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Immunogen (IMGN)

ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, the company aims to disrupt the progression of cancer and offer its patients more good days.

Company profile

Ticker
IMGN
Exchange
CEO
Mark Enyedy
Employees
Incorporated
Location
Fiscal year end
Former names
IMMUNOGEN INC
SEC CIK
Subsidiaries
Hurricane, LLC • ImmunoGen BioPharma (Ireland) Limited • ImmunoGen Europe Limited • ImmunoGen Securities Corp. ...
IRS number
42726691

IMGN stock data

Calendar

1 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 373.87M 373.87M 373.87M 373.87M 373.87M 373.87M
Cash burn (monthly) 21.26M (no burn) 20.35M 12.72M 21.33M 15.53M
Cash used (since last report) 28.52M n/a 27.3M 17.07M 28.61M 20.82M
Cash remaining 345.36M n/a 346.58M 356.81M 345.26M 353.05M
Runway (months of cash) 16.2 n/a 17.0 28.0 16.2 22.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Renee Lentini Common Stock Grant Acquire A No No 3.825 2,509 9.6K 18,297
30 Jun 22 Enyedy Mark J Common Stock Grant Acquire A No No 3.825 3,342 12.78K 436,208
30 Jun 22 Wingrove Theresa Common Stock Grant Acquire A No No 3.825 2,645 10.12K 82,214
30 Jun 22 Berkenblit Anna Common Stock Grant Acquire A No No 3.825 3,073 11.75K 110,235
30 Jun 22 Stacy Ann Coen Common Stock Grant Acquire A No No 3.825 3,342 12.78K 7,168
87.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 213 233 -8.6%
Opened positions 29 47 -38.3%
Closed positions 49 31 +58.1%
Increased positions 74 88 -15.9%
Reduced positions 63 54 +16.7%
13F shares Current Prev Q Change
Total value 922M 1.42B -35.0%
Total shares 192.29M 189.6M +1.4%
Total puts 282.7K 315K -10.3%
Total calls 1.19M 904K +31.3%
Total put/call ratio 0.2 0.3 -31.7%
Largest owners Shares Value Change
Ra Capital Management 21.74M $103.49M +7.4%
BLK Blackrock 16.43M $78.23M +10.6%
Vanguard 15.48M $73.68M +2.3%
STT State Street 13.71M $65.25M +69.9%
Wellington Management 13.06M $62.18M -6.0%
FMR 12.07M $57.47M -1.6%
Adage Capital Partners GP, L.L.C. 11.59M $55.15M +12.6%
Redmile 9.22M $43.88M +11.6%
Clearbridge Advisors 5.5M $26.19M -6.5%
MS Morgan Stanley 5.24M $24.96M +24.7%
Largest transactions Shares Bought/sold Change
STT State Street 13.71M +5.64M +69.9%
Orbimed Advisors 0 -3.87M EXIT
Woodline Partners 0 -3.86M EXIT
Deerfield Management 3.47M +3.47M NEW
Healthcare Of Ontario Pension Plan Trust Fund 0 -2.08M EXIT
Norges Bank 0 -1.93M EXIT
BLK Blackrock 16.43M +1.57M +10.6%
Millennium Management 3.5M -1.55M -30.7%
Ra Capital Management 21.74M +1.5M +7.4%
Nuveen Asset Management 2.19M +1.42M +182.6%

Financial report summary

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Management Discussion
  • For the three months ended June 30, 2022, our total revenues decreased $2.8 million compared to the three months ended June 30, 2021, driven by lower non-cash royalty revenue, partially offset by an increase in license and milestone fees. For the six months ended June 30, 2022, our total revenues increased $19.6 million compared to the six months ended June 30, 2021, driven by an increase in license and milestone fees, partially offset by lower non-cash royalty revenue. See further discussion below.
  • The amount of license and milestone fees we earn is directly related to the number of our collaborators, the advancement of product candidates covered by the agreements with our collaborators, and the overall success in the clinical trials of these product candidates. As such, the amount of license and milestone fees recognized may vary significantly from quarter to quarter and year to year. License and milestone fee revenue increased $6.7 million and $37.5 million in the three and six months ended June 30, 2022, respectively, compared to the three and six months ended June 30, 2021. Driving the increases, pursuant to our license agreement with Huadong executed in October 2020, upon delivery of clinical supply in the three and six months ended June 30, 2022, we recognized $6.9 million and $28.5 million of the remaining deferred revenue balance as of December 31, 2021 related to upfront and development milestone payments previously received. Additionally, pursuant to a license agreement with Lilly, during the six months ended June 30, 2022, we recognized $9.2 million of the $13.0 million upfront payment received.
  • KADCYLA is a marketed ADC resulting from one of our development and commercialization licenses with Roche, through its Genentech unit. We receive royalty reports and payments related to sales of KADCYLA from Roche one quarter in arrears. We sold our rights to receive royalty payments on the net sales of KADCYLA through two separate transactions in 2015 and 2019. In accordance with our revenue recognition policy, $7.1 million and $13.5 million of non-cash royalties on net sales of KADCYLA were recorded and included in non-cash royalty revenue for the three and six months ended June 30, 2022, respectively, compared to $16.7 million and $32.2 million in non-cash royalty revenue recorded for the three and six months ended June 30, 2021, respectively. The decrease in non-cash royalty revenue is a result of the aggregate royalty threshold, as outlined in the 2015 royalty purchase agreement, being met in the second quarter of 2021, effectively reducing the royalty payments under the 2015 transaction from 100% to 15% of KADCYLA royalty payments received over the remaining royalty term. Pursuant to the terms of these agreements, we expect to recognize less non-cash royalty revenue in 2022 and subsequent years as compared to 2021 and prior years. See further details regarding these agreements in Note F, “Liability Related to Sale of Future Royalties,” of the Consolidated Financial Statements.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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