Immunomedics (IMMU) 10-Q 6 May 20 2020 Q1 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	0-12104
Entity Registrant Name	Immunomedics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1009366
Entity Address, Address Line One	300 The American Road
Entity Address, City or Town	Morris Plains
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07950
City Area Code	973
Local Phone Number	605-8200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	IMMU
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		230,900,071
Entity Central Index Key	0000722830
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 536,295	$ 608,628
Marketable securities	4,325	4,550
Accounts receivable, net of allowances of $0 at March 31, 2020 and December 31, 2019	0	295
Prepaid expenses	17,315	21,818
Other current assets	3,788	3,413
Total current assets	561,723	638,704
Property and equipment, net of accumulated depreciation and amortization of $8,907 and $7,925 at March 31, 2020 and December 31, 2019, respectively	32,150	32,762
Other long-term assets	233	256
Total Assets	594,106	671,722
Current Liabilities:
Accounts payable and accrued expenses	59,268	60,860
Liability related to sale of future royalties - current	7,491	3,455
Lease liability - current	346	337
Convertible senior notes, net	0	7,106
Total current liabilities	67,105	71,758
Liability related to sale of future royalties - non-current	267,215	257,769
Deferred revenues	65,000	65,000
Lease liability - non-current	9,875	9,965
Total Liabilities	409,195	404,492
Commitments and Contingencies (Note 11)
Stockholders' Equity:
Convertible preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at March 31, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; authorized 250,000,000 shares; issued 213,929,505 shares and outstanding 213,809,884 shares at March 31, 2020; issued 212,529,313 shares and outstanding 212,409,692 shares at December 31, 2019	2,139	2,125
Capital contributed in excess of par	1,590,185	1,579,205
Treasury stock, at cost: 119,621 shares at March 31, 2020 and December 31, 2019	(2,095)	(2,095)
Accumulated deficit	(1,403,453)	(1,310,406)
Accumulated other comprehensive loss	(802)	(568)
Total Immunomedics, Inc. stockholders' equity	185,974	268,261
Noncontrolling interest in subsidiary	(1,063)	(1,031)
Total Stockholders' Equity	184,911	267,230
Total Liabilities and Stockholders' Equity	$ 594,106	$ 671,722

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Allowances for doubtful accounts	$ 0	$ 0
Property and equipment, accumulated depreciation	$ 8,907	$ 7,925
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000,000
Common stock, shares issued (in shares)	213,929,505	212,529,313
Common stock, shares outstanding (in shares)	213,809,884	212,409,692
Treasury stock, shares (in shares)	119,621	119,621
Convertible Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Total revenues	$ 0	$ 0
Costs and Expenses:
Research and development	62,428	58,172
Sales and marketing	8,067	7,881
General and administrative	11,473	13,595
Total costs and expenses	81,968	79,648
Operating loss	(81,968)	(79,648)
Interest expense	(13,538)	(9,959)
Interest and other income	2,427	2,203
Loss before income tax	(93,079)	(87,404)
Income tax expense	0	0
Net loss	(93,079)	(87,404)
Net loss attributable to noncontrolling interest	(32)	(67)
Net loss attributable to Immunomedics, Inc. stockholders	$ (93,047)	$ (87,337)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted) (in usd per share)	$ (0.44)	$ (0.46)
Weighted average shares used to calculated loss per common share (basic and diluted) (in shares)	213,247	191,052
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	$ (9)	$ (9)
Unrealized loss on securities available for sale	(225)	(200)
Other comprehensive loss, net of tax:	(234)	(209)
Comprehensive loss	(93,313)	(87,613)
Comprehensive loss attributable to noncontrolling interest	(32)	(67)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	$ (93,281)	$ (87,546)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Capital Contributed in Excess of Par	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Convertible Preferred Stock
Beginning balance (in shares) at Dec. 31, 2018		190,446						0
Beginning Balance at Dec. 31, 2018	$ 265,849	$ 1,905	$ 1,219,237	$ (824)	$ (953,216)	$ (351)	$ (902)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,063
Exercise of stock options, net	1,825	$ 10	3,086	(1,271)
Stock-based compensation	1,743		1,743
Other comprehensive income (loss)	(209)					(209)
Net loss	(87,404)				(87,337)		(67)
Ending balance (in shares) at Mar. 31, 2019		191,509						0
Ending Balance at Mar. 31, 2019	181,804	$ 1,915	1,224,066	(2,095)	(1,040,553)	(560)	(969)	$ 0
Beginning balance (in shares) at Dec. 31, 2019		212,529						0
Beginning Balance at Dec. 31, 2019	267,230	$ 2,125	1,579,205	(2,095)	(1,310,406)	(568)	(1,031)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		7
Exercise of stock options, net	32		32
Stock-based compensation	3,848		3,848
Issuance of common stock due to debt conversion (in shares)		1,393
Issuance of common stock due to debt conversion	7,114	$ 14	7,100
Other comprehensive income (loss)	(234)					(234)
Net loss	(93,079)				(93,047)		(32)
Ending balance (in shares) at Mar. 31, 2020		213,929						0
Ending Balance at Mar. 31, 2020	$ 184,911	$ 2,139	$ 1,590,185	$ (2,095)	$ (1,403,453)	$ (802)	$ (1,063)	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (93,079)	$ (87,404)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	960	804
Loss on disposal of property and equipment	87	0
Interest on non-recourse debt	13,482	9,962
Amortization of debt issuance costs	8	13
Non-cash lease expense	70	64
Non-cash expense related to stock-based compensation	3,848	1,743
Changes in other operating assets and liabilities	2,751	20,141
Net cash used in operating activities	(71,873)	(54,677)
Cash flows from investing activities
Purchases of property and equipment	(473)	(2,064)
Net cash used in investing activities	(473)	(2,064)
Cash flows from financing activities:
Exercise of stock options, net	32	1,825
Net cash provided by financing activities	32	1,825
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(19)	(9)
Net decrease in cash, cash equivalents and restricted cash	(72,333)	(54,925)
Cash, cash equivalents and restricted cash beginning of period	612,041	494,173
Cash, cash equivalents and restricted cash end of period	539,708	439,248
Supplemental disclosure of cash flow information:
Interest paid	169	169
Schedule for non-cash investing and financing activities:
Accrued capital expenditures	132	3,140
Shares received in cashless exercise	0	1,271
Issuance of common stock due to debt conversion	7,114	0
Non-cash lease expense	70	64
Change in operating lease liabilities	81	37
Total cash, cash equivalents and restricted cash	$ 539,708	$ 439,248

Business Overview, Basis of Pre

Business Overview, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview, Basis of Presentation and Recent Accounting Pronouncements	Reference is made to the Annual Report on Form 10-K, of Immunomedics, Inc., a Delaware corporation (“Immunomedics,” the “Company,” “we,” “our” or “us”), for the year ended December 31, 2019, which contains our audited consolidated financial statements and the notes thereto. Business Overview, Basis of Presentation and Recent Accounting Pronouncements Business Overview Immunomedics, Inc., a Delaware corporation, together with its subsidiaries (collectively "we," "our," "us," "Immunomedics", or the "Company"), is a leader in next-generation antibody-drug conjugate (“ADC”) technology, committed to help transform the lives of people with hard-to-treat cancers. Immunomedics manages its operations as one line of business of researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based products for patients with difficult-to-treat solid tumor and blood cancers. The Company currently reports as a single industry segment with substantially all business conducted in the United States. Immunomedics conducts its research activities in the United States and runs its development studies in the United States and selected European countries. On April 22, 2020, the United States Food and Drug Administration ("FDA") granted accelerated approval to Trodelvy™ (sacituzumab govitecan-hziy) for the treatment of adult patients with metastatic triple-negative breast cancer (“mTNBC”). Patients must have received at least two prior therapies before taking Trodelvy. Trodelvy, which was granted Breakthrough Therapy Designation and Priority Review, was approved under the FDA’s Accelerated Approval Program based on the objective response rate of 33.3 percent and duration of response of 7.7 months observed in 108 adult mTNBC patients who had previously received a median of three prior systemic therapies in the metastatic setting in a single-arm, multicenter Phase 2 study. Continued approval may be contingent upon verification of clinical benefit in the Phase 3 confirmatory ASCENT study. On April 6, 2020, we announced that the ASCENT study was halted due to compelling evidence of efficacy across multiple endpoints. This decision was based on the unanimous recommendation by the independent Data Safety Monitoring Committee during its recent routine review. Top-line data for the ASCENT study is expected to be available mid-2020. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Immunomedics, which incorporates our foreign subsidiary, Immunomedics GmbH in Rödermark, Germany, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), for interim financial information and the instructions to the Quarterly Report on Form 10‑Q and Regulation S‑X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete annual financial statements. With respect to the financial information for the interim periods included in this Quarterly Report on Form 10-Q, which is unaudited, management believes that all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of the results for such interim periods have been included. Operating results for the three month period ended March 31, 2020 , are not necessarily indicative of the results that may be expected for the full calendar year ending December 31, 2020, or any other period. The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Our significant accounting policies are described in Note 1 of Notes to Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards. Recent Accounting Pronouncements Accounting Pronouncements adopted during the year: In November 2018, the FASB issued ASU 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606," to clarify when ASC 606 should be used for collaborative arrangements when the counterparty is a customer. The guidance precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The guidance is effective for public business entities in fiscal years beginning after December 15, 2019, and interim periods therein. Adoption of ASU 2018-18 did not have any impact to our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," to no longer require public companies to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, and to require disclosure about the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Upon adoption of ASU 2018-13, there was no material effect to the Company's disclosures in the footnotes to the condensed consolidated financial statements. For new disclosures regarding our Level 3 financial instrument please refer to Note 6 - "Estimated Fair Value of Financial Instruments". Accounting Pronouncements yet to be adopted: In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. For public business entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. We are currently assessing the impact of ASU 2019-12.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Everest Medicines II Limited On April 29, 2019, we entered into a license agreement (the "License Agreement") with Everest Medicines II Limited, a China limited company ("Everest"). Pursuant to the License Agreement, we granted Everest an exclusive license to develop and commercialize Trodelvy in the People's Republic of China, Taiwan, Hong Kong, Macao, Indonesia, Philippines, Vietnam, Thailand, South Korea, Malaysia, Singapore and Mongolia (the "Territory"). In consideration for entering into the License Agreement, Everest made a one-time, non-refundable upfront payment to us in the aggregate amount of $65.0 million which is recorded as deferred revenue on the condensed consolidated balance sheets. The License Agreement contains a development milestone payment of $60.0 million based upon our achievement of FDA approval for Trodelvy. On April 22, 2020, the FDA granted accelerated approval to Trodelvy for the treatment of adult patients with mTNBC. Also, on April 22, 2020, Everest announced the China National Medical Products Administration has approved the Clinical Trial Application for a pivotal Phase 3 study of Trodelvy for the treatment of mTNBC in China. The License Agreement also contains additional development milestone payments in a total amount of up to $180.0 million based upon the achievement of certain other development milestones. In addition, the License Agreement contains sales milestone payments in a total amount of up to $530.0 million based upon the achievement of certain sales milestones. Everest will make royalty payments to us based upon percentages of net sales of Trodelvy, ranging from 14% to 20% . The Company assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Everest, is a customer based on the arrangement structure. The Company identified two material promises to deliver under the contract: (1) grant of license and the (2) clinical and commercial supply of the product. However, given the nature of the manufacturing of the product the license is not considered to be distinct from the clinical and commercial supply promise. The Company therefore concluded that there is one combined performance obligation. The Company initially deferred and will recognize the $65.0 million over the performance obligation period of the combined performance obligation. As it relates to the upfront consideration, the $65.0 million is recorded as deferred revenue and will be recognized over the term of the of the contract performance obligation period, which the Company has concluded to be 15 years after initial sale of the product in the territory. As concluded above, the Company has a combined performance obligation, which includes delivering the license and clinical and commercial supply to Everest. As such, because the clinical and commercial supply obligation occur throughout the period of the License Agreement, the $65.0 million fixed consideration is recognized over the period in which commercial and clinical supply of product is delivered (over-time). During the three months ended March 31, 2020 and 2019, no revenues were recorded relating to the License Agreement. The future potential milestone payments are excluded from the transaction price, as the achievement of the milestone events require considerable judgment in determining whether it is probable of being achieved, and that a significant revenue reversal would not occur. As such, all milestone payments are fully constrained. The Company will reevaluate the transaction price at the end of each reporting period and as uncertain events are resolved or other changes in circumstances occur, and, if necessary, adjust its estimate of the transaction price. Janssen Biotech Inc. On April 5, 2019, the Company entered into a promotion agreement (the "Promotion Agreement") with Janssen Biotech Inc., ("Janssen") pursuant to which the Company would provide non-exclusive product detailing services to Janssen for erdafitinib (the "Product"). Pursuant to the Promotion Agreement, we were obligated to provide a dedicated sales team to detail the Product to oncologists and other targeted health care providers in the United States. Under the terms of the Promotion Agreement, Janssen would maintain ownership of the New Drug Application for the Product as well as legal, regulatory, distribution, commercialization and manufacturing responsibilities for the Product, while the Company would provide product detailing services to Janssen through March 31, 2020. Following the achievement of certain sales targets in 2019 and 2020, Janssen would pay the Company (a) a service fee equal to a percentage in the low double digits of the portion of Cumulative Net Sales (as defined in the Promotion Agreement) in excess of a baseline amount during each of 2019 and 2020, and (b) potential milestone payments of up to $15.0 million when Cumulative Net Sales exceed certain thresholds during each of 2019 and 2020. On April 12, 2019, the Company was informed that the FDA granted accelerated approval to Janssen's Balversa (erdafitinib) for the treatment of adult patients with locally advanced or metastatic urothelial carcinoma that has a type of susceptible genetic alteration known as FGFR3 or FGFR2, and that has progressed during or following prior platinum-containing chemotherapy. During the three months ended March 31, 2020 and 2019, no

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Immunomedics considers all of its current investments to be available-for-sale. Marketable securities at March 31, 2020 , consisted of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (616 ) $ 4,325 Maturities of debt securities classified as available-for-sale were as follows at March 31, 2020 (in thousands): Fair Value Net Carrying Amount Due after one year through five years $ 4,325 $ 4,337 Marketable securities at December 31, 2019 consisted of the following (in thousands): Amortized Gross Gross Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (391 ) $ 4,550 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019 (in thousands): Fair Value Net Carrying Due after one year through five years $ 4,550 $ 4,562

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Liability Related to Sale of Future Royalties: On January 7, 2018, the Company entered into a funding agreement with RPI Finance Trust, a Delaware statutory trust ("RPI"), under which we sold a portion of our right to receive royalties on potential net sales of the ADC Trodelvy, in exchange for $175.0 million in cash. Concurrently, we entered into a common stock purchase agreement with RPI through which RPI purchased 4.4 million shares of the Company's common stock for $75.0 million (the "Financing"). The Company concluded that there were two units of accounting in the transaction: (1) the liability related to the sale of future royalties (the "Liability") and (2) the "Financing". We allocated the consideration of $250.0 million on a relative fair value basis to the Liability for $182.2 million and the common stock for $67.8 million . We continue to accrete the Liability related to the sale of future royalties using the effective interest method with an annual interest rate of approximately 21% over a period of 20 years for the three months ended March 31, 2020 . As of March 31, 2020 , and December 31, 2019, we determined the fair value at $274.7 million and $261.2 million , respectively. During the three months ended March 31, 2020 and 2019, the Company recognized approximately $13.5 million and $10.0 million in interest expense, respectively. The following table shows the activity within the liability related to sale of future royalties during the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Carrying value of liability related to sale of future royalties, beginning of the period $ 261,224 $ 221,295 Interest expense recognized 13,482 9,962 Carrying value of liability related to sale of future royalties, end of period $ 274,706 $ 231,257 Convertible Senior Notes: In February 2015, the Company issued $100.0 million of Convertible Senior Notes (the "Convertible Senior Notes") (net proceeds of approximately $96.3 million after deducting the initial purchasers’ fees and offering expenses) in a private offering exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon Rule 144A under the Securities Act. The remaining $7.1 million Convertible Senior Notes at December 31, 2019, converted into 1.4 million shares of common stock based on the initial conversion price of $5.11 per share of common stock on February 14, 2020. The effective interest rate on the Convertible Senior Notes was 5.48% for the period from the date of issuance through settlement. Total interest expense for the Convertible Senior Notes for the three months ended March 31, 2020 and 2019 was $0.1 million and $0.1 million , respectively. Included in interest expense was an immaterial amount of amortization of debt issuance costs for the three months ended March 31, 2020 and 2019.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock Incentive Plan The Company has a stock incentive plan, the Immunomedics, Inc. 2014 Long-Term Incentive Plan (the "Plan") that provides for the granting of stock options, restricted stock units ("RSUs"), performance stock options ("PSOs"), and other stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan. There were no significant modifications to the Plan during the three months ended March 31, 2020 or 2019. Stock-based compensation expense included in the condensed consolidated statements of comprehensive loss was $3.8 million , and $1.7 million for the three months ended March 31, 2020 and 2019, respectively. The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended March 31, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,429 100 — Exercised (7 ) — — Expired or forfeited (281 ) — (153 ) Equity awards outstanding, end of period 7,042 158 684 As of March 31, 2020 , total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands): Stock Options RSUs PSOs Unrecognized compensation cost $ 47,499 $ 308 $ 4,644 Expected weighted-average period in years of compensation cost to be recognized 3.1 1.9 0.7

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Estimated Fair Value of Financial Instruments	Estimated Fair Value of Financial Instruments Cash Equivalents and Marketable Securities as of: (in thousands) March 31, 2020 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 502,461 $ — $ — $ 502,461 Marketable Securities: U.S. Government Sponsored Agencies 4,325 — — 4,325 Total $ 506,786 $ — $ — $ 506,786 (in thousands) December 31, 2019 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 550,788 $ — $ — $ 550,788 Marketable Securities: U.S. Government Sponsored Agencies 4,550 — — 4,550 Total $ 555,338 $ — $ — $ 555,338 (a) Level 1 - Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date. (b) Level 2 - Financial instruments whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. (c) Level 3 - Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset. (d) The money market funds noted above are included in cash and cash equivalents. Convertible Senior Notes The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Convertible Senior Notes $ — $ — $ 7,106 $ 28,900 The fair value of the Convertible Senior Notes, which differs from their carrying values, is influenced by interest rates, the Company’s stock price and stock price volatility, and is determined by prices for the Convertible Senior Notes observed in market trading which are Level 2 inputs. The remaining $7.1 million Convertible Senior Notes at December 31, 2019, converted into 1.4 million shares of common stock on February 14, 2020 (See Note 4 - "Debt"). Liability Related to the Sale of Future Royalties The Company has determined the fair value of the liability related to the sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to RPI, over the life of the arrangement, which are considered Level 3 (See Note 4 - "Debt"). The liability related to sale of future royalties and the related non-cash interest expense are measured based on the Company's current estimate of the timing and amount of expected future royalties expected to be paid using a discounted cash flow model. The liability is amortized using the effective interest rate method, resulting in recognition of non-cash interest expense over the estimated term of the agreement. Each reporting period, the Company assesses the estimated timing and amount of future expected royalty payments over the estimated term. If there are changes to the estimate, the Company recognizes the impact to the liability’s amortization schedule and the related non-cash interest expense prospectively. The following table summarizes the significant unobservable inputs in the fair value measurement of the liability related to the sale of future royalties as of March 31, 2020 : Fair Value (in thousands) Valuation Technique Unobservable Input Range Weighted Average Liability related to the sale of future royalties $274,706 Discounted cash flow Discount rate 16% - 26% 19% Future royalty payments 2020 to 2036

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock On December 9, 2019, we closed an underwritten public offering of 16,428,572 shares of common stock at a public offering with a price of $17.50 per share. We received gross proceeds of $287.5 million and net proceeds of $273.0 million after deducting the underwriting discounts and commissions and expenses related to the offering. On May 1, 2020, we closed an underwritten public offering of 16,947,389 shares of common stock at a public offering price of $28.50 per share. We received gross proceeds of $483.0 million and net proceeds of $464.6 million after deducting the underwriting discounts and commissions and other expenses related to the offering. At-the-Market Offering On March 29, 2019, the Company entered into a sales agreement (the "ATM Agreement") with Cowen and Company, LLC ("Cowen") to issue and sell shares of the Company’s common stock, having an aggregate offering price of up to $150.0 million , from time to time during the term of the ATM Agreement, through an “at-the-market” equity offering program at the Company's sole discretion, under which Cowen will act as the Company’s agent and/or principal. The Company will pay Cowen a commission up to 3.0% of the gross sales proceeds of any common stock sold through Cowen under the ATM Agreement. Since inception of the ATM agreement, the Company sold 4,432,416 shares of common stock with net proceeds of $71.6 million at a weighted average price of $16.40 (excluding commissions) under the ATM Agreement. During the three months ended March 31, 2020 and 2019, the Company had no activity under the ATM Agreement. Treasury Stock During the three months ended March 31, 2019, there were 84,896

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): Currency Translation Adjustments Net Unrealized Losses on Available- for-Sale Securities Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ (347 ) $ (4 ) $ (351 ) Other comprehensive loss before reclassifications (9 ) (200 ) (209 ) Net current-period other comprehensive loss $ (9 ) $ (200 ) $ (209 ) Balance, March 31, 2019 $ (356 ) $ (204 ) $ (560 ) Balance, December 31, 2019 $ (173 ) $ (395 ) $ (568 ) Other comprehensive loss before reclassifications (9 ) (225 ) (234 ) Net current-period other comprehensive loss (9 ) (225 ) (234 ) Balance, March 31, 2020 $ (182 ) $ (620 ) $ (802 ) There were no amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2020 , and 2019. All components of accumulated other comprehensive loss are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company appointed Scott Canute, a member of the Company’s Board, as the Company’s Executive Director. Upon recommendation of the Compensation Committee, the Board approved that Mr. Canute would be paid $16,667 per month for his service as Executive Director and was granted a nonqualified stock option to purchase 79,818 shares of the Company’s common stock. The Compensation Committee determined that in order to reflect the scope of his role and the significant time that Mr. Canute would be devoting to his role as Executive Director, Mr. Canute’s cash compensation was increased to $21,372 per month, and Mr. Canute was granted an additional nonqualified stock option to purchase 22,854 shares of the Company’s common stock. The options have a seven -year term and an exercise price equal to the fair market value of the Company’s common stock based on the closing price of the Company’s common stock on each date of grant and would be subject to the terms of a nonqualified stock option agreement. Such options vested in full upon the Company’s receipt of approval from the FDA for the Company’s BLA resubmission for Trodelvy on April 22, 2020. During the three months ended March 31, 2020 and 2019, the Company paid Mr. Canute $0.1 million and $0.1 million , respectively for such services. Effective April 16, 2020, with the appointment of the Company's new Chief Executive Officer, Mr. Canute stepped down from his role as Executive Director but will continue to serve as a Board member. On November 19, 2019, pursuant to the Plan, the Board of Directors approved a stock option grant to Behzad Aghazadeh, Executive Chairman of the Board of Directors of the Company, to purchase 150,000 shares of the Company's common stock (the "Performance-Based Option") for certain duties performing this role; including providing consulting and advisory services to the Company. The Performance-Based Option is a nonqualified stock option and one third vested upon FDA acceptance of the BLA resubmission in December 2019, and two thirds vested upon approval from the FDA for Trodelvy on April 22, 2020. Additionally, on March 20, 2020, the Board of Directors approved a grant of 100,000 restricted stock units to Dr. Aghazadeh as consideration for services rendered and expected to be rendered in his role as Executive Chairman.

Collaboration Agreements

Collaboration Agreements	3 Months Ended
	Mar. 31, 2020
Collaboration Agreement [Abstract]
Collaboration Agreements	Collaboration Agreements GBG Forschungs GmbH In September 2019, the Company entered into a clinical collaboration with the German Breast Group Forschungs-GmbH ("GBG"), Neu-Isenburg, Germany, to develop Trodelvy as a treatment for newly-diagnosed breast cancer patients who do not achieve a pathological complete response ("pCR") following standard neoadjuvant therapy. The multinational, post-neoadjuvant Phase 3 SASCIA study developed by GBG will be conducted under the sponsorship of GBG. Approximately 1,200 high-risk patients with newly-diagnosed HER2-negative breast cancer not achieving a pCR following standard neoadjuvant therapy will be randomized to receive either Trodelvy or treatment of physician’s choice. Primary endpoint is invasive disease-free survival with overall survival, patient reported outcome/quality of life, circulating tumor DNA clearance, and safety serving as secondary endpoints. Under the terms of the agreement, GBG is eligible to receive up to €33.0 million in potential clinical and regulatory milestone payments over a span of approximately six years , of which €0.5 million was paid at signing. In April 2020, a €3.0 million regulatory milestone payment was achieved.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies a. Legal Matters Stockholder Complaints: Class Action Stockholder Federal Securities Cases Two purported class action cases were filed in the United States District Court for the District of New Jersey; namely, Fergus v. Immunomedics, Inc., et al., filed June 9, 2016; and Becker v. Immunomedics, Inc., et al., filed June 10, 2016. These cases arise from the same alleged facts and circumstances and seek class certification on behalf of purchasers of our common stock between April 20, 2016 and June 2, 2016 (with respect to the Fergus matter) and between April 20, 2016 and June 3, 2016 (with respect to the Becker matter). These cases concern the Company’s statements in press releases, investor conference calls, and filings with the U.S. Securities and Exchange Commission (the "SEC") beginning in April 2016 that the Company would present updated information regarding its IMMU-132 breast cancer drug at the 2016 American Society of Clinical Oncology (“ASCO”) conference in Chicago, Illinois. The complaints allege that these statements were false and misleading in light of June 2, 2016 reports that ASCO had canceled the presentation because it contained previously reported information. The complaints further allege that these statements resulted in artificially inflated prices for our common stock, and that the Company and certain of its officers are thus liable under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). An order of voluntary dismissal without prejudice was entered on November 10, 2016 in the Becker matter. An order granting motion to consolidate cases, appoint lead plaintiff, and approve lead and liaison counsel was entered on February 7, 2017 in the Fergus matter. A consolidated complaint was filed on October 4, 2017. The Company filed a motion to dismiss the consolidated complaint on January 26, 2018. On March 31, 2019, the court granted the Company's motion to dismiss, without prejudice, and left plaintiffs with the ability to file an amended complaint within thirty ( 30 ) days. Counsel for the Company consented to an extension of time for plaintiffs to file the proposed amended complaint for an additional thirty ( 30 ) days. On May 30, 2019, plaintiffs filed an amended complaint alleging many of the same allegations that were set forth in the previously filed complaints, and the Company has filed a motion to dismiss. A third purported class action case was filed in the United States District Court for the District of New Jersey; namely, Odeh v. Immunomedics, Inc., et al., filed December 27, 2018. The complaint in this action alleges that the Company failed to disclose the results of observations made by the FDA during an inspection of the Company’s manufacturing facility in Morris Plains, New Jersey in August 2018. The complaint alleges that Immunomedics misled investors by failing to disclose the Form 483 inspection report issued by the FDA which set forth the observations of the FDA inspector during the inspection. Such observations purportedly included, inter alia, manipulated bioburden samples, misrepresentation of an integrity test procedure in the batch record, and backdating of batch records. The complaint further alleges that the Company’s failure to disclose the Form 483 resulted in an artificially inflated price for our common stock, and that the Company and certain of its officers are thus liable under Sections 10(b) and 20(a) of the Exchange Act. On February 8, 2019, a purported class action case was filed in the United States District Court for the District of New Jersey; namely, Choi v. Immunomedics, Inc., et al. The complaint asserts violations of the federal securities laws based on claims that the Company violated the federal securities laws by making alleged misstatements in various press releases and securities filings from February 8, 2018 to November 7, 2018 and by failing to disclose the substance of its interactions with the FDA in connection with the Company's submission of its BLA for Trodelvy. Motions for the appointment of a lead plaintiff and lead counsel and to consolidate the Odeh and Choi actions were granted on September 10, 2019. Pursuant to a scheduling order entered by the court on October 7, 2019, the plaintiffs filed an amended complaint on November 18, 2019. The Company filed a motion to dismiss the consolidated, amended complaint on January 17, 2020. The motion is still pending in front of the court. On April 8, 2019, a putative stockholder of the Company filed a derivative action purportedly on behalf of the Company and against the Company’s board of directors and certain Company current and former officers, in the Superior Court of New Jersey, Law Division (Morris County); namely, Crow v. Aghazadeh, et al. The Crow complaint alleges that the individual defendants breached their fiduciary duties and committed other violations of law based on the same core allegations in the Odeh and Choi actions. The Crow complaint was served on the Company and other defendants on July 18, 2019. On August 13, 2019, the parties submitted to the court a stipulation and proposed order to stay the action until either the entry of an order denying all motions to dismiss the now-consolidated federal actions or the entry of an order dismissing the federal actions with prejudice. That stipulation is currently pending court approval. Stockholder Claim in the Court of Chancery of the State of Delaware On February 13, 2017, venBio commenced an action captioned venBio Select Advisor LLC v. Goldenberg, et al., C.A. (Del. Ch.) (the “venBio Action”), alleging that the Company’s Board breached their fiduciary duties when the Board (i) amended the Company’s Amended and Restated By-laws (the “By-Laws”) to call for a plurality voting regime for the election of directors instead of majority voting, and providing for mandatory advancement of attorneys’ fees and costs for the Company’s directors and officers, (ii) rescheduled the Company’s 2016 Annual Meeting of Stockholders (the “2016 Annual Meeting”) from December 14, 2016 to February 16, 2017, and then again to March 3, 2017, and (iii) agreed to the proposed licensing transaction with Seattle Genetics (the "Licensing Transaction"). venBio also named Seattle Genetics as a defendant and sought an injunction preventing the Company from closing the Licensing Transaction. On March 6, 2017, venBio amended its complaint, adding further allegations. The Court of Chancery entered a temporary restraining order on March 9, 2017, enjoining the closing of the Licensing Transaction. venBio amended its complaint a second time on April 19, 2017, this time adding Greenhill & Co. Inc. and Greenhill & Co. LLC (together “Greenhill”), the Company’s financial advisor on the Licensing Transaction, as an additional defendant. On May 3, 2017, venBio and the Company and individual defendants Dr. David M. Goldenberg, our former Chairman of our Board of Directors, our former Chief Scientific Officer and our former Chief Patent Officer, Ms. Cynthia L. Sullivan , a former Director and our former President and Chief Executive Officer (who is also the wife of Dr. Goldenberg), and Mr. Brian A. Markison, a director of the Company (collectively, the “Individual Defendants”) entered into the Initial Term Sheet. On June 8, 2017, venBio the Company and Greenhill entered into the Greenhill Term Sheet. On February 9, 2018, the Court of Chancery approved the Settlement, and entered an order and partial judgment releasing all claims that were asserted by venBio against the Individual Defendants and Greenhill in the venBio Action and awarding venBio fees and expenses. On May 24, 2018 the remaining parties to the venBio Action participated in a mediation of the claims against Geoff Cox, Robert Forrester, Bob Oliver, and Jason Aryeh (the "Remaining Defendants"). The mediation was unsuccessful. The Remaining Defendants filed motions to dismiss the claims against them in the venBio Action. On March 18, 2019, venBio amended its complaint, adding further allegations. The Remaining Defendants filed a motion to dismiss the claims against them on May 1, 2019. The Court of Chancery held oral arguments for the motion to dismiss on November 13, 2019 and following arguments, denied Defendants' motion to dismiss on that same date. The parties are now engaged in discovery activities. Insurance Coverage Arbitration: The Company has initiated an arbitration with two of its management liability insurers: Starr Indemnity & Liability Company (“Starr”), and Liberty Insurance Underwriters Inc. (“Liberty”) (collectively, “Insurers”). The arbitration arises from the 2015 Insurers’ refusal to cover $3.4 million in attorneys’ fees and expenses paid to venBio pursuant to a December 1, 2017, settlement agreement between venBio, the Company, Dr. Goldenberg, Ms. Sullivan, Mr. Markison, and Greenhill to partially settle the venBio Action and fully settle the Federal Action and the Delaware Section 225 Action (the “venBio Fee Award”). The Insurers argue that the venBio Fee Award does not satisfy their policies’ definitions of covered “loss” because the policies only cover defense costs incurred by the Company. The Company counters that the venBio Fee Award is a covered settlement, not a claim for defense costs. Insurers also argue that they have no obligation to pay any defense costs or settlement incurred in the Federal Action or 225 Action because Immunomedics initiated those lawsuits. The Company’s position is that the Federal Action and 225 Action were defensive in nature and therefore covered because they were initiated to further the defense of the venBio Action. Additionally, Insurers argue the venBio Fee Award is not covered because the Company was required to obtain Insurers’ consent to enter into a binding term sheet in the venBio Action and to agree to pay the venBio Fee Award and that the Company failed to do so. The Company takes the position that Insurers at all times were aware of the developments in the venBio Action, that they sought consent to enter into the settlement, and that Insurers cannot show they were prejudiced by an any alleged failure to obtain Insurers’ consent. Starr is presently advancing the costs to defend the remaining claims in the venBio Action, i.e., those against the Company as Nominal Defendant and individual defendants Aryeh, Cox, Forrester, and Oliver. However, all Insurers have reserved their rights to contest coverage for any potential settlement of those claims. b. Other Matters: Immunomedics is also a party to various claims and litigation arising in the normal course of business. c. License On April 4, 2018, we entered into a license agreement with The Scripps Research Institute ("TSRI"). Pursuant to the license agreement, TSRI granted to us an exclusive, worldwide, sub-licensable, royalty-bearing license to use certain patent rights relating to Trodelvy. The license agreement expires on a country-by-country basis on the expiration date of the last to expire licensed patent rights in such country covering a licensed product. The license agreement may be terminated by the mutual written consent of the Company and TSRI, and TSRI may terminate the license agreement upon the occurrence of certain events, including, but not limited to, if we do not make a payment due pursuant to the license agreement and fail to cure such non-payment within 30 days after the date of TSRI's written notice of such non-payment. As consideration for the license granted, we made a cash payment of $0.3 million to TSRI, and during 2019, we recognized a $0.5 million milestone payment expense. Additionally, we will pay TRSI (i) product development milestone payments that range from the mid six-digit dollar figure to the low seven-digit dollar figure and (ii) royalties on net sales of licensed products in the low-single digit percentage figure range capped at an annual amount. We have agreed to use reasonable efforts to develop and market the licensed products. d. Michael Pehl Separation On March 13, 2019, the Company entered into a separation agreement (the “Separation Agreement”) with Michael Pehl, the Company’s former Chief Executive Officer, President and member of the Company’s Board. Mr. Pehl resigned as Chief Executive Officer, President and member of the Company’s Board effective February 23, 2019. Pursuant to the Separation Agreement, Mr. Pehl will receive cash payments of approximately $1.0 million over an eighteen-month period. During the three months ended March 31, 2020 , the Company paid approximately $0.2 million to Mr. Pehl, and $0.4 million was accrued for as of March 31, 2020

Business Overview, Basis of P_2

Business Overview, Basis of Presentation and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Immunomedics, which incorporates our foreign subsidiary, Immunomedics GmbH in Rödermark, Germany, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”), for interim financial information and the instructions to the Quarterly Report on Form 10‑Q and Regulation S‑X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete annual financial statements. With respect to the financial information for the interim periods included in this Quarterly Report on Form 10-Q, which is unaudited, management believes that all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of the results for such interim periods have been included. Operating results for the three month period ended March 31, 2020 , are not necessarily indicative of the results that may be expected for the full calendar year ending December 31, 2020, or any other period. The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Our significant accounting policies are described in Note 1 of Notes to Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K. Such significant accounting policies are applicable for periods prior to the adoption of the following new accounting standards.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements adopted during the year: In November 2018, the FASB issued ASU 2018-18, "Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606," to clarify when ASC 606 should be used for collaborative arrangements when the counterparty is a customer. The guidance precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The guidance is effective for public business entities in fiscal years beginning after December 15, 2019, and interim periods therein. Adoption of ASU 2018-18 did not have any impact to our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," to no longer require public companies to disclose transfers between Level 1 and Level 2 of the fair value hierarchy, and to require disclosure about the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years. Upon adoption of ASU 2018-13, there was no material effect to the Company's disclosures in the footnotes to the condensed consolidated financial statements. For new disclosures regarding our Level 3 financial instrument please refer to Note 6 - "Estimated Fair Value of Financial Instruments". Accounting Pronouncements yet to be adopted: In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes”. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. For public business entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. We are currently assessing the impact of ASU 2019-12.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	Marketable securities at December 31, 2019 consisted of the following (in thousands): Amortized Gross Gross Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (391 ) $ 4,550 March 31, 2020 , consisted of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (616 ) $ 4,325
Schedule of Maturities of Available-for-Sale debt securities	Maturities of debt securities classified as available-for-sale were as follows at March 31, 2020 (in thousands): Fair Value Net Carrying Amount Due after one year through five years $ 4,325 $ 4,337 Maturities of debt securities classified as available-for-sale were as follows at December 31, 2019 (in thousands): Fair Value Net Carrying Due after one year through five years $ 4,550 $ 4,562

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Deferred Revenue, by Arrangement	The following table shows the activity within the liability related to sale of future royalties during the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Carrying value of liability related to sale of future royalties, beginning of the period $ 261,224 $ 221,295 Interest expense recognized 13,482 9,962 Carrying value of liability related to sale of future royalties, end of period $ 274,706 $ 231,257

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended March 31, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,429 100 — Exercised (7 ) — — Expired or forfeited (281 ) — (153 ) Equity awards outstanding, end of period 7,042 158 684
Schedule of RSU and PSU Activity	The following table summarizes the activity for stock options, RSUs and PSOs for the three months ended March 31, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,429 100 — Exercised (7 ) — — Expired or forfeited (281 ) — (153 ) Equity awards outstanding, end of period 7,042 158 684
Schedule of Compensation Cost Related to Unvested Awards	As of March 31, 2020 , total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands): Stock Options RSUs PSOs Unrecognized compensation cost $ 47,499 $ 308 $ 4,644 Expected weighted-average period in years of compensation cost to be recognized 3.1 1.9 0.7

Estimated Fair Value of Finan_2

Estimated Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities as of: (in thousands) March 31, 2020 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 502,461 $ — $ — $ 502,461 Marketable Securities: U.S. Government Sponsored Agencies 4,325 — — 4,325 Total $ 506,786 $ — $ — $ 506,786 (in thousands) December 31, 2019 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 550,788 $ — $ — $ 550,788 Marketable Securities: U.S. Government Sponsored Agencies 4,550 — — 4,550 Total $ 555,338 $ — $ — $ 555,338 (a) Level 1 - Financial instruments whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market which the company has the ability to access at the measurement date. (b) Level 2 - Financial instruments whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. (c) Level 3 - Financial instruments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset. (d) The money market funds noted above are included in cash and cash equivalents.
Schedule of Convertible Senior Notes	The carrying amounts and estimated fair values (Level 2) of debt instruments are as follows (in thousands): As of March 31, 2020 As of December 31, 2019 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Convertible Senior Notes $ — $ — $ 7,106 $ 28,900
Schedule of Fair Value Measurement and Valuation Techniques	The following table summarizes the significant unobservable inputs in the fair value measurement of the liability related to the sale of future royalties as of March 31, 2020 : Fair Value (in thousands) Valuation Technique Unobservable Input Range Weighted Average Liability related to the sale of future royalties $274,706 Discounted cash flow Discount rate 16% - 26% 19% Future royalty payments 2020 to 2036

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss were as follows (in thousands): Currency Translation Adjustments Net Unrealized Losses on Available- for-Sale Securities Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ (347 ) $ (4 ) $ (351 ) Other comprehensive loss before reclassifications (9 ) (200 ) (209 ) Net current-period other comprehensive loss $ (9 ) $ (200 ) $ (209 ) Balance, March 31, 2019 $ (356 ) $ (204 ) $ (560 ) Balance, December 31, 2019 $ (173 ) $ (395 ) $ (568 ) Other comprehensive loss before reclassifications (9 ) (225 ) (234 ) Net current-period other comprehensive loss (9 ) (225 ) (234 ) Balance, March 31, 2020 $ (182 ) $ (620 ) $ (802 )

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	Apr. 29, 2019	Apr. 05, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Deferred revenues			$ 65,000,000		$ 65,000,000
Total revenues			0	$ 0
Everest Medicines II Limited
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Upfront fees paid	$ 65,000,000
Milestone payment, achievement of FDA approval for sacituzumab govitecan	60,000,000
Milestone payment, development	180,000,000
Milestone payment, sales	530,000,000
Deferred revenues	$ 65,000,000
Total revenues			$ 0	0
Everest Medicines II Limited | Minimum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payments percentage	14.00%
Everest Medicines II Limited | Maximum
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Royalty payments percentage	20.00%
Janssen Biotech Inc.
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Milestone payment, sales		$ 15,000,000
Total revenues				$ 0

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) - Everest Medicines II Limited - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 $ in Millions	Apr. 29, 2019USD ($)
Revenue Recognition, Milestone Method [Line Items]
Performance obligation	$ 65
Remaining performance obligation period	15 years

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 4,325	$ 4,550
U.S. Government Sponsored Agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,941	4,941
Gross Unrealized Gain	0	0
Gross Unrealized (Loss)	(616)	(391)
Fair Value	$ 4,325	$ 4,550

Marketable Securities - Maturit

Marketable Securities - Maturity Schedule (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Fair value, due after one year through five years	$ 4,325	$ 4,550
Net carrying amount, due after one year through five years	$ 4,337	$ 4,562

Debt - Liability Related To Sal

Debt - Liability Related To Sale of Future Royalties (Details) - USD ($) $ in Thousands, shares in Millions	Jan. 07, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Common stock		$ 2,139		$ 2,125
RPI Finance Trust | Funding agreement
Debt Instrument [Line Items]
Payments for future royalties	$ 175,000
Royalty purchase agreement arrangements consideration	250,000
Liability related to sale of future royalties	182,200	274,700		261,200
Common stock	$ 67,800
Annual interest rate in calculating liability related to sale of future royalties	21.00%
Period which company will accrete the liability	20 years
Interest expense recognized		13,500	$ 10,000
Private placement | RPI Finance Trust | Funding agreement
Debt Instrument [Line Items]
Stock issued during period (in shares)	4.4
Sale of stock, consideration received on transaction	$ 75,000
Royalty Arrangement | RPI Finance Trust
Debt Instrument [Line Items]
Liability related to sale of future royalties		274,706	231,257	$ 261,224	$ 221,295
Interest expense recognized		$ 13,482	$ 9,962

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details) - Convertible Senior Notes - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2020	Mar. 31, 2019	Feb. 14, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Face amount	$ 100,000,000
Proceeds from debt, net of issuance costs	$ 96,300,000
Outstanding balance on debt conversion					$ 7,100,000
Shares convertible into common shares (in shares)				1.4
Debt instrument convertible conversion price (in usd per share)				$ 5.11
Effective interest rate				5.48%
Interest expense		$ 100,000	$ 100,000

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 3.8	$ 1.7

Stock-based Compensation - Awar

Stock-based Compensation - Award Activity (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year (in shares)	5,901
Granted (in shares)	1,429
Exercised (in shares)	(7)
Expired or forfeited (in shares)	(281)
Equity awards outstanding, end of period (in shares)	7,042
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year (in shares)	158	58
Granted (in shares)	100
Exercised (in shares)	0
Expired or forfeited (in shares)	0
Equity awards outstanding, end of period (in shares)	158
PSOs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Equity awards outstanding, beginning of year (in shares)	684	837
Granted (in shares)	0
Exercised (in shares)	0
Expired or forfeited (in shares)	(153)
Equity awards outstanding, end of period (in shares)	684

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Cost Related to Unvested Awards (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 47,499
Expected weighted-average period in years of compensation cost to be recognized	3 years 1 month 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 308
Expected weighted-average period in years of compensation cost to be recognized	1 year 10 months 24 days
PSOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4,644
Expected weighted-average period in years of compensation cost to be recognized	8 months 12 days

Estimated Fair Value of Finan_3

Estimated Fair Value of Financial Instruments - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 506,786	$ 555,338
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	506,786	555,338
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0	0
Money Market Funds Note
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds Note	502,461	550,788
Money Market Funds Note | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds Note	502,461	550,788
Money Market Funds Note | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds Note	0	0
Money Market Funds Note | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money Market Funds Note	0	0
U.S. Government Sponsored Agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Sponsored Agencies	4,325	4,550
U.S. Government Sponsored Agencies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Sponsored Agencies	4,325	4,550
U.S. Government Sponsored Agencies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Sponsored Agencies	0	0
U.S. Government Sponsored Agencies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Government Sponsored Agencies	$ 0	$ 0

Estimated Fair Value of Finan_4

Estimated Fair Value of Financial Instruments - Convertible Senior Notes (Details) - Convertible Senior Notes - Level 2 - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 0	$ 7,106
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Senior Notes	$ 0	$ 28,900

Estimated Fair Value of Finan_5

Estimated Fair Value of Financial Instruments - Additional Information (Details) - Convertible Senior Notes - USD ($) shares in Millions, $ in Millions	Feb. 14, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Convertible Senior Notes		$ 7.1
Shares convertible into common shares (in shares)	1.4

Estimated Fair Value of Finan_6

Estimated Fair Value of Financial Instruments - Fair Value Measurements and Valuation Techniques (Details) - Fair Value, Recurring - Discounted Cash Flow - Level 3 $ in Thousands	Mar. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability related to sale of future royalties	$ 274,706
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future royalty sale, liability, measurement input	16.00%
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future royalty sale, liability, measurement input	26.00%
Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future royalty sale, liability, measurement input	19.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	May 01, 2020	Dec. 09, 2019	Mar. 29, 2019	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Common stock, par value (in usd per share)					$ 0.01	$ 0.01
Public Offering
Class of Warrant or Right [Line Items]
Sale of stock (in shares)		16,428,572
Shares issued, price per share (in usd per share)		$ 17.50
Over-Allotment Option
Class of Warrant or Right [Line Items]
Proceeds from sale of stock		$ 273,000,000
Proceeds from sale of stock, gross		$ 287,500,000
ATM Agreement
Class of Warrant or Right [Line Items]
Sale of stock (in shares)			4,432,416
Proceeds from sale of stock			$ 71,600,000
Sale of stock, consideration received on transaction			$ 150,000,000
Percentage of payments for stock issuance costs			3.00%
Sales Agreement
Class of Warrant or Right [Line Items]
Value of non-cash consideration received (in shares)				84,896
Subsequent Event | Public Offering
Class of Warrant or Right [Line Items]
Sale of stock (in shares)	16,947,389
Shares issued, price per share (in usd per share)	$ 28.50
Subsequent Event | Over-Allotment Option
Class of Warrant or Right [Line Items]
Proceeds from sale of stock	$ 464,600,000
Proceeds from sale of stock, gross	$ 483,000,000
Weighted Average | ATM Agreement
Class of Warrant or Right [Line Items]
Shares issued, price per share (in usd per share)			$ 16.40

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 267,230,000	$ 265,849,000
Other comprehensive loss before reclassifications	(234,000)	(209,000)
Other comprehensive loss, net of tax:	(234,000)	(209,000)
Ending Balance	184,911,000	181,804,000
Reclassification from accumulated other comprehensive income, current period, net of tax	0	0
Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(173,000)	(347,000)
Other comprehensive loss before reclassifications	(9,000)	(9,000)
Other comprehensive loss, net of tax:	(9,000)	(9,000)
Ending Balance	(182,000)	(356,000)
Net Unrealized Losses on Available- for-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(395,000)	(4,000)
Other comprehensive loss before reclassifications	(225,000)	(200,000)
Other comprehensive loss, net of tax:	(225,000)	(200,000)
Ending Balance	(620,000)	(204,000)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(568,000)	(351,000)
Other comprehensive loss, net of tax:	(234,000)	(209,000)
Ending Balance	$ (802,000)	$ (560,000)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Mar. 20, 2020	Nov. 19, 2019	Mar. 08, 2019	Mar. 05, 2019	Mar. 31, 2020	Mar. 31, 2019
Executive Director
Related Party Transaction [Line Items]
Non-qualified stock options granted (in shares)			22,854	79,818
Term of options			7 years
Board of Directors
Related Party Transaction [Line Items]
Monthly salary			$ 21,372	$ 16,667
Officers' compensation					$ 100,000	$ 100,000
Employee Stock Option
Related Party Transaction [Line Items]
Non-qualified stock options granted (in shares)					1,429,000
Employee Stock Option | Board of Directors Chairman
Related Party Transaction [Line Items]
Non-qualified stock options granted (in shares)		150,000
Restricted Stock Units (RSUs) | Board of Directors Chairman
Related Party Transaction [Line Items]
Non-qualified stock options granted (in shares)	100,000

Collaboration Agreements (Detai

Collaboration Agreements (Details) - GBG Forschungs GmbH € in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2020EUR (€)	Sep. 30, 2019patient	Mar. 31, 2020EUR (€)
Restructuring Cost and Reserve [Line Items]
Number of patients in clinical collaboration (in patients) | patient		1,200
Potential milestone payment			€ 33
Potential milestone payment terms (in years)			6 years
Accrued expenses			€ 0.5
Subsequent Event
Restructuring Cost and Reserve [Line Items]
Milestone Payment	€ 3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2019	Apr. 04, 2018USD ($)	Jun. 09, 2016case	Mar. 31, 2020USD ($)issuer	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Class action cases (in cases) | case			2
Number of days to file a complaint	30 days
Number of issuers arbitration initiated with (issuers) | issuer				2
Right of termination prior written notice period		30 days
Payment for contingent consideration liability		$ 0.3
Time period supplemental unemployment benefits to be paid				18 months
The Scripps Research Institute
Loss Contingencies [Line Items]
License agreement milestone expense					$ 0.5
Chief Executive Officer
Loss Contingencies [Line Items]
Severance benefits				$ 1
Officers' compensation				0.2
Salary accrued				0.4
Insurance Coverage Arbitration
Loss Contingencies [Line Items]
Damages sought				$ 3.4

Uncategorized Items - immu-3312

Label	Element	Value
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 1,313,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 3,413,000