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Background
- A late-stage oncology company developing next-generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients
- Lead program= in P3 for platinum-resistant ovarian cancer
- Second most advanced program= nearing P3 for multiple cancer types including one in the first-line setting
- Both have Orphan Drug Designation and one has Breakthrough Therapy DesignationÂ
- Has a legacy product that is marketed by Roche under the brand name Kadcyla that is used to treat breast cancer
- Licensed its ADC technology to big pharma names including Amgen, Bayer, and Sanofi.Â
- Click here to read more about its ADC technology
Old News
- Had a stellar year in 2020 from a developmental and financial standpoint per data in their 4Q20/F20 earnings report; Â
- Presented positive Phase 1/2a data at ASH in Dec 2020
- Aligned with the FDA regarding the advancement of its Pivotal study in frontline blastic plasmacytoid dendritic cell neoplasm (BPDCN) patients
- Advanced its programs with key collaborators including Macrogenics (Nasdaq: MGNX) and Jazz Pharmaceuticals (Nasdaq: JAZZ)
- Generated over $132M in total revenue in 2020 from non-cash royalties + license/milestones payments
- Provided robust financial guidance that beat Wall Street’s expectations; 2/12/21
- FY21 revenue estimated between $65 and 75M (compared to $53M expected by analysts)
- Shared preclinical data at a medical conference (AACR);Â 4/10/21
Recent Developments
- Presented mature P2 data in patients with ovarian cancer at a medical conference (ASCO);Â 6/4/21
- Combo treatment elicited a high Response Rate, durable benefit, and favorable tolerability profileÂ
- Announced that it will report 2Q21 earnings on 7/30/21
- Highlights from 1Q21 earnings report; 5/10/21
- Pivotal data in ovarian cancer expected in the fourth quarter
- Continue to enroll patients across several of its programs
- Initiating a new clinical trial in ovarian cancer later this year
- Present early data from its blood cancer program at a medical conference in December
- Strong financial during the first quarter:
- Rev= $16M (+20% YoY driven by increased non-cash royalties)
- Â Total opex= $45M
- Net loss= $34M
- Total cash as of 3/31/21= $283M
- FY21 financial guidance remained unchanged
Upcoming Catalyst
- Pivotal data (4Q21)
- Complete enrollment in P2 study (4Q21)
- Potentially initiate two early-stage clinical studies (2H21)
Technicals/Notes
- Ovarian cancer has an extremely high unmet treatment need
- Considering the company’s clear focus on ovarian cancer, robust mid-stage data, and the receipt of Breakthrough Therapy Designation, we feel that IMGN is a top contender for market share
- Furthermore, we like that IMGN is pursuing the front-line setting (i.e. the first drug patients with ovarian cancer are treated with)
