$IGMS
IGM Biosciences, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022812 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.990M $3.170M $1.450M
YoY Change 175.17% 157.72%
% of Gross Profit
Research & Development $14.58M $12.76M $5.912M
YoY Change 146.67% 63.34% 134.05%
% of Gross Profit
Depreciation & Amortization $200.0K $114.0K
YoY Change 75.44%
% of Gross Profit
Operating Expenses $18.57M $15.94M $7.357M
YoY Change 152.45% 76.18% 148.88%
Operating Profit -$18.57M -$15.94M -$7.357M
YoY Change 152.45% 76.18% 148.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $949.0K $1.122M -$113.0K
YoY Change -939.82% -16128.57% -476.67%
Pretax Income -$17.62M -$14.82M -$7.470M
YoY Change 135.88% 63.76%
Income Tax
% Of Pretax Income
Net Earnings -$17.62M -$14.82M -$7.470M
YoY Change 135.93% 63.65% 155.3%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$577.9K -$480.7K -$258.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.8M $224.6M
YoY Change
Cash & Equivalents $48.06M $35.89M $2.860M
Short-Term Investments $158.7M $188.7M
Other Short-Term Assets $5.700M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $212.5M $231.1M
YoY Change 9501.16%
LONG-TERM ASSETS
Property, Plant & Equipment $4.683M $3.882M
YoY Change 163.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.20M
YoY Change
Other Assets $258.0K $258.0K
YoY Change
Total Long-Term Assets $30.64M $30.25M
YoY Change 1824.3%
TOTAL ASSETS
Total Short-Term Assets $212.5M $231.1M
Total Long-Term Assets $30.64M $30.25M
Total Assets $243.2M $261.4M
YoY Change 6468.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.984M $3.087M
YoY Change 1782.32%
Accrued Expenses $3.031M $3.305M
YoY Change -7.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.544M $8.875M
YoY Change -0.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $11.60M
YoY Change
Total Long-Term Liabilities $11.60M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.544M $8.875M
Total Long-Term Liabilities $11.60M
Total Liabilities $19.14M $21.12M
YoY Change 137.56%
SHAREHOLDERS EQUITY
Retained Earnings -$124.8M -$107.2M
YoY Change 67.32%
Common Stock $348.6M $347.3M
YoY Change 45903.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $224.0M $240.2M -$73.13M
YoY Change
Total Liabilities & Shareholders Equity $243.2M $261.4M
YoY Change 6468.23%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$17.62M -$14.82M -$7.470M
YoY Change 135.93% 63.65% 155.3%
Depreciation, Depletion And Amortization $200.0K $114.0K
YoY Change 75.44%
Cash From Operating Activities -$16.39M -$8.345M
YoY Change 96.37%
INVESTING ACTIVITIES
Capital Expenditures $1.705M $715.0K
YoY Change 138.46%
Acquisitions
YoY Change
Other Investing Activities $88.00M $0.00
YoY Change
Cash From Investing Activities $28.53M -$715.0K
YoY Change -4090.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.00K 10.03M
YoY Change -99.78%
NET CHANGE
Cash From Operating Activities -16.39M -8.345M
Cash From Investing Activities 28.53M -715.0K
Cash From Financing Activities 22.00K 10.03M
Net Change In Cash 12.16M 973.0K
YoY Change 1150.15%
FREE CASH FLOW
Cash From Operating Activities -$16.39M -$8.345M
Capital Expenditures $1.705M $715.0K
Free Cash Flow -$18.09M -$9.060M
YoY Change 99.69%

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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 and investments. The Company invests in money market funds, U.S. Treasury securities, U.S. government agency 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 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 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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OtherAccruedLiabilitiesCurrent
9000
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.32
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
20.02
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.75
CY2020Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock is entitled to one vote
CY2020Q1 igms Number Of Voting Rights For Each Common Stock Held
NumberOfVotingRightsForEachCommonStockHeld
1
CY2020Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2019 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2020Q1 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
58259
CY2019Q4 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
58259
CY2020Q1 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
2939499
CY2019Q4 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
2289209
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2967576
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2669264
CY2020Q1 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
521121
CY2019Q4 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
280000
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6486455
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5296732
CY2020Q1 igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
100000
CY2019Q1 igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
964487
CY2020Q1 igms Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGrantedInPeriod
679575
CY2020Q1 igms Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Cancelled In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantCancelledInPeriod
13400
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2289209
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
679575
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15885
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13400
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2939499
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1118904
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.36
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
39.93
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.77
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2997758
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11720652
CY2020Q1 igms Number Of Lease Agreements
NumberOfLeaseAgreements
2
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
740000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
216000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
767000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
171000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
46000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2261000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3086000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3172000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3261000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3008000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
733000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15521000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1397000

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