ImmunoGen, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022016350 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.1M $309.5M $245.8M
YoY Change -42.54% 25.92% 30.59%
Cash & Equivalents $275.1M $309.5M $245.8M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $11.01M $16.71M $14.33M
YoY Change 50.3% 16.64% 81.39%
Inventory $0.00
Prepaid Expenses
Receivables $14.13M $738.0K $7.427M
Other Receivables $3.851M $3.453M $3.369M
Total Short-Term Assets $304.1M $330.4M $270.9M
YoY Change -39.18% 21.98% 23.51%
LONG-TERM ASSETS
Property, Plant & Equipment $4.377M $4.474M $4.636M
YoY Change -6.13% -3.49% -16.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.01M $13.10M $8.535M
YoY Change 60.84% 53.49% -0.41%
Total Long-Term Assets $44.82M $28.38M $25.92M
YoY Change 73.93% 9.52% -9.46%
TOTAL ASSETS
Total Short-Term Assets $304.1M $330.4M $270.9M
Total Long-Term Assets $44.82M $28.38M $25.92M
Total Assets $348.9M $358.8M $296.8M
YoY Change -33.63% 20.89% 19.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.35M $20.18M $10.52M
YoY Change 146.03% 91.81% 18.03%
Accrued Expenses $53.99M $59.74M $42.79M
YoY Change 68.28% 39.59% 51.75%
Deferred Revenue $13.86M $15.08M $53.53M
YoY Change -68.76% -71.83% 1243.19%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.700M $8.600M $0.00
YoY Change 42.62% -100.0%
Total Short-Term Liabilities $121.9M $103.6M $111.8M
YoY Change 20.72% -7.28% 11.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $300.0K $300.0K $2.079M
YoY Change -77.03% -85.57% -26.22%
Total Long-Term Liabilities $300.0K $300.0K $2.079M
YoY Change -77.03% -85.57% -26.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.9M $103.6M $111.8M
Total Long-Term Liabilities $300.0K $300.0K $2.079M
Total Liabilities $193.1M $180.8M $219.7M
YoY Change -3.53% -17.71% -24.46%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B -$1.600B -$1.400B
YoY Change 15.56% 14.29% 0.0%
Common Stock $1.850B $1.813B $1.511B
YoY Change 2.96% 19.99% 14.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.8M $178.0M $77.09M
YoY Change
Total Liabilities & Shareholders Equity $348.9M $358.8M $296.8M
YoY Change -33.63% 20.89% 19.7%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Facts In Submission

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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 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 $163.9 million during the nine months ended September 30, 2022, and had an accumulated deficit of approximately $1.6 billion as of September 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 September 30, 2022, the Company had $309.5 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 expects to raise additional funds through equity, debt, or other financings, or generate revenues from product sales of the Company’s lead product candidate, mirvetuximab soravtansine (MIRV), if approved, 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 of MIRV, if approved, 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>
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ContractWithCustomerLiabilityRevenueRecognized
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CY2022Q3 us-gaap Marketable Securities
MarketableSecurities
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CY2021Q3 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
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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imgn Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 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
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
us-gaap Repayments Of Related Party Debt
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SubLesseeLeaseIncentivePayable
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2100000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
0

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