$IGMS
IGM Biosciences, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020037708 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.390M $2.230M
YoY Change 96.86%
% of Gross Profit
Research & Development $15.02M $8.303M
YoY Change 80.89% 140.67%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K
YoY Change 100.0%
% of Gross Profit
Operating Expenses $19.41M $10.53M
YoY Change 84.28% 148.14%
Operating Profit -$19.41M -$10.53M
YoY Change 84.28% 148.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $568.0K -$145.0K
YoY Change -491.72% -600.0%
Pretax Income -$18.84M -$10.68M
YoY Change 76.4%
Income Tax
% Of Pretax Income
Net Earnings -$18.84M -$10.68M
YoY Change 76.46% 153.29%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$616.7K -$365.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $198.1M
YoY Change
Cash & Equivalents $31.79M $42.67M
Short-Term Investments $166.3M
Other Short-Term Assets $3.100M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $201.2M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $22.60M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M
YoY Change
Other Assets $300.0K
YoY Change
Total Long-Term Assets $27.90M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $201.2M
Total Long-Term Assets $27.90M
Total Assets $229.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.300M
YoY Change
Accrued Expenses $6.900M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.20M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $10.90M
YoY Change
Total Long-Term Liabilities $10.90M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.20M
Total Long-Term Liabilities $10.90M
Total Liabilities $22.10M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.0M -$80.97M
YoY Change
Total Liabilities & Shareholders Equity $229.1M
YoY Change

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$18.84M -$10.68M
YoY Change 76.46% 153.29%
Depreciation, Depletion And Amortization $200.0K $100.0K
YoY Change 100.0%
Cash From Operating Activities -$13.07M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$2.520M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$420.0K
YoY Change
Cash From Investing Activities -$2.950M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -230.0K
YoY Change
NET CHANGE
Cash From Operating Activities -13.07M
Cash From Investing Activities -2.950M
Cash From Financing Activities -230.0K
Net Change In Cash -16.25M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$13.07M
Capital Expenditures -$2.520M
Free Cash Flow -$10.55M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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NetIncomeLoss
-18146000
us-gaap Depreciation
Depreciation
465000
us-gaap Depreciation
Depreciation
259000
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3278000
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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igms Non Cash Lease Expense
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igms Non Cash Lease Expense
NonCashLeaseExpense
625000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1421000
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Research And Development Expense
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-17624000
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StockholdersEquity
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StockholdersEquity
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CY2019Q2 us-gaap Stock Issued During Period Value New Issues
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StockholdersEquity
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us-gaap Profit Loss
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us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
270000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-905000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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ComprehensiveIncomeNetOfTax
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CY2020Q2 igms Stock Issued During Period Value Exercise Of Stock Options Net Of Shares Withheld For Taxes And Exercise Costs
StockIssuedDuringPeriodValueExerciseOfStockOptionsNetOfSharesWithheldForTaxesAndExerciseCosts
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CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
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us-gaap Use Of Estimates
UseOfEstimates
<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;">Use of Estimates</p> <p style="margin-top:6pt;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 preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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, fair value of common stock, stock-based compensation, <font style="color:#000000;">operating lease&#160;right-of-use (ROU)&#160;assets and liabilities, </font>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.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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, 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 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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6.6084
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
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CY2019Q2 us-gaap Depreciation
Depreciation
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us-gaap Common Stock Voting Rights
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NumberOfVotingRightsForEachCommonStockHeld
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us-gaap Dividends Common Stock
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DividendsCommonStock
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RestrictedStockIssuedAndOutstanding
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CY2019Q4 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
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CY2020Q2 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
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CY2019Q4 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
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CY2020Q2 igms Stock Options And Restricted Stock Units Future Issuance
StockOptionsAndRestrictedStockUnitsFutureIssuance
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CY2019Q4 igms Stock Options And Restricted Stock Units Future Issuance
StockOptionsAndRestrictedStockUnitsFutureIssuance
2669264
CY2020Q2 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
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CY2019Q4 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
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CY2020Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2019Q2 igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
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igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
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igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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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
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16238418
igms Number Of Lease Agreements
NumberOfLeaseAgreements
2
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020Q2 us-gaap Operating Lease Cost
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CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
523000
us-gaap Operating Lease Cost
OperatingLeaseCost
1534000
us-gaap Operating Lease Cost
OperatingLeaseCost
694000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
68000
us-gaap Variable Lease Cost
VariableLeaseCost
114000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2020Q2 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
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3086000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3172000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3261000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3008000
CY2020Q2 igms Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
733000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14772000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1265000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13507000

Files In Submission

Name View Source Status
0001564590-20-037708-index-headers.html Edgar Link pending
0001564590-20-037708-index.html Edgar Link pending
0001564590-20-037708.txt Edgar Link pending
0001564590-20-037708-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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