IGM Biosciences Earnings Reports

IGM Biosciences announced a strategic pivot to focus exclusively on autoimmunity during the third quarter. The company's cash runway is expected to fund operations into 2027. Clinical development of Imvotamab and IGM-2644 are underway.

IGM Biosciences reported collaboration revenue of $1.3 million, R&D expenses of $42.0 million, G&A expenses of $10.6 million, and a net loss of $47.9 million for the second quarter of 2024. Enrollment is complete in the aplitabart randomized colorectal cancer clinical trial, and the second dose cohort has been cleared in the imvotamab rheumatoid arthritis clinical trial.

IGM Biosciences reported a net loss of $49.8 million, or $0.83 per share, for the first quarter of 2024. The company's cash and investments totaled $293.8 million as of March 31, 2024. Enrollment targets were exceeded in the aplitabart randomized colorectal cancer clinical trial, and enrollment was completed in the first dose cohort of the imvotamab rheumatoid arthritis clinical trial.