ImmunoGen, Inc.

2021 Q3 Form 10-Q Financial Statement

#000155837021009731 Filed on July 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $245.8M $239.5M $219.5M
YoY Change 30.59% 9.11% -8.47%
Cash & Equivalents $245.8M $239.5M $219.5M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $14.33M $14.50M $6.400M
YoY Change 81.39% 126.63% -3.03%
Inventory
Prepaid Expenses
Receivables $7.427M $4.234M $1.400M
Other Receivables $3.369M $16.12M $14.00M
Total Short-Term Assets $270.9M $274.4M $241.4M
YoY Change 23.51% 13.68% -6.94%
LONG-TERM ASSETS
Property, Plant & Equipment $4.636M $4.957M $5.902M
YoY Change -16.89% -16.01% -41.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.535M $8.886M $7.591M
YoY Change -0.41% 17.06% 310.32%
Total Long-Term Assets $25.92M $27.05M $28.36M
YoY Change -9.46% -4.61% 0.23%
TOTAL ASSETS
Total Short-Term Assets $270.9M $274.4M $241.4M
Total Long-Term Assets $25.92M $27.05M $28.36M
Total Assets $296.8M $301.4M $269.7M
YoY Change 19.7% 11.76% -6.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.52M $11.63M $12.74M
YoY Change 18.03% -8.7% 63.13%
Accrued Expenses $42.79M $35.98M $22.80M
YoY Change 51.75% 57.81% -38.38%
Deferred Revenue $53.53M $53.79M $80.00K
YoY Change 1243.19% 67140.0% -74.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.100M
YoY Change -100.0%
Total Short-Term Liabilities $111.8M $120.3M $90.88M
YoY Change 11.99% 32.39% 21.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.100M
YoY Change -100.0% 0.0%
Other Long-Term Liabilities $2.079M $2.442M $2.587M
YoY Change -26.22% -5.6% 33.14%
Total Long-Term Liabilities $2.079M $2.442M $2.587M
YoY Change -26.22% -5.6% 33.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.8M $120.3M $90.88M
Total Long-Term Liabilities $2.079M $2.442M $2.587M
Total Liabilities $219.7M $233.0M $294.3M
YoY Change -24.46% -20.82% -17.31%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B -$1.400B -$1.300B
YoY Change 0.0% 7.69% 0.0%
Common Stock $1.511B $1.465B $1.316B
YoY Change 14.45% 11.3% 9.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.09M $68.47M -$24.52M
YoY Change
Total Liabilities & Shareholders Equity $296.8M $301.4M $269.7M
YoY Change 19.7% 11.76% -6.24%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2

Facts In Submission

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ProceedsFromStockOptionsExercised
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PaymentsOfStockIssuanceCosts
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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ProceedsFromIssuanceOfCommonStock
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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CashAndCashEquivalentsAtCarryingValue
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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 (ADCs). The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $64.8 million during the six months ended June 30, 2021, and has an accumulated deficit of approximately $1.4 billion as of June 30, 2021. 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;">As of June 30, 2021, the Company had $239.5 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 were 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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CashAndCashEquivalentsAtCarryingValue
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RevenueRemainingPerformanceObligation
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0.0049
CY2021Q2 us-gaap Revenue Remaining Performance Obligation Percentage
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0.0038
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0.0013
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ContractWithCustomerLiability
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CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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ContractWithCustomerAssetGrossCurrent
3631000
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ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
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ContractAssetImpactOfNetting
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ContractWithCustomerAssetGrossCurrent
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CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
1228000
CY2020Q2 imgn Contract Liabilities Impact Of Netting
ContractLiabilitiesImpactOfNetting
411000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
126615000
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
765000
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
837000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CashAndCashEquivalentsNumberOfFinancialInstitutions
3
CY2021Q2 us-gaap Marketable Securities
MarketableSecurities
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CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
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CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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imgn Number Of Trades Impacting Fair Value Of Financial Instruments
NumberOfTradesImpactingFairValueOfFinancialInstruments
0
CY2020 imgn Number Of Trades Impacting Fair Value Of Financial Instruments
NumberOfTradesImpactingFairValueOfFinancialInstruments
0
CY2020Q2 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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CY2021Q2 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
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CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3138000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1204000
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DebtInstrumentConvertibleNumberOfEquityInstruments
501000
us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2020Q2 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
imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
3
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
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1
CY2020Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2021Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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NumberOfRealEstateLeases
2
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Payments
OperatingLeasePayments
2700000
us-gaap Operating Lease Payments
OperatingLeasePayments
2700000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13200000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
20200000
us-gaap Sublease Income
SubleaseIncome
2400000
us-gaap Sublease Income
SubleaseIncome
700000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2565000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5490000
CY2021Q2 imgn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25800000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5630000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
20170000
us-gaap Variable Lease Cost
VariableLeaseCost
3100000

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