$IGMS
IGM Biosciences, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020050843 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.730M $2.390M $2.230M
YoY Change 97.91% 74.45%
% of Gross Profit
Research & Development $15.83M $8.279M $8.303M
YoY Change 91.19% 60.07% 140.67%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $100.0K
YoY Change 0.0% 100.0%
% of Gross Profit
Operating Expenses $20.56M $10.67M $10.53M
YoY Change 92.64% 63.07% 148.14%
Operating Profit -$20.56M -$10.67M -$10.53M
YoY Change 92.64% 63.07% 148.14%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $291.0K $501.0K -$145.0K
YoY Change -41.92% 1689.29% -600.0%
Pretax Income -$20.27M -$10.17M -$10.68M
YoY Change 99.31% 55.98%
Income Tax
% Of Pretax Income
Net Earnings -$20.27M -$10.17M -$10.68M
YoY Change 99.27% 56.08% 153.29%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$661.3K -$333.7K -$365.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.2M $242.1M
YoY Change -25.57%
Cash & Equivalents $27.28M $193.7M $42.67M
Short-Term Investments $153.0M $48.40M
Other Short-Term Assets $4.400M $6.000M
YoY Change -26.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $184.7M $248.1M
YoY Change -25.55%
LONG-TERM ASSETS
Property, Plant & Equipment $26.60M $12.50M
YoY Change 112.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $9.300M
YoY Change -100.0%
Other Assets $486.0K $0.00
YoY Change
Total Long-Term Assets $27.02M $21.76M
YoY Change 24.18%
TOTAL ASSETS
Total Short-Term Assets $184.7M $248.1M
Total Long-Term Assets $27.02M $21.76M
Total Assets $211.7M $269.9M
YoY Change -21.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.189M $2.778M
YoY Change 14.79%
Accrued Expenses $7.472M $2.082M
YoY Change 258.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.28M $6.400M
YoY Change 107.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.30M $8.800M
YoY Change 17.05%
Total Long-Term Liabilities $10.30M $8.800M
YoY Change 17.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.28M $6.400M
Total Long-Term Liabilities $10.30M $8.800M
Total Liabilities $23.54M $15.23M
YoY Change 54.53%
SHAREHOLDERS EQUITY
Retained Earnings -$163.9M -$92.39M
YoY Change 77.44%
Common Stock $351.9M $346.7M
YoY Change 1.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.2M $254.6M -$80.97M
YoY Change
Total Liabilities & Shareholders Equity $211.7M $269.9M
YoY Change -21.54%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$20.27M -$10.17M -$10.68M
YoY Change 99.27% 56.08% 153.29%
Depreciation, Depletion And Amortization $200.0K $200.0K $100.0K
YoY Change 0.0% 100.0%
Cash From Operating Activities -$15.08M -$24.70M
YoY Change -38.95% 78.34%
INVESTING ACTIVITIES
Capital Expenditures -$6.560M -$1.020M
YoY Change 543.14% 137.21%
Acquisitions
YoY Change
Other Investing Activities $18.05M -$57.77M
YoY Change -131.24%
Cash From Investing Activities $11.48M -$58.79M
YoY Change -119.53% 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 -920.0K 274.2M
YoY Change -100.34% 1503.63%
NET CHANGE
Cash From Operating Activities -15.08M -24.70M
Cash From Investing Activities 11.48M -58.79M
Cash From Financing Activities -920.0K 274.2M
Net Change In Cash -4.520M 190.7M
YoY Change -102.37% 6663.48%
FREE CASH FLOW
Cash From Operating Activities -$15.08M -$24.70M
Capital Expenditures -$6.560M -$1.020M
Free Cash Flow -$8.520M -$23.68M
YoY Change -64.02% 76.45%

Facts In Submission

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us-gaap Use Of Estimates
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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;">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
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<p style="margin-top:8pt;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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Depreciation
200000
CY2020Q3 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
3292000
CY2019Q4 igms Accrued Research And Development Materials And Services Current
AccruedResearchAndDevelopmentMaterialsAndServicesCurrent
906000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
333000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
360000
CY2020Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3793000
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2030000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
54000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock (excluding non-voting common stock) is entitled to one vote
CY2020Q3 igms Number Of Voting Rights For Each Common Stock Held
NumberOfVotingRightsForEachCommonStockHeld
1
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2019 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2019Q4 igms Restricted Stock Issued And Outstanding
RestrictedStockIssuedAndOutstanding
58259
CY2020Q3 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
2942843
CY2019Q4 igms Stock Options Issued And Outstanding
StockOptionsIssuedAndOutstanding
2289209
CY2020Q3 igms Stock Options And Restricted Stock Units Future Issuance
StockOptionsAndRestrictedStockUnitsFutureIssuance
3090798
CY2020Q3 igms Employee Stock Purchase Plan Number Of Shares Available For Grant
EmployeeStockPurchasePlanNumberOfSharesAvailableForGrant
562138
CY2020Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6595779
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5296732
CY2020Q3 igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
100000
CY2019Q3 igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
0
igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
100000
igms Accrued Share Based Compensation Expense
AccruedShareBasedCompensationExpense
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2289209
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
837575
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
149609
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
34332
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2942843
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1335607
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.36
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
43.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.32
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19.90
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.60
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.88
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10M24D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2949399
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2323196
igms Number Of Lease Agreements
NumberOfLeaseAgreements
2
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
755000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
417000
us-gaap Operating Lease Payments
OperatingLeasePayments
2245000
us-gaap Operating Lease Payments
OperatingLeasePayments
983000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
767000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
674000
us-gaap Operating Lease Cost
OperatingLeaseCost
2301000
us-gaap Operating Lease Cost
OperatingLeaseCost
1368000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
57000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
32000
us-gaap Variable Lease Cost
VariableLeaseCost
171000
us-gaap Variable Lease Cost
VariableLeaseCost
32000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y1M6D
CY2020Q3 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
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
758000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3086000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3172000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3261000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3008000
CY2020Q3 igms Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
733000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14018000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1138000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12880000

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