ImmunoGen, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023017411 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $605.5M $309.5M
YoY Change 95.64% 25.92%
Cash & Equivalents $605.5M $309.5M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $18.70M $16.71M
YoY Change 11.88% 16.64%
Inventory $5.495M $0.00
Prepaid Expenses
Receivables $133.7M $738.0K
Other Receivables $3.500M $3.453M
Total Short-Term Assets $766.9M $330.4M
YoY Change 132.1% 21.98%
LONG-TERM ASSETS
Property, Plant & Equipment $4.431M $4.474M
YoY Change -0.96% -3.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.16M $13.10M
YoY Change 8.08% 53.49%
Total Long-Term Assets $55.20M $28.38M
YoY Change 94.49% 9.52%
TOTAL ASSETS
Total Short-Term Assets $766.9M $330.4M
Total Long-Term Assets $55.20M $28.38M
Total Assets $822.1M $358.8M
YoY Change 129.13% 20.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.85M $20.18M
YoY Change 23.17% 91.81%
Accrued Expenses $63.20M $59.74M
YoY Change 5.8% 39.59%
Deferred Revenue $37.19M $15.08M
YoY Change 146.61% -71.83%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.400M $8.600M
YoY Change 9.3%
Total Short-Term Liabilities $134.7M $103.6M
YoY Change 29.93% -7.28%
LONG-TERM LIABILITIES
Long-Term Debt $88.60M $0.00
YoY Change
Other Long-Term Liabilities $2.800M $300.0K
YoY Change 833.33% -85.57%
Total Long-Term Liabilities $2.800M $300.0K
YoY Change 833.33% -85.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.7M $103.6M
Total Long-Term Liabilities $2.800M $300.0K
Total Liabilities $260.5M $180.8M
YoY Change 44.09% -17.71%
SHAREHOLDERS EQUITY
Retained Earnings -$1.700B -$1.600B
YoY Change 6.25% 14.29%
Common Stock $2.270B $1.813B
YoY Change 25.21% 19.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $561.6M $178.0M
YoY Change
Total Liabilities & Shareholders Equity $822.1M $358.8M
YoY Change 129.13% 20.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3

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;">September 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 $14.5 million during the nine months ended September 30, 2023, and had an accumulated deficit of approximately $1.7 billion as of September 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">At September 30, 2023, the Company had $605.5 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 do not raise sufficient funds, 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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