Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'IMMU | ' |
Entity Registrant Name | 'IMMUNOMEDICS INC | ' |
Entity Central Index Key | '0000722830 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 83,506,808 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $4,989,639 | $41,326,000 |
Marketable securities | 15,941,541 | ' |
Accounts receivable, net of allowance for doubtful accounts of $61,302 at March 31, 2014 and $49,265 at June 30, 2013 | 714,327 | 622,830 |
Inventory | 823,234 | 1,030,480 |
Other receivables | 77,368 | 172,468 |
Prepaid expenses | 1,060,595 | 432,660 |
Other current assets | 74,011 | 1,631,172 |
Total current assets | 23,680,715 | 45,215,610 |
Property and equipment, net of accumulated depreciation of $27,167,565 and $26,743,481 at March 31, 2014 and June 30, 2013, respectively | 1,980,398 | 2,086,911 |
Value of life insurance policies | 562,010 | 594,832 |
Other long-term assets | 30,000 | 30,000 |
Total Assets | 26,253,123 | 47,927,353 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable and accrued expenses | 4,477,862 | 3,950,866 |
Deferred revenues | 248,293 | 2,780,309 |
Total current liabilities | 4,726,155 | 6,731,175 |
Other liabilities | 1,475,365 | 1,400,728 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value; authorized 10,000,000 shares; no shares issued and outstanding at March 31, 2014 and June 30, 2013 | ' | ' |
Common stock, $0.01 par value; authorized 135,000,000 shares; issued 83,511,533 shares and outstanding 83,476,808 shares at March 31, 2014; and issued 82,841,123 shares and 82,806,398 shares outstanding at June 30, 2013 | 835,115 | 828,411 |
Capital contributed in excess of par | 269,461,557 | 265,688,408 |
Treasury stock, at cost, 34,725 shares at March 31, 2014 and at June 30, 2013 | -458,370 | -458,370 |
Accumulated deficit | -249,618,854 | -226,039,812 |
Accumulated other comprehensive income | 295,950 | 161,830 |
Total Immunomedics, Inc. stockholders' equity | 20,515,398 | 40,180,467 |
Noncontrolling interest in subsidiary | -463,795 | -385,017 |
Total stockholders' equity | 20,051,603 | 39,795,450 |
Total Liabilities and Stockholders' Equity | $26,253,123 | $47,927,353 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $61,302 | $49,265 |
Property and equipment, accumulated depreciation | $27,167,565 | $26,743,481 |
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 | 83,511,533 | 82,841,123 |
Common stock, shares outstanding | 83,476,808 | 82,806,398 |
Treasury stock, shares | 34,725 | 34,725 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Revenues: | ' | ' | ' | ' |
Product sales | $925,235 | $751,617 | $2,434,159 | $2,218,797 |
License fee and other revenues | ' | 126,667 | 4,623,333 | 126,667 |
Research and development | 229,106 | 858,182 | 797,120 | 1,254,571 |
Total revenues | 1,154,341 | 1,736,466 | 7,854,612 | 3,600,035 |
Costs and Expenses: | ' | ' | ' | ' |
Costs of goods sold | 90,253 | 93,703 | 270,523 | 281,953 |
Costs of license fee and other revenues | ' | ' | 1,189,170 | ' |
Research and development | 8,141,744 | 8,113,574 | 23,221,651 | 21,332,729 |
Sales and marketing | 243,692 | 221,718 | 886,234 | 613,420 |
General and administrative | 2,200,526 | 1,500,963 | 5,975,278 | 4,486,968 |
Total costs and expenses | 10,676,215 | 9,929,958 | 31,542,856 | 26,715,070 |
Operating loss | -9,521,874 | -8,193,492 | -23,688,244 | -23,115,035 |
Arbitration settlement, net | ' | 16,739,282 | ' | 16,739,282 |
Insurance proceeds received | ' | ' | ' | 2,637,879 |
Interest and other income, net | 15,179 | 1,591 | 39,695 | 4,906 |
Foreign currency transaction (loss) gain | -25,894 | 13,560 | -7,902 | -23,175 |
(Loss) income before income tax (expense) benefit | -9,532,589 | 8,560,941 | -23,656,451 | -3,756,143 |
Income tax (expense) benefit | -1,372 | 19,879 | -1,372 | -19,496 |
Consolidated net (loss) income | -9,533,961 | 8,580,820 | -23,657,823 | -3,775,639 |
Net loss attributable to noncontrolling interest | -28,359 | -27,783 | -78,778 | -77,045 |
Net (loss) income attributable to Immunomedics, Inc. | -9,505,602 | 8,608,603 | -23,579,045 | -3,698,594 |
(Loss) income per common share attributable to Immunomedics, Inc. stockholders: | ' | ' | ' | ' |
Basic | ($0.11) | $0.11 | ($0.28) | ($0.05) |
Diluted | ($0.11) | $0.11 | ($0.28) | ($0.05) |
Weighted average shares used to calculate (loss) income per common share: | ' | ' | ' | ' |
Basic | 83,340,329 | 78,195,891 | 83,127,073 | 76,479,971 |
Diluted | 83,340,329 | 78,447,065 | 83,127,073 | 76,479,971 |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 3,355 | -66,642 | 123,236 | 35,719 |
Unrealized (loss) gain on available-for-sale securities | -4,138 | ' | 10,884 | ' |
Other comprehensive (loss) income | -783 | -66,642 | 134,120 | 35,719 |
Net comprehensive (loss) income | -9,534,744 | 8,514,178 | -23,523,703 | -3,739,920 |
Net loss attributable to noncontrolling interest | -28,359 | -27,783 | -78,778 | -77,045 |
Net comprehensive (loss) income attributable to Immunomedics, Inc. | ($9,506,385) | $8,541,961 | ($23,444,925) | ($3,662,875) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Consolidated net loss | ($23,657,823) | ($3,775,639) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' |
Depreciation | 424,084 | 765,213 |
Gain on insurance claim for equipment failure | ' | -137,879 |
Gain on sale of marketable securities | -4,193 | ' |
Increase (decrease) in allowance for doubtful accounts | 12,037 | -7,769 |
Non-cash expense related to stock compensation | 2,403,293 | 1,736,653 |
Non-cash decrease (increase) in value of life insurance policy | 32,822 | -12,850 |
Amortization of deferred revenue | -2,532,016 | -176,667 |
Amortization of deferred rent | 74,637 | 74,637 |
Changes in operating assets and liabilities | 1,665,511 | 2,106,206 |
Net cash (used in) provided by operating activities | -21,581,648 | 571,905 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | -20,024,794 | ' |
Proceeds from sales of marketable securities | 4,083,253 | ' |
Purchases of property and equipment | -317,571 | -413,175 |
Proceeds from insurance claim for equipment failure | ' | 137,879 |
Net cash used in investing activities | -16,259,112 | -275,296 |
Cash flows from financing activities: | ' | ' |
Issuance of common stock, net of fees | ' | 14,789,375 |
Payments for stock plan activity | -286,786 | -203,674 |
Share purchases of majority-owned subsidiary | ' | -39,255 |
Exercise of stock options, net | 1,663,346 | 61,103 |
Net cash provided by financing activities | 1,376,560 | 14,607,549 |
Effect of changes in exchange rates on cash and cash equivalents | 127,839 | 55,432 |
Net (decrease) increase in cash and cash equivalents | -36,336,361 | 14,959,590 |
Cash and cash equivalents, beginning of period | 41,326,000 | 32,838,096 |
Cash and cash equivalents, end of period | $4,989,639 | $47,797,686 |
Business_Overview_and_Basis_of
Business Overview and Basis of Presentation | 9 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Business Overview and Basis of Presentation | ' | |
1 | Business Overview and Basis of Presentation | |
Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. The Company has developed a number of advanced proprietary technologies that allows it to create humanized antibodies that can be used either alone in unlabeled or “naked” form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins, in each case to create highly targeted agents. Using these technologies, the Company has built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. The Company also manufactures and commercializes its LeukoScan® product in territories where regulatory approvals have previously been granted. 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 condensed financial statements is the majority-owned subsidiary, IBC Pharmaceuticals, Inc. (“IBC”), which works on the development of novel cancer radiotherapeutics using patented pre-targeting technologies with proprietary, bispecific antibodies. | ||
The accompanying unaudited condensed consolidated financial statements of Immunomedics, which incorporate our subsidiaries, have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), for interim financial information and the instructions to the Quarterly Report on Form 10-Q and Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete annual financial statements. With respect to the financial information for the interim periods included in this Quarterly Report on Form 10-Q, which is unaudited, management believes that all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of the results for such interim periods have been included. Operating results for the three and nine-month periods ended March 31, 2014 are not necessarily indicative of the results that may be expected for the full fiscal year ending June 30, 2014, or any other period. | ||
Immunomedics is subject to significant risks and uncertainties, including, without limitation, the risk that the Company may be unable to successfully obtain financing for product development; the Company’s 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 secure regulatory approval of and market our drug candidates; the Company’s dependence upon pharmaceutical and biotechnology collaborations; the levels and timing of payments under our collaborative agreements, if any; uncertainties about the Company’s ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development or regulatory approval of competing products; the Company’s 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. | ||
On May 2, 2014, the Company announced the pricing of an underwritten public offering of 9 million shares of its common stock, offered at a price to the public of $3.35 per share. The gross proceeds from this offering to the Company are expected to be $30.15 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Immunomedics has granted the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock. Any proceeds from the underwriters’ over-allotment will be incremental to the initial offering proceeds. The offering closed on May 7, 2014. The Company continues to actively pursue various financing alternatives through collaborative licensing and partnership agreements. 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. If the Company is unable to raise additional funding through licensing and/or partnership agreements, the Company will need to pursue other forms of financing including equity or debt financings. | ||
As of March 31, 2014, the Company has $20.9 million of cash, cash equivalents and marketable securities. Based on the Company’s expected cash flow projections, the Company believes it has sufficient funds to continue its operations and research and development programs for at least the next twelve months, after taking into consideration the gross proceeds of $30.15 million from the issuance and sale of its common stock in May 2014. | ||
The Phase Ib clinical trial of clivatuzumab tetraxetan in patients with advanced pancreatic cancer was completed during the 2013 fiscal year. Based on the results of such trial, the Company decided to proceed with a Phase III clinical trial. The Company recognized that the completion of this trial will require additional funding. There can be no assurances that licensing arrangements or other 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 complete the Phase III clinical trial and continue its business would be materially and adversely affected. Furthermore, the terms of any such licensing activity, 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. | ||
Since its inception in 1982, Immunomedics’ principal sources of funds have been the private and public sale of equity and debt 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 economy. There can be no assurances that financings will be available when needed with acceptable terms 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 | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||||||
These unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended June 30, 2013. The Company adheres to the same accounting policies in preparation of its interim financial statements. | |||||||||||||||||
Principles of Consolidation and Presentation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of Immunomedics and its subsidiaries. Noncontrolling interests in consolidated subsidiaries in the condensed consolidated balance sheets represent minority stockholders’ proportionate share of the equity (deficit) in such subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
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, and b) the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in the control of the vendor, in accordance with the accounting standard for multiple-element arrangements. 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 or the product is delivered. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing obligations in the agreement are recorded as deferred revenue and recognized over the estimated service 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 or 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. | |||||||||||||||||
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. Investments in marketable securities are available-for-sale to fund operations. The portfolio at March 31, 2014 primarily consists of debt securities and municipal bonds. | |||||||||||||||||
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 condensed consolidated balance sheets as of March 31, 2014 and June 30, 2013 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. | ||||||||||||||||
($ in thousands) | |||||||||||||||||
March 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 1,364 | $ | — | $ | — | $ | 1,364 | |||||||||
Marketable Securities: | |||||||||||||||||
U.S. Treasury Bonds | 6,007 | — | — | 6,007 | |||||||||||||
Corporate Debt Securities | 9,935 | — | — | 9,935 | |||||||||||||
Total | $ | 17,306 | $ | — | $ | — | $ | 17,306 | |||||||||
June 30, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
The money market funds noted above are included in cash and cash equivalents. | |||||||||||||||||
Reimbursement of Research & 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 work-in-process and the finished product of LeukoScan®, is stated at the lower of cost (which approximates first-in, first-out) or market, and includes materials, labor and manufacturing overhead. | |||||||||||||||||
Inventory consisted of the following (in thousands): | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Work in process | $ | — | $ | 914 | |||||||||||||
Finished goods | 823 | 116 | |||||||||||||||
$ | 823 | $ | 1,030 | ||||||||||||||
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 statement 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 has recorded a full valuation allowance against its net deferred tax assets as of March 31, 2014. | |||||||||||||||||
The Company’s U.S. operations reported a net loss for the three and nine-month periods ended March 31, 2014 resulting in a tax benefit that was fully offset by a valuation allowance. Income taxes were provided at the estimated annual tax rate during the three and nine month periods ended March 31, 2014 for one of the foreign jurisdictions which is profitable. | |||||||||||||||||
For the three-month period ended March 31, 2013, the Company recorded a net income tax benefit of $20 thousand as a result of an adjustment to the final 2012 fiscal year federal income tax return, partially offset by income tax expense on profitable foreign subsidiaries. For the nine-month period ended March 31, 2013 the Company recorded a net income tax expense of $19 thousand, as a provision for foreign tax expense of $58 thousand which was partially offset by an adjustment to the final 2012 fiscal year federal income tax return. | |||||||||||||||||
The Company has no liability for uncertain tax positions as of March 31, 2014. | |||||||||||||||||
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 shares outstanding. For the three and nine-month periods ended March 31, 2014 and the nine-month period ended March 31, 2013, the diluted net loss per common share is calculated based on the weighted average number of shares outstanding excluding the exercise or conversion of all potential common shares because their effect would have been anti-dilutive, due to the net loss recorded. For the three-month period ended March 31, 2013 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 three-month period ended March 31, 2013 is calculated under the treasury stock method. All other outstanding stock options and warrant shares were excluded from the calculation as the effect was anti-dilutive. | |||||||||||||||||
Insurance Proceeds | |||||||||||||||||
Insurance proceeds totaling $2.6 million were received during the nine-month period ended March 31, 2013 as a result of insurance claims for 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 is no such claim for the current year. In addition, proceeds of $0.1 million were also recorded for a property claim regarding the same equipment failure. The proceeds received from these claims are classified as a separate other income component in the condensed consolidated statement of comprehensive (loss) income for the nine-month period ended March 31, 2013. | |||||||||||||||||
Comprehensive (Loss) Income | |||||||||||||||||
Comprehensive (loss) income consists of consolidated net (loss) income, net unrealized (losses) gains on available for sale securities, and foreign exchange translation adjustments and is presented in the condensed consolidated statements of comprehensive (loss) income. | |||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period balances have been reclassified to conform to the current period presentation. | |||||||||||||||||
Accounting Pronouncements | |||||||||||||||||
In July 2013, the FASB issued Accounting Standard Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists.” This ASU will eliminate the diversity in practice in presentation of unrecognized tax benefits when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists at the reporting date. This new guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new guidance, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. This guidance is effective prospectively, but allows optional retrospective adoption (for all periods presented), for reporting periods beginning after December 15, 2013. As this guidance relates to presentation only, the adoption of this guidance will not impact our financial position or results of operations. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”).” ASU 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 adopted this pronouncement in the first quarter of fiscal year 2014. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
3 | Marketable Securities | ||||||||||||||||
During the nine months ended March 31, 2014, the Company invested $20.0 million of cash and cash equivalents into debt securities and municipal bonds, of which $4.1 million either matured or were sold during the three-month period ended March 31, 2014. Immunomedics utilized Accounting Standards Codification No. 320, Accounting for Investments - Debt and Equity Securities, to account for investments in marketable securities. Under this accounting standard, securities for which there are no positive intent and ability to hold to maturity, the securities are classified as available-for-sale and are carried at fair value. Unrealized holding gains and losses, which are deemed to be temporary, on securities classified as available-for-sale are carried as a separate component of accumulated other comprehensive income. Immunomedics considers all of its current investments to be available-for-sale. Marketable securities at March 31, 2014 consist of the following (in thousands): | |||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
U.S. Treasury Bonds | $ | 6,006 | $ | 1 | $ | — | $ | 6,007 | |||||||||
Corporate Debt Securities | 9,925 | 11 | (1 | ) | 9,935 | ||||||||||||
$ | 15,931 | $ | 12 | $ | (1 | ) | $ | 15,942 | |||||||||
Maturities of debt securities classified as available-for-sale were as follows at March 31, 2014 (in thousands): | |||||||||||||||||
Fair Value | Net Carrying | ||||||||||||||||
Amount | |||||||||||||||||
Due within one year | $ | 10,606 | $ | 10,658 | |||||||||||||
Due after one year through five years | 5,336 | 5,355 | |||||||||||||||
$ | 15,942 | $ | 16,013 | ||||||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
4 | Stockholders’ Equity | ||||||||||||
The components of accumulated other comprehensive income were as follows: | |||||||||||||
Currency | Net Unrealized | Accumulated Other | |||||||||||
Translation | Gains (Losses) on | Comprehensive | |||||||||||
Adjustments | Available-for-Sale | Income | |||||||||||
Securities | |||||||||||||
Balance, July 1, 2013 | $ | 161,830 | $ | — | $ | 161,830 | |||||||
Other comprehensive income before reclassifications | 123,236 | 15,077 | 138,313 | ||||||||||
Amounts reclassified from accumulated other comprehensive income(a) | — | (4,193 | ) | (4,193 | ) | ||||||||
Net current-period other comprehensive income | 123,236 | 10,884 | 134,120 | ||||||||||
Balance, March 31, 2014 | $ | 285,066 | $ | 10,884 | $ | 295,950 | |||||||
All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. | |||||||||||||
(a) | For the nine months ended March 31, 2014, $4,193 was reclassified from accumulated other comprehensive income to interest and other income. |
Stock_Incentive_Plan
Stock Incentive Plan | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Incentive Plan | ' | ||||||||||||||||
5 | Stock Incentive Plan | ||||||||||||||||
A summary of the 2006 Stock Incentive Plan (the “Plan”), is provided in Note 6 to the audited financial statements contained in the Company’s Annual Report on Form 10-K/A for the fiscal year ended June 30, 2013. The Company believes that awards under the Plan better align the interests of its employees with those of its stockholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant; those option awards generally vest based on four years of continuous service and have seven year contractual terms. Option awards that are granted to non-employee Board members under the annual option grant program are granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, are vested immediately and have seven year contractual terms. At March 31, 2014, there were 9,996,431 shares of common stock reserved for possible future issuance under the Plan, both currently outstanding (6,388,212 shares) and which were available to be issued for future grants (3,608,219 shares). | |||||||||||||||||
The fair value of each option granted during the nine-month periods ended March 31, 2014 and 2013 is estimated on the date of grant using the Black-Scholes option-pricing model with the weighted-average assumptions in the following table: | |||||||||||||||||
Nine-month period ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected dividend yield | 0% | 0% | |||||||||||||||
Expected option term (years) | 3.47 | 5.37 | |||||||||||||||
Expected stock price volatility | 66% | 69% | |||||||||||||||
Risk-free interest rate | 0.03%-1.79% | 0.98%-1.25% | |||||||||||||||
The weighted average fair value at the date of grant for options granted during the nine-month periods ended March 31, 2014 and 2013 were $1.94 and $1.95 per share, respectively. The Company uses historical data to estimate employee forfeitures for employees, executive officers and outside directors. The expected term of options granted represents the period of time that options granted are expected to be outstanding and the expected stock price volatility is based on the Company’s daily stock trading history. The weighted average of the expected option term declined to 3.47 years for the nine-month period ended March 31, 2014, was a result of the issuance of short-term options to the former chief financial officer. Aside from these stock options the expected option term for other stock options granted during the nine-month period ended March 31, 2014 was 5.2 years. 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 lower risk-free interest rate results from the short-term rate for the stock options granted to the former chief financial officer. | |||||||||||||||||
Information concerning options for the nine-month period ended March 31, 2014 is summarized as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding, July 1, 2013 | 5,726,874 | $ | 3.3 | ||||||||||||||
Granted | 1,293,204 | $ | 5.38 | ||||||||||||||
Exercised | (502,980 | ) | $ | 3.31 | |||||||||||||
Cancelled or forfeited | (940,731 | ) | $ | 4.52 | |||||||||||||
Outstanding, March 31, 2014 | 5,576,367 | $ | 3.57 | 3.18 | $ | 4,970,872 | |||||||||||
Exercisable, March 31, 2014 | 4,533,302 | $ | 3.41 | 2.6 | $ | 4,638,878 | |||||||||||
A summary of the Company’s non-vested restricted and performance stock units at July 1, 2013, and changes during the nine-month period ended March 31, 2014 are presented below: | |||||||||||||||||
Outstanding Non-Vested Restricted and Performance Stock Units | Number of | ||||||||||||||||
Awards | |||||||||||||||||
Non-vested at July 1, 2013 | 488,575 | ||||||||||||||||
Restricted Units Granted | 179,668 | ||||||||||||||||
Performance Units Granted | 389,864 | ||||||||||||||||
Vested | (221,262 | ) | |||||||||||||||
Cancelled | (25,000 | ) | |||||||||||||||
Non-vested at March 31, 2014 | 811,845 | ||||||||||||||||
The Company has 1,854,910 non-vested options, restricted and performance stock units outstanding as of March 31, 2014. As of March 31, 2014, there was $2.2 million 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 2.2 years. The Company recorded $0.9 million and $2.4 million for total stock-based compensation expense for employees, executive officers and non-employee Board members for the three and nine-month periods ended March 31, 2014, respectively, as compared to $0.5 million and $1.7 million for the three and nine-month periods ended March 31, 2013. | |||||||||||||||||
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 $44 thousand and $159 thousand for stock-based compensation expense for these non-employee Board members restricted stock units for the three and nine-month periods ended March 31, 2014, respectively, as compared to $54 thousand and $100 thousand for the three and nine-month periods ended March 31, 2013. | |||||||||||||||||
On August 16, 2013, the Company awarded an additional 136,452 restricted stock units to certain executive officers of the Company at the market price on that date ($5.13 per share). These restricted stock units will vest over a four year period. As of March 31, 2014, there was $1.4 million of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the Plan for these executive officers, excluding performance stock units. That cost is being recognized over a weighted-average period of 2.54 years. The Company recorded $0.2 million and $0.5 million for stock-based compensation expense for these executive officers for the three and nine-month periods ended March 31, 2014, as compared to $0.1 million and $0.4 million for the three and nine-month periods ended March 31, 2013. | |||||||||||||||||
On August 16, 2013, the Company also awarded certain executive officers Performance Units of up to 389,864 of restricted stock units which are subject to attainment of certain performance milestones as well as certain continued service requirements. All or a portion of the Performance Units shall vest based upon the level of achievement of the milestones set forth in each agreement, which is expected to be achieved within five years of the grant date. The Performance Units that vest based upon attainment of the Performance Milestone will be exercised based on a percentage basis on the attainment of anniversary dates. As of March 31, 2014, there are 389,864 Performance Units available if all performances are achieved within five years of grant date. The Company recorded $0.5 million and $1.3 million for the stock-based compensation for the three and nine-month periods ended March 31, 2014. There is $0.8 million of total unrecognized compensation cost related to these non-vested Performance Units granted as of March 31, 2014. That cost is being recognized over a weighted-average period of 0.4 years. The unrecognized compensation cost is subject to modification on a quarterly basis based on review of performance probability and requisite achievement periods. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
6 | Earnings Per Share | ||||||||||||||||
Per share data is based on the weighted average number of shares of the Company’s common stock during the relevant period. Basic (loss) earnings per share is calculated using the weighted average number of outstanding shares of common stock. Diluted (loss) earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional common stock issuable for stock options and restricted stock whether or not currently exercisable. Diluted (loss) earnings per share for all the periods presented do not include securities if their effect was anti-dilutive. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Consolidated net (loss) income attributable to Immunomedics, Inc. | $ | (9,506 | ) | $ | 8,609 | $ | (23,579 | ) | $ | (3,699 | ) | ||||||
Basic (loss) earnings per share: | |||||||||||||||||
Weighted average basic common shares outstanding | 83,340 | 78,196 | 83,127 | 76,480 | |||||||||||||
Basic (loss) earnings per share | $ | (0.11 | ) | $ | 0.11 | $ | (0.28 | ) | $ | (0.05 | ) | ||||||
Diluted (loss) earnings per share: | |||||||||||||||||
Weighted average basic common shares outstanding | 83,340 | 78,196 | 83,127 | 76,480 | |||||||||||||
Dilutive effect of stock options outstanding | — | 237 | — | — | |||||||||||||
Dilutive effect of restricted stock | — | 14 | — | — | |||||||||||||
Weighted average diluted common shares outstanding | 83,340 | 78,447 | 83,127 | 76,480 | |||||||||||||
Diluted (loss) earnings per share | $ | (0.11 | ) | $ | 0.11 | $ | (0.28 | ) | $ | (0.05 | ) | ||||||
Stock options and warrant shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been antidilutive | 7,388 | 7,459 | 7,388 | 7,710 | |||||||||||||
Geographic_Segments
Geographic Segments | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Geographic Segments | ' | ||||||||||||
7 | Geographic Segments | ||||||||||||
Immunomedics manages its operations as one line of business of researching, developing, manufacturing and marketing biopharmaceutical products, particularly antibody-based products for cancer, autoimmune and other serious diseases, and it currently reports as a single industry segment. Immunomedics conducts its research and development activities primarily in the United States. Immunomedics markets and sells LeukoScan® throughout Europe and in certain other countries outside the United States. | |||||||||||||
The following table presents financial information based on the geographic location of the facilities of Immunomedics as of and for the three and nine-months ended March 31, 2014 and 2013 ($ in thousands): | |||||||||||||
Three-Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Total assets | $ | 24,074 | $ | 2,179 | $ | 26,253 | |||||||
Property and equipment, net | 1,980 | — | 1,980 | ||||||||||
Revenues | 242 | 912 | 1,154 | ||||||||||
(Loss) income before taxes | (9,586 | ) | 53 | (9,533 | ) | ||||||||
Three-Months Ended | |||||||||||||
March 31, 2013 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Total assets | $ | 52,478 | $ | 1,908 | $ | 54,386 | |||||||
Property and equipment, net | 2,175 | — | 2,175 | ||||||||||
Revenues | 996 | 740 | 1,736 | ||||||||||
Income before taxes | 8,516 | 45 | 8,561 | ||||||||||
Nine-Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Revenues | $ | 5,453 | $ | 2,402 | $ | 7,855 | |||||||
(Loss) before taxes | (23,588 | ) | (68 | ) | (23,656 | ) | |||||||
Nine-Months Ended | |||||||||||||
March 31, 2013 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Revenues | $ | 1,403 | $ | 2,197 | $ | 3,600 | |||||||
(Loss) income before taxes | (3,898 | ) | 142 | (3,756 | ) | ||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
8 | Related Party Transactions | |
Certain of the Company’s affiliates, including members of its senior management and its 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 Chairman of the Board of Directors and 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 the Company’s majority-owned subsidiary IBC. | ||
Immunomedics, Inc. leases approximately 1,000 square feet of its Morris Plains, NJ facility to CMMI at a cost of approximately $30 thousand per year. The Company incurred legal expenses on behalf of CMMI for patent related matters for the three and nine-month period ended March 31, 2014 of $10 thousand and $23 thousand, respectively, as compared to $21 thousand and $44 thousand for the three and nine-month periods ended March 31, 2013, respectively. The Company has first rights to license those patents and may decide whether or not to support them. However, any inventions made independently of the Company at CMMI are the property of CMMI. | ||
For each of the three and nine-month periods ended March 31, 2014 and 2013, Dr. Goldenberg received $20 thousand and $59 thousand, respectively, in compensation for his services to IBC. |
License_and_Collaboration_Agre
License and Collaboration Agreements | 9 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
License and Collaboration Agreements | ' | |
9 | License and Collaboration Agreements | |
Takeda Pharmaceutical/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 retained the rights to develop, manufacture and commercialize veltuzumab in the field of oncology. On September 30, 2011, Takeda Pharmaceutical Company Limited completed its acquisition of Nycomed and made Nycomed a wholly owned subsidiary of Takeda (“Takeda-Nycomed”) effective the same day. | ||
Takeda-Nycomed was solely responsible for the development, manufacturing, regulatory approval and commercialization of veltuzumab and the development, manufacturing and regulatory approval of 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 has completed all of its obligations under the agreement, namely its manufacturing and supply obligations and its responsibilities in the Phase I/II study in immune thrombocytopenic purpura (“ITP”). | ||
On October 3, 2013, the Company received notification from Takeda Pharmaceutical Company Limited/Nycomed GmbH of termination of the licensing agreement between Nycomed GmbH and Immunomedics for the worldwide rights to veltuzumab, the humanized anti-CD20 antibody, in a subcutaneous formulation for all non-cancer indications. The notification was received subsequent to the Company’s filing of arbitration proceedings in an effort to resolve the dispute the Company has with Nycomed concerning delays in the development of veltuzumab, which the Company argues is a material breach of the licensing agreement. | ||
As a result of the termination, all rights to veltuzumab revert to the Company and both parties have begun discussions regarding the transition of veltuzumab back to the Company. In addition, the Company will continue to pursue the arbitration procedure to address its claim for damages due to, among other things, delays in the development of veltuzumab. | ||
On October 11, 2013, Takeda and Takeda-Nycomed filed their Statement of Defense and Counterclaims alleging, among other things, that the Company wrongfully terminated the licensing agreement and caused Takeda and Takeda-Nycomed to suffer significant damages and delays in developing veltuzumab. The Company responded by filing its own Statement of Defense on November 12, 2013, denying Takeda and Takeda-Nycomed’s allegations and contesting Takeda or Takeda-Nycomed’s rights to any relief. An arbitrator was appointed later that month. On December 20, 2013 the arbitrator issued a pre-hearing scheduling order and discovery in the arbitration is proceeding in accordance with that schedule. A hearing is planned for August 2014. The Company expects the arbitration to continue after veltuzumab has been fully transitioned back to the Company. | ||
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 31, 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 fee 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 a mid-teen to mid-twenty percentage of aggregate annual net sales under the UCB Agreement and Amendment Agreement during the product royalty term. No development milestone, commercialization milestone or royalty payments were achieved through March 31, 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. | ||
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. On August 2, 2013, an amendment to the collaboration agreement was entered into between the two companies modifying certain delivery and supply parameters. Under the terms of this agreement, as amended, the Company is required to manufacture and supply clinical-grade epratuzumab to Algeta, which has rights to evaluate the potential of a Targeted Thorium Conjugate (TTC), linking thorium-227 to epratuzumab, for the treatment of patients with cancer. Algeta will fund all non-clinical and clinical development costs up to the end of Phase I clinical 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 agreed to certain parameters in the collaboration agreement. Under the terms of the collaboration agreement, as amended, Immunomedics received an upfront cash payment and other payments which have been recognized upon the Company fulfilling its obligations under the collaboration agreement. For the nine-month period ended March 31, 2014, the Company recognized $4.6 million of revenue under this arrangement, which has been included in license fee and other revenues, while the related costs of $1.2 million is included in cost of license fee and other revenue. As of March 31, 2014, the Company recognized all of the initial cash payments as revenue as the aspects of delivery for the clinical supply material have been satisfied. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Mar. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
10 | Commitments and Contingencies | |
Employment Contracts | ||
Effective 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. This agreement covers aspects of his compensation as well as duties and responsibilities at Immunomedics. Under this 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 (increased 3.5% for the 2014 fiscal year). Dr. Goldenberg will also be 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. | ||
Under the Goldenberg Agreement, Dr. Goldenberg is eligible to receive certain additional incentive compensation during the agreement term, including being eligible to receive royalty payments from 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. | ||
Under the terms of the Goldenberg Agreement, the Company makes a minimum quarterly payment of $37.5 thousand to Dr. Goldenberg during each of the fiscal years during the Goldenberg Agreement, as an advance against the amounts due as additional incentive compensation, royalty payments and dispositions of undeveloped assets. For the nine-month periods ended March 31, 2014, no additional incentive compensation payments were made to Dr. Goldenberg other than the $37.5 thousand minimum quarterly payments. In addition to the minimum quarterly payments during the nine-month period ended March 31, 2013, the Company paid Dr. Goldenberg $0.3 million of additional incentive compensation that was accrued from the previous fiscal year in accordance with the terms of the Goldenberg Agreement. | ||
On July 1, 2011, the Company and Cynthia L. Sullivan entered into the Fourth Amended and Restated Employment Agreement pertaining to Ms. Sullivan’s service as the Company’s President and Chief Executive Officer. The Amended Sullivan Agreement shall terminate on July 1, 2014. Ms. Sullivan’s annual base salary under the agreement is $0.6 million, which shall be reviewed annually for appropriate increases by the Board of Directors or the Compensation Committee (increased by 3.5% for the 2014 fiscal year). Ms. Sullivan is also eligible to participate in the Company’s incentive compensation plan in place for its senior level executives. 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. | ||
Clinical Research Organization Contract | ||
On March 19, 2014 the Company entered into a services agreement with an outside Clinical Research Organization (“CRO”) to provide certain services for the Company’s Phase III registration study (PANcreatic Cancer RadioImmunotherapy Trial-1: PANCRIT-1) in patients with metastatic pancreatic cancer who have received at least two prior therapies, one of which must have been a gemcitabine-containing regimen. The fee associated with the services by the CRO in this contract and the forecasted pass-through costs to the investigation sites are estimated to be approximately $30.0 million, when completed by the first half of calendar year 2016. | ||
Legal Matters | ||
The following is a summary of certain shareholder complaints that are outstanding: | ||
Shareholder complaints: | ||
Two separate shareholder derivative complaints have been filed against the Company. First, on March 24, 2014, a complaint styled Kops v. Goldenberg, et al., was filed in the Superior Court of New Jersey, Chancery Division, General Equity Part, Morris County. Second, on April 18, 2014, a complaint styled Breitman v. Sullivan, et al., was filed in the United States District Court for the District of New Jersey. The complaints allege, among other things, that the Company and certain directors and officers breached their fiduciary duties for disseminating false and misleading information relating to the termination of the Nycomed Agreement. In particular, the complaints allege that defendants failed to make timely disclosure concerning a dispute concerning a delay in the development of veltuzumab. On October 9, 2013, the Company announced that the Nycomed Agreement was terminated. The complaints allege that the breaches in fiduciary duties by the directors and officers caused damages to the Company and stockholders, including a decline in value of the Company’s common stock, increased investigatory and litigation costs, and exposure to civil liability as a result of a pending securities fraud class action suit. Plaintiffs bring the derivative actions to recover damages against the directors and officers for the benefit of the Company, and to require the Company to reform and improve its corporate governance and internal procedures. The defendants believe that the allegations in the derivative complaints are without merit and intend to defend the lawsuits vigorously; however, there can be no assurance regarding the ultimate outcome of these lawsuits. | ||
A putative class action lawsuit, styled Nasyrova v. Immunomedics, Inc., was filed on February 27, 2014 in the United States District Court for the District of New Jersey. The lawsuit alleges that the Company and certain of its current and former officers and directors failed to disclose and/or made material misstatements in the Company’s public filings relating to the termination of the Nycomed Agreement. In particular, the complaint alleges that defendants failed to make timely disclosure concerning a dispute concerning a delay in the development of veltuzumab. On October 9, 2013, the Company announced that the Nycomed Agreement was terminated. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On April 28, 2014, competing motions were filed for the appointment of lead plaintiff and approval of each proposed lead plaintiff’s selection of counsel. The defendants believe that the allegations in the class action complaint are without merit and intend to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit. | ||
From time to time, the Company is party to litigation in the ordinary course of its business and may become a party to additional litigation in the future. The Company does not believe these matters, even if adversely adjudicated or settled, would have a material adverse effect on its financial condition, results of operations or cash flows. |
Correction_of_Immaterial_Error
Correction of Immaterial Error | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||
Correction of Immaterial Error | ' | ||||||||||||||||
11 | 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 error in its accounting for clinical trial expense and accrued liabilities. Upon investigation it was determined that the total amount of the overstatement of the accrued liability for clinical trials as of June 30, 2013 was $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. | |||||||||||||||||
The effect of recording this immaterial error correction affects the presentation of the comparative consolidated condensed financial statements for the three months and nine months ended March 31, 2013 for certain line items associated with the Statements of Comprehensive Loss (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, 2013 | March 31, 2013 | ||||||||||||||||
As | As | As | As | ||||||||||||||
Reported | Revised | Reported | Revised | ||||||||||||||
Statements of Comprehensive Loss | |||||||||||||||||
Research and development | $ | 8,457 | $ | 8,114 | $ | 22,143 | $ | 21,333 | |||||||||
Net income (loss) | 8,237 | 8,581 | (4,586 | ) | (3,776 | ) | |||||||||||
Net income (loss) attributable to Immunomedics, Inc. stockholders | 8,265 | 8,609 | (4,509 | ) | (3,699 | ) | |||||||||||
These corrections did not impact cash flows from operating activities for the nine-month period ended March 31, 2013. | |||||||||||||||||
Subsequent_Event
Subsequent Event | 9 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
12 | Subsequent Event | |
On May 2, 2014, the Company announced the pricing of an underwritten public offering of 9 million shares of its common stock, offered at a price to the public of $3.35 per share. The gross proceeds from this offering to the Company are expected to be $30.15 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. Immunomedics has granted the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock. Any proceeds from the underwriters’ over-allotment will be incremental to the initial offering proceeds. The offering closed on May 7, 2014. The shares of common stock were sold pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Principles of Consolidation and Presentation | ' | ||||||||||||||||
Principles of Consolidation and Presentation | |||||||||||||||||
The condensed consolidated financial statements include the accounts of Immunomedics and its subsidiaries. Noncontrolling interests in consolidated subsidiaries in the condensed consolidated balance sheets represent minority stockholders’ proportionate share of the equity (deficit) in such subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||||||||
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, and b) the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered items is considered probable and substantially in the control of the vendor, in accordance with the accounting standard for multiple-element arrangements. 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 or the product is delivered. Upfront nonrefundable fees associated with license and development agreements where the Company has continuing obligations in the agreement are recorded as deferred revenue and recognized over the estimated service 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 or 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. | |||||||||||||||||
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. Investments in marketable securities are available-for-sale to fund operations. The portfolio at March 31, 2014 primarily consists of debt securities and municipal bonds. | |||||||||||||||||
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 condensed consolidated balance sheets as of March 31, 2014 and June 30, 2013 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. | ||||||||||||||||
($ in thousands) | |||||||||||||||||
March 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 1,364 | $ | — | $ | — | $ | 1,364 | |||||||||
Marketable Securities: | |||||||||||||||||
U.S. Treasury Bonds | 6,007 | — | — | 6,007 | |||||||||||||
Corporate Debt Securities | 9,935 | — | — | 9,935 | |||||||||||||
Total | $ | 17,306 | $ | — | $ | — | $ | 17,306 | |||||||||
June 30, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
The money market funds noted above are included in cash and cash equivalents. | |||||||||||||||||
Reimbursement of Research & Development Costs | ' | ||||||||||||||||
Reimbursement of Research & 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 work-in-process and the finished product of LeukoScan®, is stated at the lower of cost (which approximates first-in, first-out) or market, and includes materials, labor and manufacturing overhead. | |||||||||||||||||
Inventory consisted of the following (in thousands): | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Work in process | $ | — | $ | 914 | |||||||||||||
Finished goods | 823 | 116 | |||||||||||||||
$ | 823 | $ | 1,030 | ||||||||||||||
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 statement 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 has recorded a full valuation allowance against its net deferred tax assets as of March 31, 2014. | |||||||||||||||||
The Company’s U.S. operations reported a net loss for the three and nine-month periods ended March 31, 2014 resulting in a tax benefit that was fully offset by a valuation allowance. Income taxes were provided at the estimated annual tax rate during the three and nine month periods ended March 31, 2014 for one of the foreign jurisdictions which is profitable. | |||||||||||||||||
For the three-month period ended March 31, 2013, the Company recorded a net income tax benefit of $20 thousand as a result of an adjustment to the final 2012 fiscal year federal income tax return, partially offset by income tax expense on profitable foreign subsidiaries. For the nine-month period ended March 31, 2013 the Company recorded a net income tax expense of $19 thousand, as a provision for foreign tax expense of $58 thousand which was partially offset by an adjustment to the final 2012 fiscal year federal income tax return. | |||||||||||||||||
The Company has no liability for uncertain tax positions as of March 31, 2014. | |||||||||||||||||
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 shares outstanding. For the three and nine-month periods ended March 31, 2014 and the nine-month period ended March 31, 2013, the diluted net loss per common share is calculated based on the weighted average number of shares outstanding excluding the exercise or conversion of all potential common shares because their effect would have been anti-dilutive, due to the net loss recorded. For the three-month period ended March 31, 2013 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 three-month period ended March 31, 2013 is calculated under the treasury stock method. All other outstanding stock options and warrant shares were excluded from the calculation as the effect was anti-dilutive. | |||||||||||||||||
Insurance Proceeds | ' | ||||||||||||||||
Insurance Proceeds | |||||||||||||||||
Insurance proceeds totaling $2.6 million were received during the nine-month period ended March 31, 2013 as a result of insurance claims for 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 is no such claim for the current year. In addition, proceeds of $0.1 million were also recorded for a property claim regarding the same equipment failure. The proceeds received from these claims are classified as a separate other income component in the condensed consolidated statement of comprehensive (loss) income for the nine-month period ended March 31, 2013. | |||||||||||||||||
Comprehensive (Loss) Income | ' | ||||||||||||||||
Comprehensive (Loss) Income | |||||||||||||||||
Comprehensive (loss) income consists of consolidated net (loss) income, net unrealized (losses) gains on available for sale securities, and foreign exchange translation adjustments and is presented in the condensed consolidated statements of comprehensive (loss) income. | |||||||||||||||||
Reclassification | ' | ||||||||||||||||
Reclassification | |||||||||||||||||
Certain prior period balances have been reclassified to conform to the current period presentation. | |||||||||||||||||
Accounting Pronouncements | ' | ||||||||||||||||
Accounting Pronouncements | |||||||||||||||||
In July 2013, the FASB issued Accounting Standard Update (“ASU”) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists.” This ASU will eliminate the diversity in practice in presentation of unrecognized tax benefits when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists at the reporting date. This new guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry-forward that would apply in settlement of the uncertain tax positions. Under the new guidance, unrecognized tax benefits will be netted against all available same-jurisdiction loss or other tax carry-forward that would be utilized, rather than only against carryforwards that are created by the unrecognized tax benefits. This guidance is effective prospectively, but allows optional retrospective adoption (for all periods presented), for reporting periods beginning after December 15, 2013. As this guidance relates to presentation only, the adoption of this guidance will not impact our financial position or results of operations. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”).” ASU 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 adopted this pronouncement in the first quarter of fiscal year 2014. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Financial Assets Recorded on Condensed Consolidated Balance Sheets | ' | ||||||||||||||||
Financial assets recorded on the condensed consolidated balance sheets as of March 31, 2014 and June 30, 2013 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. | ||||||||||||||||
($ in thousands) | |||||||||||||||||
March 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 1,364 | $ | — | $ | — | $ | 1,364 | |||||||||
Marketable Securities: | |||||||||||||||||
U.S. Treasury Bonds | 6,007 | — | — | 6,007 | |||||||||||||
Corporate Debt Securities | 9,935 | — | — | 9,935 | |||||||||||||
Total | $ | 17,306 | $ | — | $ | — | $ | 17,306 | |||||||||
June 30, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Total | $ | 38,327 | $ | — | $ | — | $ | 38,327 | |||||||||
Schedule of Inventory | ' | ||||||||||||||||
Inventory consisted of the following (in thousands): | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Work in process | $ | — | $ | 914 | |||||||||||||
Finished goods | 823 | 116 | |||||||||||||||
$ | 823 | $ | 1,030 | ||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Components of Marketable Securities | ' | ||||||||||||||||
Marketable securities at March 31, 2014 consist of the following (in thousands): | |||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||
Gain | Loss | ||||||||||||||||
31-Mar-14 | |||||||||||||||||
U.S. Treasury Bonds | $ | 6,006 | $ | 1 | $ | — | $ | 6,007 | |||||||||
Corporate Debt Securities | 9,925 | 11 | (1 | ) | 9,935 | ||||||||||||
$ | 15,931 | $ | 12 | $ | (1 | ) | $ | 15,942 | |||||||||
Maturities of Debt Securities Classified as Available-for-Sale | ' | ||||||||||||||||
Maturities of debt securities classified as available-for-sale were as follows at March 31, 2014 (in thousands): | |||||||||||||||||
Fair Value | Net Carrying | ||||||||||||||||
Amount | |||||||||||||||||
Due within one year | $ | 10,606 | $ | 10,658 | |||||||||||||
Due after one year through five years | 5,336 | 5,355 | |||||||||||||||
$ | 15,942 | $ | 16,013 | ||||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||
The components of accumulated other comprehensive income were as follows: | |||||||||||||
Currency | Net Unrealized | Accumulated Other | |||||||||||
Translation | Gains (Losses) on | Comprehensive | |||||||||||
Adjustments | Available-for-Sale | Income | |||||||||||
Securities | |||||||||||||
Balance, July 1, 2013 | $ | 161,830 | $ | — | $ | 161,830 | |||||||
Other comprehensive income before reclassifications | 123,236 | 15,077 | 138,313 | ||||||||||
Amounts reclassified from accumulated other comprehensive income(a) | — | (4,193 | ) | (4,193 | ) | ||||||||
Net current-period other comprehensive income | 123,236 | 10,884 | 134,120 | ||||||||||
Balance, March 31, 2014 | $ | 285,066 | $ | 10,884 | $ | 295,950 | |||||||
All components of accumulated other comprehensive income are net of tax, except currency translation adjustments, which exclude income taxes related to indefinite investments in foreign subsidiaries. | |||||||||||||
(a) | For the nine months ended March 31, 2014, $4,193 was reclassified from accumulated other comprehensive income to interest and other income. |
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Options Weighted-Average Assumptions | ' | ||||||||||||||||
The fair value of each option granted during the nine-month periods ended March 31, 2014 and 2013 is estimated on the date of grant using the Black-Scholes option-pricing model with the weighted-average assumptions in the following table: | |||||||||||||||||
Nine-month period ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected dividend yield | 0% | 0% | |||||||||||||||
Expected option term (years) | 3.47 | 5.37 | |||||||||||||||
Expected stock price volatility | 66% | 69% | |||||||||||||||
Risk-free interest rate | 0.03%-1.79% | 0.98%-1.25% | |||||||||||||||
Summary of Options | ' | ||||||||||||||||
Information concerning options for the nine-month period ended March 31, 2014 is summarized as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding, July 1, 2013 | 5,726,874 | $ | 3.3 | ||||||||||||||
Granted | 1,293,204 | $ | 5.38 | ||||||||||||||
Exercised | (502,980 | ) | $ | 3.31 | |||||||||||||
Cancelled or forfeited | (940,731 | ) | $ | 4.52 | |||||||||||||
Outstanding, March 31, 2014 | 5,576,367 | $ | 3.57 | 3.18 | $ | 4,970,872 | |||||||||||
Exercisable, March 31, 2014 | 4,533,302 | $ | 3.41 | 2.6 | $ | 4,638,878 | |||||||||||
Non-Vested Restricted and Performance Stock Units | ' | ||||||||||||||||
A summary of the Company’s non-vested restricted and performance stock units at July 1, 2013, and changes during the nine-month period ended March 31, 2014 are presented below: | |||||||||||||||||
Outstanding Non-Vested Restricted and Performance Stock Units | Number of | ||||||||||||||||
Awards | |||||||||||||||||
Non-vested at July 1, 2013 | 488,575 | ||||||||||||||||
Restricted Units Granted | 179,668 | ||||||||||||||||
Performance Units Granted | 389,864 | ||||||||||||||||
Vested | (221,262 | ) | |||||||||||||||
Cancelled | (25,000 | ) | |||||||||||||||
Non-vested at March 31, 2014 | 811,845 | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
Diluted (loss) earnings per share for all the periods presented do not include securities if their effect was anti-dilutive. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Consolidated net (loss) income attributable to Immunomedics, Inc. | $ | (9,506 | ) | $ | 8,609 | $ | (23,579 | ) | $ | (3,699 | ) | ||||||
Basic (loss) earnings per share: | |||||||||||||||||
Weighted average basic common shares outstanding | 83,340 | 78,196 | 83,127 | 76,480 | |||||||||||||
Basic (loss) earnings per share | $ | (0.11 | ) | $ | 0.11 | $ | (0.28 | ) | $ | (0.05 | ) | ||||||
Diluted (loss) earnings per share: | |||||||||||||||||
Weighted average basic common shares outstanding | 83,340 | 78,196 | 83,127 | 76,480 | |||||||||||||
Dilutive effect of stock options outstanding | — | 237 | — | — | |||||||||||||
Dilutive effect of restricted stock | — | 14 | — | — | |||||||||||||
Weighted average diluted common shares outstanding | 83,340 | 78,447 | 83,127 | 76,480 | |||||||||||||
Diluted (loss) earnings per share | $ | (0.11 | ) | $ | 0.11 | $ | (0.28 | ) | $ | (0.05 | ) | ||||||
Stock options and warrant shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been antidilutive | 7,388 | 7,459 | 7,388 | 7,710 | |||||||||||||
Geographic_Segments_Tables
Geographic Segments (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
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 three and nine-months ended March 31, 2014 and 2013 ($ in thousands): | |||||||||||||
Three-Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Total assets | $ | 24,074 | $ | 2,179 | $ | 26,253 | |||||||
Property and equipment, net | 1,980 | — | 1,980 | ||||||||||
Revenues | 242 | 912 | 1,154 | ||||||||||
(Loss) income before taxes | (9,586 | ) | 53 | (9,533 | ) | ||||||||
Three-Months Ended | |||||||||||||
March 31, 2013 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Total assets | $ | 52,478 | $ | 1,908 | $ | 54,386 | |||||||
Property and equipment, net | 2,175 | — | 2,175 | ||||||||||
Revenues | 996 | 740 | 1,736 | ||||||||||
Income before taxes | 8,516 | 45 | 8,561 | ||||||||||
Nine-Months Ended | |||||||||||||
March 31, 2014 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Revenues | $ | 5,453 | $ | 2,402 | $ | 7,855 | |||||||
(Loss) before taxes | (23,588 | ) | (68 | ) | (23,656 | ) | |||||||
Nine-Months Ended | |||||||||||||
March 31, 2013 | |||||||||||||
United | Europe | Total | |||||||||||
States | |||||||||||||
Revenues | $ | 1,403 | $ | 2,197 | $ | 3,600 | |||||||
(Loss) income before taxes | (3,898 | ) | 142 | (3,756 | ) |
Correction_of_Immaterial_Error1
Correction of Immaterial Error (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accounting Changes And Error Corrections [Abstract] | ' | ||||||||||||||||
Effect of Recording Immaterial Error Correction Affects Presentation of Comparative Consolidated Financial Statements | ' | ||||||||||||||||
The effect of recording this immaterial error correction affects the presentation of the comparative consolidated condensed financial statements for the three months and nine months ended March 31, 2013 for certain line items associated with the Statements of Comprehensive Loss (in thousands): | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
March 31, 2013 | March 31, 2013 | ||||||||||||||||
As | As | As | As | ||||||||||||||
Reported | Revised | Reported | Revised | ||||||||||||||
Statements of Comprehensive Loss | |||||||||||||||||
Research and development | $ | 8,457 | $ | 8,114 | $ | 22,143 | $ | 21,333 | |||||||||
Net income (loss) | 8,237 | 8,581 | (4,586 | ) | (3,776 | ) | |||||||||||
Net income (loss) attributable to Immunomedics, Inc. stockholders | 8,265 | 8,609 | (4,509 | ) | (3,699 | ) | |||||||||||
Business_Overview_and_Basis_of1
Business Overview and Basis of Presentation - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | 2-May-14 | 2-May-14 | |
Subsidiary | Subsequent Event [Member] | Subsequent Event [Member] | |||
Underwritten Public Offering [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Number of subsidiaries | 2 | ' | ' | ' | ' |
Underwritten public offering shares of common stock | ' | ' | ' | ' | 9,000,000 |
Public offering price of common stock, per share | $0.01 | ' | $0.01 | ' | $3.35 |
Gross proceeds to the company from issuance of common stock | ' | $14,789,375 | ' | $30,150,000 | $30,150,000 |
Period granted to underwriters for additional purchase of shares | ' | ' | ' | ' | '30 days |
Option granted for additional purchase of shares | ' | ' | ' | ' | 1,350,000 |
Offering closing date | ' | ' | ' | ' | 7-May-14 |
Cash, cash equivalents and marketable securities | $20,900,000 | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Business Interruption Loss [Line Items] | ' | ' | ' | ' |
Highly liquid investments, original maturity period | ' | ' | '3 months | ' |
Income tax expense (benefit) | ($1,372) | $19,879 | ($1,372) | ($19,496) |
Provision for foreign tax expense | ' | ' | ' | 58,000 |
Liability for uncertain tax positions | 0 | ' | 0 | ' |
Insurance proceeds received | ' | ' | ' | 2,637,879 |
Business Interruption [Member] | ' | ' | ' | ' |
Business Interruption Loss [Line Items] | ' | ' | ' | ' |
Insurance proceeds received | ' | ' | ' | 2,500,000 |
Property Damage Claims [Member] | ' | ' | ' | ' |
Business Interruption Loss [Line Items] | ' | ' | ' | ' |
Insurance proceeds received | ' | ' | ' | $100,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Financial Assets Recorded on Condensed Consolidated Balance Sheets (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | $17,306 | $38,327 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 1,364 | 38,327 |
U.S. Treasury Bonds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 6,007 | ' |
Corporate Debt Securities [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 9,935 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 17,306 | 38,327 |
Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 1,364 | 38,327 |
Level 1 [Member] | U.S. Treasury Bonds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 6,007 | ' |
Level 1 [Member] | Corporate Debt Securities [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | 9,935 | ' |
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 2 [Member] | U.S. Treasury Bonds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Level 2 [Member] | Corporate Debt Securities [Member] | Marketable Securities [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 | ' | ' |
Level 3 [Member] | U.S. Treasury Bonds [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets | ' | ' |
Level 3 [Member] | Corporate Debt Securities [Member] | Marketable Securities [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 Inventory (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Work in process | ' | $914,000 |
Finished goods | 823,000 | 116,000 |
Total | $823,234 | $1,030,480 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Investments Debt And Equity Securities [Abstract] | ' | ' |
Cash and cash equivalents investments into debt securities and municipal bonds | ' | $20,000,000 |
Debt securities and municipal bonds either matured or sold | $4,100,000 | $4,083,253 |
Marketable_Securities_Componen
Marketable Securities - Components of Marketable Securities (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | $15,931 |
Gross Unrealized Gain | 12 |
Gross Unrealized Loss | -1 |
Fair Value | 15,942 |
U.S. Treasury Bonds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 6,006 |
Gross Unrealized Gain | 1 |
Gross Unrealized Loss | ' |
Fair Value | 6,007 |
Corporate Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 9,925 |
Gross Unrealized Gain | 11 |
Gross Unrealized Loss | -1 |
Fair Value | $9,935 |
Marketable_Securities_Maturiti
Marketable Securities - Maturities of Debt Securities Classified as Available-for-Sale (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Fair Value, Due within one year | $10,606 |
Fair Value, Due after one year through five years | 5,336 |
Fair Value | 15,942 |
Net Carrying Amount, Due within one year | 10,658 |
Net Carrying Amount, Due after one year through five years | 5,355 |
Net Carrying Amount | $16,013 |
Stockholders_Equity_Components
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance, July 1, 2013 | ' | ' | $161,830 | ' |
Other comprehensive (loss) income | -783 | -66,642 | 134,120 | 35,719 |
Balance, March 31, 2014 | 295,950 | ' | 295,950 | ' |
Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance, July 1, 2013 | ' | ' | 161,830 | ' |
Other comprehensive income before reclassifications | ' | ' | 123,236 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' |
Other comprehensive (loss) income | ' | ' | 123,236 | ' |
Balance, March 31, 2014 | 285,066 | ' | 285,066 | ' |
Net Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance, July 1, 2013 | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | 15,077 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -4,193 | ' |
Other comprehensive (loss) income | ' | ' | 10,884 | ' |
Balance, March 31, 2014 | 10,884 | ' | 10,884 | ' |
Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance, July 1, 2013 | ' | ' | 161,830 | ' |
Other comprehensive income before reclassifications | ' | ' | 138,313 | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | -4,193 | ' |
Other comprehensive (loss) income | ' | ' | 134,120 | ' |
Balance, March 31, 2014 | $295,950 | ' | $295,950 | ' |
Stockholders_Equity_Components1
Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (Accumulated Other Comprehensive Income [Member], USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Accumulated Other Comprehensive Income [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Reclassified from accumulated other comprehensive income | $4,193 |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 16, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Performance Units vesting period | ' | ' | '4 years | ' | ' |
Contractual terms of stock option | ' | ' | '7 year | ' | ' |
Common stock reserved for possible future issuance upon exercise of stock options | 9,996,431 | ' | 9,996,431 | ' | ' |
Stock options available for future grants | 6,388,212 | ' | 6,388,212 | ' | ' |
Stock options to be issued for future grants | 3,608,219 | ' | 3,608,219 | ' | ' |
Weighted average fair value at the date of grant for options granted | ' | ' | $1.94 | $1.95 | ' |
Expected option term (years) | ' | ' | '3 years 5 months 19 days | '5 years 4 months 13 days | ' |
Non-vested options outstanding | 1,854,910 | ' | 1,854,910 | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | ' | $2,200,000 | ' | ' |
Weighted-average period recognized | ' | ' | '2 years 2 months 12 days | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Performance Units vesting period | ' | ' | '4 years | ' | ' |
Value of shares to be granted for non-employee Board members | ' | ' | 45,000 | ' | ' |
Stock-based compensation expense | 44,000 | 54,000 | 159,000 | 100,000 | ' |
Performance Units granted | ' | ' | 179,668 | ' | ' |
Stock Option [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Value of shares to be granted for non-employee Board members | ' | ' | 45,000 | ' | ' |
Performance Units [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | ' | 800,000 | ' | ' |
Weighted-average period recognized | ' | ' | '4 months 24 days | ' | ' |
Performance Units granted | ' | ' | 389,864 | ' | ' |
Stock-based compensation | 500,000 | ' | 1,300,000 | ' | ' |
Performance Units [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Performance Units vesting period | ' | ' | '5 years | ' | ' |
Other Stock Options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected option term (years) | ' | ' | '5 years 2 months 12 days | ' | ' |
Employees, Executive Officers and Non-Employee Board Members [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock-based compensation expense related stock options | 900,000 | 500,000 | 2,400,000 | 1,700,000 | ' |
Board Members [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Contractual terms of stock option | ' | ' | '7 year | ' | ' |
Executive Officers [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to non-vested share-based compensation | ' | ' | 1,400,000 | ' | ' |
Stock-based compensation expense related stock options | $200,000 | $100,000 | $500,000 | $400,000 | ' |
Weighted-average period recognized | ' | ' | '2 years 6 months 15 days | ' | ' |
Restricted stock units | ' | ' | ' | ' | 136,452 |
Restricted stock units, market price | ' | ' | ' | ' | $5.13 |
Stock_Incentive_Plan_Schedule_
Stock Incentive Plan - Schedule of Options Weighted-Average Assumptions (Detail) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected dividend yield | 0.00% | 0.00% |
Expected option term (years) | '3 years 5 months 19 days | '5 years 4 months 13 days |
Expected stock price volatility | 66.00% | 69.00% |
Risk-free interest rate, minimum | 0.03% | 0.98% |
Risk-free interest rate, maximum | 1.79% | 1.25% |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Options (Detail) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Shares, Options outstanding, beginning of year | 5,726,874 |
Number of Shares, Options granted | 1,293,204 |
Number of Shares, Options exercised | -502,980 |
Number of Shares, Options cancelled or forfeited | -940,731 |
Number of Shares, Options outstanding, end of year | 5,576,367 |
Number of Shares, Options exercisable, end of year | 4,533,302 |
Weighted Average Exercise Price, Options outstanding, beginning of year | $3.30 |
Weighted Average Exercise Price, Options granted | $5.38 |
Weighted Average Exercise Price, Options exercised | $3.31 |
Weighted Average Exercise Price, Options cancelled or forfeited | $4.52 |
Weighted Average Exercise Price, Options outstanding, end of year | $3.57 |
Weighted Average Exercise Price, Options exercisable, end of year | $3.41 |
Weighted Average Remaining Contractual Life of outstanding stock options | '3 years 2 months 5 days |
Weighted Average Remaining Contractual Life of exercisable stock options | '2 years 7 months 6 days |
Aggregate Intrinsic Value of outstanding stock options | $4,970,872 |
Aggregate Intrinsic Value of exercisable stock options | $4,638,878 |
Stock_Incentive_Plan_NonVested
Stock Incentive Plan - Non-Vested Restricted and Performance Stock Units (Detail) | 9 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Non-vested at July 1, 2013 | 488,575 |
Vested | -221,262 |
Cancelled | -25,000 |
Non-vested at March 31, 2014 | 811,845 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted | 179,668 |
Performance Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted | 389,864 |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Consolidated net (loss) income attributable to Immunomedics, Inc. | ($9,505,602) | $8,608,603 | ($23,579,045) | ($3,698,594) |
Basic (loss) earnings per share: | ' | ' | ' | ' |
Weighted average basic common shares outstanding | 83,340,329 | 78,195,891 | 83,127,073 | 76,479,971 |
Basic (loss) earnings per share | ($0.11) | $0.11 | ($0.28) | ($0.05) |
Diluted (loss) earnings per share: | ' | ' | ' | ' |
Weighted average basic common shares outstanding | 83,340,329 | 78,195,891 | 83,127,073 | 76,479,971 |
Weighted average diluted common shares outstanding | 83,340,329 | 78,447,065 | 83,127,073 | 76,479,971 |
Diluted (loss) earnings per share | ($0.11) | $0.11 | ($0.28) | ($0.05) |
Stock Options [Member] | ' | ' | ' | ' |
Diluted (loss) earnings per share: | ' | ' | ' | ' |
Dilutive effect | ' | 237,000 | ' | ' |
Stock options and warrant shares excluded from the weighted average dilutive common shares outstanding because their inclusion would have been antidilutive | 7,388,000 | 7,459,000 | 7,388,000 | 7,710,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Diluted (loss) earnings per share: | ' | ' | ' | ' |
Dilutive effect | ' | 14,000 | ' | ' |
Geographic_Segments_Financial_
Geographic Segments - Financial Information Based on Geographic Location of Facilities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | $26,253,123 | $54,386,000 | $26,253,123 | $54,386,000 | $47,927,353 |
Property and equipment, net | 1,980,398 | 2,175,000 | 1,980,398 | 2,175,000 | 2,086,911 |
Revenues | 1,154,341 | 1,736,466 | 7,854,612 | 3,600,035 | ' |
(Loss) income before taxes | -9,532,589 | 8,560,941 | -23,656,451 | -3,756,143 | ' |
United States [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | 24,074,000 | 52,478,000 | 24,074,000 | 52,478,000 | ' |
Property and equipment, net | 1,980,000 | 2,175,000 | 1,980,000 | 2,175,000 | ' |
Revenues | 242,000 | 996,000 | 5,453,000 | 1,403,000 | ' |
(Loss) income before taxes | -9,586,000 | 8,516,000 | -23,588,000 | -3,898,000 | ' |
Europe [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | 2,179,000 | 1,908,000 | 2,179,000 | 1,908,000 | ' |
Revenues | 912,000 | 740,000 | 2,402,000 | 2,197,000 | ' |
(Loss) income before taxes | $53,000 | $45,000 | ($68,000) | $142,000 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Compensation received for services | $20 | $20 | $59 | $59 |
Center for Molecular Medicine and Immunology [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Area of subleased property | 1,000 | ' | 1,000 | ' |
Subleases cost | 30 | ' | 30 | ' |
Legal expenses incurred by the company | $10 | $21 | $23 | $44 |
License_and_Collaboration_Agre1
License and Collaboration Agreements - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
Dec. 27, 2011 | Jan. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | 9-May-06 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
UCB Agreement [Member] | UCB Agreement [Member] | UCB Agreement [Member] | UCB Agreement [Member] | Algeta Agreement [Member] | ||||
Maximum [Member] | ||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Non-refundable cash payment received | ' | $30,000,000 | ' | ' | $38,000,000 | ' | ' | ' |
Duration of warrant issued | '5 years | ' | ' | ' | ' | ' | ' | ' |
Number of shares under five year warrant | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares to be purchased under warrant, par value | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Shares to be purchased under warrant, exercise price | $8 | ' | ' | ' | ' | ' | ' | ' |
Cash payment receivable | ' | ' | ' | ' | ' | ' | 145,000,000 | ' |
Equity investments receivable | ' | ' | ' | ' | ' | ' | 20,000,000 | ' |
Achievement of specified product sales milestones | ' | ' | ' | ' | ' | ' | 260,000,000 | ' |
Product royalties term, description | ' | ' | ' | ' | ' | 'The Company is also entitled to product royalties ranging from a mid-teen to mid-twenty percentage of aggregate annual net sales under the UCB Agreement and Amendment Agreement during the product royalty term. | ' | ' |
Termination period | ' | ' | ' | '60 days | ' | ' | ' | ' |
Additional amounts payable after effective date of termination | ' | ' | ' | ' | ' | 0 | ' | ' |
License fee revenue | ' | ' | ' | ' | ' | ' | ' | 4,600,000 |
Cost of license fee and other revenues | ' | ' | $1,189,170 | ' | ' | ' | ' | $1,200,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Apr. 18, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
First Lawsuit [Member] | Second Lawsuit [Member] | Class Action Lawsuits [Member] | Dr. David M. Goldenberg [Member] | Dr. David M. Goldenberg [Member] | Dr. David M. Goldenberg [Member] | Dr. David M. Goldenberg [Member] | Dr. David M. Goldenberg [Member] | Goldenberg Agreement [Member] | Sullivan Agreement [Member] | President and Chief Executive Officer [Member] | President and Chief Executive Officer [Member] | President and Chief Executive Officer [Member] | President and Chief Executive Officer [Member] | ||
Subsequent Event [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | Employment Agreement [Member] | |||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual base salary | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | $600,000 | ' | ' |
Percentage of increase in annual base salary for next fiscal year | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' |
Percentage of annual bonus target | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Percentage of potential payout target | ' | ' | ' | ' | ' | ' | ' | 0.00% | 150.00% | ' | ' | ' | ' | 0.00% | 150.00% |
Agreement termination date | 9-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-16 | 1-Jul-14 | ' | ' | ' | ' |
Minimum additional incentive compensation, royalty payments and dispositions of undeveloped assets | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional incentive compensation paid | ' | ' | ' | ' | 0 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum quarterly payment received | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract costs | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lawsuit filing date | ' | 'March 24, 2014 | 'April 18, 2014 | '2014-02-27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Correction_of_Immaterial_Error2
Correction of Immaterial Error - Additional Information (Detail) (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2013 | |
Accrued liability for clinical trials | $4,477,862 | $3,950,866 |
Reduction of deferred tax assets related to net operating losses | 1,300,000 | ' |
Overstatement [Member] | ' | ' |
Accrued liability for clinical trials | ' | $3,200,000 |
Correction_of_Immaterial_Error3
Correction of Immaterial Error - Effect of Recording Immaterial Error Correction Affects Presentation of Comparative Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Research and development | $8,141,744 | $8,113,574 | $23,221,651 | $21,332,729 |
Net income (loss) | -9,533,961 | 8,580,820 | -23,657,823 | -3,775,639 |
Net income (loss) attributable to Immunomedics, Inc. stockholders | -9,505,602 | 8,608,603 | -23,579,045 | -3,698,594 |
As Reported [Member] | ' | ' | ' | ' |
Research and development | ' | 8,457,000 | ' | 22,143,000 |
Net income (loss) | ' | 8,237,000 | ' | -4,586,000 |
Net income (loss) attributable to Immunomedics, Inc. stockholders | ' | $8,265,000 | ' | ($4,509,000) |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | 2-May-14 | 2-May-14 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||||
Underwritten Public Offering [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Underwritten public offering shares of common stock | ' | ' | ' | ' | 9,000,000 |
Public offering price of common stock, per share | ' | $0.01 | $0.01 | ' | $3.35 |
Gross proceeds to the company from issuance of common stock | $14,789,375 | ' | ' | $30,150,000 | $30,150,000 |
Period granted to underwriters for additional purchase of shares | ' | ' | ' | ' | '30 days |
Option granted for additional purchase of shares | ' | ' | ' | ' | 1,350,000 |
Offering closing date | ' | ' | ' | ' | 7-May-14 |