Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Aug. 19, 2013 | Dec. 31, 2012 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K/A | ' | ' |
Amendment Flag | 'true | ' | ' |
Amendment Description | 'Immunomedics, Inc. (“Immunomedicsâ€) is filing this Amendment No. 1 of Form 10-K/A (“Form 10-K/Aâ€) to amend its annual Report on Form 10-K for the fiscal year ended June 30, 2013 as filed with the Securities and Exchange Commission (the “Commissionâ€) on August 22, 2013 (the “Original Annual Filingâ€). This Form 10-K/A discloses and discusses the impact and effect of an immaterial error of the previously filed financial statements for the fiscal year ended June 30, 2013; and amends Item 1 of Part I and Items 6, 7 and 8 and 9A of Part II of our Annual Report on Form 10-K of the Original Filing. We are filing this amendment to correct an immaterial error in its accounting for clinical trial expense and accrued liabilities and to expand the disclosures regarding its licensing agreement with UCB, S.A. and research and development accounting policy. The total amount of the overstatement of the accrued liability for clinical trials as of June 30, 2013 was determined to be $3.2 million. Due to this error, the Company’s operating expenses and accrued liabilities were immaterially overstated during each of the fiscal years 2008-2013 as noted in Note 14: Correction of Immaterial Error. The Company has also concluded that as a result of this immaterial overstatement there was a material weakness in internal control over financial reporting as of June 30, 2013. The Company assessed the materiality of this error for each quarterly and annual period in accordance with Staff Accounting Bulletin No. 99, Materiality, and determined that the error was immaterial to each of the previously reported periods. However, the Company determined that the adjustment to correct the error in fiscal 2014 would be material. Accordingly, the Company has revised its consolidated balance sheets as of June 30, 2013 and 2012 and its consolidated statements of comprehensive (loss) income for the fiscal years ended June 30, 2013, 2012 and 2011. This First Amended Annual Report on Form 10-K/A for the fiscal year ended June 30, 2013 (the “Amended Reportâ€) amends only those items of the previously filed Annual Report on Form 10-K which have been affected by the immaterial error. In order to preserve the nature and character of the disclosures set forth in such items as originally filed, no attempt has been made in this amendment (i) to modify or update such disclosures except as required to reflect the effects of the correction of the immaterial error or (ii) to make revisions to the Notes to the Consolidated Financial Statements, except for those which are required by or result of the effects of the immaterial error, as well as the expanded disclosures for the UCB, S.A. licensing agreement and the research and development accounting policy. For additional information regarding the error in clinical trial accruals and expenses, see Note 14 to the Consolidated Financial Statements included in Part II – Item 8. For additional information regarding the expanded disclosures concerning its licensing agreement with UCB, S.A. and the research and development accounting policy, see Notes 10 and 2, respectively to the Consolidated Financial Statements included in Part II – Item 8. No other information contained in the previously filed Form 10-K for the year ended June 30, 2013 has been updated or amended. Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, the certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, filed and furnished, respectively, as exhibits to the Original Filing have been re-executed and re-filed as of the date of this Amended Report and are included as exhibits hereto. | ' | ' |
Document Period End Date | 30-Jun-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'IMMU | ' | ' |
Entity Registrant Name | 'IMMUNOMEDICS INC | ' | ' |
Entity Central Index Key | '0000722830 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 82,935,623 | ' |
Entity Public Float | ' | ' | $221,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $41,326,000 | $32,838,096 |
Accounts receivable, net of allowance for doubtful accounts of $49,265 and $54,809 at June 30, 2013 and 2012, respectively | 622,830 | 659,958 |
Inventory | 1,030,480 | 415,876 |
Other receivables | 627,757 | 389,002 |
Prepaid expenses | 432,660 | 582,601 |
Other current assets | 1,175,883 | 593,900 |
Total current assets | 45,215,610 | 35,479,433 |
Property and equipment, net | 2,086,911 | 2,527,500 |
Value of life insurance policies | 594,832 | 598,288 |
Other long-term assets | 30,000 | 30,000 |
Total assets | 47,927,353 | 38,635,221 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable and accrued expenses | 3,950,866 | 2,982,016 |
Deferred revenues | 2,780,309 | 182,631 |
Total current liabilities | 6,731,175 | 3,164,647 |
Other liabilities | 1,400,728 | 1,301,212 |
Commitments and Contingencies (Note 11) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at June 30, 2013 and 2012 | ' | ' |
Common stock, $.01 par value; authorized 135,000,000 shares; issued 82,841,123 shares and outstanding 82,806,398 shares at June 30, 2013; and issued 75,597,066 shares and 75,562,341 shares outstanding at June 30, 2012 | 828,411 | 755,970 |
Capital contributed in excess of par | 265,688,408 | 248,737,450 |
Treasury stock, at cost: 34,725 shares at June 30, 2013 and 2012 | -458,370 | -458,370 |
Accumulated deficit | -226,039,812 | -214,658,289 |
Accumulated other comprehensive income | 161,830 | 80,161 |
Total Immunomedics, Inc. stockholders' equity | 40,180,467 | 34,456,922 |
Noncontrolling interest in subsidiary | -385,017 | -287,560 |
Total stockholders' equity | 39,795,450 | 34,169,362 |
Total liabilities and stockholders' equity | $47,927,353 | $38,635,221 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $49,265 | $54,809 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 135,000,000 | 135,000,000 |
Common stock, shares issued | 82,841,123 | 75,597,066 |
Common stock, shares outstanding | 82,806,398 | 75,562,341 |
Treasury stock, shares | 34,725 | 34,725 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Revenues: | ' | ' | ' |
License fee and other revenues | $126,667 | $28,418,000 | $10,126,550 |
Product sales | 2,991,129 | 3,517,739 | 3,607,685 |
Research and development | 1,844,201 | 798,088 | 975,244 |
Total revenues | 4,961,997 | 32,733,827 | 14,709,479 |
Costs and Expenses: | ' | ' | ' |
Costs of goods sold | 392,722 | 427,035 | 419,352 |
Research and development | 28,381,184 | 24,255,567 | 24,536,544 |
Sales and marketing | 826,375 | 846,025 | 828,148 |
General and administrative | 6,154,214 | 5,762,576 | 7,116,055 |
Total costs and expenses | 35,754,495 | 31,291,203 | 32,900,099 |
Operating (loss) income | -30,792,498 | 1,442,624 | -18,190,620 |
Arbitration settlement, net | 16,739,282 | ' | ' |
Insurance proceeds received | 2,637,879 | ' | 279,010 |
Qualifying Therapeutic Discovery Project Program | ' | ' | 2,888,688 |
Gain on sales and redemptions of auction rate securities | ' | ' | 454,428 |
Interest and other income | 10,557 | 18,762 | 239,999 |
Foreign currency transaction (loss) gain, net | -37,434 | 13,234 | 26,010 |
(Loss) income before income tax expense | -11,442,214 | 1,474,620 | -14,302,485 |
Income tax expense | -44,070 | -209,785 | -109,880 |
Net (loss) income | -11,486,284 | 1,264,835 | -14,412,365 |
Less net loss attributable to noncontrolling interest | -104,761 | -113,574 | -173,986 |
Net (loss) income attributable to Immunomedics, Inc. | -11,381,523 | 1,378,409 | -14,238,379 |
(Loss) earnings per common share attributable to Immunomedics, Inc: | ' | ' | ' |
Basic | ($0.15) | $0.02 | ($0.19) |
Diluted | ($0.15) | $0.02 | ($0.19) |
Weighted average shares used to calculate (loss) earnings per common share: | ' | ' | ' |
Basic | 78,040,005 | 75,481,007 | 75,313,349 |
Diluted | 78,040,005 | 76,174,377 | 75,313,349 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' |
Foreign currency translation adjustments | 81,669 | -314,508 | 262,151 |
Unrealized loss on securities available for sale | ' | ' | -208,696 |
Other comprehensive (loss) income | 81,669 | -314,508 | 53,455 |
Comprehensive (loss) income | -11,404,615 | 950,327 | -14,358,910 |
Less comprehensive (loss) attributable to noncontrolling interest | -104,761 | -113,574 | -173,986 |
Comprehensive (loss) income attributable to Immunomedics, Inc. | ($11,299,854) | $1,063,901 | ($14,184,924) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Capital Contributed in Excess of Par [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] |
Beginning balance at Jun. 30, 2010 (As Reported [Member]) | $40,718,615 | $752,965 | $242,910,779 | ($458,370) | ($202,827,973) | $341,214 | ' |
Beginning balance at Jun. 30, 2010 | 41,748,269 | 752,965 | 242,910,779 | -458,370 | -201,798,319 | 341,214 | ' |
Beginning balance, Shares at Jun. 30, 2010 (As Reported [Member]) | ' | 75,296,565 | ' | ' | ' | ' | ' |
Beginning balance, Shares at Jun. 30, 2010 | ' | 75,296,565 | ' | ' | ' | ' | ' |
Issuance of common stock purchase warrant | ' | ' | ' | ' | ' | ' | ' |
Cumulative adjustments | 1,029,654 | ' | ' | ' | 1,029,654 | ' | ' |
Exercise of stock options, net | 243,529 | 925 | 242,604 | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | 92,460 | ' | ' | ' | ' | ' |
Stock based compensation | 1,870,771 | 740 | 1,870,031 | ' | ' | ' | ' |
Stock based compensation, Shares | ' | 74,041 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 53,455 | ' | ' | ' | ' | 53,455 | ' |
Share purchases of majority-owned subsidiary | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -14,412,365 | ' | ' | ' | -14,238,379 | ' | -173,986 |
Net income (loss) at Jul. 01, 2010 (As Reported [Member]) | -15,244,000 | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2011 | 29,503,659 | 754,630 | 245,023,414 | -458,370 | -216,036,698 | 394,669 | -173,986 |
Ending balance, Shares at Jun. 30, 2011 | ' | 75,463,066 | ' | ' | ' | ' | ' |
Issuance of common stock purchase warrant | 1,582,000 | ' | 1,582,000 | ' | ' | ' | ' |
Exercise of stock options, net | 171,815 | 592 | 171,223 | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | 59,126 | ' | ' | ' | ' | ' |
Stock based compensation | 1,961,561 | 748 | 1,960,813 | ' | ' | ' | ' |
Stock based compensation, Shares | ' | 74,874 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | -314,508 | ' | ' | ' | ' | -314,508 | ' |
Share purchases of majority-owned subsidiary | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1,264,835 | ' | ' | ' | 1,378,409 | ' | -113,574 |
Net income (loss) at Jul. 01, 2011 (As Reported [Member]) | 696,000 | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2012 (As Reported [Member]) | 31,739,000 | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2012 | 34,169,362 | 755,970 | 248,737,450 | -458,370 | -214,658,289 | 80,161 | -287,560 |
Ending balance, Shares at Jun. 30, 2012 | ' | 75,597,066 | ' | ' | ' | ' | ' |
Issuance of common stock, net | 14,785,408 | 70,000 | 14,715,408 | ' | ' | ' | ' |
Issuance of common stock purchase warrant | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, Shares | ' | 7,000,000 | ' | ' | ' | ' | ' |
Exercise of stock options, net | 266,056 | 886 | 265,170 | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | 88,594 | ' | ' | ' | ' | ' |
Stock based compensation | 2,018,494 | 1,555 | 2,016,939 | ' | ' | ' | ' |
Stock based compensation, Shares | ' | 155,463 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 81,669 | ' | ' | ' | ' | 81,669 | ' |
Share purchases of majority-owned subsidiary | -39,255 | ' | -46,559 | ' | ' | ' | 7,304 |
Net income (loss) | -11,486,284 | ' | ' | ' | -11,381,523 | ' | -104,761 |
Net income (loss) at Jul. 01, 2012 (As Reported [Member]) | -12,270,000 | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 (As Reported [Member]) | 36,581,000 | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 | $39,795,450 | $828,411 | $265,688,408 | ($458,370) | ($226,039,812) | $161,830 | ($385,017) |
Ending balance, Shares at Jun. 30, 2013 | ' | 82,841,123 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | ($11,486,284) | $1,264,835 | ($14,412,365) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation | 1,036,035 | 1,496,783 | 1,477,639 |
Amortization of deferred revenue | -176,667 | -128,956 | -118,213 |
Gain on insurance claim for equipment failure | -137,879 | ' | -279,010 |
(Credit) charge for allowance for doubtful accounts | -5,544 | 22,797 | -20,007 |
Non-cash expense related to stock compensation | 2,265,460 | 2,059,939 | 1,966,899 |
Amortization of discounts of auction rate securities | ' | ' | -120,114 |
Gain on sales/redemptions of auction rate securities securities | ' | ' | -454,428 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 66,755 | 54,225 | -288,399 |
Inventories | -617,954 | -126,272 | 245,105 |
Other assets | -684,004 | 491,270 | -748,611 |
Accounts payable and accrued expenses | 966,663 | -501,710 | 410,273 |
Deferred revenue | 2,774,345 | 108,692 | ' |
Other liabilities | 99,516 | 166,720 | 155,214 |
Net cash (used in) provided by operating activities activities | -5,899,558 | 4,908,323 | -12,186,017 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property and equipment | -595,446 | -568,133 | -605,988 |
Proceeds from insurance claim for equipment failure | 137,879 | ' | 279,010 |
Proceeds from sales and redemptions of auction rate securities | ' | ' | 9,545,000 |
Net cash (used in) provided by investing activities | -457,567 | -568,133 | 9,218,022 |
Cash flows from financing activities: | ' | ' | ' |
Issuance of common stock, net of fees | 14,785,408 | ' | ' |
Payments for stock plan activity | -246,966 | -98,378 | -96,128 |
Share purchases of majority-owned subsidiary | -39,255 | ' | ' |
Exercise of stock options, net | 266,056 | 171,815 | 243,529 |
Issuance of common stock purchase warrant | ' | 1,582,000 | ' |
Net cash provided by financing activities | 14,765,243 | 1,655,437 | 147,401 |
Effect of changes in exchange rates on cash and cash equivalents | 79,786 | -255,141 | 384,974 |
Increase (decrease) in cash and cash equivalents | 8,487,904 | 5,740,486 | -2,435,620 |
Cash and cash equivalents at beginning of period | 32,838,096 | 27,097,610 | 29,533,230 |
Cash and cash equivalents at end of period | 41,326,000 | 32,838,096 | 27,097,610 |
Supplemental information for the statement of cash flows: | ' | ' | ' |
Cash paid for income taxes | $135,023 | $23,144 | $441,531 |
Business_Overview
Business Overview | 12 Months Ended | |
Jun. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Business Overview | ' | |
1 | Business Overview | |
Immunomedics, Inc., a Delaware corporation (“Immunomedics” or the “Company”) is a biopharmaceutical company focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. The Company has continued to transition its focus away from the development and commercialization of diagnostic imaging products in order to accelerate the development of its therapeutic product candidates, although the Company manufactures and commercializes its one product, LeukoScan® in territories where regulatory approvals have previously been granted in Europe, Canada and in certain other markets outside the U.S. LeukoScan® is indicated for diagnostic imaging for determining the location and extent of infection/inflammation in bone in patients with suspected osteomyelitis, including patients with diabetic foot ulcers. The Company has two foreign subsidiaries, Immunomedics B.V. in the Netherlands and Immunomedics GmbH in Darmstadt, Germany, to assist the Company in managing sales efforts and coordinating clinical trials in Europe. In addition, included in the accompanying financial statements is the majority-owned U.S. subsidiary, IBC Pharmaceuticals, Inc. (“IBC”), which has been working since 1999 on the development of novel cancer radiotherapeutics using patented pretargeting technologies with proprietary, bispecific antibodies. | ||
Immunomedics is subject to significant risks and uncertainties, including, without limitation, our inability to further identify, develop and achieve commercial success for new products and technologies; the possibility of delays in the research and development necessary to select drug development candidates and delays in clinical trials; the risk that clinical trials may not result in marketable products; the risk that the Company may be unable to successfully finance and secure regulatory approval of and market its drug candidates; its dependence upon pharmaceutical and biotechnology collaborations; the levels and timing of payments under its collaborative agreements; uncertainties about the Company’s ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products; its ability to protect its proprietary technologies; patent-infringement claims; and risks of new, changing and competitive technologies and regulations in the United States and internationally. For more detail regarding such risks and uncertainties, please refer to “Risk Factors” in Item 1A in the June 30, 2013 Form 10-K. | ||
The Company has $41.3 million of unrestricted cash and cash equivalents as of June 30, 2013. Based on the Company’s expected cash utilization rate, the Company believes it has sufficient funds to continue its operations and research and development programs for at least the next twelve months. Cash requirements in fiscal year 2014 are expected to increase to $24.0 – $26.0 million, which includes expenses related to the antibody-drug conjugate, or ADC programs and certain expenses to initiate the Company’s anticipated clivatuzumab Phase III clinical trial for the treatment of patients with pancreatic cancer. The Company’s Phase Ib clinical trial of clivatuzumab in patients with pancreatic cancer was completed during the 2013 fiscal year. In fiscal 2014, the Company plans to launch a Phase III clinical trial with Y-90-labeled clivatuzumab tetraxetan in combination with low-dose gemcitabine as a therapy for pancreatic cancer patients with two or more prior treatments. The Company will require additional funding in order to complete this Phase III clinical trial. | ||
The Company expects research and development activities to continue to expand over time and it does not believe it will have adequate cash to continue to conduct development of product candidates in line with its pipeline included in its long term corporate strategy. As a result, the Company will continue to require additional financial resources in order to conduct its research and development programs, clinical trials of product candidates and regulatory filings. | ||
Since its inception in 1982, Immunomedics’ principal sources of funds have been the private and public sale of debt and equity securities and revenues from licensing agreements, which could provide up-front and milestone payments, as well as funding of development costs and other licensing possibilities. The Company’s ability to raise capital through public and private debt or equity financings may be negatively impacted by the current weak economy. There can be no assurances that financing will be available when needed on terms acceptable to it, if at all. If the Company were unable to raise capital on acceptable terms, its ability to continue its business would be materially and adversely affected. Furthermore, the terms of any such debt or equity financing may include covenants which may limit the Company’s future ability to manage the business. At the present time, the Company is unable to determine whether any of these future activities will be successful and, if so, the terms and timing of any definitive agreements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation and Presentation | |||||||||||||||||
The consolidated financial statements include the accounts of Immunomedics and its majority-owned subsidiaries. Noncontrolling interests in consolidated subsidiaries in the consolidated balance sheets represent minority stockholders’ proportionate share of the equity in such subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Examples of the Company’s significant estimates include accrued liabilities and stock compensation expenses. | |||||||||||||||||
Foreign Currencies | |||||||||||||||||
For subsidiaries outside of the United States that operate in a local currency environment, income and expense items are translated to United States dollars at the monthly average rates of exchange prevailing during the year, assets and liabilities are translated at year-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of stockholders’ equity in the Consolidated Balance Sheets and the Consolidated Statements of Changes in Stockholders’ Equity and are included in the determination of comprehensive (loss) income in the Consolidated Statements of Comprehensive (Loss) Income, including long-term investments in consolidated subsidiaries. Transaction gains and losses are included in the determination of net (loss) income in the Consolidated Statements of Comprehensive (Loss) Income. As of June 30, 2013 and 2012, the cumulative unrealized foreign currency translation gain included in other comprehensive income was approximately $0.2 million and $0.1 million, respectively. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded at net realizable value. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The Company utilizes a specific identification accounts receivable reserve methodology based on a review of outstanding balances and previous activities to determine the allowance for doubtful accounts. The Company charges off uncollectible receivables at the time the Company determines the receivable is no longer collectible. The Company does not require collateral or other security to support financial instruments subject to credit risk. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Cash, cash equivalents and marketable securities are financial instruments that potentially subject the Company to concentration of credit risk. For the 2013 fiscal year the Company had one customer who accounted for approximately 11% of total revenue. For fiscal years 2012 and 2011 refer to Note 10 for revenues from licensing transactions. Immunomedics periodically invests its cash in debt instruments of banks and financial institutions with strong credit ratings. Immunomedics has established guidelines relative to diversification and maturities that are designed to help ensure safety and liquidity. These guidelines are periodically reviewed to take advantage of trends in yields and interest rates. | |||||||||||||||||
Estimated Fair Value of Financial Instruments | |||||||||||||||||
The Company has categorized its financial assets, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The Company does not have any financial liabilities that are required to be measured at fair value on a recurring basis. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
Financial assets recorded on the consolidated balance sheets as of June 30, 2013 and 2012 are categorized based on the inputs to the valuation techniques as follows (in thousands): | |||||||||||||||||
• | Level 1 – Financial assets 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 (examples include active exchange-traded equity securities and most U.S. Government and agency securities). | ||||||||||||||||
• | Level 2 – Financial assets whose value 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. | ||||||||||||||||
• | Level 3 – Financial assets 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. | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
30-Jun-13 | |||||||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
30-Jun-12 | |||||||||||||||||
Money Market Funds | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
Total | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
The money market funds noted above are included in cash and cash equivalents in the consolidated balance sheets. We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the fiscal year 2013. | |||||||||||||||||
Reimbursement of Research and Development Costs | |||||||||||||||||
Research and development costs that are reimbursable under collaboration agreements are included as a reduction of research and development expenses. The Company records these reimbursements as a reduction of research and development expenses as the Company’s partner in the collaboration agreement has the financial risks and responsibility for conducting these research and development activities. | |||||||||||||||||
Inventory | |||||||||||||||||
Inventory, which consists of the finished product and work in process of LeukoScan, is stated at the lower of cost (on a first-in, first-out basis) or market, and includes materials, labor and manufacturing overhead. An inventory reserve is recorded for finished product that is not deemed to be saleable, if necessary. As of June 30, 2013 and 2012 no reserve was deemed to be necessary. | |||||||||||||||||
Property and Equipment and Impairment of Assets | |||||||||||||||||
Property and equipment are stated at cost and are depreciated on a straight-line basis over the estimated useful lives (5-10 years) of the respective assets. Leasehold improvements are capitalized and amortized over the lesser of the remaining life of the lease or the estimated useful life of the asset. Immunomedics reviews long-lived assets for impairment whenever events or changes in business circumstances occur that indicate that the carrying amount of the assets may not be recoverable. Immunomedics assesses the recoverability of long-lived assets held and to be used based on undiscounted cash flows, and measures the impairment, if any, using discounted cash flows. To date the Company has not taken any impairment charges on property and equipment. | |||||||||||||||||
Life Insurance Policies | |||||||||||||||||
The Company has life insurance policies on Dr. Goldenberg, which are for the benefit of the Company. When the Company is the beneficiary of the policy, and there are no other contractual arrangements between the Company and Dr. Goldenberg, the Company recognizes the amount that could be realized under the insurance arrangement as an asset in the balance sheet. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company has accounted for revenue arrangements that include multiple deliverables as a separate unit of accounting if: a) the delivered item has value to the customer on a standalone basis, b) there is objective and reliable evidence of the fair value of the undelivered items and c) if the right of return exists, delivery of the undelivered items is considered probable and substantially in the control of the vendor. If these criteria are not met, the revenue elements must be considered a single unit of accounting for purposes of revenue recognition. The Company allocates revenue consideration, excluding contingent consideration, based on the relative selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Relative selling prices are determined using vendor specific objective evidence, if it exists; otherwise third-party evidence or the Company’s best estimate of selling price is used for each deliverable. | |||||||||||||||||
Payments received under contracts to fund certain research activities are recognized as revenue in the period in which the research activities are performed. Payments received in advance that are related to future performance are deferred and recognized as revenue when the research projects are performed. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. The Company estimates the period of continuing involvement based on the best evidential matter available at each reporting period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. | |||||||||||||||||
In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (“FASB”) guidance on the milestone method of revenue recognition at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. Royalties are recognized as earned in accordance with the terms of various research and collaboration agreements. | |||||||||||||||||
Revenue from the sale of diagnostic products is recorded when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable and collectability is reasonably assured. Allowances, if any, are established for uncollectible amounts, estimated product returns and discounts. Since allowances are recorded based on management’s estimates, actual amounts may be different in the future. | |||||||||||||||||
Research and Development Costs | |||||||||||||||||
Research and development costs are expensed as incurred. Costs incurred for clinical trials for patients and investigators are expensed as services are performed in accordance with the agreements in place with the institutions. | |||||||||||||||||
Manufacturing Costs | |||||||||||||||||
Manufacturing costs incurred in relation to the development of materials produced in order to fulfill contractual obligations are capitalized and are recorded in other current assets until the product is delivered in accordance with the terms of the agreement. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method to account for income taxes, including the recognition of deferred tax assets and deferred tax liabilities for the anticipated future tax consequences attributable to differences between financial statements amounts and their respective tax bases. The Company reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | |||||||||||||||||
The Company does not have an accrual for uncertain tax positions as of June 30, 2013 or 2012. The U.S. Federal statute of limitation remains open for the fiscal years 2008 onward. The Company’s tax returns filed in foreign jurisdictions remain open for the fiscal years 2009 onward. State income tax returns are generally subject to examination for a period of 3-5 years after filing of the respective return. The Company conducts business and files tax returns in New Jersey. | |||||||||||||||||
Net (Loss) Income Per Share Allocable to Common Stockholders | |||||||||||||||||
Basic net (loss) income per share is based upon the number of weighted average number of shares of common stock and vested restricted shares outstanding. Diluted net income per share is based upon the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding. During fiscal years 2013 and 2011, no potential shares of common stock were included in the calculation since their affect would be anti-dilutive due to the operating losses. For fiscal year 2012, diluted net income per share is based upon the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding. Potential shares of common stock that result from the assumed exercise of outstanding stock options and warrant shares, with exercise prices less than the average market price of the Company’s common stock during the year ended June 30, 2013, 2012, and 2011, are calculated under the treasury stock method. All other outstanding stock options and warrant shares have been excluded from the calculation. | |||||||||||||||||
Comprehensive (Loss) Income | |||||||||||||||||
Comprehensive (loss) income consists of net (loss) income, net unrealized gains on securities available for sale and foreign currency translation adjustments and is presented in the Consolidated Statements of Comprehensive (Loss) Income. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company’s 2006 Stock Incentive Plan (the “Plan”) permits the grant of options and shares to its employees for up to 8 million shares of common stock. A summary of this plan is provided in Note 6. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on four years of continuous service and have seven year contractual terms. Certain options provide for accelerated vesting if there is a change in control (as defined in the Plan). | |||||||||||||||||
The fair value of each option granted during the years ended June 30, 2013, 2012 and 2011 is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions in the following table: | |||||||||||||||||
Years ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected option term (years) | 5.35 | 5.32 | 5.42 | ||||||||||||||
Expected stock price volatility | 69% | 80% | 88% | ||||||||||||||
Risk-free interest rate | 0.98% –1.84% | 1.01% –2.46% | 2.33% –2.86% | ||||||||||||||
The weighted average fair value at the date of grant for options granted during the years ended June 30, 2013, 2012 and 2011 were $2.12, $2.23 and $2.53 per share, respectively. The Company uses historical data to estimate forfeitures. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Expected stock price volatility was calculated based on the Company’s daily stock trading history. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||
The Company has 1,642,733 non-vested options and restricted stock shares outstanding. As of June 30, 2013, 2012 and 2011, there was $3.6 million, $3.3 million and $3.4 million, respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is being recognized over a weighted-average period of 2.62 years. The weighted average of remaining contractual terms of the exercisable shares is 2.59 years and 2.95 years as of June 30, 2013 and 2012, respectively. | |||||||||||||||||
Qualifying Therapeutic Discovery Project Program | |||||||||||||||||
On October 29, 2010, the Company was notified that it had been awarded a total cash grant of approximately $2.9 million under the Qualifying Therapeutic Discovery Project program administered under section 48D of the Internal Revenue Code, of which approximately $2.5 million relates to qualifying expenses the Company had previously incurred during the 2010 fiscal year, which was received during the second quarter of fiscal 2011. The remainder of the grant of approximately $0.4 million was received during the first quarter of fiscal 2012 based on qualifying expenses the Company has incurred during the 2011 fiscal year. The Company recognized the full $2.9 million of the grant as of the date of notification since the Company had already incurred all of the qualifying expenses. Since this program is non-recurring in nature, the Company elected to classify this payment as other income in the Condensed Consolidated Statement of Comprehensive Income (Loss) for the year ended June 30, 2011. | |||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying amounts of cash and cash equivalents, other current assets and current liabilities approximate fair value due to the short-term maturity of these instruments. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | |||||||||||||||||
Insurance Proceeds | |||||||||||||||||
Insurance proceeds totaling $2.6 million were received during the fiscal year 2013 as a result of insurance claims from an equipment failure during the 2011 fiscal year. A cash payment for a business interruption insurance claim of $2.5 million was received, which had resulted from the equipment failure that had limited the production of materials necessary for certain research & product development. There was no such claim for the previous year. In addition, for fiscal years ended June 30, 2013 and 2011 proceeds of $0.1 million and $0.3 million, respectively, were also recorded from a property claim regarding the same equipment failure. The proceeds received from these claims are classified as a separate other income component in the consolidated statement of comprehensive (loss) income. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain 2012 and 2011 balances have been reclassified to conform to the 2013 presentation. These reclassifications related to insurance claims for equipment failure in the statements of comprehensive (loss) income, deferred revenues in the balance sheets, and deferred revenue and payments of taxes for stock plan activity in the statements of cash flows. In addition, the Company has corrected its 2012 and 2011 statement of cash flows related to the immaterial impact of changes in foreign currency exchange rates on cash and cash equivalents and changes in operating assets and liabilities. | |||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”).” ASU 2013-02 requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The Company will adopt ASU 2013-02 in the first quarter of fiscal year 2014, which will not have a significant impact on its financial statements. |
Inventory
Inventory | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
3 | Inventory | ||||||||
Inventory consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Work in process | $ | 914 | $ | — | |||||
Finished goods | 116 | 416 | |||||||
Total | $ | 1,030 | $ | 416 | |||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
4 | Property and Equipment | ||||||||
Property and equipment consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 7,766 | $ | 7,453 | |||||
Leasehold improvements | 18,087 | 17,933 | |||||||
Furniture and fixtures | 933 | 921 | |||||||
Computer equipment | 2,044 | 1,928 | |||||||
28,830 | 28,235 | ||||||||
Accumulated depreciation and amortization | (26,743 | ) | (25,707 | ) | |||||
$ | 2,087 | $ | 2,528 | ||||||
Depreciation expense for the years ended June 30, 2013, 2012 and 2011 was $1.0 million, $1.5 million and $1.5 million, respectively. During the 2013 and 2011 fiscal years the Company received $0.1 million and $0.3 million, respectively, of insurance proceeds for an equipment failure that occurred during the 2011 fiscal year. The Company did not receive any insurance proceeds for the 2011 equipment failure during fiscal year 2012. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
5 | Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable | $ | 980 | $ | 512 | |||||
Clinical trial accruals | 1,543 | 714 | |||||||
Incentive compensation | — | 329 | |||||||
Executive bonus | 676 | 655 | |||||||
Miscellaneous other current liabilities | 752 | 772 | |||||||
$ | 3,951 | $ | 2,982 | ||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||
6 | Stockholders’ Equity | ||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||
The Certificate of Incorporation of the Company authorizes 10,000,000 shares of preferred stock, $.01 par value per share. The preferred stock may be issued from time to time in one or more series, with such distinctive serial designations, rights and preferences as shall be determined by the Board of Directors. For each of the fiscal years ended June 30, 2013, 2012 and 2011 the Company has had no preferred stock outstanding. | |||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||
In February 2013, the Company sold 7,000,000 shares of its common stock, composed of 6,086,956 shares of common stock initially offered and an additional 913,044 shares of common stock sold pursuant to the full exercise of the underwriters’ over-allotment option. The public offering price of $2.30 per share of common stock resulted in net proceeds to the Company of approximately $14.8 million. The shares of common stock were sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. | |||||||||||||||||||||||||
Stock Incentive Plans | |||||||||||||||||||||||||
The Immunomedics, Inc. 2006 Stock Incentive Plan (“the Plan”) was created with the intention to promote the interests of the Company, by providing eligible persons with the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company as an incentive to remain with the organization. At June 30, 2013 there were 10,720,673 shares of common stock authorized for issuance upon the exercise of stock options or the delivery under restricted stock units under the Plan. | |||||||||||||||||||||||||
The Plan is divided into three separate equity incentive programs. These incentive programs consist of: | |||||||||||||||||||||||||
• | Discretionary Grant Program under which eligible persons may be granted options to purchase shares of common stock or stock appreciation rights tied to the value of the common stock; | ||||||||||||||||||||||||
• | Stock Issuance Program under which eligible persons may be issued shares of common stock pursuant to restricted stock awards, restricted stock shares, performance shares or other stock-based awards which vest upon completion of a designated service period or the attainment of pre-established performance milestones, or such shares of common stock may be a fully-vested bonus for services rendered; and | ||||||||||||||||||||||||
• | Automatic Grant Program under which eligible non-employee Board members will automatically receive grants at designated intervals over their period of continued Board service. | ||||||||||||||||||||||||
The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on four years of continuous service and have seven year contractual terms. Certain options provide for accelerated vesting if there is a change in control (as defined in the Plan). At June 30, 2013, 4,505,224 stock options were still available for future grant and shares of common stock were reserved for possible future issuance upon exercise of stock options both currently outstanding and which may be issued in the future. | |||||||||||||||||||||||||
Each of the Company’s outside Directors who had been a Director prior to July 1st of each year is granted, at the annual shareholder meeting of each year, options to purchase shares of the Company’s common stock at fair market value on the grant date. The number of options to be issued is at the discretion of the Company’s Board of Directors. For fiscal years 2013, 2012 and 2011, stock options and restricted stock were granted to these outside directors to purchase an aggregate of 207,750 shares, 102,500 shares and 80,000 shares, respectively. Stock options granted to outside directors are vested when granted. Restricted stock units granted to outside directors become vested within one year of grant date. When an outside Director is elected to the Board of Directors, they are awarded options for 22,500 shares of the Company’s common stock. | |||||||||||||||||||||||||
For the 2012 and 2011 fiscal years as part of the Plan, each non-employee Board member who continued to serve as a non-employee Board member was automatically granted restricted stock units up to 5,000 shares of common stock. Beginning in the 2013 fiscal year, each non-employee Board member who continues to serve shall receive on the date of the annual stockholders meeting an annual grant of non-qualified stock options and restricted stock units, each equal in value to $45 thousand. The Company recorded $154 thousand, $70 thousand and $72 thousand for stock-based compensation expense for these non-employee Board members restricted stock units for the years ended June 30, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Information concerning options for the years ended June 30, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||||||||||||||
Number of Shares | Weighted Average Price | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Options outstanding, beginning of year | 5,799,100 | 6,471,975 | 6,225,621 | $ | 3.72 | $ | 4.92 | $ | 5.8 | ||||||||||||||||
Options granted | 759,900 | 349,000 | 832,251 | $ | 3.59 | $ | 3.4 | $ | 3.54 | ||||||||||||||||
Options exercised | (88,594 | ) | (59,126 | ) | (92,460 | ) | $ | 3 | $ | 2.91 | $ | 2.63 | |||||||||||||
Options cancelled or forfeited | (743,532 | ) | (962,749 | ) | (493,437 | ) | $ | 6.96 | $ | 11.7 | $ | 14.2 | |||||||||||||
Options outstanding, end of year | 5,726,874 | 5,799,100 | 6,471,975 | $ | 3.3 | $ | 3.72 | $ | 4.92 | ||||||||||||||||
Options exercisable, end of year | 4,572,716 | 4,686,364 | 4,896,272 | $ | 3.21 | $ | 3.81 | $ | 5.47 | ||||||||||||||||
The aggregate intrinsic value of the outstanding and exercisable stock options as of June 30, 2013 and 2012 is $12.3 million and 10.2 million, respectively. The aggregate intrinsic value is the sum of the amounts by which the quoted market price of the Company’s common stock exceeded the exercise price of the options at June 30, 2013, for those options for which the quoted market price was in excess of the exercise price. The total intrinsic value of options exercised during the 2013, 2012 and 2011 fiscal years was $0.1 million, $33 thousand and $0.1 million, respectively. Included in research and development and general and administrative expense categories the Company has recorded $1.5 million, $1.5 million and $1.7 million for stock-based compensation expense related to these stock options for the years ended June 30, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The following table summarizes information concerning options outstanding under the Plan at June 30, 2013: | |||||||||||||||||||||||||
Range of exercise price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||||||
at June 30, | exercise | remaining | at June 30, | exercise | |||||||||||||||||||||
2013 | price | term | 2013 | price | |||||||||||||||||||||
(yrs.) | |||||||||||||||||||||||||
$1.59 – 3.00 | 2,411,288 | $ | 2.4 | 2.55 | 2,380,975 | $ | 2.4 | ||||||||||||||||||
3.01 – 5.00 | 2,821,586 | 3.68 | 4.21 | 1,697,741 | 3.7 | ||||||||||||||||||||
5.01 – 7.00 | 492,000 | 5.44 | 0.93 | 492,000 | 5.44 | ||||||||||||||||||||
7.01 – 9.50 | 2,000 | 9.5 | 0.19 | 2,000 | 9.5 | ||||||||||||||||||||
5,726,874 | $ | 3.3 | 3.23 | 4,572,716 | $ | 3.21 | |||||||||||||||||||
At a Compensation Committee meeting held on August 27, 2012, the Company awarded an additional 205,700 restricted stock units to certain executive officers of the Company at the market price on that date ($3.46 per share). These restricted stock units will vest over a four year period. As of June 30, 2013 there was $1.2 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan for these executive officers. That cost is being recognized over a weighted-average period of 2.61 years. The Company recorded $0.6 million, $0.5 million and $0.2 million for stock-based compensation expense for these executive officers for the fiscal years ended June 30, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
A summary of the Company’s non-vested restricted stock units at June 30, 2013, and changes during the year ended June 30, 2013 is presented below: | |||||||||||||||||||||||||
Non-Vested Restricted Stock | Number of Awards | ||||||||||||||||||||||||
Non-vested at July 1, 2012 | 439,375 | ||||||||||||||||||||||||
Granted | 280,450 | ||||||||||||||||||||||||
Vested/Exercised | (231,250 | ) | |||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||
Non-vested at June 30, 2013 | 488,575 | ||||||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
7 | Earnings Per Share | ||||||||||||
Basic earnings per share are calculated using the weighted average number of outstanding shares of common stock including vested restricted shares. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options and restricted stock whether or not currently exercisable. Diluted earnings per share for the periods presented do not include securities if their effect was anti-dilutive. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (11,382 | ) | $ | 1,378 | $ | (14,238 | ) | |||||
Basic earnings per share: | |||||||||||||
Weighted average basic common shares outstanding | 78,040 | 75,481 | 75,313 | ||||||||||
Basic (loss) earnings per share attributable to Immunomedics, Inc. | $ | (0.15 | ) | $ | 0.02 | $ | (0.19 | ) | |||||
Diluted earnings per share: | |||||||||||||
Weighted average basic common shares outstanding | 78,040 | 75,481 | 75,313 | ||||||||||
Dilutive effect of restricted stock | — | 82 | — | ||||||||||
Dilutive effect of stock options outstanding | — | 611 | — | ||||||||||
Weighted average diluted common shares outstanding | 78,040 | 76,174 | 75,313 | ||||||||||
Diluted (loss) earnings per share | $ | (0.15 | ) | $ | 0.02 | $ | (0.19 | ) | |||||
Stock options and warrant shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | 6,189 | 5,699 | 6,472 | ||||||||||
Restricted stock excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | 456 | 357 | 151 |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
8 | Income Taxes | ||||||||||||
The provision (benefit) for income taxes is as follows (in thousands): | |||||||||||||
Year Ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal | |||||||||||||
Current | $ | (38 | ) | $ | 126 | $ | 56 | ||||||
Deferred | — | — | — | ||||||||||
Total Federal | (38 | ) | 126 | 56 | |||||||||
State | |||||||||||||
Current | 2 | 2 | 4 | ||||||||||
Deferred | — | — | — | ||||||||||
Total State | 2 | 2 | 4 | ||||||||||
Foreign | |||||||||||||
Current | 80 | 82 | 50 | ||||||||||
Deferred | — | — | — | ||||||||||
Total Foreign | 80 | 82 | 50 | ||||||||||
Total Expense | $ | 44 | $ | 210 | $ | 110 | |||||||
A reconciliation of the statutory tax rates and the effective tax rates for each of the years ended June 30 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | (34.0 | %) | 34 | % | (34.0 | %) | |||||||
State income taxes (net of Federal tax benefit) | 0 | % | 0.3 | % | 0 | % | |||||||
Foreign income tax | 0.1 | % | (3.2 | %) | (0.4 | %) | |||||||
Change in valuation allowance | 12.1 | % | (716.2 | %) | 67 | % | |||||||
NOL expiration | 24.3 | % | 754.5 | % | (30.3 | %) | |||||||
R&D tax credit expiration | (3.4 | %) | (72.8 | %) | (1.3 | %) | |||||||
Other | 1.3 | % | 17.6 | % | (0.2 | %) | |||||||
Effective rate | 0.4 | % | 14.2 | % | 0.8 | % | |||||||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets as of June 30, 2013 and 2012 are presented below (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
NOL carry forwards | $ | 53,941 | $ | 53,927 | |||||||||
Research and development credits | 11,707 | 11,703 | |||||||||||
Property and equipment | 4,369 | 4,322 | |||||||||||
Other | 8,705 | 6,881 | |||||||||||
Total | 78,722 | 76,833 | |||||||||||
Valuation allowance | (78,722 | ) | (76,833 | ) | |||||||||
Net deferred taxes | $ | — | $ | — | |||||||||
A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowances for fiscal years 2013 and 2012 have been applied to offset the deferred tax assets in recognition of the uncertainty that such tax benefits will be realized as the Company continues to incur losses. The differences between book income and tax income primarily relate to the recognition of income resulting from depreciation and stock compensation expenses. | |||||||||||||
At June 30, 2013, the Company has available net operating loss carry forwards for federal income tax reporting purposes of approximately $154.8 million and for state income tax reporting purposes of approximately $42.6 million, which expire at various dates between fiscal 2013 and 2033. Pursuant to Section 382 of the Internal Revenue Code of 1986, as amended, the annual utilization of a company’s net operating loss and research credit carry forwards may be limited if the Company experiences a change in ownership of more than 50 percentage points within a three-year period. As a result of certain financing arrangements, the Company may have experienced such ownership changes. Accordingly, the Company’s net operating loss carry forwards available to offset future federal taxable income arising before such ownership changes may be limited. Similarly, the Company may be restricted in using its research credit carry forwards arising before such ownership changes to offset future federal income tax expense. Of the deferred tax asset valuation allowance related to the net operating loss carry forwards, approximately $22.5 million relates to a tax deduction for non-qualified stock options. | |||||||||||||
At June 30, 2013, the Company did not have any material unrecognized tax benefits and the Company does not anticipate that its unrecognized tax benefits will significantly change in the next twelve months. The Company will recognize potential interest and penalties related to income tax positions as a component of the provision for income taxes on the consolidated statements of comprehensive (loss) income in any future periods in which the Company must record a liability. The Company is no longer subject to federal or foreign income tax assessments for years prior to 2009. The Company conducts business and files tax returns in New Jersey. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||
Jun. 30, 2013 | |||||||
Related Party Transactions [Abstract] | ' | ||||||
Related Party Transactions | ' | ||||||
9 | Related Party Transactions | ||||||
Certain of the Company’s affiliates, including members of its senior management and Board of Directors, as well as their respective family members and other affiliates, have relationships and agreements among themselves as well as with the Company and its affiliates, that create the potential for both real, as well as perceived, conflicts of interest. These include Dr. David M. Goldenberg, the Company’s Chairman, Chief Medical Officer and Chief Scientific Officer, Ms. Cynthia L. Sullivan, the President and Chief Executive Officer, who is the wife of Dr. David M. Goldenberg, and certain companies with which the Company does business, including the Center for Molecular Medicine and Immunology (“CMMI”) and IBC Pharmaceuticals, Inc. | |||||||
Dr. David M. Goldenberg | |||||||
Dr. David M. Goldenberg was an original founder of Immunomedics in 1982 and continues to play a critical role in its business. He currently serves as Chairman of the Board of Directors, Chief Medical Officer and Chief Scientific Officer, and is married to the Company’s President and Chief Executive Officer, Cynthia L. Sullivan. Dr. Goldenberg is a party to a number of agreements with the Company involving not only his services, but intellectual property owned by him. In addition, Dr. Goldenberg performs services for CMMI, (see below for further details). | |||||||
License Agreement | |||||||
Pursuant to a License Agreement between Immunomedics and Dr. Goldenberg, certain patent applications owned by Dr. Goldenberg were licensed to Immunomedics at the time of Immunomedics’ formation in exchange for a royalty in the amount of 0.5% of the first $20.0 million of annual net sales of all products covered by any of such patents and 0.25% of annual net sales of such products in excess of $20.0 million. In November 1993, the ownership rights of Immunomedics were extended as part of Dr. Goldenberg’s employment agreement, with Immunomedics agreeing to diligently pursue all ideas, discoveries, developments and products, into the entire medical field, which, at any time during his past or continuing employment by Immunomedics (but not when performing services for CMMI – see below), Dr. Goldenberg has made or conceived or hereafter makes or conceives, or the making or conception of which he has materially contributed to or hereafter contributes to, all as defined in the Employment Agreement. | |||||||
Employment Agreements | |||||||
On July 1, 2011, the Company entered into the Third Amended and Restated Employment Agreement with Dr. Goldenberg for his service to the Company as the Chief Scientific Officer and Chief Medical Officer (the “Goldenberg Agreement”), which terminates July 1, 2016. The Goldenberg Agreement covers aspects of his compensation as well as duties and responsibilities at Immunomedics. Under the Goldenberg Agreement, Dr. Goldenberg’s annual base salary is at a minimum of $0.5 million, which shall be reviewed annually for appropriate increases by the Board of Directors or the Compensation Committee. Dr. Goldenberg is also eligible to participate in any Company incentive compensation plan in place for its senior level executives and is eligible to receive an annual discretionary bonus based upon certain performance standards to be determined by the Compensation Committee. Dr. Goldenberg’s annual bonus target is 50% of his annual base salary, subject to achievement of performance goals, with a potential payout from 0% to 150% of the target amount. | |||||||
Dr. Goldenberg is also eligible to receive certain additional incentive compensation during the agreement term. For any fiscal year in which the Company records an annual net loss, Dr. Goldenberg shall receive a sum equal to 0.75% of the consideration the Company receives from any licensing agreement, sale of intellectual property or similar transaction with any third party, with certain exceptions as defined in the Goldenberg Agreement. For any fiscal year in which the Company records net income, Dr. Goldenberg shall receive a sum equal to 1.50% of the Company’s Annual Net Revenue as defined in the Goldenberg Agreement for each such fiscal year, and thereafter throughout the non-competition period, as described in the Agreement. | |||||||
Dr. Goldenberg is also eligible to receive royalty payments on royalties received by the Company. For each fiscal year the Company shall pay Dr. Goldenberg a sum equal to a percentage of the annual royalties the Company receives on each of the products for which Dr. Goldenberg is an Inventor, and all products using, related to or derived from products for which Dr. Goldenberg is an Inventor. The percentage of royalties that the Company will pay to Dr. Goldenberg on each patented product will be determined based on the percentage of royalties that the Company must pay to external third parties. | |||||||
Dr. Goldenberg is also eligible to receive minimum payments of $150 thousand during each of the fiscal years, payable in equal quarterly payments, as an advance against the amounts due as additional incentive compensation, royalty payments and dispositions of undeveloped assets. In the event the Company completes a disposition of the Company’s undeveloped assets for which Dr. Goldenberg was an Inventor, the Company will pay Dr. Goldenberg a sum equal to at least twenty percent or more of the consideration the Company receives from each disposition. The Company’s obligation to compensate Dr. Goldenberg upon dispositions of undeveloped assets applies to all dispositions completed within the contract term or within three years thereafter. | |||||||
In accordance with the terms of the Goldenberg Agreement, additional compensation of $0.3 million was earned by Dr. Goldenberg for the fiscal year ended June 30, 2012 as a result of the Company’s profitability for that fiscal year. For the 2013 and 2011 fiscal years, Dr. Goldenberg received the minimum payment under the employment agreement. | |||||||
Finally, it is a condition to his employment agreement that Dr. Goldenberg be permitted to continue his involvement with CMMI, as discussed in greater detail below. Dr. Goldenberg also is compensated by IBC Pharmaceuticals as discussed in greater detail in these notes to the Consolidated Financial Statements. | |||||||
Cynthia L. Sullivan | |||||||
Effective July 1, 2011, the Company entered into the Fourth Amended and Restated Employment Agreement with Cynthia L. Sullivan pertaining to Ms. Sullivan’s service to the Company as the Company’s President and Chief Executive Officer (the “Amended Sullivan Agreement”). The Amended Sullivan Agreement will continue, unless earlier terminated by the parties, until July 1, 2014. Ms. Sullivan’s current annual base salary under the Amended Sullivan Agreement is $0.6 million, which shall be reviewed annually for appropriate increases by the Board or the Compensation Committee. Ms. Sullivan’s annual bonus target is 50% of her base salary, subject to achievement of performance goals, with a potential payout from 0% to 150% of the target amount. Ms. Sullivan will also be eligible to receive equity compensation awards under the Company’s 2006 Stock Incentive Plan, or any such successor equity compensation plan as may be in place from time to time. | |||||||
Relationships with The Center for Molecular Medicine and Immunology | |||||||
The Company’s product development has involved, to varying degrees, CMMI, for the performance of certain basic research and patient evaluations, the results of which are made available to the Company pursuant to a collaborative research and license agreement. The Company currently subleases approximately 1,000 square feet, at a rate of $30 thousand per year. Dr. Goldenberg is the founder, current President and a member of the Board of Trustees of CMMI. Dr. Goldenberg’s employment agreement permits him to devote such time as is necessary to fulfill his duties to the CMMI and IBC Pharmaceuticals., Inc, provided that such duties do not materially interfere with his ability to perform any of his obligations under the Goldenberg Agreement. Certain of the Company’s consultants have employment relationships with CMMI, and Dr. Hans Hansen, the Company’s emeritus executive officer, is an adjunct member of CMMI. CMMI’s management and fiscal operations are the responsibility of CMMI’s Board of Trustees. | |||||||
The Company has reimbursed CMMI for expenses incurred on behalf of the Company, including amounts incurred pursuant to research contracts, in the amount of approximately $32 thousand, $0.2 million and $0.3 million during the years ended June 30, 2013, 2012 and 2011, respectively. For fiscal 2012, the Company also reimbursed one-half of the clean-up cost for the disposal of materials related to the Company’s contract research at the CMMI former facility. In fiscal years ended June 30, 2013, 2012 and 2011, the Company incurred $60 thousand, $68 thousand and $61 thousand, respectively, of legal expenses for patent related matters for patents licensed to Immunomedics from CMMI. The Company may decide whether or not to support them. However, any inventions made independently of the Company at CMMI are the property of CMMI. | |||||||
IBC Pharmaceuticals | |||||||
IBC Pharmaceuticals, Inc. (“IBC”) is a majority owned subsidiary of Immunomedics, Inc. | |||||||
As of June 30, 2013, the shares of IBC Pharmaceuticals, Inc. were held as follows: | |||||||
Stockholder | Holdings | Percentage of Total | |||||
Immunomedics, Inc. | 5,615,124 shares of Series A Preferred Stock | 73.46 | % | ||||
Third Party Investors | 628,282 shares of Series B Preferred Stock | 8.22 | % | ||||
David M. Goldenberg Millennium Trust | 1,399,926 shares of Series C Preferred Stock | 18.32 | % | ||||
100 | % | ||||||
In the event of a liquidation, dissolution or winding up of IBC, the Series A, B and C Preferred Stockholders would be entitled to $0.6902, $5.17 and $0.325 per share (subject to adjustment), respectively. The Series A and B stockholders would be paid ratably until fully satisfied. The Series C stockholders would be paid only after the Series A and B stockholders have been fully repaid. These liquidation payments would be made only to the extent the assets of IBC are sufficient to make such payments. | |||||||
In each of the fiscal years 2013, 2012 and 2011, Dr. Goldenberg received $78 thousand, $55 thousand and $55 thousand, respectively in compensation for his services to IBC. At June 30, 2013, Dr. Goldenberg was a director of IBC, while Cynthia L. Sullivan, Gerard G. Gorman and Phyllis Parker served as the President, Treasurer and Secretary, respectively, of IBC. |
License_and_Collaboration_Agre
License and Collaboration Agreements | 12 Months Ended | |
Jun. 30, 2013 | ||
Text Block [Abstract] | ' | |
License and Collaboration Agreements | ' | |
10 | License and Collaboration Agreements | |
Algeta ASA | ||
In January 2013 the Company entered into a collaboration agreement with Algeta ASA for the development of epratuzumab to be conjugated with Algeta’s proprietary thorium-227 alpha-pharmaceutical payload. Under the terms of this agreement, the Company is required to manufacture and supply clinical-grade antibody to Algeta, which has rights to evaluate the potential of a Targeted Thorium Conjugate (TTC), linking thorium-227 to epratuzumab, for the treatment of cancer. Algeta will fund all preclinical and clinical development costs up to the end of Phase I testing. Upon successful completion of Phase I testing, the parties shall negotiate terms for a license agreement at Algeta’s request. The Company and Algeta have agreed to certain parameters to be included in the collaboration agreement. Under the terms of the collaboration agreement, Immunomedics received an upfront cash payment and is entitled to other payments which will be recognized over the period of time the Company supplies clinical grade antibody to Algeta. Revenue recognized under this arrangement has been included in license fee and other revenues while the related costs have been included in research and development expenses. | ||
Nycomed GmbH | ||
On July 11, 2008, the Company entered into the Nycomed Agreement with Nycomed providing Nycomed a worldwide license to develop, manufacture and commercialize veltuzumab, the Company’s humanized anti-CD20 antibody, in the subcutaneous formulation, for the treatment of all non-cancer indications. The Company retains the rights to develop, manufacture and commercialize veltuzumab in the field of oncology. | ||
Immunomedics can also receive certain cash payments contingent upon various regulatory achievements related to the successful development of veltuzumab by Nycomed and certain cash payments related to the achievement of specified product sales thresholds. These potential milestone payments include clinical development and regulatory filings. The Company may also receive an escalating double digit royalty based on annual net sales, if any, by Nycomed, its affiliates or sublicenses under the Nycomed Agreement during the royalty term. During the 2011 fiscal year the Company received a $10.0 million payment as a result of Nycomed achieving certain clinical milestones under the terms of the Nycomed Agreement. Previously one $10.0 million milestone payment was received under the terms of the Nycomed Agreement. No other clinical milestones or royalty payments were achieved. There can be no assurance that the other clinical, regulatory or sales milestones will be achieved and therefore there can be no assurance that the Company will receive any future payments. | ||
On September 30, 2011, Takeda Pharmaceutical Company Limited completed its acquisition of Nycomed and made Nycomed a wholly owned subsidiary of Takeda effective the same day. | ||
Takeda-Nycomed is solely responsible for the development, manufacturing and commercialization of veltuzumab, for the subcutaneous formulation, for all non-cancer indications. The Company’s major obligations were to complete the research and development activities as specified in the Nycomed Agreement and to manufacture and supply veltuzumab to Takeda-Nycomed for the quantity of materials for the period of time specified in the Nycomed Agreement. The Company completed its manufacturing and supply obligations and its’ responsibilities in the Phase I/II study in immune thrombocytopenic purpura, or ITP, during the 2010 fiscal year. | ||
Given that the Company’s performance obligations have been satisfied upon its completion of its manufacturing and supply obligations and its responsibilities in the Phase I/II study in ITP and are not provided for over time, such milestone payments are not deemed to be substantive milestones and do not | ||
qualify for the milestone method of revenue recognition. However, as the Company has no future performance obligations related to the Nycomed Agreement, revenue will be recognized when earned. | ||
In accordance with the Company’s accounting policy and applicable revenue recognition guidance, royalties are not evaluated under the milestone method and are recognized when earned. Similarly, the Company treats sales-based milestone payments as royalties. As such, sales milestone payments, which are related to the achievement of specified product sales thresholds, are not evaluated under the milestone method and are recorded as revenue when earned. | ||
Takeda-Nycomed has subsequently requested additional services beyond what the Company was obligated to perform and the reimbursement of these services are recognized as a reduction of research and development expenses. For the years ended June 30, 2012 and 2011, the Company has received reimbursements for manufactured materials requested by Takeda-Nycomed aggregating $1.5 million and $1.7 million, respectively, as outlined in the Nycomed Agreement. There were no reimbursements received for manufacturing of materials for the year ended June 30, 2013. | ||
UCB, S.A. | ||
On May 9, 2006, the Company entered into an agreement with UCB, S.A., referred to herein as UCB, providing UCB an exclusive worldwide license to develop, manufacture, market and sell epratuzumab for the treatment of all non-cancer indications, referred to herein as the UCB Agreement. Under the terms of the UCB Agreement, the Company received from UCB a non-refundable cash payment totaling $38.0 million. | ||
On December 27, 2011, the Company entered into the Amendment Agreement with UCB, referred to herein as the Amendment Agreement. The Amendment Agreement provided UCB the right to sublicense epratuzumab, subject to obtaining our prior consent, to a third party for the United States and certain other territories. As of March 18, 2014, UCB has not executed a sublicense agreement with a third-party. | ||
The Company also issued to UCB on December 27, 2011 a 5-year warrant to purchase one million shares of the Company’s common stock, par value $0.01 per share, at an exercise price of $8.00 per share. In exchange for the right to sublicense its rights in epratuzumab to a third party and the warrant issuance, the Company received a non-refundable cash payment of $30.0 million in January 2012. Further, under the terms of the Amendment Agreement, UCB surrendered its buy-in right with respect to epratuzumab in the field of oncology, which had been granted under the UCB Agreement. | ||
Collectively, pursuant to the UCB Agreement and the Amendment Agreement, the Company is entitled to receive (i) up to $145.0 million in cash payments and $20.0 million in equity investments in regulatory milestone payments and (ii) up to $260.0 million related to the achievement of specified product sales milestones. The Company is also entitled to product royalties ranging from mid-teen to mid-twenty percentage of aggregate annual net sales under the UCB Agreement during the product royalty term. No development milestone, commercialization milestone or royalty payments were achieved through March 18, 2014. There can be no assurance that the development or commercialization milestones or royalty payment thresholds under the UCB Agreement and Amendment Agreement will be met and therefore there can be no assurance that the Company will receive such future payments. | ||
The Agreement commenced on May 9, 2006 and shall terminate in accordance with the terms thereof or by mutual written consent, unless UCB decides to cease all development and commercialization of epratuzumab pursuant to the Agreement. Either the Company or UCB has the right to terminate the Agreement by notice in writing to the other party upon or after any material breach of the Agreement by the other party, if the other party has not cured the breach within 60 days after written notice to cure has been given, with certain exceptions. Upon termination of the Agreement, among other things, all rights and licenses granted by the Company to UCB shall terminate, all rights of UCB under the Immunomedics Patent Rights (as defined in the Agreement) and Immunomedics Know-How (as defined in the Agreement) shall revert to the Company, and UCB shall cease all use of the Immunomedics Patent Rights and Immunomedics Know-How. Further, all regulatory filings and Approvals (as defined in the Agreement) and any other documents relating to or necessary to further develop and commercialize the Licensed Compound (as defined in the Agreement) and Licensed Products (as defined in the Agreement), including, without limitation, all sublicenses granted by UCB, and all of UCB’s right, title and interest therein and thereto, shall be assigned to the Company at the Company’s option. No additional amounts shall be payable on events occurring after the effective date of termination. | ||
In accordance with the applicable accounting guidance for multiple-element revenue arrangements (ASU 2009-13), the Company evaluated the terms and conditions of the Amendment Agreement to determine if such amendments represented a material modification of the UCB Agreement. A material modification requires an entity to account for an arrangement that was entered into prior to the prospective adoption of ASU 2009-13 under the provisions of ASU 2009-13 and to determine if an adjustment is required on the date of modification to reflect the accounting that would have resulted had the entity applied the requirements of ASU 2009-13 from the date of the inception of the contract. Given the additional rights provided to UCB under the Amendment Agreement, the warrant issuance, and the additional contingent revenue payments, the Company concluded that the Amendment Agreement did represent a material modification of the UCB Agreement. | ||
The Company assessed its obligations under the Amendment Agreement and concluded that it had two deliverables and two units of accounting including 1) providing UCB with the right to sublicense its rights in epratuzumab and 2) the warrant issuance, both of which were satisfied upon execution of the Amendment Agreement on December 27, 2011. UCB is fully responsible for all development and commercialization of epratuzumab. The Company has no other obligations for the development of the product under terms of the UCB Agreement and the Amendment Agreement. As such, the $30.0 million non-refundable fee that was earned upon execution of the Amendment Agreement was allocated to the two units of accounting using a relative selling price method for each deliverable. Accordingly, as all deliverables were satisfied on December 27, 2011, the Company recorded $28.4 million of license fee revenue, which was determined by the Company to represent an appropriate selling price for such rights granted to UCB, in the year-ended June 30, 2012 and recorded the fair value of the warrant within capital contributed in excess of par in the amount of $1.6 million. All contingent revenue payments relate specifically to the license and sublicense rights provided to UCB in the UCB Agreement and Amendment Agreement, respectively. However, such payments are not included in allocable consideration until the events that give rise to the contingent consideration occur, even if it is probable that such events will occur. | ||
The Company used the Black-Scholes option pricing model to determine the $1.6 million estimated fair value of the 5-year warrant as of December 27, 2011. The warrant was accounted for as an equity transaction, as the warrant represents a freestanding financial instrument entitling UCB to a fixed number of unregistered shares for a fixed price, is not publicly tradable or transferable, does not have a cash or net settlement option and can only be exercised by UCB. The significant assumptions used in preparing the discounted cash flow model include (i) Immunomedics common stock price volatility of 80%, (ii) the market yield risk free interest rate of 0.96% (estimated at the U.S. Treasury Five-Year Bond Rate on December 27, 2011), (iii) option price of the warrant at conversion ($8.00/share), (iv) the common stock price of $3.37/share at the close of business on December 27, 2011, (v) a dividend yield of 0%, and (vi) the effective maturity period of five years (life of the warrant). | ||
Given that the Company’s performance obligations have been satisfied upon execution of the Amendment Agreement and are not provided for over time, development milestone payments do not qualify for the milestone method of revenue recognition and are not deemed to be substantive. However, as the Company has no future performance obligations related to the UCB Agreement and Amendment Agreement, revenue will be recognized when earned upon achievement of the agreed upon milestones. | ||
In accordance with the Company’s accounting policy and applicable revenue recognition guidance, royalties are not evaluated under the milestone method and are recognized when earned. Similarly, the Company treats sales-based milestone payments as royalties. As such, commercialization milestone payments, which are related to the achievement of specified product sales thresholds, are not evaluated under the milestone method and are recognized into revenue when earned. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Jun. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
11 | Commitments and Contingencies | ||||
Employment Contracts | |||||
Effective July 1, 2011, the Company entered into (i) the Fourth Amended and Restated Employment Agreement with Cynthia L. Sullivan pertaining to Ms. Sullivan’s service to the Company as the Company’s President and Chief Executive Officer (the “Amended Sullivan Agreement”), and (ii) the Third Amended and Restated Employment Agreement with Dr. David M. Goldenberg pertaining to Dr. Goldenberg’s service to the Company as its Chief Scientific Officer and Chief Medical Officer (the “Goldenberg Agreement”). These agreements provided for guaranteed salaries of $0.6 million for Ms. Sullivan for the 2013 and 2014 fiscal years and $0.5 million for guaranteed salaries and $0.2 million for guaranteed royalties for Dr. Goldenberg for the 2013 through 2016 fiscal years (see Note 9). | |||||
Operating Lease | |||||
Immunomedics is obligated under an operating lease for facilities used for research and development, manufacturing and office space, expiring in October 2031 at a base annual rate of $0.8 million, which is fixed through October 2016 and increases thereafter every five years. The Company currently subleases approximately 1,000 square feet to CMMI for their operations. Rental expense related to this lease was approximately $0.8 million for fiscal years 2013 and 2012 and $0.7 million for the 2011 fiscal year. | |||||
The minimum lease commitments for the non-cancelable term of the facility lease described above are as follows for fiscal years (in thousands): | |||||
2014 | $ | 838 | |||
2015 | $ | 838 | |||
2016 | $ | 838 | |||
2017 | $ | 929 | |||
2018 | $ | 974 | |||
Thereafter | $ | 14,173 | |||
Legal Matters | |||||
Immunomedics is a party to various claims and litigation arising in the normal course of business, which includes some or all of certain of its patents. While it is not possible to determine the outcome of these matters, the Company believes that the resolution of all such matters will not have a material adverse effect on its consolidated financial position or liquidity, but could possibly be material to its consolidated results of operations in any one accounting period. | |||||
Arbitration Settlement | |||||
On April 15, 2009, the Company initiated an arbitration proceeding before the Financial Industry Regulatory Authority (“FINRA”) against its former investment advisor/broker-dealer, Banc of America Investment Services, Inc., and Banc of America Securities, LLC, relating to its prior investment in certain securities. On March 27, 2013, the Company reached a settlement in such matter. Pursuant to the settlement, the Company received a gross settlement amount of $18.0 million, dismissed the proceeding with prejudice, and together with the broker-dealer, released each other from all claims and liabilities arising out of the arbitration. The Company received the net amount of approximately $16.7 million after payment of expenses and legal fees. |
Geographic_Segments
Geographic Segments | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Geographic Segments | ' | ||||||||||||
12 | Geographic Segments | ||||||||||||
Immunomedics manages its operations as one line of business of researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases, and it currently reports as a single industry segment. Immunomedics markets and sells its products in the United States and throughout Europe. | |||||||||||||
The following table presents financial information based on the geographic location of the facilities of Immunomedics as of and for the years ended (in thousands): | |||||||||||||
June 30, 2013 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 45,552 | $ | 2,375 | $ | 47,927 | |||||||
Property and equipment, net | 2,087 | — | 2,087 | ||||||||||
Revenues | 2,011 | 2,951 | 4,962 | ||||||||||
(Loss) income before income tax expense | (11,630 | ) | 188 | (11,442 | ) | ||||||||
June 30, 2012 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 35,570 | $ | 3,065 | $ | 38,635 | |||||||
Property and equipment, net | 2,528 | — | 2,528 | ||||||||||
Revenues | 29,248 | 3,486 | 32,734 | ||||||||||
Income before income tax expense | 1,149 | 325 | 1,474 | ||||||||||
June 30, 2011 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 30,701 | $ | 3,624 | $ | 34,325 | |||||||
Property and equipment, net | 3,455 | 1 | 3,456 | ||||||||||
Revenues | 11,127 | 3,582 | 14,709 | ||||||||||
(Loss) income before income tax expense | (14,612 | ) | 309 | (14,303 | ) |
Defined_Contribution_Plans
Defined Contribution Plans | 12 Months Ended | |
Jun. 30, 2013 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Defined Contribution Plans | ' | |
13 | Defined Contribution Plans | |
U.S. employees are eligible to participate in the Company’s 401(k) plan, while employees in international locations are eligible to participate in other defined contribution plans. Aggregate Company contributions to its benefit plans totaled approximately $98 thousand, $95 thousand and $83 thousand for the years ended June 30, 2013, 2012 and 2011, respectively. |
Correction_of_Immaterial_Error
Correction of Immaterial Error | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Correction of Immaterial Error | ' | ||||||||||||||||||||||||
14 | Correction of Immaterial Error | ||||||||||||||||||||||||
Subsequent to the issuance of the Company’s consolidated financial statements for the fiscal year ended June 30, 2013, the Company identified and corrected an immaterial error in its accounting for clinical trial expense and accrued liabilities. The total amount of the overstatement of the accrued liability for clinical trials as of June 30, 2013 was determined to be $3.2 million. Due to this error, the Company’s operating expenses and accrued liabilities were overstated during each of the fiscal years 2008-2013. The tax consequence of this correction is limited to the reduction of deferred tax assets related to net operating losses of $1.3 million with an offsetting reduction in the related valuation allowance. | |||||||||||||||||||||||||
The Company assessed the materiality of this error for each quarterly and annual period in accordance with Staff Accounting Bulletin No. 99, Materiality, and determined that the error was immaterial to each of the previously reported periods. However, the Company determined that the adjustment to correct the error in fiscal 2014 would be material. Accordingly, the Company has revised its consolidated balance sheets as of June 30, 2013 and 2012 and its consolidated statements of comprehensive (loss) income for the fiscal years ended June 30, 2013, 2012 and 2011. | |||||||||||||||||||||||||
The effect of recording this immaterial error correction affects the presentation of the balance sheets as of June 30, 2013 and 2012, the consolidated statements of comprehensive (loss) income and statements of cash flows for the fiscal years ended June 30, 2013, 2012 and 2011 for certain line items as set forth below (in thousands): | |||||||||||||||||||||||||
As of June 30, 2013 | As of June 30, 2012 | ||||||||||||||||||||||||
(As | (As | (As | (As | ||||||||||||||||||||||
Reported) | Revised) | Reported) | Revised) | ||||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7,165 | $ | 3,951 | $ | 5,412 | $ | 2,982 | |||||||||||||||||
Total current liabilities | 9,945 | 6,731 | 5,595 | 3,165 | |||||||||||||||||||||
Accumulated deficit | (229,254 | ) | (226,040 | ) | (217,088 | ) | (214,658 | ) | |||||||||||||||||
Total Immunomedics, Inc. stockholders’ equity | 36,966 | 40,180 | 32,027 | 34,457 | |||||||||||||||||||||
Total stockholders’ equity | 36,581 | 39,795 | 31,739 | 34,169 | |||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2011 | |||||||||||||||||||||||
(As | (As | (As | (As | (As | (As | ||||||||||||||||||||
Reported) | Revised) | Reported) | Revised) | Reported) | Revised) | ||||||||||||||||||||
Statements of Comprehensive (Loss) Income | |||||||||||||||||||||||||
Research and development | $ | 29,165 | $ | 28,381 | $ | 24,824 | $ | 24,256 | $ | 25,369 | $ | 24,537 | |||||||||||||
Total costs and expenses | 36,538 | 35,754 | 31,860 | 31,292 | 33,732 | 32,900 | |||||||||||||||||||
Operating (loss) income | (31,576 | ) | (30,792 | ) | 874 | 1,442 | (19,023 | ) | (18,191 | ) | |||||||||||||||
(Loss) income before income tax expense | (12,226 | ) | (11,442 | ) | 906 | 1,474 | (15,135 | ) | (14,303 | ) | |||||||||||||||
Net (loss) income | (12,270 | ) | (11,486 | ) | 696 | 1,264 | (15,244 | ) | (14,412 | ) | |||||||||||||||
Net (loss) income attributable to Immunomedics, Inc. stockholders | (12,165 | ) | (11,381 | ) | 810 | 1,378 | (15,070 | ) | (14,238 | ) | |||||||||||||||
Comprehensive (loss) income | (12,189 | ) | (11,405 | ) | 382 | 950 | (15,191 | ) | (14,359 | ) | |||||||||||||||
Comprehensive (loss) income attributable to Immunomedics, Inc. stockholders | (12,084 | ) | (11,300 | ) | 495 | 1,063 | (15,017 | ) | (14,185 | ) | |||||||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | (0.16 | ) | (0.15 | ) | 0.01 | 0.02 | (0.20 | ) | (0.19 | ) | |||||||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | (0.16 | ) | (0.15 | ) | 0.01 | 0.02 | (0.20 | ) | (0.19 | ) | |||||||||||||||
Weighted average number of common shares outstanding – basic | 78,040 | 78,040 | 75,481 | 75,481 | 75,313 | 75,313 | |||||||||||||||||||
Weighted average number of common shares outstanding – fully diluted | 78,040 | 78,040 | 76,174 | 76,174 | 75,313 | 75,313 | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||||||
Changes in accounts payable and accrued expenses | 1,751 | 967 | 67 | (501 | ) | 1,242 | 410 | ||||||||||||||||||
These corrections did not impact cash flows from operating activities for the fiscal years ended June 30, 2013, 2012 or 2011. Financial information included in the accompanying financial statements and the notes thereto reflects the effects of the corrections described in the preceding discussion and tables. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations | ' | ||||||||||||||||
15 | Quarterly Results of Operations (Unaudited) | ||||||||||||||||
As discussed in Note 14, the Company has identified certain accounting immaterial errors that affected the consolidated financial statement amounts that were previously presented within its earlier filed Form 10-Qs and Form 10-Ks. The quarterly financial data in fiscal years 2013 and 2012, as originally reported (“As Reported”) and as revised to correct these immaterial errors (“As Revised”), is presented below. | |||||||||||||||||
The following table present summarized unaudited quarterly financial data (As Reported): | |||||||||||||||||
Three Months Ended (As Reported) | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | ||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||
Fiscal Year ended June 30, 2013 | |||||||||||||||||
Revenues | $ | 1,363 | $ | 1,736 | $ | 812 | $ | 1,051 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | (7,656 | ) | 8,265 | (5,392 | ) | (7,382 | ) | ||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.11 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.11 | ) | ||||||
Weighted average number of common shares outstanding – basic | 82,737 | 78,196 | 75,671 | 75,610 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 82,737 | 78,447 | 75,671 | 75,610 | |||||||||||||
Fiscal Year ended June 30,2012 | |||||||||||||||||
Revenues | $ | 963 | $ | 971 | $ | 29,655 | $ | 1,145 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | (7,517 | ) | (7,266 | ) | 20,694 | (5,101 | ) | ||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.10 | ) | $ | (0.10 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Net (loss) income per common share attributable to | |||||||||||||||||
Immunomedics Inc. common stockholders – fully diluted | $ | (0.10 | ) | $ | (0.10 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Weighted average number of common shares outstanding – basic | 75,540 | 75,491 | 75,458 | 75,435 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 75,540 | 75,491 | 75,964 | 75,435 | |||||||||||||
The following table present summarized unaudited quarterly financial data (As Revised): | |||||||||||||||||
Three Months Ended (As Revised) | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | ||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||
Fiscal Year ended June 30, 2013 | |||||||||||||||||
Revenues | $ | 1,363 | $ | 1,736 | $ | 812 | $ | 1,051 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (7,683 | ) | $ | 8,609 | $ | (5,166 | ) | $ | (7,141 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.10 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.10 | ) | ||||||
Weighted average number of common shares outstanding – basic | 82,737 | 78,196 | 75,671 | 75,610 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 82,737 | 78,447 | 75,671 | 75,610 | |||||||||||||
Fiscal Year ended June 30, 2012 | |||||||||||||||||
Revenues | $ | 963 | $ | 971 | $ | 29,655 | $ | 1,145 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (7,467 | ) | (7,126 | ) | $ | 20,679 | $ | (4,708 | ) | |||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Weighted average number of common shares outstanding – basic | 75,540 | 75,491 | 75,458 | 75,435 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 75,540 | 75,491 | 75,964 | 75,435 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Principles of Consolidation and Presentation | ' | ||||||||||||||||
Principles of Consolidation and Presentation | |||||||||||||||||
The consolidated financial statements include the accounts of Immunomedics and its majority-owned subsidiaries. Noncontrolling interests in consolidated subsidiaries in the consolidated balance sheets represent minority stockholders’ proportionate share of the equity in such subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Examples of the Company’s significant estimates include accrued liabilities and stock compensation expenses. | |||||||||||||||||
Foreign Currencies | ' | ||||||||||||||||
Foreign Currencies | |||||||||||||||||
For subsidiaries outside of the United States that operate in a local currency environment, income and expense items are translated to United States dollars at the monthly average rates of exchange prevailing during the year, assets and liabilities are translated at year-end exchange rates and equity accounts are translated at historical exchange rates. Translation adjustments are accumulated in a separate component of stockholders’ equity in the Consolidated Balance Sheets and the Consolidated Statements of Changes in Stockholders’ Equity and are included in the determination of comprehensive (loss) income in the Consolidated Statements of Comprehensive (Loss) Income, including long-term investments in consolidated subsidiaries. Transaction gains and losses are included in the determination of net (loss) income in the Consolidated Statements of Comprehensive (Loss) Income. As of June 30, 2013 and 2012, the cumulative unrealized foreign currency translation gain included in other comprehensive income was approximately $0.2 million and $0.1 million, respectively. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
Accounts Receivable | |||||||||||||||||
Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable are recorded at net realizable value. | |||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The Company utilizes a specific identification accounts receivable reserve methodology based on a review of outstanding balances and previous activities to determine the allowance for doubtful accounts. The Company charges off uncollectible receivables at the time the Company determines the receivable is no longer collectible. The Company does not require collateral or other security to support financial instruments subject to credit risk. | |||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
Cash, cash equivalents and marketable securities are financial instruments that potentially subject the Company to concentration of credit risk. For the 2013 fiscal year the Company had one customer who accounted for approximately 11% of total revenue. For fiscal years 2012 and 2011 refer to Note 10 for revenues from licensing transactions. Immunomedics periodically invests its cash in debt instruments of banks and financial institutions with strong credit ratings. Immunomedics has established guidelines relative to diversification and maturities that are designed to help ensure safety and liquidity. These guidelines are periodically reviewed to take advantage of trends in yields and interest rates. | |||||||||||||||||
Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||
Estimated Fair Value of Financial Instruments | |||||||||||||||||
The Company has categorized its financial assets, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The Company does not have any financial liabilities that are required to be measured at fair value on a recurring basis. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. | |||||||||||||||||
Financial assets recorded on the consolidated balance sheets as of June 30, 2013 and 2012 are categorized based on the inputs to the valuation techniques as follows (in thousands): | |||||||||||||||||
• | Level 1 – Financial assets 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 (examples include active exchange-traded equity securities and most U.S. Government and agency securities). | ||||||||||||||||
• | Level 2 – Financial assets whose value 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. | ||||||||||||||||
• | Level 3 – Financial assets 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. | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
30-Jun-13 | |||||||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
30-Jun-12 | |||||||||||||||||
Money Market Funds | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
Total | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
The money market funds noted above are included in cash and cash equivalents in the consolidated balance sheets. We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the fiscal year 2013. | |||||||||||||||||
Reimbursement of Research and Development Costs | ' | ||||||||||||||||
Reimbursement of Research and Development Costs | |||||||||||||||||
Research and development costs that are reimbursable under collaboration agreements are included as a reduction of research and development expenses. The Company records these reimbursements as a reduction of research and development expenses as the Company’s partner in the collaboration agreement has the financial risks and responsibility for conducting these research and development activities. | |||||||||||||||||
Inventory | ' | ||||||||||||||||
Inventory | |||||||||||||||||
Inventory, which consists of the finished product and work in process of LeukoScan, is stated at the lower of cost (on a first-in, first-out basis) or market, and includes materials, labor and manufacturing overhead. An inventory reserve is recorded for finished product that is not deemed to be saleable, if necessary. As of June 30, 2013 and 2012 no reserve was deemed to be necessary. | |||||||||||||||||
Property and Equipment and Impairment of Assets | ' | ||||||||||||||||
Property and Equipment and Impairment of Assets | |||||||||||||||||
Property and equipment are stated at cost and are depreciated on a straight-line basis over the estimated useful lives (5-10 years) of the respective assets. Leasehold improvements are capitalized and amortized over the lesser of the remaining life of the lease or the estimated useful life of the asset. Immunomedics reviews long-lived assets for impairment whenever events or changes in business circumstances occur that indicate that the carrying amount of the assets may not be recoverable. Immunomedics assesses the recoverability of long-lived assets held and to be used based on undiscounted cash flows, and measures the impairment, if any, using discounted cash flows. To date the Company has not taken any impairment charges on property and equipment. | |||||||||||||||||
Life Insurance Policies | ' | ||||||||||||||||
Life Insurance Policies | |||||||||||||||||
The Company has life insurance policies on Dr. Goldenberg, which are for the benefit of the Company. When the Company is the beneficiary of the policy, and there are no other contractual arrangements between the Company and Dr. Goldenberg, the Company recognizes the amount that could be realized under the insurance arrangement as an asset in the balance sheet. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company has accounted for revenue arrangements that include multiple deliverables as a separate unit of accounting if: a) the delivered item has value to the customer on a standalone basis, b) there is objective and reliable evidence of the fair value of the undelivered items and c) if the right of return exists, delivery of the undelivered items is considered probable and substantially in the control of the vendor. If these criteria are not met, the revenue elements must be considered a single unit of accounting for purposes of revenue recognition. The Company allocates revenue consideration, excluding contingent consideration, based on the relative selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Relative selling prices are determined using vendor specific objective evidence, if it exists; otherwise third-party evidence or the Company’s best estimate of selling price is used for each deliverable. | |||||||||||||||||
Payments received under contracts to fund certain research activities are recognized as revenue in the period in which the research activities are performed. Payments received in advance that are related to future performance are deferred and recognized as revenue when the research projects are performed. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing involvement in the agreement are recorded as deferred revenue and recognized over the estimated service period. The Company estimates the period of continuing involvement based on the best evidential matter available at each reporting period. If the estimated service period is subsequently modified, the period over which the upfront fee is recognized is modified accordingly on a prospective basis. | |||||||||||||||||
In order to determine the revenue recognition for contingent milestones, the Company evaluates the contingent milestones using the criteria as provided by the Financial Accounting Standards Boards (“FASB”) guidance on the milestone method of revenue recognition at the inception of a collaboration agreement. The criteria requires that (i) the Company determines if the milestone is commensurate with either its performance to achieve the milestone or the enhancement of value resulting from the Company’s activities to achieve the milestone, (ii) the milestone be related to past performance, and (iii) the milestone be reasonable relative to all deliverable and payment terms of the collaboration arrangement. If these criteria are met then the contingent milestones can be considered as substantive milestones and will be recognized as revenue in the period that the milestone is achieved. Royalties are recognized as earned in accordance with the terms of various research and collaboration agreements. | |||||||||||||||||
Revenue from the sale of diagnostic products is recorded when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed and determinable and collectability is reasonably assured. Allowances, if any, are established for uncollectible amounts, estimated product returns and discounts. Since allowances are recorded based on management’s estimates, actual amounts may be different in the future. | |||||||||||||||||
Research and Development Costs | ' | ||||||||||||||||
Research and Development Costs | |||||||||||||||||
Research and development costs are expensed as incurred. Costs incurred for clinical trials for patients and investigators are expensed as services are performed in accordance with the agreements in place with the institutions. | |||||||||||||||||
Manufacturing Costs | ' | ||||||||||||||||
Manufacturing Costs | |||||||||||||||||
Manufacturing costs incurred in relation to the development of materials produced in order to fulfill contractual obligations are capitalized and are recorded in other current assets until the product is delivered in accordance with the terms of the agreement. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The Company uses the asset and liability method to account for income taxes, including the recognition of deferred tax assets and deferred tax liabilities for the anticipated future tax consequences attributable to differences between financial statements amounts and their respective tax bases. The Company reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | |||||||||||||||||
The Company does not have an accrual for uncertain tax positions as of June 30, 2013 or 2012. The U.S. Federal statute of limitation remains open for the fiscal years 2008 onward. The Company’s tax returns filed in foreign jurisdictions remain open for the fiscal years 2009 onward. State income tax returns are generally subject to examination for a period of 3-5 years after filing of the respective return. The Company conducts business and files tax returns in New Jersey. | |||||||||||||||||
Net (Loss) Income Per Share Allocable to Common Stockholders | ' | ||||||||||||||||
Net (Loss) Income Per Share Allocable to Common Stockholders | |||||||||||||||||
Basic net (loss) income per share is based upon the number of weighted average number of shares of common stock and vested restricted shares outstanding. Diluted net income per share is based upon the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding. During fiscal years 2013 and 2011, no potential shares of common stock were included in the calculation since their affect would be anti-dilutive due to the operating losses. For fiscal year 2012, diluted net income per share is based upon the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding. Potential shares of common stock that result from the assumed exercise of outstanding stock options and warrant shares, with exercise prices less than the average market price of the Company’s common stock during the year ended June 30, 2013, 2012, and 2011, are calculated under the treasury stock method. All other outstanding stock options and warrant shares have been excluded from the calculation. | |||||||||||||||||
Comprehensive (Loss) Income | ' | ||||||||||||||||
Comprehensive (Loss) Income | |||||||||||||||||
Comprehensive (loss) income consists of net (loss) income, net unrealized gains on securities available for sale and foreign currency translation adjustments and is presented in the Consolidated Statements of Comprehensive (Loss) Income. | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company’s 2006 Stock Incentive Plan (the “Plan”) permits the grant of options and shares to its employees for up to 8 million shares of common stock. A summary of this plan is provided in Note 6. The Company believes that such awards better align the interests of its employees with those of its shareholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest based on four years of continuous service and have seven year contractual terms. Certain options provide for accelerated vesting if there is a change in control (as defined in the Plan). | |||||||||||||||||
The fair value of each option granted during the years ended June 30, 2013, 2012 and 2011 is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions in the following table: | |||||||||||||||||
Years ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected option term (years) | 5.35 | 5.32 | 5.42 | ||||||||||||||
Expected stock price volatility | 69% | 80% | 88% | ||||||||||||||
Risk-free interest rate | 0.98% –1.84% | 1.01% –2.46% | 2.33% –2.86% | ||||||||||||||
The weighted average fair value at the date of grant for options granted during the years ended June 30, 2013, 2012 and 2011 were $2.12, $2.23 and $2.53 per share, respectively. The Company uses historical data to estimate forfeitures. The expected term of options granted represents the period of time that options granted are expected to be outstanding. Expected stock price volatility was calculated based on the Company’s daily stock trading history. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||||||
The Company has 1,642,733 non-vested options and restricted stock shares outstanding. As of June 30, 2013, 2012 and 2011, there was $3.6 million, $3.3 million and $3.4 million, respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is being recognized over a weighted-average period of 2.62 years. The weighted average of remaining contractual terms of the exercisable shares is 2.59 years and 2.95 years as of June 30, 2013 and 2012, respectively. | |||||||||||||||||
Qualifying Therapeutic Discovery Project Program | ' | ||||||||||||||||
Qualifying Therapeutic Discovery Project Program | |||||||||||||||||
On October 29, 2010, the Company was notified that it had been awarded a total cash grant of approximately $2.9 million under the Qualifying Therapeutic Discovery Project program administered under section 48D of the Internal Revenue Code, of which approximately $2.5 million relates to qualifying expenses the Company had previously incurred during the 2010 fiscal year, which was received during the second quarter of fiscal 2011. The remainder of the grant of approximately $0.4 million was received during the first quarter of fiscal 2012 based on qualifying expenses the Company has incurred during the 2011 fiscal year. The Company recognized the full $2.9 million of the grant as of the date of notification since the Company had already incurred all of the qualifying expenses. Since this program is non-recurring in nature, the Company elected to classify this payment as other income in the Condensed Consolidated Statement of Comprehensive Income (Loss) for the year ended June 30, 2011. | |||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The carrying amounts of cash and cash equivalents, other current assets and current liabilities approximate fair value due to the short-term maturity of these instruments. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | |||||||||||||||||
Insurance Proceeds | ' | ||||||||||||||||
Insurance Proceeds | |||||||||||||||||
Insurance proceeds totaling $2.6 million were received during the fiscal year 2013 as a result of insurance claims from an equipment failure during the 2011 fiscal year. A cash payment for a business interruption insurance claim of $2.5 million was received, which had resulted from the equipment failure that had limited the production of materials necessary for certain research & product development. There was no such claim for the previous year. In addition, for fiscal years ended June 30, 2013 and 2011 proceeds of $0.1 million and $0.3 million, respectively, were also recorded from a property claim regarding the same equipment failure. The proceeds received from these claims are classified as a separate other income component in the consolidated statement of comprehensive (loss) income. | |||||||||||||||||
Reclassification | ' | ||||||||||||||||
Reclassification | |||||||||||||||||
Certain 2012 and 2011 balances have been reclassified to conform to the 2013 presentation. These reclassifications related to insurance claims for equipment failure in the statements of comprehensive (loss) income, deferred revenues in the balance sheets, and deferred revenue and payments of taxes for stock plan activity in the statements of cash flows. In addition, the Company has corrected its 2012 and 2011 statement of cash flows related to the immaterial impact of changes in foreign currency exchange rates on cash and cash equivalents and changes in operating assets and liabilities. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
Recently Issued Accounting Pronouncements | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”).” ASU 2013-02 requires entities to disclose additional information about reclassification adjustments, including changes in AOCI balances by component and significant items reclassified out of AOCI. The Company will adopt ASU 2013-02 in the first quarter of fiscal year 2014, which will not have a significant impact on its financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Financial Assets Recorded on Consolidated Balance Sheets | ' | ||||||||||||||||
Financial assets recorded on the consolidated balance sheets as of June 30, 2013 and 2012 are categorized based on the inputs to the valuation techniques as follows (in thousands): | |||||||||||||||||
• | Level 1 – Financial assets 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 (examples include active exchange-traded equity securities and most U.S. Government and agency securities). | ||||||||||||||||
• | Level 2 – Financial assets whose value are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted price’s of instruments with similar attributes in active markets. | ||||||||||||||||
• | Level 3 – Financial assets 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. | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
30-Jun-13 | |||||||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
30-Jun-12 | |||||||||||||||||
Money Market Funds | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
Total | $ | 29,316 | $ | — | $ | — | $ | 29,316 | |||||||||
Schedule of Options Weighted-Average Assumptions | ' | ||||||||||||||||
The fair value of each option granted during the years ended June 30, 2013, 2012 and 2011 is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions in the following table: | |||||||||||||||||
Years ended June 30, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Expected dividend yield | 0% | 0% | 0% | ||||||||||||||
Expected option term (years) | 5.35 | 5.32 | 5.42 | ||||||||||||||
Expected stock price volatility | 69% | 80% | 88% | ||||||||||||||
Risk-free interest rate | 0.98% –1.84% | 1.01% –2.46% | 2.33% –2.86% |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Inventory consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Work in process | $ | 914 | $ | — | |||||
Finished goods | 116 | 416 | |||||||
Total | $ | 1,030 | $ | 416 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 7,766 | $ | 7,453 | |||||
Leasehold improvements | 18,087 | 17,933 | |||||||
Furniture and fixtures | 933 | 921 | |||||||
Computer equipment | 2,044 | 1,928 | |||||||
28,830 | 28,235 | ||||||||
Accumulated depreciation and amortization | (26,743 | ) | (25,707 | ) | |||||
$ | 2,087 | $ | 2,528 | ||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Summary of Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following at June 30 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable | $ | 980 | $ | 512 | |||||
Clinical trial accruals | 1,543 | 714 | |||||||
Incentive compensation | — | 329 | |||||||
Executive bonus | 676 | 655 | |||||||
Miscellaneous other current liabilities | 752 | 772 | |||||||
$ | 3,951 | $ | 2,982 | ||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Options | ' | ||||||||||||||||||||||||
Information concerning options for the years ended June 30, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||||||||||||||
Number of Shares | Weighted Average Price | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Options outstanding, beginning of year | 5,799,100 | 6,471,975 | 6,225,621 | $ | 3.72 | $ | 4.92 | $ | 5.8 | ||||||||||||||||
Options granted | 759,900 | 349,000 | 832,251 | $ | 3.59 | $ | 3.4 | $ | 3.54 | ||||||||||||||||
Options exercised | (88,594 | ) | (59,126 | ) | (92,460 | ) | $ | 3 | $ | 2.91 | $ | 2.63 | |||||||||||||
Options cancelled or forfeited | (743,532 | ) | (962,749 | ) | (493,437 | ) | $ | 6.96 | $ | 11.7 | $ | 14.2 | |||||||||||||
Options outstanding, end of year | 5,726,874 | 5,799,100 | 6,471,975 | $ | 3.3 | $ | 3.72 | $ | 4.92 | ||||||||||||||||
Options exercisable, end of year | 4,572,716 | 4,686,364 | 4,896,272 | $ | 3.21 | $ | 3.81 | $ | 5.47 | ||||||||||||||||
Options Outstanding Under the Plan | ' | ||||||||||||||||||||||||
The following table summarizes information concerning options outstanding under the Plan at June 30, 2013: | |||||||||||||||||||||||||
Range of exercise price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||||||
at June 30, | exercise | remaining | at June 30, | exercise | |||||||||||||||||||||
2013 | price | term | 2013 | price | |||||||||||||||||||||
(yrs.) | |||||||||||||||||||||||||
$1.59 – 3.00 | 2,411,288 | $ | 2.4 | 2.55 | 2,380,975 | $ | 2.4 | ||||||||||||||||||
3.01 – 5.00 | 2,821,586 | 3.68 | 4.21 | 1,697,741 | 3.7 | ||||||||||||||||||||
5.01 – 7.00 | 492,000 | 5.44 | 0.93 | 492,000 | 5.44 | ||||||||||||||||||||
7.01 – 9.50 | 2,000 | 9.5 | 0.19 | 2,000 | 9.5 | ||||||||||||||||||||
5,726,874 | $ | 3.3 | 3.23 | 4,572,716 | $ | 3.21 | |||||||||||||||||||
Non-Vested Restricted Stock Units | ' | ||||||||||||||||||||||||
A summary of the Company’s non-vested restricted stock units at June 30, 2013, and changes during the year ended June 30, 2013 is presented below: | |||||||||||||||||||||||||
Non-Vested Restricted Stock | Number of Awards | ||||||||||||||||||||||||
Non-vested at July 1, 2012 | 439,375 | ||||||||||||||||||||||||
Granted | 280,450 | ||||||||||||||||||||||||
Vested/Exercised | (231,250 | ) | |||||||||||||||||||||||
Forfeited | — | ||||||||||||||||||||||||
Non-vested at June 30, 2013 | 488,575 | ||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||
Diluted earnings per share for the periods presented do not include securities if their effect was anti-dilutive. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (11,382 | ) | $ | 1,378 | $ | (14,238 | ) | |||||
Basic earnings per share: | |||||||||||||
Weighted average basic common shares outstanding | 78,040 | 75,481 | 75,313 | ||||||||||
Basic (loss) earnings per share attributable to Immunomedics, Inc. | $ | (0.15 | ) | $ | 0.02 | $ | (0.19 | ) | |||||
Diluted earnings per share: | |||||||||||||
Weighted average basic common shares outstanding | 78,040 | 75,481 | 75,313 | ||||||||||
Dilutive effect of restricted stock | — | 82 | — | ||||||||||
Dilutive effect of stock options outstanding | — | 611 | — | ||||||||||
Weighted average diluted common shares outstanding | 78,040 | 76,174 | 75,313 | ||||||||||
Diluted (loss) earnings per share | $ | (0.15 | ) | $ | 0.02 | $ | (0.19 | ) | |||||
Stock options and warrant shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | 6,189 | 5,699 | 6,472 | ||||||||||
Restricted stock excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | 456 | 357 | 151 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision (Benefit) for Income Taxes | ' | ||||||||||||
The provision (benefit) for income taxes is as follows (in thousands): | |||||||||||||
Year Ended June 30, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal | |||||||||||||
Current | $ | (38 | ) | $ | 126 | $ | 56 | ||||||
Deferred | — | — | — | ||||||||||
Total Federal | (38 | ) | 126 | 56 | |||||||||
State | |||||||||||||
Current | 2 | 2 | 4 | ||||||||||
Deferred | — | — | — | ||||||||||
Total State | 2 | 2 | 4 | ||||||||||
Foreign | |||||||||||||
Current | 80 | 82 | 50 | ||||||||||
Deferred | — | — | — | ||||||||||
Total Foreign | 80 | 82 | 50 | ||||||||||
Total Expense | $ | 44 | $ | 210 | $ | 110 | |||||||
Reconciliation of Statutory Tax Rates and Effective Tax Rates | ' | ||||||||||||
A reconciliation of the statutory tax rates and the effective tax rates for each of the years ended June 30 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | (34.0 | %) | 34 | % | (34.0 | %) | |||||||
State income taxes (net of Federal tax benefit) | 0 | % | 0.3 | % | 0 | % | |||||||
Foreign income tax | 0.1 | % | (3.2 | %) | (0.4 | %) | |||||||
Change in valuation allowance | 12.1 | % | (716.2 | %) | 67 | % | |||||||
NOL expiration | 24.3 | % | 754.5 | % | (30.3 | %) | |||||||
R&D tax credit expiration | (3.4 | %) | (72.8 | %) | (1.3 | %) | |||||||
Other | 1.3 | % | 17.6 | % | (0.2 | %) | |||||||
Effective rate | 0.4 | % | 14.2 | % | 0.8 | % | |||||||
Tax Effects of Temporary Differences in Deferred Tax Assets | ' | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets as of June 30, 2013 and 2012 are presented below (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
NOL carry forwards | $ | 53,941 | $ | 53,927 | |||||||||
Research and development credits | 11,707 | 11,703 | |||||||||||
Property and equipment | 4,369 | 4,322 | |||||||||||
Other | 8,705 | 6,881 | |||||||||||
Total | 78,722 | 76,833 | |||||||||||
Valuation allowance | (78,722 | ) | (76,833 | ) | |||||||||
Net deferred taxes | $ | — | $ | — | |||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||
Jun. 30, 2013 | |||||||
Related Party Transactions [Abstract] | ' | ||||||
Shares of IBC Pharmaceuticals, Inc. | ' | ||||||
As of June 30, 2013, the shares of IBC Pharmaceuticals, Inc. were held as follows: | |||||||
Stockholder | Holdings | Percentage of Total | |||||
Immunomedics, Inc. | 5,615,124 shares of Series A Preferred Stock | 73.46 | % | ||||
Third Party Investors | 628,282 shares of Series B Preferred Stock | 8.22 | % | ||||
David M. Goldenberg Millennium Trust | 1,399,926 shares of Series C Preferred Stock | 18.32 | % | ||||
100 | % | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jun. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Minimum Lease Commitments for Facilities | ' | ||||
The minimum lease commitments for the non-cancelable term of the facility lease described above are as follows for fiscal years (in thousands): | |||||
2014 | $ | 838 | |||
2015 | $ | 838 | |||
2016 | $ | 838 | |||
2017 | $ | 929 | |||
2018 | $ | 974 | |||
Thereafter | $ | 14,173 |
Geographic_Segments_Tables
Geographic Segments (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Financial Information Based on Geographic Location of Facilities | ' | ||||||||||||
The following table presents financial information based on the geographic location of the facilities of Immunomedics as of and for the years ended (in thousands): | |||||||||||||
June 30, 2013 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 45,552 | $ | 2,375 | $ | 47,927 | |||||||
Property and equipment, net | 2,087 | — | 2,087 | ||||||||||
Revenues | 2,011 | 2,951 | 4,962 | ||||||||||
(Loss) income before income tax expense | (11,630 | ) | 188 | (11,442 | ) | ||||||||
June 30, 2012 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 35,570 | $ | 3,065 | $ | 38,635 | |||||||
Property and equipment, net | 2,528 | — | 2,528 | ||||||||||
Revenues | 29,248 | 3,486 | 32,734 | ||||||||||
Income before income tax expense | 1,149 | 325 | 1,474 | ||||||||||
June 30, 2011 | |||||||||||||
United States | Europe | Total | |||||||||||
Total assets | $ | 30,701 | $ | 3,624 | $ | 34,325 | |||||||
Property and equipment, net | 3,455 | 1 | 3,456 | ||||||||||
Revenues | 11,127 | 3,582 | 14,709 | ||||||||||
(Loss) income before income tax expense | (14,612 | ) | 309 | (14,303 | ) |
Correction_of_Immaterial_Error1
Correction of Immaterial Error (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||||||||||
Effect of Recording this Correction in Consolidated Balance Sheet | ' | ||||||||||||||||||||||||
The effect of recording this immaterial error correction affects the presentation of the balance sheets as of June 30, 2013 and 2012, the consolidated statements of comprehensive (loss) income and statements of cash flows for the fiscal years ended June 30, 2013, 2012 and 2011 for certain line items as set forth below (in thousands): | |||||||||||||||||||||||||
As of June 30, 2013 | As of June 30, 2012 | ||||||||||||||||||||||||
(As | (As | (As | (As | ||||||||||||||||||||||
Reported) | Revised) | Reported) | Revised) | ||||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||||||
Accounts payable and accrued expenses | $ | 7,165 | $ | 3,951 | $ | 5,412 | $ | 2,982 | |||||||||||||||||
Total current liabilities | 9,945 | 6,731 | 5,595 | 3,165 | |||||||||||||||||||||
Accumulated deficit | (229,254 | ) | (226,040 | ) | (217,088 | ) | (214,658 | ) | |||||||||||||||||
Total Immunomedics, Inc. stockholders’ equity | 36,966 | 40,180 | 32,027 | 34,457 | |||||||||||||||||||||
Total stockholders’ equity | 36,581 | 39,795 | 31,739 | 34,169 | |||||||||||||||||||||
Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||||||
June 30, 2013 | June 30, 2012 | June 30, 2011 | |||||||||||||||||||||||
(As | (As | (As | (As | (As | (As | ||||||||||||||||||||
Reported) | Revised) | Reported) | Revised) | Reported) | Revised) | ||||||||||||||||||||
Statements of Comprehensive (Loss) Income | |||||||||||||||||||||||||
Research and development | $ | 29,165 | $ | 28,381 | $ | 24,824 | $ | 24,256 | $ | 25,369 | $ | 24,537 | |||||||||||||
Total costs and expenses | 36,538 | 35,754 | 31,860 | 31,292 | 33,732 | 32,900 | |||||||||||||||||||
Operating (loss) income | (31,576 | ) | (30,792 | ) | 874 | 1,442 | (19,023 | ) | (18,191 | ) | |||||||||||||||
(Loss) income before income tax expense | (12,226 | ) | (11,442 | ) | 906 | 1,474 | (15,135 | ) | (14,303 | ) | |||||||||||||||
Net (loss) income | (12,270 | ) | (11,486 | ) | 696 | 1,264 | (15,244 | ) | (14,412 | ) | |||||||||||||||
Net (loss) income attributable to Immunomedics, Inc. stockholders | (12,165 | ) | (11,381 | ) | 810 | 1,378 | (15,070 | ) | (14,238 | ) | |||||||||||||||
Comprehensive (loss) income | (12,189 | ) | (11,405 | ) | 382 | 950 | (15,191 | ) | (14,359 | ) | |||||||||||||||
Comprehensive (loss) income attributable to Immunomedics, Inc. stockholders | (12,084 | ) | (11,300 | ) | 495 | 1,063 | (15,017 | ) | (14,185 | ) | |||||||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | (0.16 | ) | (0.15 | ) | 0.01 | 0.02 | (0.20 | ) | (0.19 | ) | |||||||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | (0.16 | ) | (0.15 | ) | 0.01 | 0.02 | (0.20 | ) | (0.19 | ) | |||||||||||||||
Weighted average number of common shares outstanding – basic | 78,040 | 78,040 | 75,481 | 75,481 | 75,313 | 75,313 | |||||||||||||||||||
Weighted average number of common shares outstanding – fully diluted | 78,040 | 78,040 | 76,174 | 76,174 | 75,313 | 75,313 | |||||||||||||||||||
Statements of Cash Flows | |||||||||||||||||||||||||
Changes in accounts payable and accrued expenses | 1,751 | 967 | 67 | (501 | ) | 1,242 | 410 |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summarized Unaudited Quarterly Financial Data | ' | ||||||||||||||||
The following table present summarized unaudited quarterly financial data (As Reported): | |||||||||||||||||
Three Months Ended (As Reported) | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | ||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||
Fiscal Year ended June 30, 2013 | |||||||||||||||||
Revenues | $ | 1,363 | $ | 1,736 | $ | 812 | $ | 1,051 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | (7,656 | ) | 8,265 | (5,392 | ) | (7,382 | ) | ||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.11 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.11 | ) | ||||||
Weighted average number of common shares outstanding – basic | 82,737 | 78,196 | 75,671 | 75,610 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 82,737 | 78,447 | 75,671 | 75,610 | |||||||||||||
Fiscal Year ended June 30,2012 | |||||||||||||||||
Revenues | $ | 963 | $ | 971 | $ | 29,655 | $ | 1,145 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | (7,517 | ) | (7,266 | ) | 20,694 | (5,101 | ) | ||||||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.10 | ) | $ | (0.10 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Net (loss) income per common share attributable to | |||||||||||||||||
Immunomedics Inc. common stockholders – fully diluted | $ | (0.10 | ) | $ | (0.10 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Weighted average number of common shares outstanding – basic | 75,540 | 75,491 | 75,458 | 75,435 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 75,540 | 75,491 | 75,964 | 75,435 | |||||||||||||
The following table present summarized unaudited quarterly financial data (As Revised): | |||||||||||||||||
Three Months Ended (As Revised) | |||||||||||||||||
June 30, | March 31, | December 31, | September 30, | ||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||
Fiscal Year ended June 30, 2013 | |||||||||||||||||
Revenues | $ | 1,363 | $ | 1,736 | $ | 812 | $ | 1,051 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (7,683 | ) | $ | 8,609 | $ | (5,166 | ) | $ | (7,141 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.10 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.09 | ) | $ | 0.11 | $ | (0.07 | ) | $ | (0.10 | ) | ||||||
Weighted average number of common shares outstanding – basic | 82,737 | 78,196 | 75,671 | 75,610 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 82,737 | 78,447 | 75,671 | 75,610 | |||||||||||||
Fiscal Year ended June 30, 2012 | |||||||||||||||||
Revenues | $ | 963 | $ | 971 | $ | 29,655 | $ | 1,145 | |||||||||
Net (loss) income attributable to Immunomedics, Inc. | $ | (7,467 | ) | (7,126 | ) | $ | 20,679 | $ | (4,708 | ) | |||||||
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders – basic | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders – fully diluted | $ | (0.10 | ) | $ | (0.09 | ) | $ | 0.27 | $ | (0.06 | ) | ||||||
Weighted average number of common shares outstanding – basic | 75,540 | 75,491 | 75,458 | 75,435 | |||||||||||||
Weighted average number of common shares outstanding – fully diluted | 75,540 | 75,491 | 75,964 | 75,435 |
Business_Overview_Additional_I
Business Overview - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 | |
Subsidiary | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of subsidiaries | 2 | ' | ' | ' |
Cash and cash equivalents | $41,326,000 | $32,838,096 | $27,097,610 | $29,533,230 |
Minimum [Member] | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 24,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $26,000,000 | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Customer | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cumulative unrealized foreign currency translation gain included in other comprehensive income | ' | $200,000 | $100,000 | ' |
Number of customers | ' | 1 | ' | ' |
Vesting period of stock options | ' | '4 years | ' | ' |
Contractual terms of stock option | ' | '7 years | ' | ' |
Weighted average fair value at the date of grant for options granted | ' | $2.12 | $2.23 | $2.53 |
Non-vested options and restricted stock shares outstanding | ' | 1,642,733 | ' | ' |
Unrecognized compensation cost related to non-vested share-based compensation arrangements | ' | 3,600,000 | 3,300,000 | 3,400,000 |
Cost recognized over a weighted-average period | ' | '2 years 7 months 13 days | ' | ' |
Weighted average of remaining contractual terms of the exercisable shares | ' | '2 years 7 months 2 days | '2 years 11 months 12 days | ' |
Total cash award grants | ' | 2,900,000 | ' | ' |
Qualifying expenses | ' | 2,500,000 | ' | ' |
Remaining cash awards granted, received | 400,000 | 1,844,201 | 798,088 | 975,244 |
Insurance proceeds received | ' | 2,637,879 | ' | 279,010 |
Business Interruption [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance proceeds received | ' | 2,500,000 | ' | ' |
Property Damage Claims [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Insurance proceeds received | ' | $100,000 | ' | $300,000 |
Sales [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of revenue from major customer | ' | 11.00% | ' | ' |
2006 Stock Incentive Plan [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Stock Incentive Plan permits the grant of options and shares to its employees | ' | 8,000,000 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated useful lives | ' | '10 years | ' | ' |
State income tax returns examination period | ' | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property and equipment estimated useful lives | ' | '5 years | ' | ' |
State income tax returns examination period | ' | '3 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Financial Assets Recorded on Consolidated Balance Sheets (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | $38,327 | $29,316 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 38,327 | 29,316 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 38,327 | 29,316 |
Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 38,327 | 29,316 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Level 3 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Options Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected option term (years) | '5 years 4 months 6 days | '5 years 3 months 26 days | '5 years 5 months 1 day |
Expected stock price volatility | 69.00% | 80.00% | 88.00% |
Risk-free interest rate, minimum | 0.98% | 1.01% | 2.33% |
Risk-free interest rate, maximum | 1.84% | 2.46% | 2.86% |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Work in process | $914,000 | ' |
Finished goods | 116,000 | 416,000 |
Total | $1,030,480 | $415,876 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $28,830,000 | $28,235,000 | ' |
Accumulated depreciation and amortization | -26,743,000 | -25,707,000 | ' |
Property and equipment, net | 2,086,911 | 2,527,500 | 3,456,000 |
Machinery and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 7,766,000 | 7,453,000 | ' |
Leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 18,087,000 | 17,933,000 | ' |
Furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | 933,000 | 921,000 | ' |
Computer equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, gross | $2,044,000 | $1,928,000 | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation expense | $1,036,035 | $1,496,783 | $1,477,639 |
Insurance proceeds for equipment failure | $137,879 | ' | $279,010 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Payables And Accruals [Abstract] | ' | ' |
Trade accounts payable | $980,000 | $512,000 |
Clinical trial accruals | 1,543,000 | 714,000 |
Incentive compensation | ' | 329,000 |
Executive bonus | 676,000 | 655,000 |
Miscellaneous other current liabilities | 752,000 | 772,000 |
Accounts payable and accrued expenses | $3,950,866 | $2,982,016 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | 10,000,000 | ' |
Preferred stock, par value | ' | $0.01 | $0.01 | ' |
Preferred stock, shares outstanding | ' | 0 | 0 | 0 |
Number of shares of common stock sold | 7,000,000 | 82,841,123 | 75,597,066 | ' |
Public offering price of common stock, per share | $2.30 | $0.01 | $0.01 | ' |
Net proceeds to the company from issuance of common stock | $14,800,000 | $14,785,408 | ' | ' |
Stock options available for future grant | ' | 4,505,224 | ' | ' |
Stock-based compensation expense related stock options | ' | 1,500,000 | 1,500,000 | 1,700,000 |
Aggregate intrinsic value of outstanding stock options | ' | 12,300,000 | 10,200,000 | ' |
Total intrinsic value of options exercised | ' | 100,000 | 33,000 | 100,000 |
Restricted stock units | ' | 205,700 | ' | ' |
Restricted stock units, market price | ' | $3.21 | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | 1,200,000 | ' | ' |
Stock-based compensation expense | ' | 600,000 | 500,000 | 200,000 |
weighted-average period recognized | ' | '2 years 7 months 10 days | ' | ' |
Board of Directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock awarded options | ' | 22,500 | ' | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted to purchase | ' | 207,750 | 102,500 | 80,000 |
Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units, market price | ' | $3.46 | ' | ' |
2006 Stock Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common stock authorized for issuance | ' | 10,720,673 | ' | ' |
IPO [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares of common stock sold | 6,086,956 | ' | ' | ' |
Underwriters' [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares of common stock sold | 913,044 | ' | ' | ' |
Non-Employee Board [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Value of non-qualified stock options and restricted stock units | ' | 45,000 | ' | ' |
Stock-based compensation expense related stock options | ' | $154,000 | $70,000 | $72,000 |
Non-Employee Board [Member] | Maximum [Member] | Restricted stock units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted to purchase | ' | ' | 5,000 | 5,000 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Options (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Equity [Abstract] | ' | ' | ' |
Number of Shares, Options outstanding, beginning of year | 5,799,100 | 6,471,975 | 6,225,621 |
Number of Shares, Options granted | 759,900 | 349,000 | 832,251 |
Number of Shares, Options exercised | -88,594 | -59,126 | -92,460 |
Number of Shares, Options cancelled or forfeited | -743,532 | -962,749 | -493,437 |
Number of Shares, Options outstanding, end of year | 5,726,874 | 5,799,100 | 6,471,975 |
Number of Shares, Options exercisable, end of year | 4,572,716 | 4,686,364 | 4,896,272 |
Weighted Average Price, Options outstanding, beginning of year | $3.72 | $4.92 | $5.80 |
Weighted Average Price, Options granted | $3.59 | $3.40 | $3.54 |
Weighted Average Price, Options exercised | $3 | $2.91 | $2.63 |
Weighted Average Price, Options cancelled or forfeited | $6.96 | $11.70 | $14.20 |
Weighted Average Price, Options outstanding, end of year | $3.30 | $3.72 | $4.92 |
Weighted Average Price, Options exercisable, end of year | $3.21 | $3.81 | $5.47 |
Stockholders_Equity_Options_Ou
Stockholders' Equity - Options Outstanding Under the Plan (Detail) (USD $) | 12 Months Ended |
Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding at June 30, 2013 | 5,726,874 |
Weighted average exercise price | $3.30 |
Weighted average remaining term (yrs.) | '3 years 2 months 23 days |
Number exercisable at June 30, 2013 | 4,572,716 |
Weighted average exercise price | $3.21 |
1.59 - 3.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, Minimum | $1.59 |
Range of exercise price, Maximum | $3 |
Number outstanding at June 30, 2013 | 2,411,288 |
Weighted average exercise price | $2.40 |
Weighted average remaining term (yrs.) | '2 years 6 months 18 days |
Number exercisable at June 30, 2013 | 2,380,975 |
Weighted average exercise price | $2.40 |
3.01 - 5.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, Minimum | $3.01 |
Range of exercise price, Maximum | $5 |
Number outstanding at June 30, 2013 | 2,821,586 |
Weighted average exercise price | $3.68 |
Weighted average remaining term (yrs.) | '4 years 2 months 16 days |
Number exercisable at June 30, 2013 | 1,697,741 |
Weighted average exercise price | $3.70 |
5.01 - 7.00 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, Minimum | $5.01 |
Range of exercise price, Maximum | $7 |
Number outstanding at June 30, 2013 | 492,000 |
Weighted average exercise price | $5.44 |
Weighted average remaining term (yrs.) | '11 months 5 days |
Number exercisable at June 30, 2013 | 492,000 |
Weighted average exercise price | $5.44 |
7.01 - 9.50 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of exercise price, Minimum | $7.01 |
Range of exercise price, Maximum | $9.50 |
Number outstanding at June 30, 2013 | 2,000 |
Weighted average exercise price | $9.50 |
Weighted average remaining term (yrs.) | '2 months 9 days |
Number exercisable at June 30, 2013 | 2,000 |
Weighted average exercise price | $9.50 |
Stockholders_Equity_NonVested_
Stockholders' Equity - Non-Vested Restricted Stock Units (Detail) | 12 Months Ended |
Jun. 30, 2013 | |
Equity [Abstract] | ' |
Non-vested at July 1, 2012 | 439,375 |
Granted | 280,450 |
Vested/Exercised | -231,250 |
Forfeited | ' |
Non-vested at June 30, 2013 | 488,575 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income attributable to Immunomedics, Inc. | ($7,683,000) | $8,609,000 | ($5,166,000) | ($7,141,000) | ($7,467,000) | ($7,126,000) | $20,679,000 | ($4,708,000) | ($11,381,523) | $1,378,409 | ($14,238,379) |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average basic common shares outstanding | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,005 | 75,481,007 | 75,313,349 |
Basic (loss) earnings per share attributable to Immunomedics, Inc. | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average basic common shares outstanding | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,005 | 75,481,007 | 75,313,349 |
Weighted average diluted common shares outstanding | 82,737,000 | 78,447,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,964,000 | 75,435,000 | 78,040,005 | 76,174,377 | 75,313,349 |
Diluted (loss) earnings per share | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | 611 | ' |
Shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 6,189,000 | 5,699,000 | 6,472,000 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82 | ' |
Shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 456,000 | 357,000 | 151,000 |
Income_Taxes_Provision_Benefit
Income Taxes - Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | ($38,000) | $126,000 | $56,000 |
Deferred | ' | ' | ' |
Total Federal | -38,000 | 126,000 | 56,000 |
Current | 2,000 | 2,000 | 4,000 |
Deferred | ' | ' | ' |
Total State | 2,000 | 2,000 | 4,000 |
Current | 80,000 | 82,000 | 50,000 |
Deferred | ' | ' | ' |
Total Foreign | 80,000 | 82,000 | 50,000 |
Total Expense | $44,070 | $209,785 | $109,880 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory Tax Rates and Effective Tax Rates (Detail) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate | -34.00% | 34.00% | -34.00% |
State income taxes (net of Federal tax benefit) | 0.00% | 0.30% | 0.00% |
Foreign income tax | 0.10% | -3.20% | -0.40% |
Change in valuation allowance | 12.10% | -716.20% | 67.00% |
NOL expiration | 24.30% | 754.50% | -30.30% |
R&D tax credit expiration | -3.40% | -72.80% | -1.30% |
Other | 1.30% | 17.60% | -0.20% |
Effective rate | 0.40% | 14.20% | 0.80% |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Differences in Deferred Tax Assets (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
NOL carry forwards | $53,941 | $53,927 |
Research and development credits | 11,707 | 11,703 |
Property and equipment | 4,369 | 4,322 |
Other | 8,705 | 6,881 |
Total | 78,722 | 76,833 |
Valuation allowance | -78,722 | -76,833 |
Net deferred taxes | ' | ' |
Income_Taxes_Additional_inform
Income Taxes - Additional information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Operating loss carry forwards for federal income tax | $154.80 |
Operating loss carry forwards for state income tax | 42.6 |
Percentage of change in ownership | 50.00% |
Tax deduction for non-qualified stock options | $22.50 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Minimum additional incentive compensation, royalty payments and disposition of undeveloped assets | $150,000 | ' | ' |
Minimum percentage of consideration from disposition paid to related party | 20.00% | ' | ' |
Term of contractual obligation | '3 years | ' | ' |
Additional compensation | ' | 300,000 | ' |
Compensation received for services | 78,000 | 55,000 | 55,000 |
David M. Goldenberg Millennium Trust [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Additional incentive compensation during the agreement term | 1.50% | ' | ' |
Center for Molecular Medicine and Immunology [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Area of subleased property | 1,000 | ' | ' |
Subleases cost | 30,000 | ' | ' |
Reimbursed expenses incurred on behalf of company | 32,000 | 200,000 | 300,000 |
Legal expenses incurred by the company | 60,000 | 68,000 | 61,000 |
Series A Preferred Stock [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred stock liquidation preferences | $0.69 | ' | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred stock liquidation preferences | ' | $5.17 | ' |
Series C Preferred Stock [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Preferred stock liquidation preferences | ' | ' | $0.33 |
Minimum [Member] | Cynthia L. Sullivan [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of annual bonus target | 50.00% | ' | ' |
Current annual base salary | 600,000 | ' | ' |
Percentage potential payout based on performance | 0.00% | ' | ' |
Maximum [Member] | Cynthia L. Sullivan [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage potential payout based on performance | 150.00% | ' | ' |
License Agreement [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Royalty percentage | 0.50% | ' | ' |
Annual net sales of products covered by patents | 20,000,000 | ' | ' |
Royalty percentage, excess | 0.25% | ' | ' |
Additional incentive compensation during the agreement term | 0.75% | ' | ' |
Employment Agreements [Member] | David M. Goldenberg Millennium Trust [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Annual base salary | $500,000 | ' | ' |
Percentage of annual bonus target | 50.00% | ' | ' |
Employment Agreements [Member] | Minimum [Member] | David M. Goldenberg Millennium Trust [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of potential payout target | 0.00% | ' | ' |
Employment Agreements [Member] | Maximum [Member] | David M. Goldenberg Millennium Trust [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Percentage of potential payout target | 150.00% | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of IBC Pharmaceuticals, Inc. (Detail) | 1 Months Ended |
Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' |
Total ownership percentage | 100.00% |
Immunomedics, Inc. [Member] | Series A Preferred Stock [Member] | ' |
Related Party Transaction [Line Items] | ' |
Shares held by parent company | 5,615,124 |
Percentage of shares held by parent company | 73.46% |
Third Party Investors [Member] | Series B Preferred Stock [Member] | ' |
Related Party Transaction [Line Items] | ' |
Shares held by David M. Goldenberg Millennium Trust | 628,282 |
Percentage of shares held by David M. Goldenberg Millennium Trust | 8.22% |
David M. Goldenberg Millennium Trust [Member] | Series C Preferred Stock [Member] | ' |
Related Party Transaction [Line Items] | ' |
Shares held by David M. Goldenberg Millennium Trust | 1,399,926 |
Percentage of shares held by David M. Goldenberg Millennium Trust | 18.32% |
License_and_Collaboration_Agre1
License and Collaboration Agreements - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 27, 2011 | Jan. 31, 2012 | 9-May-06 | Dec. 27, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2011 | Jun. 30, 2010 |
UCB Agreement [Member] | UCB Agreement [Member] | UCB Agreement [Member] | Nycomed Agreement [Member] | Nycomed Agreement [Member] | Nycomed Agreement [Member] | Nycomed Agreement [Member] | |||
Maximum [Member] | Clinical Milestones [Member] | Clinical Milestones [Member] | |||||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum milestone payments received | ' | ' | ' | ' | ' | ' | ' | $10 | $10 |
Reimbursements received | ' | ' | ' | ' | ' | 1.5 | 1.7 | ' | ' |
Non-refundable cash payment received | ' | 30 | 38 | ' | ' | ' | ' | ' | ' |
Number of shares under five year warrant | 1 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares to be purchased under warrant par value | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares to be purchased under warrant exercise price | $8 | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of warrant issued | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment receivable | ' | ' | ' | ' | 145 | ' | ' | ' | ' |
Equity investments in regulatory milestone payments receivable | ' | ' | ' | ' | 20 | ' | ' | ' | ' |
Achievement of specified product sales milestones | ' | ' | ' | ' | 260 | ' | ' | ' | ' |
License fee revenue | ' | ' | ' | 28.4 | ' | ' | ' | ' | ' |
Fair value of warrant | ' | ' | ' | $1.60 | ' | ' | ' | ' | ' |
Common stock price volatility | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Market yield risk free interest rate | ' | ' | ' | 0.96% | ' | ' | ' | ' | ' |
Option price of warrant price at conversion | ' | ' | ' | $8 | ' | ' | ' | ' | ' |
Common stock price | ' | ' | ' | $3.37 | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 27, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Rental expense | ' | $800,000 | $800,000 | $700,000 |
Arbitration settlement amount, gross | 18,000,000 | 16,739,282 | ' | ' |
Net amount received after payment of expenses and legal fees | 16,700,000 | ' | ' | ' |
Center for Molecular Medicine and Immunology [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Leased space at the facility, square feet | ' | 1,000 | ' | ' |
2013 [Member] | President and Chief Executive Officer [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Salaries guaranteed | ' | 600,000 | ' | ' |
2014 [Member] | President and Chief Executive Officer [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Salaries guaranteed | ' | 600,000 | ' | ' |
2013 through 2016 [Member] | Chief Scientific Officer and Chief Medical Officer [Member] | Subsequent Event [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Salaries guaranteed | ' | 500,000 | ' | ' |
Guaranteed royalties | ' | 200,000 | ' | ' |
Operating Lease [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Lease expiration date | ' | 31-Oct-31 | ' | ' |
Base annual rate | ' | $800,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Minimum Lease Commitments for Facilities (Detail) (USD $) | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $838 |
2015 | 838 |
2016 | 838 |
2017 | 929 |
2018 | 974 |
Thereafter | $14,173 |
Geographic_Segments_Financial_
Geographic Segments - Financial Information Based on Geographic Location of Facilities (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $47,927,353 | ' | ' | ' | $38,635,221 | ' | ' | ' | $47,927,353 | $38,635,221 | $34,325,000 |
Property and equipment, net | 2,086,911 | ' | ' | ' | 2,527,500 | ' | ' | ' | 2,086,911 | 2,527,500 | 3,456,000 |
Revenues | 1,363,000 | 1,736,000 | 812,000 | 1,051,000 | 963,000 | 971,000 | 29,655,000 | 1,145,000 | 4,961,997 | 32,733,827 | 14,709,479 |
(Loss) income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,442,214 | 1,474,620 | -14,302,485 |
United States [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 45,552,000 | ' | ' | ' | 35,570,000 | ' | ' | ' | 45,552,000 | 35,570,000 | 30,701,000 |
Property and equipment, net | 2,087,000 | ' | ' | ' | 2,528,000 | ' | ' | ' | 2,087,000 | 2,528,000 | 3,455,000 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,011,000 | 29,248,000 | 11,127,000 |
(Loss) income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,630,000 | 1,149,000 | -14,612,000 |
Europe [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,375,000 | ' | ' | ' | 3,065,000 | ' | ' | ' | 2,375,000 | 3,065,000 | 3,624,000 |
Property and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,951,000 | 3,486,000 | 3,582,000 |
(Loss) income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $188,000 | $325,000 | $309,000 |
Defined_Contribution_Plans_Add
Defined Contribution Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Postemployment Benefits [Abstract] | ' | ' | ' |
Aggregate Company contributions to its benefit plans | $98 | $95 | $83 |
Correction_of_Immaterial_Error2
Correction of Immaterial Error - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Accounts payable and accrued expenses | $3,950,866 | $2,982,016 |
Reduction of deferred tax assets related to net operating losses | 1,300,000 | ' |
Overstatement [Member] | ' | ' |
Accounts payable and accrued expenses | $3,200,000 | ' |
Correction_of_Immaterial_Error3
Correction of Immaterial Error - Effect of Recording this Correction in Consolidated Balance Sheet (Detail) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2010 |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' | ' | ' | ' |
Accounts payable and accrued expenses | $3,950,866 | $2,982,016 | ' | ' |
Total current liabilities | 6,731,175 | 3,164,647 | ' | ' |
Accumulated deficit | -226,039,812 | -214,658,289 | ' | ' |
Total Immunomedics, Inc. stockholders' equity | 40,180,467 | 34,456,922 | ' | ' |
Total stockholders' equity | 39,795,450 | 34,169,362 | 29,503,659 | 41,748,269 |
As Reported [Member] | ' | ' | ' | ' |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | ' | ' | ' | ' |
Accounts payable and accrued expenses | 7,165,000 | 5,412,000 | ' | ' |
Total current liabilities | 9,945,000 | 5,595,000 | ' | ' |
Accumulated deficit | -229,254,000 | -217,088,000 | ' | ' |
Total Immunomedics, Inc. stockholders' equity | 36,966,000 | 32,027,000 | ' | ' |
Total stockholders' equity | $36,581,000 | $31,739,000 | ' | $40,718,615 |
Correction_of_Immaterial_Error4
Correction of Immaterial Error - Effect of Recording this Correction in Consolidated Statements of Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Statements of Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development | ' | ' | ' | ' | ' | ' | ' | ' | $28,381,184 | $24,255,567 | $24,536,544 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 35,754,495 | 31,291,203 | 32,900,099 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -30,792,498 | 1,442,624 | -18,190,620 |
(Loss) income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,442,214 | 1,474,620 | -14,302,485 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -11,486,284 | 1,264,835 | -14,412,365 |
Net (loss) income attributable to Immunomedics, Inc. stockholders | -7,683,000 | 8,609,000 | -5,166,000 | -7,141,000 | -7,467,000 | -7,126,000 | 20,679,000 | -4,708,000 | -11,381,523 | 1,378,409 | -14,238,379 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -11,404,615 | 950,327 | -14,358,910 |
Comprehensive (loss) income attributable to Immunomedics, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -11,299,854 | 1,063,901 | -14,184,924 |
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders - basic | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders - fully diluted | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Weighted average number of common shares outstanding - basic | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,005 | 75,481,007 | 75,313,349 |
Weighted average number of common shares outstanding - fully diluted | 82,737,000 | 78,447,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,964,000 | 75,435,000 | 78,040,005 | 76,174,377 | 75,313,349 |
Statements of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in accounts payable and accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | 966,663 | -501,710 | 410,273 |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statements of Comprehensive (Loss) Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development | ' | ' | ' | ' | ' | ' | ' | ' | 29,165,000 | 24,824,000 | 25,369,000 |
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 36,538,000 | 31,860,000 | 33,732,000 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -31,576,000 | 874,000 | -19,023,000 |
(Loss) income before income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -12,226,000 | 906,000 | -15,135,000 |
Net (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -12,270,000 | 696,000 | -15,244,000 |
Net (loss) income attributable to Immunomedics, Inc. stockholders | -7,656,000 | 8,265,000 | -5,392,000 | -7,382,000 | -7,517,000 | -7,266,000 | 20,694,000 | -5,101,000 | -12,165,000 | 810,000 | -15,070,000 |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -12,189,000 | 382,000 | -15,191,000 |
Comprehensive (loss) income attributable to Immunomedics, Inc. stockholders | ' | ' | ' | ' | ' | ' | ' | ' | -12,084,000 | 495,000 | -15,017,000 |
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders - basic | ($0.09) | $0.11 | ($0.07) | ($0.11) | ($0.10) | ($0.10) | $0.27 | ($0.06) | ($0.16) | $0.01 | ($0.20) |
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders - fully diluted | ($0.09) | $0.11 | ($0.07) | ($0.11) | ($0.10) | ($0.10) | $0.27 | ($0.06) | ($0.16) | $0.01 | ($0.20) |
Weighted average number of common shares outstanding - basic | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,000 | 75,481,000 | 75,313,000 |
Weighted average number of common shares outstanding - fully diluted | 82,737,000 | 78,447,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,964,000 | 75,435,000 | 78,040,000 | 76,174,000 | 75,313,000 |
Statements of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in accounts payable and accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | $1,751,000 | $67,000 | $1,242,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations - Summarized Unaudited Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Other Items Net Interest And Other Financial Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,363,000 | $1,736,000 | $812,000 | $1,051,000 | $963,000 | $971,000 | $29,655,000 | $1,145,000 | $4,961,997 | $32,733,827 | $14,709,479 |
Net (loss) income attributable to Immunomedics, Inc. | -7,683,000 | 8,609,000 | -5,166,000 | -7,141,000 | -7,467,000 | -7,126,000 | 20,679,000 | -4,708,000 | -11,381,523 | 1,378,409 | -14,238,379 |
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders - basic | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders - fully diluted | ($0.09) | $0.11 | ($0.07) | ($0.10) | ($0.10) | ($0.09) | $0.27 | ($0.06) | ($0.15) | $0.02 | ($0.19) |
Weighted average number of common shares outstanding - basic | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,005 | 75,481,007 | 75,313,349 |
Weighted average number of common shares outstanding - fully diluted | 82,737,000 | 78,447,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,964,000 | 75,435,000 | 78,040,005 | 76,174,377 | 75,313,349 |
As Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Items Net Interest And Other Financial Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 1,363,000 | 1,736,000 | 812,000 | 1,051,000 | 963,000 | 971,000 | 29,655,000 | 1,145,000 | ' | ' | ' |
Net (loss) income attributable to Immunomedics, Inc. | ($7,656,000) | $8,265,000 | ($5,392,000) | ($7,382,000) | ($7,517,000) | ($7,266,000) | $20,694,000 | ($5,101,000) | ($12,165,000) | $810,000 | ($15,070,000) |
Net (loss) income per common share attributable to Immunomedics Inc. to common stockholders - basic | ($0.09) | $0.11 | ($0.07) | ($0.11) | ($0.10) | ($0.10) | $0.27 | ($0.06) | ($0.16) | $0.01 | ($0.20) |
Net (loss) income per common share attributable to Immunomedics Inc. common stockholders - fully diluted | ($0.09) | $0.11 | ($0.07) | ($0.11) | ($0.10) | ($0.10) | $0.27 | ($0.06) | ($0.16) | $0.01 | ($0.20) |
Weighted average number of common shares outstanding - basic | 82,737,000 | 78,196,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,458,000 | 75,435,000 | 78,040,000 | 75,481,000 | 75,313,000 |
Weighted average number of common shares outstanding - fully diluted | 82,737,000 | 78,447,000 | 75,671,000 | 75,610,000 | 75,540,000 | 75,491,000 | 75,964,000 | 75,435,000 | 78,040,000 | 76,174,000 | 75,313,000 |