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ImmunoGen, Inc. Message Board

  • mershaw2001 mershaw2001 Apr 26, 2014 2:21 PM Flag

    I'm having trouble figuring this out.

    How is it that projected losses for the quarter have increased 10 million, but projected cash burn has decreased for fy2014 by 10 million? I see that the cytomx cost was moved around, but it should be a net 0 because no matter what it would be recognized in fy2014. It looks like some revenue was deferred until after 2014 (which ends in june), leading to lower fy2014 revenue by 10 million. I just don't get how they end up with 10 million more in cash if they have higher fy2014 losses than planned.

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    • perfect!! this plan is better

    • Modern look and feel.

    • more qualitative job ...

    • Their opex is also projected to be lower: $133 million to $137 million compared to previous guidance of $140 million to $144 million. cytomx is a non-cash, one time $12.8 mil charge to r&d expenses.

    • if you extrapolate sales figures by territory, kadcyla revenues may move from 3% in fy2014 to 4% for fy2015. We will get revenue on 82 million for q4, then if we extrapolate and go
      90 million in us sales
      100 million in us sales
      110 million in us sales
      120 million in us sales
      that gives us just over 400 million for fy2015, giving us the 4% instead of 3.5%. If we hit 400 million on the dot, our revenue is 15 million for the year, as opposed to 304 million for fy2014...

      Wait, i just realized if we hit 304, we're actually going to get 3.5% instead of 3%- I wonder if how roche pays out that extra 5%, since they can't anticipate where sales will fall at the beginning of the year- i think they may have to make an extra payment of 0.5% on 300 million at the end of the year. If only that weren't such a measly 1.5 million dollars....
      Still, we have the potential to go from 3.5x 304 million in 2014 to 4x400 million, so 10 million in US royalties to 16 million in us royalties for fy2015 on second line use alone.

      • 2 Replies to mershaw2001
      • IMGN received revs based on Q4 in Q1 and will received 3% of Q1 revs of 102MM (not sure if that is Swiss francs or $USD) next quarter. They mentioned the timing of some expected milestones has been pushed out a little. Development of ADC's by everyone other than Roche seems very slow. One would think that IMGN would have learned how to dose patients by now with lessons learned from Roche and SGEN. Every year we think this is going to be the year where something advances and every year development gets pushed out. It's really disappointing. The only money I am making on IMGN is from selling calls...not that I am advising, especially at this price.

        One day maybe management, or the BOD will awake and find a buyer, or a white knight/activist might acquire shares and protect the shareholders from the greedy and weak so called "leaders". Real leaders would buy stock with their own capital and stop stealing cheap shares and the rampant insider selling that damages investor confidence.

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