ImmunoGen, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023007254 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $572.0M $201.2M $437.7M
YoY Change 52.98% -54.03% 54.61%
Cash & Equivalents $572.0M $201.2M $437.7M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $14.09M $10.96M $8.807M
YoY Change -0.07% 24.39% -42.81%
Inventory $3.233M $614.0K $0.00
Prepaid Expenses
Receivables $77.08M $28.59M $7.833M
Other Receivables $2.887M $2.455M $2.417M
Total Short-Term Assets $669.3M $243.9M $456.7M
YoY Change 69.9% -46.61% 42.92%
LONG-TERM ASSETS
Property, Plant & Equipment $12.77M $4.067M $4.431M
YoY Change 194.72% -8.21% -18.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.28M $14.50M $8.672M
YoY Change 154.66% 67.16% 18.39%
Total Long-Term Assets $45.05M $44.48M $24.99M
YoY Change 58.8% 77.99% -5.3%
TOTAL ASSETS
Total Short-Term Assets $669.3M $243.9M $456.7M
Total Long-Term Assets $45.05M $44.48M $24.99M
Total Assets $714.3M $288.3M $481.7M
YoY Change 69.15% -40.14% 39.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.44M $32.26M $16.06M
YoY Change 6.94% 100.87% 24.34%
Accrued Expenses $51.36M $46.91M $35.90M
YoY Change 13.08% 30.67% -7.47%
Deferred Revenue $14.39M $13.44M $23.42M
YoY Change -7.98% -42.59% -54.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.500M $9.000M $8.700M
YoY Change 7.95% 3.45% 314.29%
Total Short-Term Liabilities $93.70M $101.6M $84.12M
YoY Change 7.62% 20.82% -37.39%
LONG-TERM LIABILITIES
Long-Term Debt $71.96M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $57.83M $300.0K $676.0K
YoY Change 12309.01% -55.62% -72.74%
Total Long-Term Liabilities $129.8M $300.0K $676.0K
YoY Change 27750.43% -55.62% -72.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.70M $101.6M $84.12M
Total Long-Term Liabilities $129.8M $300.0K $676.0K
Total Liabilities $223.5M $166.4M $175.2M
YoY Change 29.58% -5.03% -30.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B -$1.700B -$1.500B
YoY Change 6.25% 13.33% 7.14%
Common Stock $2.230B $1.857B $1.802B
YoY Change 23.41% 3.07% 23.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $490.8M $121.9M $306.5M
YoY Change
Total Liabilities & Shareholders Equity $714.3M $288.3M $481.7M
YoY Change 69.15% -40.14% 39.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">IMMUNOGEN, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">March 31, 2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p><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). On November 14, 2022, the U.S. Food and Drug Administration (FDA) granted accelerated approval for ELAHERE<sup style="color:#231f20;font-size:9pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (mirvetuximab soravtansine-gynx) for the treatment of adult patients with folate receptor alpha (FRα)-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. ELAHERE was approved under the FDA's accelerated approval program based on objective response rate (ORR), duration of response (DOR), and safety data from the pivotal SORAYA trial. Continued approval may be contingent upon verification and description of clinical benefit in a confirmatory trial.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">The Company has generally incurred operating losses and negative cash flows from operations since inception, incurred a net loss of $41.0 million during the three months ended March 31, 2023, and had an accumulated deficit of approximately $1.7 billion as of March 31, 2023. To date, the Company has funded these losses through payments received from its collaborations, equity, convertible debt, and other financings, such as royalty financing transactions, a term loan facility, and commercial sales of ELAHERE. Management expects to continue to generate substantial operating losses for at least the near term as the Company incurs significant operating expenses related to research and development and selling and marketing of ELAHERE.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">At March 31, 2023, the Company had $201.2 million of cash and cash equivalents on hand. In April 2023, the Company executed a loan agreement with BioPharma Credit PLC, BPCR Limited Partnership, and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), that provides for up to a $175.0 million senior secured term loan consisting of two tranches that each mature on April 6, 2028. The initial tranche of $75.0 million was drawn upon execution of the loan agreement. The second tranche of $50.0 million will be available at the Company’s option upon the achievement of positive top-line data from the Company’s confirmatory MIRASOL trial and a net sales threshold for ELAHERE. This tranche may be increased to $100.0 million upon mutual agreement of the parties. In consideration of the cash received pursuant to the term loan facility, the Company’s current capital resources, and anticipated sales of ELAHERE based on sales to date, the Company has concluded that the factors which previously raised substantial doubt about its ability to continue as a going concern no longer exist as of the issuance date of these financial statements. The Company currently believes that its existing capital resources and cash from anticipated sales of ELAHERE will be sufficient to fund its operational expenses and capital expenditures for more than twelve months after the date these financial statements were issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:41.05pt;margin:6pt 0pt 6pt 0pt;">The Company expects to generate additional funds through a combination of commercial sales of ELAHERE, equity or other financings, such as royalty financing transactions, additional debt pursuant to the current term loan facility, and revenues from collaborations, including upfront license payments, milestone payments, royalty payments, and research funding, to support its planned operating activities<span style="background:#ffffff;">; however, </span>such activities may not succeed. The failure of the Company to generate sufficient funds on acceptable terms 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, clinical and/or commercial 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, challenges entering into new collaborations, complexities associated with managing collaboration arrangements, third-party reimbursements, and compliance with governmental regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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CY2023Q1 imgn Cash And Cash Equivalents Number Of Financial Institutions
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CY2023Q1 us-gaap Marketable Securities
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Repayments Of Related Party Debt
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