ImmunoGen, Inc.

2019 Q4 Form 10-K Financial Statement

#000155837021002170 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.2M $262.3M $262.3M
YoY Change -32.8% -1.82% -1.8%
Cash & Equivalents $176.2M $262.3M $262.3M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $5.400M $4.500M $4.500M
YoY Change 20.0% 50.0% 50.0%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $12.10M $2.800M $2.800M
Other Receivables $15.10M $9.300M $9.300M
Total Short-Term Assets $208.9M $278.8M $278.8M
YoY Change -25.07% 0.9% 0.9%
LONG-TERM ASSETS
Property, Plant & Equipment $6.993M $12.89M $12.90M
YoY Change -45.75% -11.1% -11.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.784M $3.709M $3.700M
YoY Change 2.02% -2.39% -2.63%
Total Long-Term Assets $26.36M $16.60M $16.60M
YoY Change 58.82% -9.78% -9.78%
TOTAL ASSETS
Total Short-Term Assets $208.9M $278.8M $278.8M
Total Long-Term Assets $26.36M $16.60M $16.60M
Total Assets $235.3M $295.4M $295.4M
YoY Change -20.35% 0.23% 0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.933M $11.37M $11.40M
YoY Change -12.6% 32.15% 32.56%
Accrued Expenses $25.90M $32.30M $32.30M
YoY Change -19.81% 18.75% 18.75%
Deferred Revenue $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 $77.41M $70.66M $70.70M
YoY Change 9.55% 26.63% 26.7%
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 $4.180M $211.7M
YoY Change -83.09% -98.36% -16.92%
Total Long-Term Liabilities $707.0K $4.180M $213.8M
YoY Change -83.09% -98.37% -16.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.41M $70.66M $70.70M
Total Long-Term Liabilities $707.0K $4.180M $213.8M
Total Liabilities $311.4M $284.4M $284.4M
YoY Change 9.48% -9.02% -9.02%
SHAREHOLDERS EQUITY
Retained Earnings -$1.287B -$1.183B
YoY Change 8.8%
Common Stock $1.211B $1.194B
YoY Change 1.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$76.12M $10.97M $11.00M
YoY Change
Total Liabilities & Shareholders Equity $235.3M $295.4M $295.4M
YoY Change -20.35% 0.23% 0.24%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018

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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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','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 $44.4 million during the year ended December 31, 2020, and has an accumulated deficit of approximately $1.3 billion as of December 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 to continue to incur operating expenses related to research and development and potential commercialization of its portfolio over the next several years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">At December 31, 2020, the Company had $293.9 million of cash and cash equivalents on hand. The Company anticipates that its current capital resources, inclusive of $33.6 million of net proceeds generated from an Open Market Sale Agreement<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> in January 2021, 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, 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 equity, debt, 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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CY2020Q4 imgn Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Royalty Sale
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRoyaltySale
17455000
CY2019Q4 imgn Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Royalty Sale
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsRoyaltySale
30030000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
366875000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
352327000
CY2019Q4 imgn Deferred Tax Liabilities Share Based Compensation
DeferredTaxLiabilitiesShareBasedCompensation
110000
CY2020Q4 imgn Deferred Tax Liabilities Operating Lease Right Of Use Asset
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAsset
3844000
CY2019Q4 imgn Deferred Tax Liabilities Operating Lease Right Of Use Asset
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAsset
4258000
CY2020Q4 imgn Deferred Tax Liabilities Royalty Sale
DeferredTaxLiabilitiesRoyaltySale
247000
CY2019Q4 imgn Deferred Tax Liabilities Royalty Sale
DeferredTaxLiabilitiesRoyaltySale
408000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
4149000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
362726000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
347551000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
15200000
CY2015 imgn Ownership Control Increase Decrease Under Section382 Percentage
OwnershipControlIncreaseDecreaseUnderSection382Percentage
0
CY2019 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
CY2020 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
0
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
25000000.0
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
2300000
CY2020 imgn Number Of Real Estate Leases
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2
CY2020 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020 imgn Number Of Real Estate Leases
NumberOfRealEstateLeases
2
CY2020 us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
CY2019Q1 imgn Unamortized Lease Incentive And Straight Line Lease Liability Balances
UnamortizedLeaseIncentiveAndStraightLineLeaseLiabilityBalances
9700000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2020 imgn Aggregate Adjustment To Right Of Use Asset
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1000000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
4000000.0
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
4300000
CY2018 us-gaap Operating Lease Expense
OperatingLeaseExpense
5800000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
5500000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
5300000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14100000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21800000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5323000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5389000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5510000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5470000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5490000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1376000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28558000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6761000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
21797000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
3100000
CY2020 us-gaap Sublease Income
SubleaseIncome
2800000
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2020Q4 imgn Accrued Contract Payments Current
AccruedContractPaymentsCurrent
15576000
CY2019Q4 imgn Accrued Contract Payments Current
AccruedContractPaymentsCurrent
5188000
CY2020Q4 imgn Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
11401000
CY2019Q4 imgn Accrued Clinical Trial Costs Current
AccruedClinicalTrialCostsCurrent
6418000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1200000

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