ImmunoGen reported financial results for the third quarter ended September 30, 2022.
Article continues below
Total revenues were $15.4 million for the quarter ended September 30, 2022 compared to $9.2 million for the quarter ended September 30, 2021.
The increase was due to greater license and milestone fee revenue driven by fees recognized pursuant to license agreements with Lilly and Novartis and higher non-cash royalty revenue.
Operating expenses for the quarter ended September 30, 2022 were $92.8 million, compared with $43.4 million for the same quarter in 2021.
Research and development expenses rose to $59.2 million for the quarter ended September 30, 2022 compared to $33.1 million for the quarter ended September 30, 2021, driven by increases in personnel and temporary staffing costs, contract services, and external manufacturing costs largely incurred in anticipation of a potential US launch of mirvetuximab, as well as greater clinical trial costs.
Selling, general, and administrative expenses increased to $33.6 million for the quarter ended September 30, 2022 compared to $10.3 million for the quarter ended September 30, 2021, due primarily to building commercial capabilities, including the hiring of personnel, in preparation for a potential US launch of mirvetuximab.
Net loss for the third quarter of 2022 was $77.8 million, or $0.31 per basic and diluted share, compared to a net loss of $37.3 million, or $0.18 per basic and diluted share, for the third quarter of 2021.
Weighted average shares outstanding increased to 253.5 million for the 2022 period from 204.8 million in the prior year.
ImmunoGen had $309.5 million in cash and cash equivalents as of September 30, 2022, compared with $478.8 million as of December 31, 2021.
Cash used in operations was $169.6 million for the first nine months of 2022, compared with cash used in operations of $123.5 million for the same period in 2021.
Capital expenditures were $1.1 million in each of the nine months ended September 30, 2022 and 2021. ■