$IGMS
IGM Biosciences, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041849 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.390M $1.370M
YoY Change 74.45%
% of Gross Profit
Research & Development $8.279M $5.172M $3.450M
YoY Change 60.07%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0%
% of Gross Profit
Operating Expenses $10.67M $6.545M $4.244M
YoY Change 63.07%
Operating Profit -$10.67M -$6.545M -$4.244M
YoY Change 63.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $501.0K $28.00K $29.00K
YoY Change 1689.29%
Pretax Income -$10.17M -$6.520M
YoY Change 55.98%
Income Tax
% Of Pretax Income
Net Earnings -$10.17M -$6.517M -$4.215M
YoY Change 56.08%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$333.7K -$225.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.1M
YoY Change
Cash & Equivalents $193.7M $3.196M
Short-Term Investments $48.40M
Other Short-Term Assets $6.000M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $248.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.50M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.300M
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $21.76M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $248.1M
Total Long-Term Assets $21.76M
Total Assets $269.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.778M
YoY Change
Accrued Expenses $2.082M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.400M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.800M
YoY Change
Total Long-Term Liabilities $8.800M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.400M
Total Long-Term Liabilities $8.800M
Total Liabilities $15.23M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$92.39M
YoY Change
Common Stock $346.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.6M -$42.00M -$43.72M
YoY Change
Total Liabilities & Shareholders Equity $269.9M
YoY Change

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$10.17M -$6.517M -$4.215M
YoY Change 56.08%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0%
Cash From Operating Activities -$24.70M -$13.85M
YoY Change 78.34%
INVESTING ACTIVITIES
Capital Expenditures -$1.020M -$430.0K
YoY Change 137.21%
Acquisitions
YoY Change
Other Investing Activities -$57.77M $0.00
YoY Change
Cash From Investing Activities -$58.79M -$430.0K
YoY Change 13572.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 274.2M 17.10M
YoY Change 1503.63%
NET CHANGE
Cash From Operating Activities -24.70M -13.85M
Cash From Investing Activities -58.79M -430.0K
Cash From Financing Activities 274.2M 17.10M
Net Change In Cash 190.7M 2.820M
YoY Change 6663.48%
FREE CASH FLOW
Cash From Operating Activities -$24.70M -$13.85M
Capital Expenditures -$1.020M -$430.0K
Free Cash Flow -$23.68M -$13.42M
YoY Change 76.45%

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents and investments. The Company invests in money market funds, U.S. Treasury securities, corporate debt and commercial paper. 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 cash equivalents and issuers of investments to the extent recorded on the condensed balance sheets. The Company&#8217;s investment policy limits investments to money market funds, certain types of debt securities issued by the U.S. Government and its agencies, corporate debt, commercial paper, and places restrictions on the credit ratings, maturities and concentration by type and issuer. The Company has not experienced any losses on its deposits of cash, cash equivalents and investments.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company&#8217;s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company&#8217;s early stages of clinical drug development;&#160;uncertainties related to the use of engineered IgM antibodies, which is a novel and unproven therapeutic approach; the Company&#8217;s ability to advance product candidates into, and successfully complete, clinical trials on the timelines it projects; the Company&#8217;s ability to adequately demonstrate sufficient safety and efficacy of its product candidates; the Company&#8217;s ability to enroll patients in its ongoing and future clinical trials; the Company&#8217;s ability to successfully manufacture and supply its product candidates for clinical trials; the Company&#8217;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&#8217;s ability to obtain, maintain, and protect its intellectual property rights; developments relating to the Company&#8217;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 &#8220;Risk Factors&#8221; section of this Quarterly Report on Form 10-Q.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s product candidates will require approvals from the U.S. Food and Drug Administration 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.</p>
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1083000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
667000
CY2019Q3 us-gaap Depreciation
Depreciation
200000
CY2018Q3 us-gaap Depreciation
Depreciation
100000
CY2019Q3 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
376000
CY2018Q4 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
2395000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
226000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
563000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2264937
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2323196
CY2019Q3 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
58259
CY2018Q4 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
116518
CY2019Q3 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
2264937
CY2018Q4 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
1523285
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2703702
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
456818
CY2019Q3 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
280000
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5306898
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11598241
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3165087
igms Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGrantedInPeriod
-929561
igms Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Cancelled In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantCancelledInPeriod
11358
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1523285
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
929561
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
176551
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11358
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
841852
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.63
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.96
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.08
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.01
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.31
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y4M24D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7153559
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
983000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9882000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
455000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1935000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1993000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2053000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2115000
CY2019Q3 igms Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
2178000
CY2019Q3 igms Lessee Operating Lease Liability Payments Due After Year Six
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearSix
734000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11463000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1089000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10374000
CY2019Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1400000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
700000

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