$IGMS
IGM Biosciences, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023037953 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $448.0K $366.0K
YoY Change 22.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.98M $12.37M
YoY Change 4.94% 43.05%
% of Gross Profit
Research & Development $55.67M $47.22M
YoY Change 17.91% 56.93%
% of Gross Profit
Depreciation & Amortization $2.173M $1.444M
YoY Change 50.48% 3.14%
% of Gross Profit
Operating Expenses $68.66M $59.59M
YoY Change 15.21% 53.83%
Operating Profit -$68.21M -$59.22M
YoY Change 15.17% 52.88%
Interest Expense $3.894M $760.0K
YoY Change 412.37%
% of Operating Profit
Other Income/Expense, Net $0.00 $629.0K
YoY Change -100.0% 2520.83%
Pretax Income -$64.31M -$58.60M
YoY Change 9.76% 51.35%
Income Tax $109.0K $0.00
% Of Pretax Income
Net Earnings -$64.42M -$58.60M
YoY Change 9.95% 51.35%
Net Earnings / Revenue -14380.13% -16009.56%
Basic Earnings Per Share -$1.43 -$1.33
Diluted Earnings Per Share -$1.43 -$1.334M
COMMON SHARES
Basic Shares Outstanding 45.12M 43.92M
Diluted Shares Outstanding 45.12M 43.92M

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $386.9M $513.2M
YoY Change -24.62% 82.35%
Cash & Equivalents $150.7M $221.3M
Short-Term Investments $236.2M $291.9M
Other Short-Term Assets $14.89M $8.630M
YoY Change 72.55% -0.99%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $401.8M $521.8M
YoY Change -23.01% 79.84%
LONG-TERM ASSETS
Property, Plant & Equipment $76.78M $31.29M
YoY Change 145.39% 14.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.119M $1.000M
YoY Change 111.9% 20.34%
Total Long-Term Assets $78.90M $60.36M
YoY Change 30.71% -0.23%
TOTAL ASSETS
Total Short-Term Assets $401.8M $521.8M
Total Long-Term Assets $78.90M $60.36M
Total Assets $480.7M $582.2M
YoY Change -17.44% 66.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.936M $3.459M
YoY Change 42.7% -28.72%
Accrued Expenses $34.62M $24.57M
YoY Change 40.91% 129.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.30M $35.82M
YoY Change 23.68% 87.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $177.8M $171.0M
YoY Change 3.97% 1769.33%
Total Long-Term Liabilities $177.8M $171.0M
YoY Change 3.97% 1769.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.30M $35.82M
Total Long-Term Liabilities $177.8M $171.0M
Total Liabilities $222.1M $206.8M
YoY Change 7.38% 633.08%
SHAREHOLDERS EQUITY
Retained Earnings -$698.6M -$464.2M
YoY Change 50.5% 79.3%
Common Stock $957.1M $839.7M
YoY Change 13.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.6M $375.4M
YoY Change
Total Liabilities & Shareholders Equity $480.7M $582.2M
YoY Change -17.44% 66.03%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$64.42M -$58.60M
YoY Change 9.95% 51.35%
Depreciation, Depletion And Amortization $2.173M $1.444M
YoY Change 50.48% 3.14%
Cash From Operating Activities -$53.11M $111.3M
YoY Change -147.72% -522.28%
INVESTING ACTIVITIES
Capital Expenditures $3.913M -$1.823M
YoY Change -314.65% -42.4%
Acquisitions
YoY Change
Other Investing Activities -$2.412M -$182.1M
YoY Change -98.68% -884.27%
Cash From Investing Activities -$6.325M -$184.0M
YoY Change -96.56% -1017.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $68.96M $218.0M
YoY Change -68.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.95M 218.5M
YoY Change -67.99% -607130.56%
NET CHANGE
Cash From Operating Activities -53.11M 111.3M
Cash From Investing Activities -6.325M -184.0M
Cash From Financing Activities 69.95M 218.5M
Net Change In Cash 10.52M 145.9M
YoY Change -92.79% -2403.84%
FREE CASH FLOW
Cash From Operating Activities -$53.11M $111.3M
Capital Expenditures $3.913M -$1.823M
Free Cash Flow -$57.02M $113.1M
YoY Change -150.41% -587.77%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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. Such management estimates include, but are not limited to, those related to revenue recognition, marketable securities, 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. The most significant estimates and assumptions that management considers in the preparation of our financial statements relate to revenue recognition, accrued research and development costs, and leases.</span></p>
us-gaap Number Of Operating Segments
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;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, cash equivalents, and restricted cash, and bond issuers 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 material 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;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:&quot;Times New Roman&quot;, serif;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 occurrence of any event or circumstance that could give rise to the termination of the Company’s collaborations with third parties; 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;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:&quot;Times New Roman&quot;, serif;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>
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Reclassification</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of June 30, 2023 and December 31, 2022</span><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
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us-gaap Common Stock Voting Rights
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CY2023Q2 igms Stock Options And Restricted Stock Units Future Issuance
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us-gaap Defined Contribution Plan Cost Recognized
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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