2020 Q3 Form 10-Q Financial Statement

#000155837020009337 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.2M $219.5M $239.8M
YoY Change -7.96% -8.47% -30.51%
Cash & Equivalents $188.2M $219.5M $239.8M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $7.900M $6.400M $6.600M
YoY Change 58.0% -3.03% -33.33%
Inventory
Prepaid Expenses
Receivables $5.100M $1.400M $2.500M
Other Receivables $18.10M $14.00M $10.40M
Total Short-Term Assets $219.3M $241.4M $259.4M
YoY Change -2.82% -6.94% -28.86%
LONG-TERM ASSETS
Property, Plant & Equipment $5.578M $5.902M $10.05M
YoY Change -38.82% -41.29% -16.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.570M $7.591M $1.850M
YoY Change 151.1% 310.32% -57.95%
Total Long-Term Assets $28.63M $28.36M $28.29M
YoY Change 0.6% 0.23% 71.46%
TOTAL ASSETS
Total Short-Term Assets $219.3M $241.4M $259.4M
Total Long-Term Assets $28.63M $28.36M $28.29M
Total Assets $248.0M $269.7M $287.7M
YoY Change -2.43% -6.24% -24.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.913M $12.74M $7.809M
YoY Change 23.33% 63.13% -39.47%
Accrued Expenses $28.20M $22.80M $37.00M
YoY Change -6.31% -38.38% 40.15%
Deferred Revenue $3.985M $80.00K $317.0K
YoY Change -73.11% -74.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.100M
YoY Change
Total Short-Term Liabilities $99.82M $90.88M $74.62M
YoY Change 13.21% 21.8% 17.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.100M $2.100M
YoY Change -100.0% 0.0% 0.0%
Other Long-Term Liabilities $2.818M $2.587M $1.943M
YoY Change 190.52% 33.14% -99.14%
Total Long-Term Liabilities $2.818M $2.587M $1.943M
YoY Change 190.52% 33.14% -99.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.82M $90.88M $74.62M
Total Long-Term Liabilities $2.818M $2.587M $1.943M
Total Liabilities $290.8M $294.3M $355.8M
YoY Change -14.55% -17.31% 21.91%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B -$1.300B -$1.300B
YoY Change 7.69% 0.0%
Common Stock $1.320B $1.316B $1.202B
YoY Change 9.48% 9.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$42.89M -$24.52M -$68.17M
YoY Change
Total Liabilities & Shareholders Equity $248.0M $269.7M $287.7M
YoY Change -2.43% -6.24% -24.52%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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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','Times','serif';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','Times','serif';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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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 $53.4 million during the six months ended June 30, 2020, and has an accumulated deficit of approximately $1.3 billion as of June 30, 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','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">At June 30, 2020, the Company had $219.5 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','Times','serif';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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RetainedEarningsAccumulatedDeficit
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ContractLiabilitiesImpactOfNetting
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CY2020Q2 us-gaap Contract With Customer Liability
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ContractWithCustomerLiability
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us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
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us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
158000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
945000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1228000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
158000
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ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
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us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
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imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
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CY2020Q2 us-gaap Marketable Securities
MarketableSecurities
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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CapitalExpendituresIncurredButNotYetPaid
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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FinanceLeaseLiability
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CY2019Q2 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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501000
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DebtInstrumentConvertibleNumberOfEquityInstruments
501000
us-gaap Debt Instrument Convertible Number Of Equity Instruments
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us-gaap Debt Instrument Convertible Number Of Equity Instruments
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
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3
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OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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OperatingLeasePayments
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OperatingLeaseLiability
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CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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2753000
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5323000
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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OperatingLeaseLiability
23334000
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VariableLeaseCost
3400000
us-gaap Sublease Income
SubleaseIncome
713000

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