ImmunoGen, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023012564 Filed on July 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $605.5M $572.0M $373.9M
YoY Change 95.64% 52.98% 56.12%
Cash & Equivalents $605.5M $572.0M $373.9M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $18.70M $14.09M $14.10M
YoY Change 11.88% -0.07% -2.79%
Inventory $5.495M $3.233M $0.00
Prepaid Expenses
Receivables $133.7M $77.08M $2.783M
Other Receivables $3.500M $2.887M $3.168M
Total Short-Term Assets $766.9M $669.3M $393.9M
YoY Change 132.1% 69.9% 43.56%
LONG-TERM ASSETS
Property, Plant & Equipment $4.431M $12.77M $4.334M
YoY Change -0.96% 194.72% -12.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.16M $32.28M $12.68M
YoY Change 8.08% 154.66% 42.65%
Total Long-Term Assets $55.20M $45.05M $28.37M
YoY Change 94.49% 58.8% 4.89%
TOTAL ASSETS
Total Short-Term Assets $766.9M $669.3M $393.9M
Total Long-Term Assets $55.20M $45.05M $28.37M
Total Assets $822.1M $714.3M $422.3M
YoY Change 129.13% 69.15% 40.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.85M $18.44M $17.25M
YoY Change 23.17% 6.94% 48.27%
Accrued Expenses $63.20M $51.36M $45.42M
YoY Change 5.8% 13.08% 26.23%
Deferred Revenue $37.19M $14.39M $15.64M
YoY Change 146.61% -7.98% -70.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $9.500M $8.800M
YoY Change 9.3% 7.95% 700.0%
Total Short-Term Liabilities $134.7M $93.70M $87.07M
YoY Change 29.93% 7.62% -27.63%
LONG-TERM LIABILITIES
Long-Term Debt $88.60M $71.96M $0.00
YoY Change
Other Long-Term Liabilities $2.800M $57.83M $466.0K
YoY Change 833.33% 12309.01% -80.92%
Total Long-Term Liabilities $2.800M $129.8M $466.0K
YoY Change 833.33% 27750.43% -80.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.7M $93.70M $87.07M
Total Long-Term Liabilities $2.800M $129.8M $466.0K
Total Liabilities $260.5M $223.5M $172.5M
YoY Change 44.09% 29.58% -25.98%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B -$1.700B -$1.600B
YoY Change 6.25% 6.25% 14.29%
Common Stock $2.270B $2.230B $1.807B
YoY Change 25.21% 23.41% 23.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $561.6M $490.8M $249.8M
YoY Change
Total Liabilities & Shareholders Equity $822.1M $714.3M $422.3M
YoY Change 129.13% 69.15% 40.09%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2

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;">June 30, 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 $45.3 million during the six months ended June 30, 2023, and had an accumulated deficit of approximately $1.7 billion as of June 30, 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 and a term loan facility, and, more recently, through<span style="font-size:12pt;"> </span>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 0pt 6pt 0pt;">At June 30, 2023, the Company had $572.0 million of cash and cash equivalents on hand. The Company currently believes that its existing capital resources will be sufficient to fund its operating expenses and capital expenditures for more than twelve months after the date these financial statements were issued. The Company expects to generate additional funds through a combination of commercial sales of ELAHERE 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. If such activities are not successful, the Company may be required to seek additional funding through equity or other financings. The failure of the Company to generate sufficient funds from commercial sales of ELAHERE and collaborations or obtain additional funding through equity or other financings 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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CY2023Q2 us-gaap Contract With Customer Liability
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CY2021Q4 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
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us-gaap Contract With Customer Asset Increase Decrease For Contract Acquired In Business Combination
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us-gaap Contract With Customer Liability Increase Decrease For Contract Acquired In Business Combination
ContractWithCustomerLiabilityIncreaseDecreaseForContractAcquiredInBusinessCombination
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CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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us-gaap Contract With Customer Liability Revenue Recognized
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us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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imgn Cash And Cash Equivalents Number Of Financial Institutions
CashAndCashEquivalentsNumberOfFinancialInstitutions
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CY2023Q2 us-gaap Marketable Securities
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CY2022Q4 us-gaap Marketable Securities
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 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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CY2023Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2022Q2 imgn Share Based Compensation Arrangement By Share Based Payment Award Awards Outstanding Number
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CY2022Q2 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 Exchange Of Stock Amount Received
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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us-gaap Number Of Operating Segments
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PreferredStockMaximumPercentageIncreaseDecreaseConversionBlocker
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PreferredStockLiquidationPreference
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us-gaap Sublease Income
SubleaseIncome
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