as of March 31, 2020. The Company has primarily funded these losses through payments received from its collaborations and equity, convertible debt, and other 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 March 31, 2020, the Company had $247.3 million of cash and cash equivalents on hand. The Company anticipates that its current capital resources 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, debt, or other 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, equity, or other 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>
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-29100000
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1300000000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
247300000
CY2020Q1 imgn Current Capital Resources To Meet Operational Expenses And Capital Expenditures Expected Period
CurrentCapitalResourcesToMeetOperationalExpensesAndCapitalExpendituresExpectedPeriod
P12M
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
127500000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.39
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.61
CY2019Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
3631000
CY2020Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
3000000
CY2020Q1 imgn Contract Asset Impact Of Netting
ContractAssetImpactOfNetting
359000
CY2020Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
990000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
127432000
CY2020Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
283000
CY2020Q1 imgn Contract Liabilities Impact Of Netting
ContractLiabilitiesImpactOfNetting
361000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
127510000
CY2018Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
500000
CY2019Q1 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
CY2019Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
500000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
80802000
CY2019Q1 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
65287000
CY2019Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
79000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
146010000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
283000
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
79000
CY2020Q1 imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
3
CY2020Q1 us-gaap Marketable Securities
MarketableSecurities
0
CY2019Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
247300000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
247300000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
176200000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
250000
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2020Q1 imgn Number Of Trades Impacting Fair Value Of Financial Instruments
NumberOfTradesImpactingFairValueOfFinancialInstruments
0
CY2020Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2020Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
19021000
CY2019Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
21528000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1428000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1559000
CY2020Q1 us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2019Q1 us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
CY2020Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
3
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
86000
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2100000
CY2020Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
24000
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
24000
CY2020Q1 imgn Number Of Real Estate Leases
NumberOfRealEstateLeases
2
CY2019Q1 imgn Unamortized Lease Incentive And Straight Line Lease Liability Balances
UnamortizedLeaseIncentiveAndStraightLineLeaseLiabilityBalances
9700000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1400000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1300000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15200000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24100000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4125000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5323000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5389000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5510000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5470000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6866000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32683000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8616000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24067000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3100000

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