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ImmunoGen Q1 2016 net loss was $33.7 million

Staff writer ▼ | October 28, 2015
ImmunoGen reported financial results for the three-month period ended September 30, 2015, the first quarter of the company's 2016 fiscal year.
ImmunoGen
ImmunoGen   Net loss was $0.39 per basic and diluted share
Net loss was $33.7 million, or $0.39 per basic and diluted share, compared to a net loss of $22.3 million, or $0.26 per basic and diluted share, for the same quarter last year (Q1 2015).

Revenues for Q1 2016 were $14.9 million, compared to $13.2 million for Q1 2015. They include $6.1 million of license and milestone fees, comprised principally of a $5 million milestone earned from Lilly and a $1 million milestone earned from Amgen with the advancement by each of an ADC with ImmunoGen technology.

Revenues also include $5.7 million of non-cash royalties on Roche sales of Kadcyla for the three-months ended June 30, 2015. Additionally, revenues for Q1 2016 include $2.3 million of clinical materials revenue and $0.8 million of research and development support fees.

The level of research support and the number of batches of clinical materials produced and released to partners varies on a quarter-to-quarter basis.

Operating expenses in Q1 2016 were $43.5 million, compared to $35.1 million in Q1 2015. Operating expenses in Q1 2016 include research and development expenses of $35.1 million, compared to $28.0 million in Q1 2015.

This change is primarily due to increased third-party costs related to the advancement of our wholly owned product candidates, increased clinical trial costs, primarily related to our expansion of the mirvetuximab soravtansine development program, and increased personnel expenses, principally due to recent hiring.

Operating expenses include general and administrative expenses of $8.3 million in Q1 2016, compared to $7.1 million in Q1 2015. This increase is primarily due to increased personnel expenses and professional services.

ImmunoGen had approximately $247.8 million in cash and cash equivalents as of September 30, 2015, compared with $278.1 million as of June 30, 2015, and had no debt outstanding in either period.

Cash used in operations was $31.4 million in the first three months of FY2016, compared with $18.9 million in the same period in FY2015. Capital expenditures were $3.4 million and $1.7 million for the first three months of FY2016 and FY2015, respectively.


 

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