ImmunoGen, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022011460 Filed on August 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.5M $373.9M $437.7M
YoY Change 25.92% 56.12% 54.61%
Cash & Equivalents $309.5M $373.9M $437.7M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $16.71M $14.10M $8.807M
YoY Change 16.64% -2.79% -42.81%
Inventory $0.00 $0.00 $0.00
Prepaid Expenses
Receivables $738.0K $2.783M $7.833M
Other Receivables $3.453M $3.168M $2.417M
Total Short-Term Assets $330.4M $393.9M $456.7M
YoY Change 21.98% 43.56% 42.92%
LONG-TERM ASSETS
Property, Plant & Equipment $4.474M $4.334M $4.431M
YoY Change -3.49% -12.57% -18.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.10M $12.68M $8.672M
YoY Change 53.49% 42.65% 18.39%
Total Long-Term Assets $28.38M $28.37M $24.99M
YoY Change 9.52% 4.89% -5.3%
TOTAL ASSETS
Total Short-Term Assets $330.4M $393.9M $456.7M
Total Long-Term Assets $28.38M $28.37M $24.99M
Total Assets $358.8M $422.3M $481.7M
YoY Change 20.89% 40.09% 39.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.18M $17.25M $16.06M
YoY Change 91.81% 48.27% 24.34%
Accrued Expenses $59.74M $45.42M $35.90M
YoY Change 39.59% 26.23% -7.47%
Deferred Revenue $15.08M $15.64M $23.42M
YoY Change -71.83% -70.93% -54.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.600M $8.800M $8.700M
YoY Change 700.0% 314.29%
Total Short-Term Liabilities $103.6M $87.07M $84.12M
YoY Change -7.28% -27.63% -37.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $466.0K $676.0K
YoY Change -85.57% -80.92% -72.74%
Total Long-Term Liabilities $300.0K $466.0K $676.0K
YoY Change -85.57% -80.92% -72.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.6M $87.07M $84.12M
Total Long-Term Liabilities $300.0K $466.0K $676.0K
Total Liabilities $180.8M $172.5M $175.2M
YoY Change -17.71% -25.98% -30.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.600B -$1.600B -$1.500B
YoY Change 14.29% 14.29% 7.14%
Common Stock $1.813B $1.807B $1.802B
YoY Change 19.99% 23.35% 23.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $178.0M $249.8M $306.5M
YoY Change
Total Liabilities & Shareholders Equity $358.8M $422.3M $481.7M
YoY Change 20.89% 40.09% 39.24%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

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us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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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 $86.2 million during the six months ended June 30, 2022, and has an accumulated deficit of approximately $1.6 billion as of June 30, 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 June 30, 2022, the Company had $373.9 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 expects to raise additional funds through equity, debt, or other financings, or generate revenues from product sales as well as revenues from collaborations through a combination of upfront license payments, milestone payments, royalty payments, and research funding to support its planned operating activities. There can be no assurance, however, that the Company will be able to obtain additional equity, debt, or other financing or generate revenues from product sales or from collaborations 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>
us-gaap Profit Loss
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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imgn Current Capital Resources To Meet Operational Expenses And Capital Expenditures Expected Period
CurrentCapitalResourcesToMeetOperationalExpensesAndCapitalExpendituresExpectedPeriod
P12M
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
59200000
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0026
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0062
CY2022Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.0012
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us-gaap Contract With Customer Asset Reclassified To Receivable
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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
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36624000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerAssetIncreaseDecreaseForContractAcquiredInBusinessCombination
0
CY2020Q4 us-gaap Contract With Customer Liability
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CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
109272000
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
36624000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardsOutstandingNumber
21681000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
958000
imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
3
CY2022Q2 us-gaap Marketable Securities
MarketableSecurities
0
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
0
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021 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
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2022Q2 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
21681000
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
2772000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1306000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
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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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
imgn Capitalize Research And Development Expenses Amortization Period
CapitalizeResearchAndDevelopmentExpensesAmortizationPeriod
P5Y
imgn Capitalize Research And Experimentation Expenses Amortization Period
CapitalizeResearchAndExperimentationExpensesAmortizationPeriod
P15Y
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.01
CY2021Q4 us-gaap Shares Issued Price Per Share
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us-gaap Sublease Income
SubleaseIncome
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us-gaap Sublease Income
SubleaseIncome
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CY2022Q2 imgn Sub Lessee Lease Incentive Payable
SubLesseeLeaseIncentivePayable
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imgn Payment Of Sub Lessee Lease Incentive
PaymentOfSubLesseeLeaseIncentive
1800000
CY2022Q2 imgn Sub Lessee Lease Incentive Payable
SubLesseeLeaseIncentivePayable
3500000
imgn Sublease Minimum Future Rental Payment Receivable Forgiven
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2100000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
0
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
3000000.0

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