Immunomedics (IMMU) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2020	Jul. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		231,143,549
Entity Central Index Key	0000722830
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 971,193	$ 608,628
Marketable securities	4,325	4,550
Accounts receivable, net of allowances of $0 and $0 at June 30, 2020 and December 31, 2019, respectively	22,258	295
Inventory	20,807	0
Prepaid expenses	21,105	21,818
Other current assets	3,788	3,413
Total current assets	1,043,476	638,704
Property and equipment, net of accumulated depreciation and amortization of $9,955 and $7,925 at June 30, 2020 and December 31, 2019, respectively	33,512	32,762
Other long-term assets	142	256
Total Assets	1,077,130	671,722
Current Liabilities:
Accounts payable and accrued expenses	59,862	60,860
Liability related to sale of future royalties - current	21,043	3,455
Lease liability - current	356	337
Convertible senior notes, net	0	7,106
Total current liabilities	81,261	71,758
Liability related to sale of future royalties - non-current	267,650	257,769
Deferred revenues	126,210	65,000
Lease liability - non-current	9,782	9,965
Total Liabilities	484,903	404,492
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Convertible preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at June 30, 2020 and December 31, 2019	0	0
Common stock, $0.01 par value; authorized 275,000,000 shares at June 30, 2020 (250,000,000 at December 31, 2019); issued 231,073,471 shares and outstanding 230,953,850 shares at June 30, 2020; issued 212,529,313 shares and outstanding 212,409,692 shares at December 31, 2019	2,311	2,125
Capital contributed in excess of par	2,063,819	1,579,205
Treasury stock, at cost: 119,621 shares at June 30, 2020 and December 31, 2019	(2,095)	(2,095)
Accumulated deficit	(1,469,919)	(1,310,406)
Accumulated other comprehensive loss	(795)	(568)
Total Immunomedics, Inc. stockholders' equity	593,321	268,261
Noncontrolling interest in subsidiary	(1,094)	(1,031)
Total Stockholders' Equity	592,227	267,230
Total Liabilities and Stockholders' Equity	$ 1,077,130	$ 671,722

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 0	$ 0
Accumulated depreciation and amortization	$ 9,955	$ 7,925
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	275,000,000,000	250,000,000,000
Common stock, shares issued (in shares)	231,073,471,000	212,529,313,000
Common stock, shares outstanding (in shares)	230,953,850,000	212,409,692,000
Treasury stock, shares (in shares)	119,621,000	119,621,000
Convertible Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000,000	10,000,000,000
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Product revenue, net	$ 20,074	$ 0	$ 20,074	$ 0
Costs and Expenses:
Costs of goods sold	1,669	0	1,669	0
Research and development	42,561	52,923	104,989	111,095
Sales and marketing	12,883	6,346	20,950	14,227
General and administrative	15,973	7,899	27,446	21,494
Total costs and expenses	73,086	67,168	155,054	146,816
Operating loss	(53,012)	(67,168)	(134,980)	(146,816)
Interest expense	(14,232)	(10,625)	(27,770)	(20,584)
Interest and other income	747	1,840	3,174	4,043
Loss before income tax	(66,497)	(75,953)	(159,576)	(163,357)
Income tax expense	0	0	0	0
Net loss	(66,497)	(75,953)	(159,576)	(163,357)
Net loss attributable to noncontrolling interest	(31)	0	(63)	(67)
Net loss attributable to Immunomedics, Inc. stockholders	$ (66,466)	$ (75,953)	$ (159,513)	$ (163,290)
Loss per common share attributable to Immunomedics, Inc. stockholders (basic and diluted) (in usd per share)	$ (0.30)	$ (0.40)	$ (0.73)	$ (0.85)
Weighted average shares used to calculated loss per common share (basic and diluted) (in shares)	225,306	191,745	219,210	191,401
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	$ 7	$ 195	$ (2)	$ 186
Unrealized loss on securities available for sale	0	0	(225)	(200)
Other comprehensive gain (loss), net of tax:	7	195	(227)	(14)
Comprehensive loss	(66,490)	(75,758)	(159,803)	(163,371)
Comprehensive loss attributable to noncontrolling interest	(31)	0	(63)	(67)
Comprehensive loss attributable to Immunomedics, Inc. stockholders	$ (66,459)	$ (75,758)	$ (159,740)	$ (163,304)
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember

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
Beginning balance (in shares) at Dec. 31, 2018		190,446
Beginning Balance at Dec. 31, 2018	$ 265,849	$ 1,905	$ 1,219,237	$ (824)	$ (953,216)	$ (351)	$ (902)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		1,140
Exercise of stock options, net	2,106	$ 11	3,366	(1,271)
Stock-based compensation (in shares)		15
Stock-based compensation	4,147	$ 0	4,147
Net proceeds from equity offering (in shares)		371
Issuance of common stock in public offering, net	5,829	$ 4	5,825
Other comprehensive income (loss)	(14)					(14)
Net loss	(163,357)				(163,290)		(67)
Ending balance (in shares) at Jun. 30, 2019		191,972
Ending Balance at Jun. 30, 2019	114,560	$ 1,920	1,232,575	(2,095)	(1,116,506)	(365)	(969)
Beginning balance (in shares) at Mar. 31, 2019		191,509
Beginning Balance at Mar. 31, 2019	181,804	$ 1,915	1,224,066	(2,095)	(1,040,553)	(560)	(969)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		77
Exercise of stock options, net	281	$ 1	280
Stock-based compensation (in shares)		15
Stock-based compensation	2,404		2,404
Net proceeds from equity offering (in shares)		371
Issuance of common stock in public offering, net	5,829	$ 4	5,825
Other comprehensive income (loss)	195					195
Net loss	(75,953)				(75,953)
Ending balance (in shares) at Jun. 30, 2019		191,972
Ending Balance at Jun. 30, 2019	114,560	$ 1,920	1,232,575	(2,095)	(1,116,506)	(365)	(969)
Beginning balance (in shares) at Dec. 31, 2019		212,529
Beginning Balance at Dec. 31, 2019	267,230	$ 2,125	1,579,205	(2,095)	(1,310,406)	(568)	(1,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		146
Exercise of stock options, net	1,995	$ 1	1,994
Stock-based compensation (in shares)		58
Stock-based compensation	11,098	$ 1	11,097
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
Net proceeds from equity offering (in shares)		16,947
Issuance of common stock in public offering, net	464,593	$ 170	464,423
Other comprehensive income (loss)	(227)					(227)	0
Net loss	(159,576)				(159,513)		(63)
Ending balance (in shares) at Jun. 30, 2020		231,073
Ending Balance at Jun. 30, 2020	592,227	$ 2,311	2,063,819	(2,095)	(1,469,919)	(795)	(1,094)
Beginning balance (in shares) at Mar. 31, 2020		213,929
Beginning Balance at Mar. 31, 2020	184,911	$ 2,139	1,590,185	(2,095)	(1,403,453)	(802)	(1,063)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		139
Exercise of stock options, net	1,963	$ 1	1,962
Stock-based compensation (in shares)		58
Stock-based compensation	7,250	$ 1	7,249
Net proceeds from equity offering (in shares)		16,947
Issuance of common stock in public offering, net	464,593	$ 170	464,423
Other comprehensive income (loss)	7					7	0
Net loss	(66,497)				(66,466)		(31)
Ending balance (in shares) at Jun. 30, 2020		231,073
Ending Balance at Jun. 30, 2020	$ 592,227	$ 2,311	$ 2,063,819	$ (2,095)	$ (1,469,919)	$ (795)	$ (1,094)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (159,576)	$ (163,357)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,936	1,839
Loss on disposal of property and equipment	87	0
Interest on non-recourse debt	27,469	20,373
Amortization of debt issuance costs	8	25
Non-cash lease expense	142	130
Non-cash expense related to stock-based compensation	11,098	4,147
Changes in inventory	(20,807)	0
Changes in accounts receivable, net	(21,963)	0
Changes in deferred revenue	61,210	65,000
Changes in other operating assets and liabilities	(2,298)	4,670
Net cash used in operating activities	(102,694)	(67,173)
Cash flows from investing activities
Purchases of property and equipment	(1,324)	(5,699)
Net cash used in investing activities	(1,324)	(5,699)
Cash flows from financing activities:
Exercise of stock options, net	1,995	2,106
Proceeds from issuance of common stock	464,593	5,829
Net cash provided by financing activities	466,588	7,935
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(5)	(14)
Net increase (decrease) in cash, cash equivalents and restricted cash	362,565	(64,951)
Cash, cash equivalents and restricted cash beginning of period	612,041	494,173
Cash, cash equivalents and restricted cash end of period	974,606	429,222
Supplemental disclosure of cash flow information:
Interest paid	169	169
Schedule for non-cash investing and financing activities:
Issuance of common stock due to debt conversion	7,114	0
Accrued capital expenditures	1,690	404
Shares received in cashless exercise	0	1,271
Total cash, cash equivalents and restricted cash	974,606	429,222
Non-cash lease expense	142	130
Change in operating lease liabilities	$ 164	$ 79

Business Overview, Basis of Pre

Business Overview, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview, Basis of Presentation, Summary of Significant Accounting Policies 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, Summary of Significant Accounting Policies 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 tumors 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 was approved based on the objective response rate of 33.3 percent and duration of response of 7.7 months observed in a single-arm, multicenter Phase 2 study in 108 adult mTNBC patients who had previously received a median of three prior systemic therapies in the metastatic setting. Continued approval is contingent upon verification of clinical benefit in the confirmatory Phase 3 ASCENT study. On July 6, 2020, we announced that the ASCENT study met its primary endpoint of progression-free survival, as well as key secondary endpoints, including overall survival and objective response rate, in brain metastasis negative patients with mTNBC who have previously received at least two prior therapies for metastatic disease. The safety profile of Trodelvy observed in the ASCENT study remained consistent with the FDA-approved label, with neutropenia and diarrhea as the most common Grade 3 or 4 adverse events and no new safety signals were observed. Historically, the Company has funded its operations through public offerings of equity securities and debt financings. The Company commenced commercial shipments in April 2020. The Company expects to continue to incur operating losses while funding commercial launch efforts for Trodelvy, research and development activities, regulatory submissions, and selling, general and administrative expenses. The Company expects its future cash requirements to be substantial due to commercialization of Trodelvy and additional clinical trials related to Trodelvy. The source, timing and availability of any future financing or other transaction will depend principally upon continued progress in the Company’s commercial, regulatory and development activities. Any equity or debt financing will also be contingent upon equity and debt market conditions and interest rates at the time. If the Company is unable to obtain sufficient additional funds when required, the Company may be forced to delay, restrict or eliminate all or a portion of its development programs or commercialization efforts. The Company believes it currently has sufficient funds to meet its financial needs for at least the next 12 months. Risks and Uncertainties - There are many uncertainties regarding the novel coronavirus (COVID-19) pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how the pandemic will impact its patients, employees, suppliers, vendors, business partners and distribution channels. While the pandemic did not materially affect the Company's financial results and business operations in the Company's quarter ended June 30, 2020, the Company is unable to predict the impact that COVID-19 will have on its financial position and operating results in future periods due to numerous uncertainties. The Company will continue to assess the evolving impact of the COVID-19 pandemic and will make adjustments to its operations as necessary. 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 three and six month periods ended June 30, 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. Summary of Significant Accounting Policies 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, except as it relates to revenue recognition, accounts receivable, inventory, cost of sales, and the adoption of new accounting standards during the six months ended June 30, 2020, as discussed below. Revenue Recognition Pursuant to Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes i) identifying the contract with a customer, ii) identifying the performance obligations in the contract, iii) determining the transaction price, iv) allocating the transaction price to the performance obligations, and v) recognizing revenue when, or as, an entity satisfies a performance obligation. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Revenue is recorded at net selling price (transaction price), which includes estimates of variable consideration for which reserves are established for (a) customer credits, and specialty pharmacies fees, (b) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (c) estimated chargebacks, and (d) estimated costs of co-payment assistance. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (chargebacks), prepaid expenses (co-payment assistance), or as a current liability (rebates). Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as the Company's historical experience, current contractual and statutory requirements, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contract. The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results in the future vary from estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Cash discounts and distributor fees: We provide customary discounts on Trodelvy sales to our customers, terms for which are explicitly stated in our contracts with such customers. We also pay fees for distribution services to our customers for sales order management, data, and distribution services, terms for which are also explicitly stated in our contracts with such customers. Such fees are not for a distinct good or service and, accordingly, are recorded as a reduction of revenue, or as a component of accrued expenses (distributor fees). Product returns: Consistent with industry practice, we offer our customers and other indirect purchasers a limited right of return for purchased units of Trodelvy for damage, defect, recall, and/or product expiry. We estimate the amount of product sales that will be returned using a probability-weighted estimate, initially calculated based on data from similar products and other qualitative considerations, such as visibility into the inventory remaining in the distribution channel. Reserves for estimated returns are recorded as a reduction of revenue in the period that the related revenue is recognized, as well as a reduction to accounts receivable. Customer credits: The Company's customers are offered various forms of consideration, including fees for enhanced services. The payment terms for sales to specialty pharmacies for fees for services are based on contractual rates agreed with the respective specialty pharmacies. The Company anticipates that its customers will earn these discounts and fees and, therefore, deducts the full amount of these discounts and fees from total gross product revenues at the time such revenues are recognized. Government Rebates: The Company contracts with government agencies and managed care organizations or collectively, third-party payors, so that Trodelvy will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized. These reserves are recorded in the same period in which the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The current liability is included in accounts payable and accrued expenses on the condensed consolidated balance sheets as of June 30, 2020. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company's contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, (iii) a range of possible outcomes that are probability-weighted for the estimated payor mix, and (iv) information obtained from the Company's specialty pharmacies. Chargebacks: Chargebacks are discounts that occur when certain contracted customers, currently public health service institutions and federal government entities purchasing via the Federal Supply Schedule, purchase directly from the Company's specialty distributor. Contracted customers generally purchase the product at a discounted price and the specialty distributor, in turn, charges back to the Company the difference between the price the specialty distributor initially paid and the discounted price paid by the contracted customers. The Company estimates chargebacks provided to the specialty distributor and deducts these estimated amounts from gross product revenues, and from accounts receivable, at the time revenues are recognized. Co-payment assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, the Company estimates the average co-pay mitigation amounts and the percentage of patients that it expects to participate in the program in order to establish accruals for co-payment assistance. These reserves are recorded in the same period in which the related revenue is recognized, resulting in a reduction of product revenue. The Company adjusts its accruals for co-pay assistance based on actual redemption activity and estimates of future redemptions related to sales in the current period. If any, or all, of the Company's actual experience varies from the estimates above, the Company may need to adjust prior period accruals, affecting revenue in the period of adjustment. Accounts Receivable In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns, and chargebacks. Our contracts with customers have standard payment terms. We analyze accounts that are past due for collectability, and regularly evaluate the creditworthiness of our customers so that we can properly assess and respond to changes in their credit profiles. As of June 30, 2020, we determined an allowance for doubtful accounts was currently not required based upon our review of contractual payment terms and individual customer circumstances. Inventory Prior to regulatory approval, we expensed costs relating to the production of inventory as research and development expense in the period incurred. We capitalized the costs to manufacture our products incurred after regulatory approval. We value our inventories at the lower of cost or estimated net realizable value. We determine the cost of our inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out (FIFO) basis. Raw materials and work in process includes all inventory costs prior to packaging and labelling, including raw material, active product ingredient, and drug product. Finished goods include packaged and labelled products. Inventories that may be used for either research and development or commercial sale are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is intended to be used for research and development, it is expensed as research and development once that determination is made. Prior to FDA approval of Trodelvy, all costs related to the manufacturing of Trodelvy that could potentially be available to support the commercial launch of our products were charged to research and development expense in the period incurred. We analyze our inventory levels for recoverability each reporting period. In the period in which there is an impairment identified, we write down inventory that has become obsolete, inventory that has a cost basis in excess of its estimated realizable value, and inventory in excess of expected sales requirements as cost of sales. The determination of whether inventory costs will be realizable is based on our estimates. If actual market conditions are less favorable than projected by us, additional write-downs of inventory may be required, which would be recorded as cost of sales. Cost of Sales Cost of sales includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including salary related and stock-based compensation expense for employees involved with production and distribution, freight, and indirect overhead costs, as well as third-party royalties payable on product revenue, net. This includes royalties payable to RPI Finance Trust, pursuant to the Funding Agreement. The Company did not make any royalty payments under the Funding Agreement during the three months ended June 30, 2020. Refer to Notes 5 and 7 for further discussion. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of sales may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. Net Loss Per Common Share Net loss per basic and diluted common share allocable to common stockholders is based on the net loss for the relevant period, divided by the weighted-average number of common shares outstanding during the period. For purposes of the diluted net loss per common share calculations, the conversion of the Convertible Senior Notes at June 30, 2019, the exercise of stock options or vesting of RSUs are not included because their effect would have been anti-dilutive, due to the net loss recorded for the three and six-month periods ended June 30, 2020 and 2019. The common stock equivalents excluded from the diluted per share calculation are 7,712,212 and 6,540,254 shares at June 30, 2020 and 2019, respectively. 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 7 - "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	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Gross-to-Net Sales Adjustments To date, our only source of product revenue has been from the U.S. sales of Trodelvy, which we began shipping to our customers in April 2020. We record our best estimate of sales discounts and allowances to which customers are likely to be entitled. The reconciliation of gross product sales to net product sales by each significant category of gross-to-net adjustments was as follows for the three and six months ended June 30, 2020 (in thousands): Gross product revenue $ 24,198 Gross-to-net adjustments: Government rebates (2,709) Chargebacks and distributor service fees (1,173) Sales returns and allowances (242) Total gross-to-net adjustments (1) (4,124) Net product revenue $ 20,074 (1) As of June 30, 2020, approximately $2.7 million of estimated gross-to-net accruals have been recorded within accounts payable and accrued expenses on the condensed consolidated balance sheets. ​ ​​​​​​ 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 was recorded as deferred revenue on the condensed consolidated balance sheets. 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 contains a development milestone payment of $60.0 million based upon our achievement of FDA approval for Trodelvy. This was received in June 2020 and also recorded as deferred revenue on the condensed consolidated balance sheets. In addition, we recognized $1.2 million of deferred revenue relating to product for clinical supply during the three months ended June 30, 2020. 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%. We assessed the arrangement in accordance with ASC 606 and concluded that the contract counterparty, Everest, is a customer based on the arrangement structure. We 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. We therefore concluded that there is one combined performance obligation. We will recognize the total of the above deferred revenue of $126.2 million over the performance obligation period of the combined performance obligation which will be recognized over the term of the of the contract performance obligation period, which the we have concluded to be 15 years after initial sale of the product in the territory. As concluded above, we have 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 $126.2 million fixed consideration is recognized over the period in which commercial and clinical supply of product is delivered (over-time). During the six months ended June 30, 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. We 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.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 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 June 30, 2020, consisted of the following (in thousands): Amortized Gross Gross 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 June 30, 2020 (in thousands): Fair Value Net Carrying 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

Inventory

Inventory	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory The following table presents our inventory as of June 30, 2020 (in thousands): June 30, 2020 Raw materials $ 516 Work in process 20,291 Finished goods — Total inventory $ 20,807

Debt

Debt	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020. As of June 30, 2020, and December 31, 2019, we determined the fair value at $288.7 million and $261.2 million, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized approximately $27.5 million and $20.4 million in interest expense, respectively. The following table shows the activity within the liability related to sale of future royalties during the six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Carrying value of liability related to sale of future royalties, beginning of the period $ 261,224 $ 221,295 Interest expense recognized 27,469 20,373 Carrying value of liability related to sale of future royalties, end of period $ 288,693 $ 241,668 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 six months ended June 30, 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 six months ended June 30, 2020 and 2019.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation Stock Incentive Plan At the Annual Meeting of Stockholders on June 18, 2020, (the "Annual Meeting"), the stockholders of the Company voted to approve the Immunomedics, Inc. Amended and Restated 2014 Long-Term Incentive Plan (the “Amended 2014 Plan”). The Amended 2014 Plan is a continuation of the Immunomedics’ 2014 Long-Term Incentive Plan (the “2014 Plan”). The Amended 2014 Plan, in addition to certain other changes, increases the share pool limit by adding 7,000,000 shares of common stock to the Amended 2014 Plan as of the effective date and removes references to “qualified performance based awards” under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). The Amended 2014 Plan also, among other changes, increases the maximum term applicable to options and stock appreciation rights from seven ten twelve Stock-based compensation expense included in the Unaudited Condensed Consolidated Statements of Comprehensive Loss was $7.3 million, and $2.4 million for the three months ended June 30, 2020 and 2019, respectively, $11.1 million, and $4.1 million for the six months ended June 30, 2020 and 2019, respectively. The following table summarizes the activity for stock options, RSUs and PSOs for the six months ended June 30, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,963 226 — Exercised (142) (58) (3) Expired or forfeited (762) (100) (208) Equity awards outstanding, end of period 6,960 126 626 As of June 30, 2020, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands): Stock Options RSUs PSOs Unrecognized compensation cost $ 46,664 $ 1,818 $ 2,001 Expected weighted-average period in years of compensation cost to be recognized 2.9 2.4 0.6 Stock Purchase Plan On April 16, 2020, the Board of Directors (the "Board") adopted the Immunomedics, Inc. 2020 Employee Stock Purchase Plan (the “Purchase Plan”), which was approved by the Company’s stockholders at the Annual Meeting on June 18, 2020. The Purchase Plan authorizes the issuance of up to 500,000 shares of the Company’s common stock. Generally, each offering under the Purchase Plan will be for a period of 6 months (an “Offering Period”), with new Offering Periods commencing on or about the sixteenth days of November and May of each year and ending on or about the fifteenth days of the next May and November of each year. The Board may establish a different term for one or more offerings, not to exceed 27 months, or different beginning or ending dates for any Offering Period. The purchase price for each Offering Period shall be

Estimated Fair Value of Financi

Estimated Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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) June 30, 2020 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 854,513 $ — $ — $ 854,513 Marketable Securities: U.S. Government Sponsored Agencies 4,325 — — 4,325 Total $ 858,838 $ — $ — $ 858,838 (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 June 30, 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 5 - "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 5 - "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 June 30, 2020: Fair Value Valuation Technique Unobservable Input Range Weighted Average Liability related to the sale of future royalties $288,693 Discounted cash flow Discount rate 16% - 26% 19% Future royalty payments 2020 to 2036

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity At the Annual Meeting on June 18, 2020, the stockholders of the Company voted to approve the amendment and restatement of the Company’s certificate of incorporation to increase the maximum number of authorized shares of the Company's capital stock, all classes, from 260,000,000 shares, consisting of 250,000,000 shares of common stock and 10,000,000 shares of preferred stock, to 285,000,000 shares, consisting of 275,000,000 shares of common stock and 10,000,000 shares of preferred stock. 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 six months ended June 30, 2020, the Company made no sales under the ATM Agreement. Treasury Stock

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): Currency Net Unrealized Losses on Available- Accumulated Other Balance, December 31, 2018 $ (347) $ (4) $ (351) Other comprehensive loss before reclassifications (9) (200) (209) Reclassified gains from accumulated other comprehensive loss 195 — 195 Net current-period other comprehensive gain (loss) $ 186 $ (200) $ (14) Balance, June 30, 2019 $ (161) $ (204) $ (365) Balance, December 31, 2019 $ (173) $ (395) $ (568) Other comprehensive loss before reclassifications (2) (225) (227) Net current-period other comprehensive loss (2) (225) (227) Balance, June 30, 2020 $ (175) $ (620) $ (795) There were no amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 2020 and $0.2 million was reclassified from accumulated other comprehensive loss during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 5, 2019, 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 On November 19, 2019, pursuant to the Plan, the Board approved a stock option grant to Behzad Aghazadeh, Executive Chairman of the Board, 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 approved a grant of 100,000 restricted stock units which vests ratably over three years from the date of grant to Dr. Aghazadeh as consideration for services rendered and expected to be rendered in his role as Executive Chairman.

Collaboration Agreements

Collaboration Agreements	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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. On June 1, 2020, the court denied the Company’s motion to dismiss. The Company has filed a motion for reconsideration of the decision, which motion is currently pending before the court. 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, another substantially similar putative class action case was filed in the same court. On September 10, 2019, the court appointed a lead plaintiff and lead counsel and consolidated the actions. On November 18, 2019, plaintiffs filed a consolidated amended complaint against the Company and current and former senior officers and directors, and defendants filed a motion to dismiss. On July 31, 2020, the Court issued an order denying defendants’ motion to dismiss. The Company believes the allegations in the consolidated amended complaint lack merit and intends to vigorously defend itself. 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 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, 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 Starr and Liberty insurance policies at issue in the arbitration covers claims made in a 2015-2016 policy period. Liberty denied coverage for the venBio Fee Award on the ground that the claim was not made during its (or Starr’s) policy period. In April 2020, the arbitrators held a hearing on cross-motions for summary judgment on this issue and entered a partial final award and judgment in favor of the Company. The Company established that the venBio Fee Award is a claim that falls in falls in the Liberty and Starr 2015-16 policy period and not in the subsequent 2016-2017 policy period. In the remaining claims in the arbitration, 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. During the six months ended June 30, 2020, we recognized a $0.5 million milestone payment upon FDA approval of Trodelvy.

Business Overview, Basis of P_2

Business Overview, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe 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 three and six month periods ended June 30, 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.
Revenue Recognition	Revenue Recognition Pursuant to Topic 606, we recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principle, Topic 606 includes provisions within a five step model that includes i) identifying the contract with a customer, ii) identifying the performance obligations in the contract, iii) determining the transaction price, iv) allocating the transaction price to the performance obligations, and v) recognizing revenue when, or as, an entity satisfies a performance obligation. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Revenue is recorded at net selling price (transaction price), which includes estimates of variable consideration for which reserves are established for (a) customer credits, and specialty pharmacies fees, (b) estimated government rebates, such as Medicaid and Medicare Part D reimbursements, and estimated managed care rebates, (c) estimated chargebacks, and (d) estimated costs of co-payment assistance. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (chargebacks), prepaid expenses (co-payment assistance), or as a current liability (rebates). Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as the Company's historical experience, current contractual and statutory requirements, and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it is entitled based on the terms of the applicable contract. The amount of variable consideration included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results in the future vary from estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Cash discounts and distributor fees: We provide customary discounts on Trodelvy sales to our customers, terms for which are explicitly stated in our contracts with such customers. We also pay fees for distribution services to our customers for sales order management, data, and distribution services, terms for which are also explicitly stated in our contracts with such customers. Such fees are not for a distinct good or service and, accordingly, are recorded as a reduction of revenue, or as a component of accrued expenses (distributor fees). Product returns: Consistent with industry practice, we offer our customers and other indirect purchasers a limited right of return for purchased units of Trodelvy for damage, defect, recall, and/or product expiry. We estimate the amount of product sales that will be returned using a probability-weighted estimate, initially calculated based on data from similar products and other qualitative considerations, such as visibility into the inventory remaining in the distribution channel. Reserves for estimated returns are recorded as a reduction of revenue in the period that the related revenue is recognized, as well as a reduction to accounts receivable. Customer credits: The Company's customers are offered various forms of consideration, including fees for enhanced services. The payment terms for sales to specialty pharmacies for fees for services are based on contractual rates agreed with the respective specialty pharmacies. The Company anticipates that its customers will earn these discounts and fees and, therefore, deducts the full amount of these discounts and fees from total gross product revenues at the time such revenues are recognized. Government Rebates: The Company contracts with government agencies and managed care organizations or collectively, third-party payors, so that Trodelvy will be eligible for purchase by, or partial or full reimbursement from, such third-party payors. The Company estimates the rebates it will provide to third-party payors and deducts these estimated amounts from total gross product revenues at the time the revenues are recognized. These reserves are recorded in the same period in which the revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. The current liability is included in accounts payable and accrued expenses on the condensed consolidated balance sheets as of June 30, 2020. The Company estimates the rebates that it will provide to third-party payors based upon (i) the Company's contracts with these third-party payors, (ii) the government mandated discounts applicable to government-funded programs, (iii) a range of possible outcomes that are probability-weighted for the estimated payor mix, and (iv) information obtained from the Company's specialty pharmacies. Chargebacks: Chargebacks are discounts that occur when certain contracted customers, currently public health service institutions and federal government entities purchasing via the Federal Supply Schedule, purchase directly from the Company's specialty distributor. Contracted customers generally purchase the product at a discounted price and the specialty distributor, in turn, charges back to the Company the difference between the price the specialty distributor initially paid and the discounted price paid by the contracted customers. The Company estimates chargebacks provided to the specialty distributor and deducts these estimated amounts from gross product revenues, and from accounts receivable, at the time revenues are recognized. Co-payment assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. Based upon the terms of the program and information regarding programs provided for similar specialty pharmaceutical products, the Company estimates the average co-pay mitigation amounts and the percentage of patients that it expects to participate in the program in order to establish accruals for co-payment assistance. These reserves are recorded in the same period in which the related revenue is recognized, resulting in a reduction of product revenue. The Company adjusts its accruals for co-pay assistance based on actual redemption activity and estimates of future redemptions related to sales in the current period. If any, or all, of the Company's actual experience varies from the estimates above, the Company may need to adjust prior period accruals, affecting revenue in the period of adjustment. Cost of Sales Cost of sales includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including salary related and stock-based compensation expense for employees involved with production and distribution, freight, and indirect overhead costs, as well as third-party royalties payable on product revenue, net. This includes royalties payable to RPI Finance Trust, pursuant to the Funding Agreement. The Company did not make any royalty payments under the Funding Agreement during the three months ended June 30, 2020. Refer to Notes 5 and 7 for further discussion. In addition, shipping and handling costs for product shipments are recorded as incurred. Finally, cost of sales may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances.
Accounts Receivable	Accounts Receivable In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns, and chargebacks. Our contracts with customers have standard payment terms. We analyze accounts that are past due for collectability, and regularly evaluate the creditworthiness of our customers so that we can properly assess and respond to changes in their credit profiles. As of June 30, 2020, we determined an allowance for doubtful accounts was currently not required based upon our review of contractual payment terms and individual customer circumstances.
Inventory	Inventory Prior to regulatory approval, we expensed costs relating to the production of inventory as research and development expense in the period incurred. We capitalized the costs to manufacture our products incurred after regulatory approval. We value our inventories at the lower of cost or estimated net realizable value. We determine the cost of our inventories, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out (FIFO) basis. Raw materials and work in process includes all inventory costs prior to packaging and labelling, including raw material, active product ingredient, and drug product. Finished goods include packaged and labelled products. Inventories that may be used for either research and development or commercial sale are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is intended to be used for research and development, it is expensed as research and development once that determination is made.
Net Loss Per Common Share	Net Loss Per Common Share Net loss per basic and diluted common share allocable to common stockholders is based on the net loss for the relevant period, divided by the weighted-average number of common shares outstanding during the period. For purposes of the diluted net loss per common share calculations, the conversion of the Convertible Senior Notes at June 30, 2019, the exercise of stock options or vesting of RSUs are not included because their effect would have been anti-dilutive, due to the net loss recorded for the three and six-month periods ended June 30, 2020 and 2019. The common stock equivalents excluded from the diluted per share calculation are 7,712,212 and 6,540,254 shares at June 30, 2020 and 2019, respectively.
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 7 - "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 (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Gross-to-Net Sales Adjustments	The reconciliation of gross product sales to net product sales by each significant category of gross-to-net adjustments was as follows for the three and six months ended June 30, 2020 (in thousands): Gross product revenue $ 24,198 Gross-to-net adjustments: Government rebates (2,709) Chargebacks and distributor service fees (1,173) Sales returns and allowances (242) Total gross-to-net adjustments (1) (4,124) Net product revenue $ 20,074 (1) As of June 30, 2020, approximately $2.7 million of estimated gross-to-net accruals have been recorded within accounts payable and accrued expenses on the condensed consolidated balance sheets. ​

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	Marketable securities at June 30, 2020, consisted of the following (in thousands): Amortized Gross Gross Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (616) $ 4,325 Amortized Gross Gross Fair Value U.S. Government Sponsored Agencies $ 4,941 $ — $ (391) $ 4,550
Schedule of Maturities of Available-for-Sale debt securities	Maturities of debt securities classified as available-for-sale were as follows at June 30, 2020 (in thousands): Fair Value Net Carrying Due after one year through five years $ 4,325 $ 4,337 Fair Value Net Carrying Due after one year through five years $ 4,550 $ 4,562

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table presents our inventory as of June 30, 2020 (in thousands): June 30, 2020 Raw materials $ 516 Work in process 20,291 Finished goods — Total inventory $ 20,807

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 and 2019 (in thousands): Six Months Ended June 30, 2020 2019 Carrying value of liability related to sale of future royalties, beginning of the period $ 261,224 $ 221,295 Interest expense recognized 27,469 20,373 Carrying value of liability related to sale of future royalties, end of period $ 288,693 $ 241,668

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,963 226 — Exercised (142) (58) (3) Expired or forfeited (762) (100) (208) Equity awards outstanding, end of period 6,960 126 626
Schedule of RSU and PSU Activity	The following table summarizes the activity for stock options, RSUs and PSOs for the six months ended June 30, 2020 (in thousands): Stock Options RSUs PSOs Equity awards outstanding, beginning of year 5,901 58 837 Changes during the year: Granted 1,963 226 — Exercised (142) (58) (3) Expired or forfeited (762) (100) (208) Equity awards outstanding, end of period 6,960 126 626
Schedule of Compensation Cost Related to Unvested Awards	As of June 30, 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 $ 46,664 $ 1,818 $ 2,001 Expected weighted-average period in years of compensation cost to be recognized 2.9 2.4 0.6

Estimated Fair Value of Finan_2

Estimated Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities as of: (in thousands) June 30, 2020 Level 1 (a) Level 2 (b) Level 3 (c) Total Money Market Funds Note (d) $ 854,513 $ — $ — $ 854,513 Marketable Securities: U.S. Government Sponsored Agencies 4,325 — — 4,325 Total $ 858,838 $ — $ — $ 858,838 (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 June 30, 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 June 30, 2020: Fair Value Valuation Technique Unobservable Input Range Weighted Average Liability related to the sale of future royalties $288,693 Discounted cash flow Discount rate 16% - 26% 19% Future royalty payments 2020 to 2036

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss were as follows (in thousands): Currency Net Unrealized Losses on Available- Accumulated Other Balance, December 31, 2018 $ (347) $ (4) $ (351) Other comprehensive loss before reclassifications (9) (200) (209) Reclassified gains from accumulated other comprehensive loss 195 — 195 Net current-period other comprehensive gain (loss) $ 186 $ (200) $ (14) Balance, June 30, 2019 $ (161) $ (204) $ (365) Balance, December 31, 2019 $ (173) $ (395) $ (568) Other comprehensive loss before reclassifications (2) (225) (227) Net current-period other comprehensive loss (2) (225) (227) Balance, June 30, 2020 $ (175) $ (620) $ (795)

Business Overview, Basis of P_3

Business Overview, Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of EPS (in shares)	7,712,212	6,540,254

Revenue Recognition - Gross-to-

Revenue Recognition - Gross-to-Net Revenue Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 20,074	$ 0	$ 20,074	$ 0
Accounts payable and accrued expenses	59,862		59,862		$ 60,860
Gross product revenue
Disaggregation of Revenue [Line Items]
Product revenue, net			24,198
Government rebates
Disaggregation of Revenue [Line Items]
Product revenue, net			(2,709)
Chargebacks and distributor service fees
Disaggregation of Revenue [Line Items]
Product revenue, net			(1,173)
Sales returns and allowances
Disaggregation of Revenue [Line Items]
Product revenue, net			(242)
Total gross-to-net adjustments
Disaggregation of Revenue [Line Items]
Product revenue, net			(4,124)
Accounts payable and accrued expenses	$ 2,700		$ 2,700

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	Apr. 29, 2019	Apr. 05, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Product revenue, net			$ 20,074,000	$ 0	$ 20,074,000	$ 0
Everest Medicines II Limited
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Upfront fees paid	$ 65,000,000
Milestone payment, achievement of FDA approval	60,000,000				500,000
Revenue recognized			$ 1,200,000
Milestone payment, development	180,000,000
Milestone payment, sales	$ 530,000,000
Product revenue, net					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
Product revenue, net					$ 0	$ 0

Revenue Recognition - Performan

Revenue Recognition - Performance Obligation (Details) - Everest Medicines II Limited - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 $ in Millions	Apr. 29, 2019USD ($)
Revenue Recognition, Milestone Method [Line Items]
Performance obligation	$ 126.2
Remaining performance obligation period	15 years

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 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	Jun. 30, 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

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 516
Work in process	20,291
Finished goods	0
Total inventory	$ 20,807	$ 0

Debt - Liability Related To Sal

Debt - Liability Related To Sale of Future Royalties (Details) - USD ($) $ in Thousands, shares in Millions	Jan. 07, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Common stock		$ 2,311		$ 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	288,700		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		27,500	$ 20,400
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		288,693	241,668	$ 261,224	$ 221,295
Interest expense recognized		$ 27,469	$ 20,373

Debt - Convertible Notes (Detai

Debt - Convertible Notes (Details) - Convertible Senior Notes - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2015	Jun. 30, 2020	Jun. 30, 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	Jun. 18, 2020	Apr. 16, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	7,000,000
Minimum vesting period restriction					12 months
Share-based compensation expense			$ 7.3	$ 2.4	$ 11.1	$ 4.1
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for award (in shares)		500,000
Purchase plan, discount from market price		85.00%
Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	7 years
Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years

Stock-based Compensation - Awar

Stock-based Compensation - Award Activity (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 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)	1,963
Exercised (in shares)	(142)
Expired or forfeited (in shares)	(762)
Equity awards outstanding, end of period (in shares)	6,960
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)	126	58
Granted (in shares)	226
Exercised (in shares)	(58)
Expired or forfeited (in shares)	(100)
Equity awards outstanding, end of period (in shares)	126
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)	626	837
Granted (in shares)	0
Exercised (in shares)	(3)
Expired or forfeited (in shares)	(208)
Equity awards outstanding, end of period (in shares)	626

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Cost Related to Unvested Awards (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 46,664
Expected weighted-average period in years of compensation cost to be recognized	2 years 10 months 24 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,818
Expected weighted-average period in years of compensation cost to be recognized	2 years 4 months 24 days
PSOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,001
Expected weighted-average period in years of compensation cost to be recognized	7 months 6 days

Estimated Fair Value of Finan_3

Estimated Fair Value of Financial Instruments - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 858,838	$ 555,338
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	858,838	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	854,513	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	854,513	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	Jun. 30, 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	Jun. 30, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liability related to sale of future royalties	$ 288,693,000
Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future royalty sale, liability, measurement input	16000.00%
Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Future royalty sale, liability, measurement input	26000.00%
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	Jun. 30, 2020	Jun. 30, 2019	Jun. 18, 2020	Jun. 17, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Common and preferred stock, shares authorized (in shares)						285,000,000	260,000,000
Common stock, shares authorized (in shares)				275,000,000,000		275,000,000	250,000,000	250,000,000,000
Preferred stock, shares authorized (in shares)						10,000,000	10,000,000
Proceeds from issuance of common stock				$ 464,593,000	$ 5,829,000
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)	16,947,389	16,428,572
Shares issued, price per share (in usd per share)	$ 28.50	$ 17.50
Over-Allotment Option
Class of Warrant or Right [Line Items]
Proceeds from issuance of common stock	$ 464,600,000	$ 273,000,000
Proceeds from sale of stock, gross	$ 483,000,000	$ 287,500,000
ATM Agreement
Class of Warrant or Right [Line Items]
Sale of stock (in shares)			4,432,416	0
Proceeds from issuance of common 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
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 184,911,000	$ 181,804,000	$ 267,230,000	$ 265,849,000
Other comprehensive loss before reclassifications			(227,000)	(209,000)
Reclassified gains from accumulated other comprehensive loss			0	195,000
Other comprehensive gain (loss), net of tax:	7,000	195,000	(227,000)	(14,000)
Ending Balance	592,227,000	114,560,000	592,227,000	114,560,000
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			(2,000)	(9,000)
Reclassified gains from accumulated other comprehensive loss				195,000
Other comprehensive gain (loss), net of tax:			(2,000)	186,000
Ending Balance	(175,000)	(161,000)	(175,000)	(161,000)
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)
Reclassified gains from accumulated other comprehensive loss				0
Other comprehensive gain (loss), net of tax:			(225,000)	(200,000)
Ending Balance	(620,000)	(204,000)	(620,000)	(204,000)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(802,000)	(560,000)	(568,000)	(351,000)
Other comprehensive gain (loss), net of tax:	7,000	195,000	(227,000)	(14,000)
Ending Balance	$ (795,000)	$ (365,000)	$ (795,000)	$ (365,000)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Apr. 22, 2020	Mar. 20, 2020	Nov. 19, 2019	Mar. 08, 2019	Mar. 05, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 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)							1,963,000
Employee Stock Option | Board of Directors Chairman
Related Party Transaction [Line Items]
Non-qualified stock options granted (in shares)			150,000
Award vesting rights, percentage	66.67%					33.00%
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		6 Months Ended
	Apr. 30, 2020EUR (€)	Sep. 30, 2019patient	Jun. 30, 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
Milestone Payment	€ 3

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Apr. 29, 2019USD ($)	Mar. 31, 2019	Apr. 04, 2018USD ($)	Jun. 09, 2016case	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)issuer
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
Everest Medicines II Limited
Loss Contingencies [Line Items]
Milestone payment, achievement of FDA approval	$ 60					$ 0.5
The Scripps Research Institute
Loss Contingencies [Line Items]
License agreement milestone expense					$ 0.5
Insurance Coverage Arbitration
Loss Contingencies [Line Items]
Damages sought						$ 3.4

Uncategorized Items - immu-2020

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