ImmunoGen, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007545 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.7M $283.1M
YoY Change 54.61% 14.48%
Cash & Equivalents $437.7M $283.1M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $8.807M $15.40M
YoY Change -42.81% 100.0%
Inventory $0.00
Prepaid Expenses
Receivables $7.833M $5.500M
Other Receivables $2.417M $15.50M
Total Short-Term Assets $456.7M $319.6M
YoY Change 42.92% 18.04%
LONG-TERM ASSETS
Property, Plant & Equipment $4.431M $5.417M
YoY Change -18.2% -9.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.672M $7.325M
YoY Change 18.39% 7.23%
Total Long-Term Assets $24.99M $26.39M
YoY Change -5.3% -6.03%
TOTAL ASSETS
Total Short-Term Assets $456.7M $319.6M
Total Long-Term Assets $24.99M $26.39M
Total Assets $481.7M $346.0M
YoY Change 39.24% 15.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.06M $12.92M
YoY Change 24.34% 35.47%
Accrued Expenses $35.90M $38.80M
YoY Change -7.47% 42.65%
Deferred Revenue $23.42M $51.52M
YoY Change -54.54% 41782.11%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.700M $2.100M
YoY Change 314.29%
Total Short-Term Liabilities $84.12M $134.4M
YoY Change -37.39% 57.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $676.0K $2.480M
YoY Change -72.74% 66.55%
Total Long-Term Liabilities $676.0K $2.480M
YoY Change -72.74% 66.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.12M $134.4M
Total Long-Term Liabilities $676.0K $2.480M
Total Liabilities $175.2M $251.8M
YoY Change -30.42% -16.86%
SHAREHOLDERS EQUITY
Retained Earnings -$1.500B -$1.400B
YoY Change 7.14% 7.69%
Common Stock $1.802B $1.460B
YoY Change 23.41% 11.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.5M $94.12M
YoY Change
Total Liabilities & Shareholders Equity $481.7M $346.0M
YoY Change 39.24% 15.78%

Cashflow Statement

Concept 2022 Q1 2021 Q1

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
293856000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
437661000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
283120000
CY2022Q1 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','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 and commercialization of antibody-drug conjugates (ADCs) for the treatment of cancer. The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $24.1 million during the three months ended March 31, 2022, and has an accumulated deficit of approximately $1.5 billion as of March 31, 2022. 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 had no revenues from commercial sales of its own products and management expects to continue to incur substantial operating losses for at least the near term as the Company incurs significant operating expenses related to research and development and potential commercialization of its portfolio.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">As of March 31, 2022, the Company had $437.7 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, however, 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>
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-24100000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1500000000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
437700000
CY2022Q1 imgn Current Capital Resources To Meet Operational Expenses And Capital Expenditures Expected Period
CurrentCapitalResourcesToMeetOperationalExpensesAndCapitalExpendituresExpectedPeriod
P12M
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
70100000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0033
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0055
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0012
CY2021Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
3000000
CY2022Q1 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
3000000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
92068000
CY2022Q1 us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
3803000
CY2022Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
25760000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
70111000
CY2021Q1 us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
110109000
CY2021Q1 us-gaap Contract With Customer Liability Change In Timeframe Performance Obligation Satisfied Revenue Recognized
ContractWithCustomerLiabilityChangeInTimeframePerformanceObligationSatisfiedRevenueRecognized
72000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
110037000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
25760000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
72000
CY2022Q1 imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
3
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
0
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
437700000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
478800000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
100000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
200000
CY2021Q1 imgn Number Of Trades Impacting Fair Value Of Financial Instruments
NumberOfTradesImpactingFairValueOfFinancialInstruments
0
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
27012000
CY2021Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
21320000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1981000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3553000
CY2021Q1 us-gaap Debt Instrument Convertible Number Of Equity Instruments
DebtInstrumentConvertibleNumberOfEquityInstruments
501000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
501000
CY2022Q1 imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
3
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5503000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5522000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5543000
CY2022Q1 imgn Capitalize Research And Development Expenses Amortization Period
CapitalizeResearchAndDevelopmentExpensesAmortizationPeriod
P5Y
CY2022Q1 imgn Capitalize Research And Experimentation Expenses Amortization Period
CapitalizeResearchAndExperimentationExpensesAmortizationPeriod
P15Y
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2021Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.60
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.11
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1200000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1400000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11900000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18000000.0
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4114000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1429000
CY2022Q1 imgn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
13000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22124000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4099000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18025000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
3400000
us-gaap Sublease Income
SubleaseIncome
1200000

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