$IGMS
IGM Biosciences, Inc.

2020 Q2 Form 10-K Financial Statement

#000156459021016675 Filed on March 30, 2021

View on sec.gov

Income Statement

Concept 2020 Q2 2020 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.390M $18.25M $3.170M
YoY Change 96.86% 97.51% 157.72%
% of Gross Profit
Research & Development $15.02M $65.03M $12.76M
YoY Change 80.89% 84.45% 63.34%
% of Gross Profit
Depreciation & Amortization $200.0K $1.000M
YoY Change 100.0% 66.67%
% of Gross Profit
Operating Expenses $19.41M $83.28M $15.94M
YoY Change 84.28% 87.15% 76.18%
Operating Profit -$19.41M -$83.28M -$15.94M
YoY Change 84.28% 87.15% 76.18%
Interest Expense $1.925M
YoY Change
% of Operating Profit
Other Income/Expense, Net $568.0K $1.925M $1.122M
YoY Change -491.72% 41.03% -16128.57%
Pretax Income -$18.84M -$81.36M -$14.82M
YoY Change 76.4% 88.64% 63.76%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.84M -$81.36M -$14.82M
YoY Change 76.46% 88.61% 63.65%
Net Earnings / Revenue
Basic Earnings Per Share -$2.65
Diluted Earnings Per Share -$616.7K -$2.646M -$480.7K
COMMON SHARES
Basic Shares Outstanding 30.75M
Diluted Shares Outstanding 30.75M

Balance Sheet

Concept 2020 Q2 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $198.1M $366.3M $224.6M
YoY Change 63.09%
Cash & Equivalents $31.79M $241.1M $35.89M
Short-Term Investments $166.3M $125.2M $188.7M
Other Short-Term Assets $3.100M $7.000M
YoY Change 9.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $201.2M $373.3M $231.1M
YoY Change 61.53% 9501.16%
LONG-TERM ASSETS
Property, Plant & Equipment $22.60M $34.80M $3.882M
YoY Change 93.33% 163.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.000M
YoY Change
Other Assets $300.0K $500.0K $258.0K
YoY Change 66.67%
Total Long-Term Assets $27.90M $35.30M $30.25M
YoY Change 16.5% 1824.3%
TOTAL ASSETS
Total Short-Term Assets $201.2M $373.3M $231.1M
Total Long-Term Assets $27.90M $35.30M $30.25M
Total Assets $229.1M $408.6M $261.4M
YoY Change 56.31% 6468.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.300M $7.900M $3.087M
YoY Change 154.84% 1782.32%
Accrued Expenses $6.900M $9.300M $3.305M
YoY Change 60.34% -7.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.20M $17.20M $8.875M
YoY Change 93.26% -0.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.90M $9.600M
YoY Change -21.31%
Total Long-Term Liabilities $10.90M $9.600M
YoY Change -21.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.20M $17.20M $8.875M
Total Long-Term Liabilities $10.90M $9.600M
Total Liabilities $22.10M $26.80M $21.12M
YoY Change 27.01% 137.56%
SHAREHOLDERS EQUITY
Retained Earnings -$107.2M
YoY Change 67.32%
Common Stock $347.3M
YoY Change 45903.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $207.0M $381.8M $240.2M
YoY Change
Total Liabilities & Shareholders Equity $229.1M $408.6M $261.4M
YoY Change 56.31% 6468.23%

Cashflow Statement

Concept 2020 Q2 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$18.84M -$81.36M -$14.82M
YoY Change 76.46% 88.61% 63.65%
Depreciation, Depletion And Amortization $200.0K $1.000M
YoY Change 100.0% 66.67%
Cash From Operating Activities -$13.07M -$67.30M
YoY Change 49.18%
INVESTING ACTIVITIES
Capital Expenditures -$2.520M $17.50M
YoY Change 648.91%
Acquisitions
YoY Change
Other Investing Activities -$420.0K $75.21M
YoY Change -137.44%
Cash From Investing Activities -$2.950M $57.71M
YoY Change -128.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -230.0K 214.8M
YoY Change -23.91%
NET CHANGE
Cash From Operating Activities -13.07M -67.30M
Cash From Investing Activities -2.950M 57.71M
Cash From Financing Activities -230.0K 214.8M
Net Change In Cash -16.25M 205.2M
YoY Change 505.21%
FREE CASH FLOW
Cash From Operating Activities -$13.07M -$67.30M
Capital Expenditures -$2.520M $17.50M
Free Cash Flow -$10.55M -$84.81M
YoY Change 78.71%

Facts In Submission

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<p style="margin-top:6pt;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 U.S. 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>
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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-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;">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 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 Annual Report on Form 10-K.</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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