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Actionable news in IMGN: ImmunoGen, Inc.,

ImmunoGen, Inc. Waits for Data

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ImmunoGen (NASDAQ:IMGN) reported earnings on Friday, but except for its cash runway, the biotech's financials aren't nearly as important as plans for its pipeline.

ImmunoGen results: The only number that really matters

Metric

Sept. 30, 2016

June 30, 2016

QOQ Decline

Cash and equivalents

$196 million

$245 million

(20%)

What happened with ImmunoGen this quarter?

  • At the end of September, management decided to reduce its workforce by 17%, focusing on mirvetuximab soravtansine, IMGN779, and IMGN632 while partnering its non-core B-cell lymphoma program to reduce its cash burn. Management thinks the new focus will push its cash runway through its interim peak at phase 3 data for mirvetuximab soravtansine, extending into mid-2018.
  • That phase 3 trial, dubbed FORWARD I, for mirvetuximab soravtansine in platinum-resistant ovarian cancer is on track to begin before the end of the year.
  • ImmunoGen expects to end the year with $165 million and $170 million in the bank, implying a cash burn rate of $26 million to $31 million, but that rate will increase in coming quarters as it ramps up its spending on clinical trials.
  • Its phase 2 trial, FORWARD II, which looks at mirvetuximab soravtansine in combination with other treatments, is still enrolling...

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