IMGN - ImmunoGen posts wider Q2 net loss as R&D expenses ramp

ImmunoGen (NASDAQ:IMGN) reported a wider second-quarter net loss, partly driven by an increase in research and development expenses in the period. Research and development expenses were $34.6M for the second quarter of 2021, compared with $22.9M for the same period last year. The increase was due to greater clinical trial expenses driven by costs related to the MIRASOL, SORAYA, and IMGC936 studies, greater personnel and temporary staffing costs, and higher external manufacturing costs and third-party service fees in support of commercial readiness, the company said. Net loss for the second quarter was $30.7M, or $0.15/share, compared to a net loss of $24.3M, or $0.14/share, for the second quarter of 2020. Quarterly revenue, however, increased 13% to $16.95M, but fell short of analysts' average estimate by $1.97M. ImmunoGen had $239.5M in cash and cash equivalents as of June 30, 2021, compared with $293.9M as of December 31, 2020. The company expects

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ImmunoGen posts wider Q2 net loss as R&D expenses ramp