$IGMS
IGM Biosciences, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022008476 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $366.0K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.37M $13.08M $8.130M
YoY Change 43.05% 60.9% 103.76%
% of Gross Profit
Research & Development $47.22M $38.88M $23.57M
YoY Change 56.93% 64.92% 61.64%
% of Gross Profit
Depreciation & Amortization $1.444M $1.224M $673.0K
YoY Change 3.14% 81.87% 236.5%
% of Gross Profit
Operating Expenses $59.59M $51.96M $31.71M
YoY Change 53.83% 63.87% 70.71%
Operating Profit -$59.22M -$51.96M -$31.71M
YoY Change 52.88% 63.87% 70.71%
Interest Expense $760.0K $54.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $629.0K $62.00K $62.00K
YoY Change 2520.83% 0.0% -93.47%
Pretax Income -$58.60M -$51.89M -$31.64M
YoY Change 51.35% 64.01% 79.57%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$58.60M -$51.89M -$31.64M
YoY Change 51.35% 63.99% 79.55%
Net Earnings / Revenue -16009.56%
Basic Earnings Per Share -$1.33 -$1.53
Diluted Earnings Per Share -$1.334M -$1.530M -$949.3K
COMMON SHARES
Basic Shares Outstanding 43.92M 33.84M
Diluted Shares Outstanding 43.92M 33.84M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $513.2M $187.5M $331.7M
YoY Change 82.35% -43.48% 60.42%
Cash & Equivalents $221.3M $75.42M $252.4M
Short-Term Investments $291.9M $112.0M $79.30M
Other Short-Term Assets $8.630M $10.35M $9.500M
YoY Change -0.99% 8.92% 66.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $521.8M $197.8M $341.2M
YoY Change 79.84% -42.02% 60.55%
LONG-TERM ASSETS
Property, Plant & Equipment $31.29M $29.98M $25.65M
YoY Change 14.36% 16.88% 447.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $1.007M $886.0K
YoY Change 20.34% 13.66% 243.41%
Total Long-Term Assets $60.36M $59.93M $39.32M
YoY Change -0.23% 52.41% 28.32%
TOTAL ASSETS
Total Short-Term Assets $521.8M $197.8M $341.2M
Total Long-Term Assets $60.36M $59.93M $39.32M
Total Assets $582.2M $257.7M $380.5M
YoY Change 66.03% -32.26% 56.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.459M $4.011M $5.700M
YoY Change -28.72% -29.63% 187.3%
Accrued Expenses $24.57M $19.30M $5.826M
YoY Change 129.33% 231.33% 92.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.82M $27.37M $14.82M
YoY Change 87.9% 84.69% 96.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $171.0M $25.85M $10.00M
YoY Change 1769.33% 158.54% -13.79%
Total Long-Term Liabilities $171.0M $25.85M $10.00M
YoY Change 1769.33% 158.54% -13.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.82M $27.37M $14.82M
Total Long-Term Liabilities $171.0M $25.85M $10.00M
Total Liabilities $206.8M $53.22M $24.86M
YoY Change 633.08% 114.05% 29.91%
SHAREHOLDERS EQUITY
Retained Earnings -$464.2M -$405.6M -$220.2M
YoY Change 79.3% 84.2% 76.4%
Common Stock $839.7M $610.0M $575.7M
YoY Change 5.95% 65.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $375.4M $204.5M $355.6M
YoY Change
Total Liabilities & Shareholders Equity $582.2M $257.7M $380.5M
YoY Change 66.03% -32.26% 56.48%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$58.60M -$51.89M -$31.64M
YoY Change 51.35% 63.99% 79.55%
Depreciation, Depletion And Amortization $1.444M $1.224M $673.0K
YoY Change 3.14% 81.87% 236.5%
Cash From Operating Activities $111.3M -$38.87M -$28.26M
YoY Change -522.28% 37.53% 72.47%
INVESTING ACTIVITIES
Capital Expenditures -$1.823M $2.977M $6.073M
YoY Change -42.4% -50.98% 256.19%
Acquisitions
YoY Change
Other Investing Activities -$182.1M -$16.15M $45.68M
YoY Change -884.27% -135.35% -48.09%
Cash From Investing Activities -$184.0M -$19.12M $39.61M
YoY Change -1017.1% -148.28% 38.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $218.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 218.5M 72.00K -53.00K
YoY Change -607130.56% -235.85% -340.91%
NET CHANGE
Cash From Operating Activities 111.3M -38.87M -28.26M
Cash From Investing Activities -184.0M -19.12M 39.61M
Cash From Financing Activities 218.5M 72.00K -53.00K
Net Change In Cash 145.9M -57.92M 11.30M
YoY Change -2403.84% -612.75% -7.14%
FREE CASH FLOW
Cash From Operating Activities $111.3M -$38.87M -$28.26M
Capital Expenditures -$1.823M $2.977M $6.073M
Free Cash Flow $113.1M -$41.85M -$34.34M
YoY Change -587.77% 21.88% 89.78%

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to investments, manufacturing accruals, accrued research and development expenses, stock-based compensation, operating lease right-of-use (ROU) assets and liabilities, income tax uncertainties and the valuation of deferred tax assets. The Company bases its estimates on its historical experience and also on assumptions that it believes are reasonable; however, actual results could significantly differ from those estimates.</span></p>
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Credit Risk and Other Risks and Uncertainties</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities. The Company invests in money market funds, U.S. Treasury securities, corporate bonds, commercial paper, and U.S. government agency securities. The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash and issuers of investments to the extent recorded on the balance sheets. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. Government and its agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company’s early stages of clinical drug development; uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; the Company’s ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; the Company’s ability to adequately demonstrate sufficient safety and efficacy of its product candidates; the Company’s ability to enroll patients in its ongoing and future clinical trials; the Company’s ability to successfully manufacture and supply its product candidates for clinical trials; the Company’s ability to obtain additional capital to finance its operations; uncertainties related to the projections of the size of patient populations suffering from the diseases the Company is targeting; the Company’s ability to obtain, maintain, and protect its intellectual property rights; developments relating to the Company’s competitors and its industry, including competing product candidates and therapies; general economic and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Quarterly Report on Form 10-Q.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s product candidates will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.</span></p>
CY2022Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022Q1 igms Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
179311000
CY2022Q1 igms Cash And Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2022Q1 igms Cash And Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
193000
CY2022Q1 igms Cash And Cash Equivalents And Available For Sale Securities Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleSecuritiesDebtSecuritiesFairValue
179118000
CY2021Q4 igms Cash And Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
223396000
CY2021Q4 igms Cash And Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q4 igms Cash And Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
CashAndCashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
66000
CY2021Q4 igms Cash And Cash Equivalents And Available For Sale Securities Debt Securities Fair Value
CashAndCashEquivalentsAndAvailableForSaleSecuritiesDebtSecuritiesFairValue
223330000
CY2022Q1 igms Number Of Financial Instruments Classified As Level Three
NumberOfFinancialInstrumentsClassifiedAsLevelThree
0
CY2021Q4 igms Number Of Financial Instruments Classified As Level Three
NumberOfFinancialInstrumentsClassifiedAsLevelThree
0
CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
122100000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
113000000.0
CY2022Q1 igms Number Of Voting Rights For Each Common Stock Held
NumberOfVotingRightsForEachCommonStockHeld
1
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2021 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q1 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
11527000
CY2021Q4 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
10829000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2420000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1019000
CY2022Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4943000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
6748000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
413000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
280000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19303000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18876000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock (excluding non-voting common stock) is entitled to one vote.
CY2021Q4 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
855206
CY2022Q1 igms Pre Funded Warrants
PreFundedWarrants
1334332
CY2021Q4 igms Pre Funded Warrants
PreFundedWarrants
1334332
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10184011
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8930191
CY2022Q1 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
5538692
CY2021Q4 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
3764001
CY2022Q1 igms Restricted Stock Units
RestrictedStockUnits
715397
CY2021Q4 igms Restricted Stock Units
RestrictedStockUnits
358535
CY2022Q1 igms Stock Options And Restricted Stock Units Future Issuance
StockOptionsAndRestrictedStockUnitsFutureIssuance
1740384
CY2021Q4 igms Stock Options And Restricted Stock Units Future Issuance
StockOptionsAndRestrictedStockUnitsFutureIssuance
2618117
CY2022Q1 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
855206
CY2020Q4 igms Maximum Allowed Holding Percentage Of Shares After Exercise Of Warrants
MaximumAllowedHoldingPercentageOfSharesAfterExerciseOfWarrants
0.0999
CY2020Q4 igms Maximum Allowed Combined Voting Percentage Of Shares After Exercise Of Warrants
MaximumAllowedCombinedVotingPercentageOfSharesAfterExerciseOfWarrants
0.0999
CY2020Q4 igms Maximum Allowed Percentage Of Pre Funded Warrants To Exercise
MaximumAllowedPercentageOfPreFundedWarrantsToExercise
0.1999
CY2020Q4 igms Minimum Notice Term To Increase Or Decrease Holding Percentage Of Pre Funded Warrants
MinimumNoticeTermToIncreaseOrDecreaseHoldingPercentageOfPreFundedWarrants
P61D
CY2022Q1 igms Number Of Warrants Exercised
NumberOfWarrantsExercised
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6270227
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3611734
CY2022Q1 igms License Agreement Commitments Description
LicenseAgreementCommitmentsDescription
Following regulatory approval, for licensed products directed to oncology collaboration targets, the companies will equally share profits and losses from commercialization of those licensed products in certain major markets, and IGM will be eligible to receive tiered royalties on net sales of such licensed products in the rest of world that are in the low double-digit to mid-teen percentages

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