IGM Biosciences Q3 2024 Financial Results and Corporate Update

IGM Biosciences, Inc., a clinical-stage biotechnology firm headquartered in Mountain View, California, has reported its financial results for the third quarter ending September 30, 2024, alongside recent business updates. The company, listed on Nasdaq under the symbol IGMS, is focused on developing engineered IgM antibodies.

CEO Mary Beth Harler, M.D., highlighted the significant shift in the company's strategic focus exclusively towards autoimmunity. This pivot is expected to strengthen their pipeline, particularly with their leading programs involving imvotamab (CD20 x CD3) and IGM-2644 (CD38 x CD3).

**Pipeline Updates**

Imvotamab (CD20 x CD3 T cell engager) is at the forefront of IGM's clinical development efforts in treating autoimmune diseases. The company anticipates initial clinical data to be available by mid-2025. Significant milestones include:
- **Rheumatoid Arthritis (RA)**: The third dose cohort of the placebo-controlled clinical study has been successfully completed.
- **Systemic Lupus Erythematosus (SLE)**: The first dose cohort of the open-label clinical study has been cleared, and enrollment for the second dose cohort is ongoing.
- **Myositis**: The first patient has been dosed in a single-arm, open-label study in collaboration with Stanford University, targeting moderate to severe idiopathic inflammatory myopathies.

IGM will present a poster on preclinical data of imvotamab at the American College of Rheumatology’s annual meeting (ACR Convergence 2024).

IGM-2644 (CD38 x CD3 T cell engager) is set to begin clinical development for generalized myasthenia gravis by the end of 2024. This move marks another significant step in IGM's commitment to address autoimmune diseases.

**Corporate Developments**

IGM has recently co-authored an article titled “Cutting-edge Approaches to B-cell Depletion in Autoimmune Diseases” with Dr. Bill Robinson from Stanford University, published in Frontiers in Immunology. Additionally, Eric Humke, M.D., Ph.D., has been appointed as Senior Vice President and Head of Clinical Research and Development, enhancing the company's leadership team.

**Financial Overview**

As of September 30, 2024, IGM Biosciences had $218.8 million in cash and investments, down from $337.7 million at the end of 2023. The company reported collaboration revenue of $0.5 million for the quarter, consistent with the same period in 2023. However, the research and development (R&D) expenses decreased to $46.1 million from $54.8 million, reflecting a strategic shift in focus. General and administrative (G&A) costs increased to $18.8 million from $12.5 million due to one-time expenses related to the pivot towards autoimmunity. This resulted in a net loss of $61.4 million for the quarter, compared to $62.0 million in the previous year.

**2024 Financial Guidance**

For the full year 2024, IGM projects operating expenses between $215 million and $225 million, including approximately $40 million in non-cash stock-based compensation expenses. The company expects collaboration revenue of around $2 million for the year, primarily from the Sanofi agreement. IGM forecasts ending the year with approximately $180 million in cash and investments, sufficient to fund operations into 2027.

**About IGM Biosciences, Inc.**

IGM Biosciences is dedicated to developing a new class of medicines for autoimmune and inflammatory diseases, leveraging the unique properties of IgM antibodies. Unlike conventional IgG antibodies, which have only two binding sites, IgM antibodies have ten, offering potentially more effective therapeutic options. IGM also maintains an exclusive worldwide collaboration with Sanofi to develop, manufacture, and commercialize IgM antibody agonists targeting immunology and inflammation. This partnership underscores IGM's strategic focus and commitment to innovation in autoimmune disease treatment.

Overall, the third quarter of 2024 marked a period of transformation for IGM Biosciences, with strategic pivots and advancements in its clinical pipeline poised to address significant unmet needs in autoimmune disease treatment.