IMMUNOMEDICS INC

CIK:0000722830|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Product revenue, net	$ 20,074	$ 0	$ 20,074	$ 0
Costs and Expenses:
Costs of goods sold	1,669	0	1,669	0
Research and development	42,561	52,923	104,989	111,095
Sales and marketing	12,883	6,346	20,950	14,227
General and administrative	15,973	7,899	27,446	21,494
Total costs and expenses	73,086	67,168	155,054	146,816
Operating loss	(53,012)	(67,168)	(134,980)	(146,816)
Interest expense	(14,232)	(10,625)	(27,770)	(20,584)
Interest and other income	747	1,840	3,174	4,043
Loss before income tax	(66,497)	(75,953)	(159,576)	(163,357)
Income tax expense	0	0	0	0
Net loss	(66,497)	(75,953)	(159,576)	(163,357)
Net loss attributable to noncontrolling interest	(31)	0	(63)	(67)
Net loss attributable to Immunomedics, Inc. stockholders	$ (66,466)	$ (75,953)	$ (159,513)	$ (163,290)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted) (in usd per share)	$ (0.30)	$ (0.40)	$ (0.73)	$ (0.85)
Weighted average shares used to calculated loss per common share (basic and diluted) (in shares)	225,306	191,745	219,210	191,401
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	$ 7	$ 195	$ (2)	$ 186
Unrealized loss on securities available for sale	0	0	(225)	(200)
Other comprehensive gain (loss), net of tax:	7	195	(227)	(14)
Comprehensive loss	(66,490)	(75,758)	(159,803)	(163,371)
Comprehensive loss attributable to noncontrolling interest	(31)	0	(63)	(67)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	$ (66,459)	$ (75,758)	$ (159,740)	$ (163,304)
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (159,576)	$ (163,357)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,936	1,839
Loss on disposal of property and equipment	87	0
Interest on non-recourse debt	27,469	20,373
Amortization of debt issuance costs	8	25
Non-cash lease expense	142	130
Non-cash expense related to stock-based compensation	11,098	4,147
Changes in inventory	(20,807)	0
Changes in accounts receivable, net	(21,963)	0
Changes in deferred revenue	61,210	65,000
Changes in other operating assets and liabilities	(2,298)	4,670
Net cash used in operating activities	(102,694)	(67,173)
Cash flows from investing activities
Purchases of property and equipment	(1,324)	(5,699)
Net cash used in investing activities	(1,324)	(5,699)
Cash flows from financing activities:
Exercise of stock options, net	1,995	2,106
Proceeds from issuance of common stock	464,593	5,829
Net cash provided by financing activities	466,588	7,935
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(5)	(14)
Net increase (decrease) in cash, cash equivalents and restricted cash	362,565	(64,951)
Cash, cash equivalents and restricted cash beginning of period	612,041	494,173
Cash, cash equivalents and restricted cash end of period	974,606	429,222
Supplemental disclosure of cash flow information:
Interest paid	169	169
Schedule for non-cash investing and financing activities:
Issuance of common stock due to debt conversion	7,114	0
Accrued capital expenditures	1,690	404
Shares received in cashless exercise	0	1,271
Total cash, cash equivalents and restricted cash	974,606	429,222
Non-cash lease expense	142	130
Change in operating lease liabilities	$ 164	$ 79

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 971,193	$ 608,628
Marketable securities	4,325	4,550
Accounts receivable, net of allowances of $0 and $0 at June 30, 2020 and December 31, 2019, respectively	22,258	295
Inventory	20,807	0
Prepaid expenses	21,105	21,818
Other current assets	3,788	3,413
Total current assets	1,043,476	638,704
Property and equipment, net of accumulated depreciation and amortization of $9,955 and $7,925 at June 30, 2020 and December 31, 2019, respectively	33,512	32,762
Other long-term assets	142	256
Total Assets	1,077,130	671,722
Current Liabilities:
Accounts payable and accrued expenses	59,862	60,860
Liability related to sale of future royalties - current	21,043	3,455
Lease liability - current	356	337
Convertible senior notes, net	0	7,106
Total current liabilities	81,261	71,758
Liability related to sale of future royalties - non-current	267,650	257,769
Deferred revenues	126,210	65,000
Lease liability - non-current	9,782	9,965
Total Liabilities	484,903	404,492
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Convertible preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at June 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; authorized 275,000,000 shares at June 30, 2020 (250,000,000 at December 31, 2019); issued 231,073,471 shares and outstanding 230,953,850 shares at June 30, 2020; issued 212,529,313 shares and outstanding 212,409,692 shares at December 31, 2019	2,311	2,125
Capital contributed in excess of par	2,063,819	1,579,205
Treasury stock, at cost: 119,621 shares at June 30, 2020 and December 31, 2019	(2,095)	(2,095)
Accumulated deficit	(1,469,919)	(1,310,406)
Accumulated other comprehensive loss	(795)	(568)
Total Immunomedics, Inc. stockholders' equity	593,321	268,261
Noncontrolling interest in subsidiary	(1,094)	(1,031)
Total Stockholders' Equity	592,227	267,230
Total Liabilities and Stockholders' Equity	$ 1,077,130	$ 671,722